Long Island

Launer of JLL testifies to Oyster Bay board; CIBS Long Island supports three-story Jericho hotel

Oyster Bay, NY Eric Launer, an associate board member of the Commercial Industrial Brokers Society of Long Island (CIBS) told the town board that CIBS supports a proposed three-story hotel in Jericho.

Schneider and Inserra of NAI Long Island broker 1,505 s/f office lease

Plainview, NY Paul Schneider, senior director, and Carmine Inserra, principal, of NAI Long Island, represented the tenant, Elite Search Group, in the lease of 1,505 s/f.

Johnston of Metropolis Property Group brokers $20.25 million sale; Seller, CSH, was represented by Roch and Thompson of Avison Young

Plainview, NY Metropolis Property Group LLC has closed on the Plainview Residence Inn by Marriott located at 9 Gerhard Rd. James Johnston of Metropolis represented the seller, Greenbriar Associates LLC, in the sale of the 4.24-acre property that currently consists of a 150,000 s/f, 170 key extended stay Residence Inn hotel. 

Hunt Corp. Q & A: Save big with Section 1031 Exchange

Q: I own the building that houses my construction business. We are considering purchasing a larger building and moving. My broker suggested a 1031 exchange. How does that work and is it worth the effort? A: It is absolutely worth considering in your situation. Briefly, it allows you to “kick the can down the road” and defer federal income taxes and capital gains taxes on any gain that you may have on the sale of your present property.

Asario, Mullins and Gonzalez of Industry One complete $2.6 million sale; Alfa Piping Corp. buys 20,000 s/f office/warehouse building

Farmingdale, NY Alfa Piping Corp. has purchased a 20,000 s/f office and warehouse space at 71-75 Verdi St. for $2.6 million. Mario Asario, Desmond Mullins and Andrew Gonzalez of Industry One Realty Corp. represented the tenant, Alfa Piping Corp., as well as the seller, Verdi Realty LLC.

Weiss of T. Weiss Realty brokers 2,594 s/f lease

Melville NY According to T. Weiss Realty Corp., a family-owned developer, landlord and manager of commercial real estate, Hardesty & Hanover, LLP, a 130-year-old  civil engineering firm, has leased 2,594 s/f of office space.

The Crest Group acquires 400,000 s/f Crossroads office portfolio

Hauppauge, NY The Crest Group, headed by CEO Enrico Scarda, has closed on the Crossroads office portfolio consisting of 400,000 s/f which includes four buildings in Hauppauge and nine buildings in Islandia at exit 57 off Long Island Expressway. A sales prices was not disclosed. The transaction was direct with the buyer and seller.

Greiner of Greiner-Maltz Co. of L.I. reps buyer in $1.55 million sale; Hackett of Metro Realty Services reps seller

Islip, NY Freeport Paper Industries, a leading manufacturer of pizza and bakery boxes, has been operating for 20 years with the acquisition of their main Central Islip facility in 1999. In the first quarter of 2016, they sought out Dean Greiner of Greiner-Maltz Company of Long Island LLC to assist in the expansion of their operations.

Rechler Equity signs two leases totaling 147,978 s/f

Yaphank, NY Rechler Equity Partners has signed two long-term lease agreements with Amneal Pharmaceuticals. The lease agreements, both at 19 Nicholas Dr., total 147,978 s/f that will be used to expand Amneal’s office, warehouse and distribution operations. The move was the result of both a need to relocate Amneal’s warehouse facility in Commack and to move warehousing operations out of its existing facility to increase manufacturing floor space. Richard Cohen of Ashlind Properties represented Amneal.

All lending institutions do not view environmental issues the same way - by Chuck Merritt

Since the environmental consulting industry is now in its third decade (as far as lending institutions requiring them), many properties have had at least one Environmental Site Assessment (ESA) conducted. As many of the commercial loans available last less than 10 years, some of these properties have been evaluated multiple times. With a prior report (in which the loan closed) comes the question, “the last bank was fine with the environmental report.” Generically referred to as the phase one report, that question is usually asked when a new phase one report presents an Area of Concern (AOC) or Recognized Environmental Condition (REC) not previously identified.