Brooklyn, NY Bestreich Realty Group (BRG) has completed the sale of 111 Java St. in the Greenpoint section for $1.8 million. This development site lot measures 25 ft. x 100 ft. and is zoned R6A. With a max FAR of 2, the lot offers 5,500 buildable s/f.
New York, NY The Real Estate Board of New York (REBNY) has announced those in the running for 2018’s Most Ingenious Deal of the Year, the prestigious distinction honoring New York City’s most notable transactions executed by top commercial real estate brokers.
It’s hard to fathom, but on March 6th we mark the 10-year anniversary of the Great Recession’s stock market bottom and the subsequent plunge in New York City’s investment property prices and sales volume. This anniversary is a unique point in time to recognize where the market for New York City
In June on this year, the current rent laws will expire. Given the current political climate in the state senate, a complete overhaul of these regulations appears to be on the horizon. The passage of any combination of the proposals on the table will lead to greater difficulty in managing multifamily properties, to what degree remains to be seen.
Why have retail rents fallen, and why do they continue to decline? It can’t be because sales are off. Young people’s closets are still full of designer shirts, khakis, and sneakers—for which they’re still paying top dollar. However, the way they buy their merchandise has changed dramatically.
Manhattan, NY The tri-state investment sales group for Avison Young has brokered the $35.5 million sale of three residential buildings, located at 344, 346 and 348 East 62nd St. in the Lenox Hill neighborhood. The three properties total 40,612 gross s/f across 72 units, comprised of 70 apartments and two retail units.
Manhattan, NY According to Jack Resnick & Sons, three tenants have signed new leases and expansions totaling 285,000 s/f at One Seaport Plaza/199 Water St., its 35-story, 1.1 million s/f downtown property. In the largest transaction, WeWork signed a 15-year, 201,231 s/f lease covering five full floors. The space is located on the 30th through 35th floors.
Brooklyn, NY Bestreich Realty Group (BRG) has brokered three sales totaling $8.1 million. The deals include the following:
• The $1.6 million sale of 1283 Nostrand Ave. in the Prospect Lefferts Gardens section. This multifamily is 4,500 s/f and is $355 per s/f. Derek Bestreich and Brian Underkofler represented both sides of the transaction.
Manhattan, NY According to The Kaufman Org., Wilson Daniels Wholesale, LLC, an importer and distributor of fine wines, has signed a 5,418 s/f, seven-year lease to double its presence at Kaufman’s 19 West 24th St. (19W24) in NoMad.
Queens, NY According to John Horowitz, first vice president – regional manager of Marcus & Millichap’s Brooklyn office, the firm has brokered three sales totaling $7.905 million. The first deal was the $3.45 million sale of Putnam - Cornelia Package, two six-unit apartment buildings located at 1868 Putnam Ave. and 1862 Cornelia St. in Flushing.
