New York City

The Queens multifamily market: 2019 proposed rent laws, transactions and insight - by Rubin Isak and Mark Pietrogiacomo

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 the retail rents fallen, and why do they continue to decline? - by Joseph Aquino

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.

Nelson, Polakoff and Rothschild of Avison Young broker $35.5 million

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. 

Greenberg of Jack Resnick & Sons arranges three leases at One Seaport totaling 285,000 s/f

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.

Bestreich Realty Group arranges three sales totaling $8.1 million; Includes the $4.7 million sale of a 15,100 s/f development site

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.

Kaufman Organization leases 5,418 s/f at 19W24

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.

Marcus & Millichap brokers three sales totaling $7.905 million; Includes a $3.45 million sale by Riney, Shihadeh and Reiter

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.

Allen of CTA Architects leads panel discussion on façade safety during fundraising event for GGMSF at Barnard College

New York, NY Daniel Allen, AIA, a partner at CTA Architects, P.C. and the firm’s historic preservation specialist, led the panel discussion on façade safety during a fundraising event for the Grace Gold Memorial Scholarship Fund (GGMSF), held at Barnard College’s Barnard Hall. 

Shaban of Besen & Associates completes $950,000 Brooklyn sale

Brooklyn, NY Besen & Associates has completed the $950,000 sale of 1957 Flatbush Ave. in the Marine Park/Canarsie neighborhood. The property consists of a two-story mixed-use building containing four total units, two residential units and two ground floor vacant units. The two second floor apartments consist of one one-bedroom/one-bath unit and one two-bedroom/one-bath unit.

CBRE reps Cove Property in 100,638 s/f lease to Lyft, Inc. at Hudson Commons

Manhattan, NY Cove Property Group has signed a 100,638 s/f lease with Lyft, Inc. at Hudson Commons, a 28-story repositioned office tower located at 441 Ninth Ave. and 34th St. The building’s location at the gateway of Hudson Yards and its immediate proximity to the ongoing redevelopment of the Moynihan transportation hub and Penn