New York City

Reynolds, Bestreich and Sproviero of Bestreich Realty Group broker $3 million sale

Brooklyn, NY Bestreich Realty Group (BRG) has brokered the sale of 344-348 Utica Ave. for $3 million in Crown Heights. This mixed-use property is 8,400 s/f featuring five apartments and four retail spaces.

Project of the Month: The Nicotra Group to build Corporate Commons Three: An eight-story, 330,000 s/f LEED Silver office building

Staten Island, NY The Nicotra Group, one of the largest private real estate developers in the borough, continues to “Outsmart Manhattan” at their Corporate Park of Staten Island with their newest project, an eight-story, 330,000 s/f LEED Silver Certified, class A office building complete with finishes and amenities that you would expect to find in Manhattan. CetraRuddy, an architecture, planning and interior design firm which recently published an extensive white paper on the future of Staten Island, is working on this project for The Nicotra Group.

Question of the Month: How would you summarize New York City’s 2018 investments sales market? - by Shimon Shkury

The NYC market saw dollar volume soar 27% year-over-year to $40.98 billion. Transaction volume stayed flat compared to 2017, with 2,734 transactions consisting of 3,699 properties. 

Section 199A rental real estate safe harbor rule: The rules continue to evolve - by Sandy Klein

For the purposes of the qualified business income deduction (QBID), the Internal Revenue Code and proposed regulations issued in August did not make clear if rental real estate is a trade or business and, therefore, whether it qualifies for the QBID. Now, the Internal Revenue Service has provided some guidance, by issuing Notice 2019-07. The notice indicates that certain rental real estate enterprises will qualify as a trade or business for the purposes of the QBID.

An attorney discusses pre-construction management services and mechanic’s liens - by C. Jaye Berger

As an attorney who focuses on construction issues, I see mechanic’s liens being filed nearly every day for labor and materials used on construction projects, which have not been paid for by the property owner. Labor and materials for constructing or renovating a building or even a condominium unit are pretty straight forward.

Marcus & Millichap brokers four sales totaling $12.98 million

Brooklyn, NY According to John Horowitz, first vice president – regional manager of Marcus & Millichap’s Brooklyn office, the firm closed four sales totaling $12.98 million. The deals include the following:

Nelson and Polakoff of Avison Young complete $8.9 million sale of NoHo building

Manhattan, NY The tri-state investment sales group for Avison Young has completed the sale of 356 Bowery, a mixed-use building located on the west side of Bowery between Great Jones and East Fourth streets in the NoHo neighborhood.  The property sold for $8.9 million.

NCV Mount Hope Housing, LDG, NYC HPD, CPC and National Standard Abstract close $100 million deal

Bronx, NY NCV Capital Partners (NCV) in partnership with Mount Hope Housing Company, Lemor Development Group (LDG), the NYC Department of Housing Preservation and Development (HPD), and the Community Preservation Corp. (CPC) closed a $100 million transaction to preserve a 515-unit, 13-building portfolio in the Mount Hope section (Mount Hope Renaissance). National Standard Abstract concluded its banner year by providing the title insurance for the Mount Hope project.

Stacom, Shanahan and Spector of CBRE complete $130.5 million sale

Manhattan, NY CBRE has completed the sale of Zero Bond St., also known as 670-674 Broadway, a five-story, mixed-use NoHo property. A private European investor purchased the 70,000 s/f building, which sits on the corner of Broadway and Bond St., for $130.5 million. 

Camhi and Silverman of RFR arrange two leases totaling 83,348 s/f; JLL’s Chudnoff, konsker, Turkewitz and Biasotti assisted

Manhattan, NY According to RFR Realty LLC, London-based AlphaSights, Inc. has renewed and extended its lease by an additional 17,690 s/f for a total of 63,832 s/f at 350 Madison Ave., a 25-story, 400,000 s/f office tower in Midtown’s Grand Central district at the corner of Madison Ave. and 45th St. Additionally, Burford Capital LLC, a leading global finance firm focused on law, signed a new 10-year, 19,516 s/f lease at the office tower. The leases total 83,348 s/f.