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
Queens, NY According to Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates (KDA), the firm has arranged a new, 17,060 s/f lease to Tri-Country Care, a healthcare rehab provider, at The Lion Match Building located at 22-15 43rd Ave. in Long Island City section.
New York, NY According to Himmel + Meringoff Properties, Adam Weissleder has joined Meringoff Properties, Inc. as senior vice president and director of leasing. In his new role, Weissleder will report to president and CEO, Jason Vacker, and will be responsible for overseeing and implementing leasing strategy across the portfolio.
Manhattan, NY Cushman & Wakefield has been retained on an exclusive basis to market for sale 340 East 58th St, a 24,847 s/f residential building in Midtown East. Ownership is currently seeking investors for this opportunity.
Mt Sinai, NY According to Frederick Braun III, chairman of the town of Brookhaven Industrial Development Agency (IDA), the agency has closed on a package of economic incentives for two senior living projects that will soon be constructed. The incentive agreement will assist The Engel Burman Group to develop a 120-unit Bristal Assisted Living facility and a 225-unit rental complex, including a clubhouse, for people age 55 and over on 24 acres.
Melville, NY A panel of real estate developers, all of whom recently made acquisitions or are launching new projects on Long Island, expressed optimism at a January 30th meeting of the Commercial Industrial Brokers Society of Long Island (CIBS), one of the region’s largest commercial broker organizations.
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.
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.
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.
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.
