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.
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.
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:
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.
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.