New York City

Target opens three new small-format stores

New York, NY Target celebrated the opening of three new small-format stores in Manhattan and Staten Island. The official grand opening was Sunday, October 25th. Target will employ over 350 team members across the three stores:

Utilizing installment sales instead of 1031: Section 453 is a unique part of the tax code - by Michael Packman

As I write this article, many are bracing for what may be major changes to the tax code that could add millions in additional liabilities for many. Real estate investors have taken advantage of section 1031 for many years to

Hudson Gateway Association of Realtors merges with Bronx-Manhattan North Association of Realtors

Bronx, NY The Hudson Gateway Association of Realtors (HGAR) has merged with the Bronx-Manhattan North Association of Realtors (BMNAR). The merger was approved by both the BMNAR and HGAR board of directors, as well as the National Association of Realtors.

Newmark Knight Frank arranges $483 million loan for Sotheby’s

Manhattan, NY On behalf of Sotheby’s, Newmark Knight Frank has arranged a $483 million floating rate senior loan for the refinancing of 1334 York Ave., located on the Upper East Side neighborhood. The team was led by

Bestreich, Sproviero, Flaherty, Lecky, and Haynes of Bestreich Realty Group handle $2.375 million sale of Brooklyn multifamily

Brooklyn, NY Bestreich Realty Group (BRG) handled the closing of 236 Kingsland Ave. in the Greenpoint neighborhood. The property traded for $2.375 million. This six-unit multifamily is located between Nassau and Driggs Aves. It is 4,875 s/f offering a lot dimension of 25 ft. x 100 ft. and zoned R6B. This property was delivered vacant. 

Rosenberg & Estis, P.C. represents Excelsior 57th Corp.

New York, NY Rosenberg & Estis, P.C. has secured a victory for a cooperative on East 57th St. in New York State Supreme Court in New York County, securing possession of a parking garage within the building whose leaseholder had defaulted on rent payments. Rosenberg & Estis members Bradley Silverbush, Howard Kingsley and Norman Flitt, and associate Richard Corde, represented Excelsior 57th Corp. against Select Parking LLC and Citizens Icon Holdings before Supreme Court Justice David Benjamin Cohen.

The Garage signs 14,682 s/f lease at Industry City for headquarters

Brooklyn, NY According to Industry City, The Garage, an imaginative tabletop production company specializing in commercials for household names such as Coca Cola, Hershey’s, Cadillac, and Olay, will be relocating and expanding its headquarters to the 35-acre campus in the Sunset Park neighborhood. The production company will hire an additional eight employees for the space, bringing its team to 12 people.

Avison Young arranges $13.75m loan with Emerald Creek Capital

Manhattan, NY Avison Young’s Debt, Joint Venture, Structure Capital and Loan Sale Group has arranged a $13.75 million construction loan with Emerald Creek Capital for a proposed 10-story, ground-up residential condominium on a vacant lot at 14 Second Ave. in the East Village. An Avison Young team comprised of Justin Piasecki, principal, and Brandon Polakoff, senior director, represented the borrower, Daniel Vislocky of Station Cos. Emerald Creek Capital was represented by managing director Jeff Seidler.

Where is the relief for the landlords of New York City’s five boroughs? - by Peter Blond

Countless frantic property owners continue to call and email me, sounding the alarm months after the grand “re-open,” as they have no idea how they will pay the second half real estate taxes due in January. Numerous property owners receiving no rental income since March are asking me how they are supposed to pay their taxes, let alone timely. Some only managed to pay the first half taxes by borrowing, as opposed to exposing themselves to the city’s 18% interest rate.

Areas of strength in the NYC commercial real estate market during the COVID-19 health crisis - by Michael Zysman

There are many sectors of the New York City commercial real estate market that are performing well. Industrial real estate has been strong, along with class A and B multifamily, retail in lower and middle income neighborhoods, small floor plate office buildings in residential areas, and self-storage. According to the New York Times, roughly 420,000 or 5% of New Yorkers left the city from March 1st, 2020 to May 1st, 2020, and most of the residents that left are residents of the city’s highest income areas.