NYC commercial real estate market sees encouraging start to 2023 as inflation drops and lending rates decrease - by Jakub Nowak

In last month’s column, I examined the challenges that New York City commercial real estate is facing in 2023 due to high inflation and the impact of recent rate hikes. However, this month I am pleased to share that after a challenging second half of 2022, the year is off

United Properties sells 5,500 s/f retail for $2.65 million

Copiague, NY United Properties Corp. has completed the sale of 1389-1395 Montauk Hwy. to IDN, LLC, a Queens-based entity, for $2.65 million. The 5,500 s/f retail strip, located on the signalized intersection of Montauk Hwy. and Strong Ave.

Vahdat of Elmo Realty creates Race Unity Award; Garaicoa of Lehman College awarded plaque/check

Bronx, NY To support racial harmony and the unity of mankind, Moujan Vahdat, a New York based real estate developer and founder of Elmo Realty Co., has implemented an annual competition known as the Race Unity Award. After a citywide competition, junior

DH Property Holdings leases parcel to IAA

Staten Island, NY DH Property Holdings, LLC has leased nearly 30% of its 53-acre industrial site to IAA, Inc. an outdoor storage operator and leader in the salvage vehicle industry.

Retailers and owners show confidence in Westchester retail

Harrison, NY RM Friedland negotiated six new retail leases, totaling 30,382 s/f in December with leases to experiential, national, and well-known regional tenants in some of Westchester County’s best centers including: Cortlandt Crossing

George Comfort & Sons signs five leases at Kingsbrook office park - including a five-year, 26,212 s/f lease to Kyndryl, Inc.

Rye Brook, NY George Comfort & Sons negotiated five lease agreements totaling over 83,000 s/f at Kingsbrook, the firm’s office complex. In January, George Comfort & Sons signed a 10-year agreement with Regus

New law affecting tax assessment challenges for Payments in Lieu of Taxes (PILOTs) - by John Gordon and Nicole Forchelli

At the end of 2022, New York State passed legislation requiring a 45-day notice prior to filing a tax assessment challenge for any properties which are subject to an agreement to make Payments in Lieu of Taxes (PILOTs).

Rosewood Realty Group closes $2.2 billion in sales in 2022

Manhattan, NY Rosewood Realty Group closed $2.2 billion in total multifamily deals for 2022. While pre-pandemic Rosewood’s sales were heavily New York City centric, Rosewood’s founder and CEO Aaron Jungreis led his

The Community Preservation Corp. and Proto Property Services close $100 million refinance of 525 unit Riverdale Osborne Towers

Brooklyn, NY The Community Preservation Corp. (CPC), one of the nation’s largest community development financial institutions (CDFI) dedicated solely to multifamily housing–together with partner Proto Property Services–closed the $100

IREON Insights: How multifamily owners can avoid emissions penalties ahead of Local Law 97 and earn revenue through grid services - by Jeff Hendler

This year, New York building owners are grappling with the emergence of the city’s groundbreaking energy emissions ruling, Local Law 97. An estimated 20% of the city’s buildings larger than 25,000 s/f are expected to be fined for their energy usage come January