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Suffolk IDA preliminarily approves Koala Optics relocation and expansion
Hauppauge, NY The Suffolk County Industrial Development Agency (SCIDA) has preliminarily approved a transaction for Koala Optics, LLC and Yoleez Snacks for the acquisition of a 33,540 s/f manufacturing facility located at 10 Commerce Dr. With the Suffolk IDA’s assistance, the principals of Koala Optics, LLC and Yoleez Snacks will be merging the two businesses under one roof in a move that represents a nearly $8 million investment to improve capacity and efficiencies while creating 23 jobs within the first two years.Size matters: The smaller the better? - by Ori Goldring
In the early months of the pandemic transaction velocity of investment sales in NYC nearly ground to a halt. One market segment that has remained relatively resilient has been that of multifamily assets priced $5 million and under, particularly in Brooklyn. With $5 million and under sales making up nearly 50% of all real estate transactions across all asset classes throughout NYC, coupled with Brooklyn controlling nearly 34.5% of all transactions in the COVID-19 world thus far, it becomes the question in our current climate: Is smaller better?Post-pandemic future of the U.S. hotel industry - by Vikash Jha
Over the last six months, since COVID-19 induced a gigantic shock to the overall economy, particularly to the hotel industry, expert assessments and speculations on recovery have ranged from a catastrophic short-selling of distressed assets to a gradual multi-year recovery to a sharp V-shaped recovery. The true projection however, may somewhat be segment-specific and driven by multiple extraneous economic and behavioral factors.Global One RE Fund II acquires Queens multifamily
Queens, NY Global One Real Estate Fund II, through its management arm, Nelson Management Group completed its second acquisition of the year, a six-story residential building at 25-98 36th St. in the Astoria neighborhood for $15.6 million. Built in 1931, the 50,910 s/f elevator building features 59 residential units, with a blend of both market rate as well as rent regulated apartments. Nelson Management Group plans to upgrade the building’s amenities for its tenants, with the addition of laundry and storage rooms, which the building currently does not have.Herrick, Feinstein LLP acted as counsel to the Wainland family in $26.7 million transaction
Manhattan, NY Law firm Herrick, Feinstein LLP, representing the Wainland family as sellers, has acted as counsel in a $26.7 million real estate transaction that closed on September 21st, 2020. As part of this transaction, the Wainland family has sold the fee title for 116 10th Ave., as well as the unused development rights for 453 W 17th St., to GDS Development and Klövern AB.CB-Emmanuel Rlty. and its partners begin construction of 70-unit development
Brooklyn, NY CB-Emmanuel Realty, LLC joined development partners Services for the UnderServed (S:US) and Richman Housing Resources LLC to celebrate the construction closing of Alabama Ave. Apartments, a 100% affordable residential development that will bring 70 units of housing to the East New York neighborhood. In partnership with The New York City Department of Housing Preservation and Development (HPD), the development team of CB-Emmanuel, S:US, and Richman Housing have begun construction on the $28.9 million projectEW Howell tops out Far Rockaway Library in Queens
Queens, NY EW Howell Construction Group celebrated the topping out milestone for the Far Rockaway Branch of the Queens Public Library. The firm was contracted by the New York City Department of Design and Construction to build the two-story, 17,500 s/f project, which broke ground in Fall 2018. Designed by Snøhetta, the new library will replace the existing 8,000 s/f building at 1637 Central Ave. and double the area of library.Stavsky of VCPRE arranges 24,000 s/f storage lease
Brooklyn, NYJacob Stavsky of Venture Capital Properties negotiated a 24,000 s/f lease on a vacant parcel of land located at 5200 1st Ave. The tenant Park Pro Systems plan on utilizing this property to store its vehicles. The site is currently in the midst of a rezoning as developers believe the rezoning will bring new jobs, while local residents are nervous those new opportunities will attract wealthier households and ultimately price out current tenants from their community.
