While the U.S Presidential election is behind us (seemingly), much is still in the air in regards to the balance of power in the senate with two January 5
th runoff elections in Georgia weighing in the balance. The commercial real estate industry will be following closely as it is expected that the senate will look to pass a new tax reform shortly thereafter.
For real estate valuation practitioners in November 2020, traditional data points like comparable sales, leases and cap rates are scarce- the market is not Zen, not stable. Property values throughout most of the country have decreased and some real estate owners are finding solace in doing some favorable tax planning if possible.
As real estate owners and developers continue to adapt to the COVID-19 pandemic, many are seeking ways to enhance the development potential of their properties. In this four-part series, we will discuss “tools” available to owners that can improve a project’s economics, which are particularly valuable given tighter market conditions.
This month we focus on famed music venue Wetland’s Preserve formerly located in Tribeca. The popular music venue operated out of 159-163 Hudson St. (a.k.a. 45-47 Laight St.) in a former nine-story 58,015 s/f warehouse built in 1930, according to city records, opposite historic St. John’s Park.
Brooklyn, NY According to The Manhattes Group, they have sold a 11,844 s/f building for $4.2 million. Michael Sherman of The Manhattes Group acted on behalf of the buyer, 419 16
th Street LLC. Neil Dolgin and Michael Blum of Kalmon Dolgin represented the seller, Abead Realty Corp.
Woodbury, NY Triangle Equities completed two new model residences—The Ascot & The Derby—at Kensington Estates, a 55-and-over luxury community on Long Island’s North Shore. Currently in pre-sales, the first townhomes are anticipated to be move-in ready before year’s end.
Binghamton, NY The Agency in partnership with data and software experts, eImpact, has developed a new Broome County Dashboard. The Dashboard monitors the economic health of Broome County through providing both baseline data as well as changes to the economy
New York, NY According to Janover LLC, Anthony Napolitano, Jr. has joined the firm as a partner.
Philadelphia, PA Richard Neuman has joined Aegis Property Group as senior associate. Previously Neuman was a vice president in
New York, NY Romer Debbas, LLP, a boutique law firm that specializes in all aspects of real estate and general practice, has been recognized by
