Yonkers, NY According to Admiral Real Estate Services Corp., Whole Hog Cafe has opened a new location in Central Plaza, at 2550 Central Park Ave. This is Whole Hog Cafe’s 17
th location and its first in New York State. Whole Hog also operates restaurants in
Are you unsure about New York City? Shutdowns, potential second wave, empty office buildings, flight of wealthy New Yorkers to anywhere but here, no Broadway, Times Square empty, record low CRE transactions and on and on and on…Logic would dictate that COVID-19 is the straw that broke NYC’s back.
Brooklyn, NY Bestreich Realty Group (BRG) closed the sale of 363 Washington Ave. for $2.55 million. This four-unit multifamily totals 5,145 s/f, priced at $496 per s/f and $637,500 per unit. The seller of this property was 353 Washington Ave LLC and the buyers are 363 Wash Ave Corp.
Brooklyn, NY Westbridge Realty Group, a New York based investment sales firm, completed the sale of an industrial site in the Gowanus neighborhood for $6.5 million. The site, at 88 9
th St., is a self-storage facility on an acre of land with 300 self-storage units.
Queens, NY National manufacturer Crystal Window & Door Systems was one of a select few fenestration and façade companies to be featured by leading national trade publication
US Glass as one of the media platform’s 2020 Best Companies to Work For.
Brooklyn, NY JLL Capital Markets has completed the sale of 219 Jay St., a 37,549 buildable s/f opportunity zone development site in Downtown Brooklyn on behalf of Abra Construction. The building was purchased by Tankhouse, a locally-based developer and architecture firm, for $12.5 million.
New York, NY The Community Preservation Corp. (CPC), has launched the new Flex Small Loan program. Earlier this year, CPC stepped up to partner with New York State to provide relief to small building owners experiencing financial hardship due to COVID-19.
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.
