Manhattan, NY Friedman-Roth Realty Services completed the sale of 133 Ave. D in the East Village neighborhood. The deal closed at a sale price of $8.3 million (or $450 per s/f) with a GRM of 13.9 and a CAP rate of 4.37%. This property was exclusively listed by Richard Guarino, a partner at Friedman-Roth, on behalf of the seller, Vintage Properties.
Hempstead, NY According to Fred Parola, CEO of the town of Hempstead Industrial Development Agency (IDA), the agency has consented to the sale of a Lynbrook office building and the transfer of existing economic incentives to the new owner, a national real estate investment trust.
Manhattan, NY According to Jack Resnick & Sons, Google, Inc. will locate a portion of its expanding office campus at 315 Hudson St., a n...
Bronx, NY According to EPIC Commercial Realty, the firm has completed the sale of 720-722 East 216th St., two contiguous parcels consisting a development site in the Williamsbridge neighborhood. The property traded for $2.7 million. Emmanuel Ukah, investment sales associate at EPIC Commercial, represented the sellers and the buyer.
In Part 1, published in NYREJ on December 18th, I discussed certain important questions with respect to the Opportunity Zone (OZ) program that were answered, and answered quite favorably to taxpayers, by the U.S. Treasury in regulations and a ruling issued on October 19, 2018 (proposed regulations). In this Part 2, I discuss two more areas of initial uncertainty that the Treasury resolved in a favorable way for taxpayers but, even more importantly, in a way that also made it much more likely that the OZ program may actually achieve the policy goals behind it.
Manhattan, NY Fried Frank had their real estate holiday gala at Cipriani 42nd St. on December 4th. Hosted by Fried Frank’s real estate partners, including chairman Jonathan Mechanic, the event attracted more than 1,300 guests.
New York, NY Brick Capital Group LLC, has completed the following transactions:
• A $16.75 million purchase of a pool of non-perform...
Manhattan, NY According to Rockwood Capital, they have entered into a joint venture with Midtown Equities, as borrower in its financing of One Broadway. The $161 million loan will be used for acquisition and repositioning of the landmarked Financial District office building.
Manhattan, NY Over 200 brokers attended RFR Realty’s “Sunset Cocktail Party,” which was held on November 29th in the Penthouse at 17 State St., a 42-story boutique office tower. The catered event featured signature drinks and passed hors d’oeuvres.
Queens, NY Metropolitan Realty Associates LLC (MRA), along with joint venture partner TH Real Estate, an affiliate of Nuveen, has sold COMMERCE LIC for $72 million to North River Co.
Located at 48-49 35th St., the former Matsil Bros. industrial property in Long Island City was originally constructed in 1949. MRA paid $55 million for the three-story 246,000 s/f building in March 2017.
