One of the hot-button political issues affecting New York City real estate is the proposal to eliminate landlords’ ability to raise rents on rent-regulated units in buildings that have received major capital improvements (MCIs). The MCI program incentivizes landlords to improve major building components that enhance quality of life for tenants and recoup…
Brooklyn, NY Bestreich Realty Group has completed the following:
351 Grove St.: A three-story multifamily building located in the Bushwick section sold for $1.5 million. This 6-unit property is built 25 ft. x 65 ft. with a 5 ft. x 12 ft. extension, offering 4,905 s/f.
Bronx, NY According to Westbridge Realty Group, The Lightstone Group, a privately-held real estate investment company, has purchased a six-story elevator mixed-use building in the Concourse neighborhood for $23.8 million.
In a 1031 tax deferred exchange, the same tax owner that sells the relinquished property should acquire the replacement property. This issue arises frequently in the Northeast as many times the taxpayer does not wish to have the same person or entity on the deed to the replacement property or is not sure who that person or entity should be…
Henrietta, NY According to governor Andrew Cuomo, Innovative Solutions has officially marked the company’s move to its new location. T...
Bronx, NY According to Venture Capital Properties, 957-959 Kelly St., a walk-up multifamily building in an opportunity zone (OZ) has sold for $7.8 million.
Located between 163rd St. and Westchester Ave. in the Foxhurst neighborhood, the rent-stabilized property consists of 38,237 s/f and contains 42 units, of which 12 one-bedrooms and 30 two-bedrooms.
Brooklyn, NY According to TriState Commercial, Avi Akiva and Sholomi Bagdadi, with Tamako Okamura have collaborated to close a 6,000 s/f lease. Asking rent was reported to be $26 per s/f.
Akiva and Bagdadi acted on behalf of the landlord, 354 Grand Property LLC, while Okamura represented the tenant in the
New York, NY Rosenberg & Estis, P.C. represented Kate Spade & Co., LLC in a nonpayment proceeding against a commercial subtenant to ...
New York, NY Yariv Ben-Ari has rejoined Herrick, Feinstein LLP as a partner in the firm’s real estate department, and co-chair of the Israel practice group. Yariv rejoined the firm from Akerman LLP, where he was a partner in the firm’s real estate group.
Troy, NY Heyer Performance Inc. (HPI) has been retained by First Columbia to assess the feasibility of a food-and-beverage and amenities pro...
