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Westchester IDA celebrates supported projects for 2018: Totals $881.4 million in private investments

White Plains, NY The Westchester County Industrial Development Agency (IDA) celebrated projects it supported in 2018 that will result in $881.4 million in private investment in the county’s economy.

Bestreich Realty Group acts for buyer in $3 million sale of 4,700 s/f

Brooklyn, NY Bestreich Realty Group (BRG) has closed on the sale of 132 6th Ave. in the Park Slope neighborhood for $3 million ($638 per s/f). This property is built 20 ft x 47 ft offering 4,700 s/f.  The sellers of this property are Wiener and Evelyne Longchamp and the buyer is Scott Kupferman. Adam Lobel, Toby Waring, Justin Zeitchik, Gabriel Kates and Derek Bestreich of BRG represented the purchasing entity.

MatriArch Development moves forward with $20 million mixed-use development in Pelham

Pelham, NY As a result of land use approvals secured by McCullough, Goldberger & Staudt, LLP, the Village of Pelham has given the go ahead for a mixed-use development near the Pelham Metro-North Station.

Holliday Fenoglio Fowler arranges two loans totaling $102.25 million

Elmsford, NY Holliday Fenoglio Fowler, L.P. (HFF) has handled the following transactions: HFF completed the $70.250 million sale of Elmsford Distribution Center, a six-property industrial park and truck terminal totaling

MBD Community Housing honored by NY Housing Conference 2018 Non-Profit of the Year Award

Bronx, NY MBD Community Housing Corp., a leading community organization devoted to increasing affordable housing opportunities and improving the quality of life in the borough, has received the New York Housing Conference 2018 Non-Profit of the Year Award.

Cahill of JLL secures 10,000 s/f for Quentis Therapeutics at the Mink Building in West Harlem

Manhattan, NY JLL completed a new transaction for Quentis Therapeutics at 1361 Amsterdam Ave., also known as the Mink Building, in the West Harlem neighborhood with Janus Property Co. The cancer immunotherapy startup firm signed a lease for 10,000 s/f of laboratory and office space.

Savills Studley signs Harman International for 11,000 s/f at 19 West 44th St.

Manhattan, NY Savills Studley completed a new office lease for Harman International, a Samsung company.  Savills Studley’s Christopher Foerch represented Harman with Los Angeles-based colleague Marcus Arredondo, who works with Harman globally. The landlord, Savanna, was represented by JLL’s Mitch Konsker, Ben Bass, Barbara Winter and Kip Orban.

Vanguard-Fine joins Retail Broker’s Network

Albany, NY According to Vanguard-Fine, LLC, the firm has joined the Retail Broker’s Network as the broker affiliate for Upstate New York.

Houlihan Lawrence’s Commercial Group completes three sales totaling $3.58 million

Port Chester, NY Houlihan Lawrence’s Commercial Group has completed three commercial sales in Westchester totaling $3.58 million.

The Wizard of OZ – (that’s “Opportunity Zones”) Dorothy still has some questions - by Dan Flanigan

Capital gains invested in opportunity zones are required to remain at risk for 10 years. Traditionally, real estate investors can extract invested capital and even profits tax-free in properly structured financing transactions before the ultimate sale of the property. Will qualified opportunity funds (QOFs) or qualified opportunity zone businesses (QOZBs) be allowed to refinance their portfolio properties before expiration of the 10-year period and distribute the proceeds to investors without jeopardizing opportunity zone benefits?