Upstate New York

Look next to Broome County for semiconductor investment & innovation - by Stacey Duncan

Broome County, located in the center of the Southern Tier region, has been the home for innovative ideas for generations. We are the birthplace of modern technology such as virtual reality, the flight simulator, and personal computing, and did you know that the patent for the first hybrid-vehicle was developed in Broome?

AmTrust RE signs nine leases totalling 80,000 s/f at 100-120 Madison St.

Syracuse, NY AmTrust RE completed nine lease transactions, comprising more than 80,000 s/f at 100-120 Madison St., a two-building, 635,000 s/f office property.

2022 Hudson Valley apartment market - Brian Heine

REIT AvalonBay Communities sold the 110-unit Class A Avalon Bronxville, in Westchester County, for $89 million or $809,000 per unit in 2021. A suburban garden apartment complex built in 1998, rents are $3,568-$8,834 per month for the one to three-bedroom apartments; a 2-bedroom 2-bath is advertised for $4.70 per s/f per month.

JLL Capital Markets secures $8.984m in financing for industrial warehouse

Albany, NY JLLCapital Markets has arranged $8.984 million in acquisition financing for 136 Fuller Rd., a 266,412 s/f industrial warehouse. JLL worked on behalf of the borrower, Vermont-based Redstone, in securing the 10-year, fixed-rate loan through Capital Bank.

Cap rates or quack rates? - by John Rynne

If it looks like a duck and quacks like a duck, it might be a duck; quack, quack!!! As interest rates have escalated in all sectors over the past three quarters so have overall capitalization rates. The 10-year treasuries have escalated 146% from 1.63% to 4.01%.

Orange County Ptrsp. approves Poly Craft project

Middletown, NY Poly Craft Industries, an advanced manufacturer, and printer of laminated and non-laminated plastic products has received final approval from the city’s planning board.

November 2022 message from the president of NYSCAR - by Dana Crocker

I am pleased to thank Mary Peyton and Russell Gullo, CCIM for teaching recently. Mary taught the topics of implicit bias and cultural competency on Monday, September 19, 2022 with the course: Is a Rhombus a Square? Envisioning Bias and Culture in Real Estate. Students earned four hours of continuing education credit and met the new course requirement for license renewal.

Phillips of Largo Real Estate Advisors arranges two refinances - $66.2 million

Amherst, NY Jack Phillips, MBA, principal at Largo Real Estate Advisors, arranged refinancing for two Upstate properties. Phillips secured $23 million to refinance a pair of medical office buildings. The buildings are 100% occupied

Axiom Capital funds loans for two retail centers - for total sale price of $24.82 million

East Greenbush, NY Axiom Capital Corp. has structured and arranged $24.82 million in permanent loans for two retail properties. Axiom Capital Corp. has structured and arranged a $11.62 million permanent loan (10-year loan, fixed rate

October 2022 message from the president of NYSCAR - by Dana Crocker

The 2023 budget was approved and reports were heard from the committee chairs. RPAC chair Mike Johnson reported that NYSCAR reached 176% of their RPAC goal this year! He thanked everyone for contributing. Strat Planning chairman Joseph Rowley, Jr., updated the board regarding