Yonkers, NY According to Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the U.S. and division of Merchants National Properties, Target and H&M have signed new retail leases at the rebranded Cross County Center
New York, NY New York Blood Center (NYBC), one of the nation’s largest independent blood centers and a non-profit institution which supports life science startups through groundbreaking research, unveiled plans for Center East. The applied life sciences hub will replace
Brooklyn, NY Lantern Real Estate arranged $41 million in bridge financing for 56 North 9
th St., also known as 87 Kent Ave., a mixed-use multifamily and commercial property in the Williamsburg neighborhood on behalf of
Syracuse, NY SWBR and PARKlets for the People of Syracuse partnered to mark National PARK(ing) Day on Friday, Sept. 18
th. This is the third year SWBR has turned parking spaces on South Franklin St. into a
Hauppauge, NY The Suffolk County Industrial Development Agency (SCIDA) has preliminarily approved a transaction for Koala Optics, LLC and Yoleez Snacks for the acquisition of a 33,540 s/f manufacturing facility located at 10 Commerce Dr. With the Suffolk IDA’s assistance, the principals of Koala Optics, LLC and Yoleez Snacks will be merging the two businesses under one roof in a move that represents a nearly $8 million investment to improve capacity and efficiencies while creating 23 jobs within the first two years.
In the early months of the pandemic transaction velocity of investment sales in NYC nearly ground to a halt. One market segment that has remained relatively resilient has been that of multifamily assets priced $5 million and under, particularly in Brooklyn. With $5 million and under sales making up nearly 50% of all real estate transactions across all asset classes throughout NYC, coupled with Brooklyn controlling nearly 34.5% of all transactions in the COVID-19 world thus far, it becomes the question in our current climate: Is smaller better?
Over the last six months, since COVID-19 induced a gigantic shock to the overall economy, particularly to the hotel industry, expert assessments and speculations on recovery have ranged from a catastrophic short-selling of distressed assets to a gradual multi-year recovery to a sharp V-shaped recovery. The true projection however, may somewhat be segment-specific and driven by multiple extraneous economic and behavioral factors.
Queens, NY Global One Real Estate Fund II, through its management arm, Nelson Management Group completed its second acquisition of the year, a six-story residential building at 25-98 36
th St. in the Astoria neighborhood for $15.6 million. Built in 1931, the 50,910 s/f elevator building features 59 residential units, with a blend of both market rate as well as rent regulated apartments. Nelson Management Group plans to upgrade the building’s amenities for its tenants, with the addition of laundry and storage rooms, which the building currently does not have.
Manhattan, NY Law firm Herrick, Feinstein LLP, representing the Wainland family as sellers, has acted as counsel in a $26.7 million real estate transaction that closed on September 21
st, 2020. As part of this transaction, the Wainland family has sold the fee title for 116 10
th Ave., as well as the unused development rights for 453 W 17
th St., to GDS Development and Klövern AB.
Brooklyn, NY CB-Emmanuel Realty, LLC joined development partners Services for the UnderServed (S:US) and Richman Housing Resources LLC to celebrate the construction closing of Alabama Ave. Apartments, a 100% affordable residential development that will bring 70 units of housing to the East New York neighborhood. In partnership with The New York City Department of Housing Preservation and Development (HPD), the development team of CB-Emmanuel, S:US, and Richman Housing have begun construction on the $28.9 million project
