Category: Long Island

Port Washington, NY. Developed by Long Island-based G2D Group, WorkSmart brings a shared workspace at 1 Channel Dr. in January 2023.

As 2022 draws to a close, we’ve seen a number of shifts that have changed the real estate landscape. Many of these market changes directly impact property taxes, which in turn, can change an owner’s bottom line considerably.

All too often I am approached by a prospective client to discuss a dispute regarding a project that is either under construction or has been completed where I must inform the prospective client that the contract terms do not support its position.

The phase one Environmental Site Assessment (ESA) has been the de-facto environmental standard providing buyers of commercial real estate with protection offered within the Comprehensive Environmental Recovery Liability Act (CERCLA) law of 1980.

Levittown, NY Breslin Realty has signed a long-term lease with Texas Chicken & Burgers in the Levittown Mews Shopping Center.

Ronkonkoma, NY RC Commercial Partners, the commercial division of Realty Connect USA, brokered the sale of an office property at 5018 Express Dr. South. The transaction amount was $1.6 million. The Ronkonkoma Business Center is a 100% leased 13,000 s/f office property

Melville, NY The Commercial Industrial Brokers Society of Long Island (CIBS), one of the region’s largest real estate advocacy organizations, hosted a panel discussion last week that examined the “Future of the Office Workplace.”

East Northport, NY American Investment Properties (AIP) was exclusively retained to sell 2 Larkfield Rd. The mixed-use building totals almost 10,000 s/f and is located next to the Northport train station. There were 60% of tenants with leases expiring within a year’s time.

Lynbrook, NY Cushman & Wakefield served as the exclusive advisor to The Birch Group in the procurement of $27.215 million in acquisition financing for Cornerstone Yorkshire, a newly-built multifamily property located at 5 Freer St. The loan was provided by Greystone.

East Northport, NY The Suffolk County Industrial Development Agency (IDA) has preliminarily approved a transaction to assist Sunrise of Northport LLC for the construction of a 77,500 s/f assisted living and memory care facility, with 90 units at 1381-1387 Pulaski Rd. The more than $54.6 million project will transform the 6.1 acres of vacant land into a two-story assisted living facility that features specialized Alzheimer and memory care units.

Plainview, NY Eastman Cooke & Associates has completed the first phase of a restoration project at the main campus of ACDS (formerly known as the Association of Children with Down Syndrome) at 4 Fern Place.

Q: We are negotiating the sale of our industrial building, and the buyer is insisting on a long list of contingencies in the contract. What is normal? A: There is no “normal” set of contingencies to a contract of sale, in the same way there is no “normal” real estate deal.