Category: Brokerage

Union, NY The Agency was joined by Broome County and town of officials to begin the demolition of the former IBM Country Club located at 4301 Watson Blvd. LeChase Construction, Delta Engineers and Gorick Construction will oversee the demolition of the blighted property.

Montreal, Quebec Kevin Ross, managing director at Largo Capital Limited, arranged $130 million for the refinance of an office building.

Syracuse, NY The 15,256 s/f former Tipperary Hill landmark, Rosie’s Sports Pub & Grille, at 1443 West Genesee St. has sold for $455,000

Rochester, NY GreyHill Group has acquired a 64,536 s/f industrial property at 69 Seneca Ave. The one-story building is located in one of the city’s busiest commercial areas.

New City, NY The KABR Group along with its joint venture partner BTF completed the $30 million purchase of the 125,110 s/f New City Shopping Center located at 78 North Main St. The retail site is 96% leased. The asset is in Rockland County’s CBD and less than one hour from New York City.

Fayetteville, NY Larry Van Der Bogart, and Marty Dowd of CBRE Syracuse exclusively represented the owner in the sale of 5427 North Burdick 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.

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.

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.

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%.

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.

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.