Category: Brokerage

Buffalo, NY Uniland Development Co. has officially opened HANSA, a facility that offers private and shared offices, meeting rooms, a podcast studio and event spaces in the city’s downtown area. The 32,000 s/f, two-story space is for comfort and productivity, creatively decorated in industrial chic, and replete with modern amenities that combine to provide “An Elevated Office Experience.”

New York, NY Marcus & Millichap, Inc. (MMI) has entered into a definitive agreement to acquire Mission Capital in a transaction expected to close in the fourth quarter.  Founded in 2002, Mission Capital is a nationally recognized capital markets advisor with teams specializing in the sale of loans and consultative/due diligence services as well as debt and equity placement across all property types. The firm’s loan sale and consulting clients include commercial and investment banks, hedge funds, special servicers, government agencies and private equity firms.

Syracuse, NY The Largo Group of Companies secured a total of $12.7 million in financing for three office properties. Ned Perlman, vice president of originations at Largo, negotiated a $9.4 million loan with a federal credit union for a seven-story office building. The 75% leveraged deal featured funds for tenant improvements, 25-year amortization, partial recourse and no prepayment penalty. 

Albany, NY Governor Andrew Cuomo announced $2.5 million in support to four winners of the 76West Clean Energy Business Competition to advance innovation to lower carbon emissions and spur economic growth in New York State. ThermoAI, a company from Montreal, Canada, received the top $1 million grand prize award for its cutting-edge technology, which reduces carbon emissions and increases energy efficiency, enabling the company to expand its business operations in the Southern Tier.

Saratoga Springs, NY Bonacio Construction, Inc. is introducing a new project in the city, The Moderne Condominiums. The two- and three- bedroom condos and penthouses are located at 128 Henry St.  The building features a curated art collection in the

As of July, all of New York State has qualified for Phase IV reopening, and as we come out of the pandemic the major concern in the multifamily industry is the effect on rents and occupancy, unemployment is always the biggest threat. Temporary job layoffs and permanent losses among the industries that are large tenant employers, particularly retail and hospitality, have reduced collections mid-year in those cases where stimulus funds are insufficient to cover both rent and tenant living expenses.

Canajoharie, NY Montgomery County’s efforts to redevelop the vacant Exit 29 site, formerly the home of Beech-Nut Nutrition for over 100 years, took a step forward this month with the completion of the asbestos abatement process for the remaining portions of the former manufacturing facility and office building. The site, which the Montgomery County Business Development Center (MCBDC) has been working to clean up and prepare for redevelopment since the county took possession of it in July 2017, is likely to see greater interest from prospective developers now that the costly asbestos removal process is complete.

NYSCAR held their Annual Meeting virtually in October. It was a good meeting with timely discussions. The 2021 budget was approved. Committee reports and chapter reports were received. The following members were elected as officers and governors:  • James Walker, CCIM, president;  • Dana Crocker, first VP;  • Robert Strell, second VP, 

Syracuse, NY According to JF Real Estate, Central New Yorkers have a spot to grab a coffee and a snack and relax with a few furry feline friends.  Pawsitivitea CNY is open inside the CNY Regional Market at 2100 Park St. according to owner Alisha Reynolds, one of two cat cafés planned for the area.   The concept for the 1,200 s/f is simple:  Coffee and tea, baked goods, and cats. The dining room and cat lounge area will be separate.

Schenectady, NY According to Cushman & Wakefield | Pyramid Brokerage Co., the former Sears at Via|Port Rotterdam was purchased by United Auto Supply, a Syracuse-based wholesale distributor of aftermarket automotive parts and accessories.  The 103,296 s/f building sold for $1.875 million, and will become United Auto Supply’s regional distribution hub. This $6 million dollar investment is expected to create up to 150 jobs and will service customers in Northeastern New York and New England.  

Middletown, NY According to Sutton Real Estate Co., the firm has completed the following transactions: Louis Fournier of Sutton and Gina Marchese from All Phases Realty handled three leases at 390 Crystal Run Rd. totaling 5,900 s/f:  • Healthy Deli took 1,700 s/f; • Empire Inspections & Apparaisals leased 1,600 s/f; and • Family Foot Care signed for 2,600 s/f.

Albany, NY According to Carrow Real Estate Services, Jeff Santore has joined its property management team as a property manager.  With over 28 years of on-site management experience, Santore has maintained over  two million s/f of professional office, medical, retail and industrial property across Western and Upstate New York.