Category: Brokerage

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 36th 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 21st, 2020. As part of this transaction, the Wainland family has sold the fee title for 116 10th Ave., as well as the unused development rights for 453 W 17th 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

Queens, NY EW Howell Construction Group celebrated the topping out milestone for the Far Rockaway Branch of the Queens Public Library. The firm was contracted by the New York City Department of Design and Construction to build the two-story, 17,500 s/f project, which broke ground in Fall 2018. Designed by Snøhetta, the new library will replace the existing 8,000 s/f building at 1637 Central Ave. and double the area of library.

Brooklyn, NY Jacob Stavsky of Venture Capital Properties negotiated a 24,000 s/f lease on a vacant parcel of land located at 5200 1st Ave. The tenant Park Pro Systems plan on utilizing this property to store its vehicles.  The site is currently in the midst of a rezoning as developers believe the rezoning will bring new jobs, while local residents are nervous those new opportunities will attract wealthier households and ultimately price out current tenants from their community.  

Brooklyn, NY Bestreich Realty Group (BRG) closed the sale of 660 Fulton St. in the Fort Greene neighborhood. The property sold for $1.7 million.  This property is located between Fort Greene Pl. and South Elliott Pl. and is built 19 ft. x 70 ft., offering 2,660 existing s/f. The irregular lot is 19 ft. x 91.60 ft. offering 1,605 s/f. This property was delivered vacant. 

Bronx, NY Meridian’s Amit Doshi, David Schechtman, and Shallini Mehra team up again to sell their exclusive assignment, 1738 University Ave. in the Morris Heights neighborhood. The six-story elevator building sold for $9.825 million, yielding a capitalization rate of 6%, $147 per s/f, $136,400 per unit, and a gross rent multiplier of 8.1 times. The property features 150 ft. of frontage and contains 72 apartments within 67,000 s/f.

New York, NY According to NELSON + POPE, Joseph Colucci has joined the firm as a senior associate and director of business development for land development.   In his multi-faceted role, Colucci will provide technical oversight and project management for the Land Development Department at NELSON + POPE and he will lead the efforts in expanding the firm’s diverse services and markets. Colucci has over 33 years of expertise in business development, design, permitting, construction, project implementation and operations related to site development projects in all markets.

New York, NY The Real Estate Board of New York (REBNY) has hired Sam Spokony as vice president of media and content. In this newly created role, Spokony will oversee all REBNY media relations activities, create engaging and timely content to elevate key issues impacting REBNY members and the industry, and direct the organization’s social media strategy. Spokony has nearly a decade of experience spanning journalism, government and consulting. Prior to joining REBNY, he was a senior vice president at Marathon Strategies.

Brooklyn, NY Eastern Union has promoted Estie Rotstein to the position of director of recruitment.  In this role, a newly created position at the company, Rotstein will oversee outreach for job candidates to further expand the growing number of new Eastern Union brokers.  Rotstein started as the company’s executive hiring assistant. She rose to her present title after taking on a range of added responsibilities.

New York, NY TitleVest, a leading title insurance agency and member of the First American family of companies, has earned first place in the New York Law Journal’s reader survey for the 8th consecutive year. “TitleVest is honored that the real estate community of New York has once again voted us the top title agency,” said Brian Tormey, president of TitleVest, “This recognition is a testament to the innovative technology, outstanding service and rich expertise that we offer our clients.”