Category: Brokerage

The determination of one of the largest annual costs of New York real estate ownership, the property tax, is often poorly understood by even the most sophisticated real estate professionals. The result is that many property owners inadvertently pass on opportunities to reduce their operating expenses. 

Manhattan, NY JLL has completed a 15-year lease totaling 123,516 s/f with TransPerfect for Global Holdings Management Group’s NOMAD Tower, 1250 Broadway. TransPerfect will relocate from 3 Park Ave. to occupy space on five full floors, including

Binghamton, NY The Agency|  Broome County IDA/LDC provided a first glimpse of Broome County, NY’s six Opportunity Zones during a presentation on January 22nd, 2019.   An “OZ Primer” was provided by  Harris Beach, PLLC and Insero & Co. CPAs, LLP. Over 100 developers, community members and investors attended the event.

Brooklyn, NY GFI Realty Services, LLC has completed the following sales:  • The $10.4 million sale of 2031 and 2233 Ocean Ave. • The $8-million sale of 1865 77th St.

The banks that give commercial mortgages and the institutions that invest equity into commercial real estate transactions always impose controls over the identity of the individuals who manage the borrower/joint venture. The controls include restrictions on transfers of controlling economic interests and on which individuals can exercise the management rights of the developer in the deal.

Manhattan, NY The Young Mens/Womens Real Estate Association (YM/WREA) held their monthly luncheon at The University Club, One West 54th St., College Hall (Main Floor) on February 12th. The speaker was Robert Futterman, chairman, Retail Leasing Division, Newmark Knight Frank (RKF).

Pleasant Valley, NY Marcus & Millichap has completed the sale of the Hudson Valley Business Center, and office complex located at 199 West Rd., according to John Krueger, regional manager of the firm’s Manhattan and Westchester offices. The asset sold for $5 million.

Bronx, NY Michael Ferrara, managing principal of Brax Realty and Daniel Thompson, managing director of Savills Studley exclusively represented the landlord, M & R Friedlander Supply Co., and procured the lessee, 550 Trinity LLC, in a 99-year ground lease valued at $108 million.  The subject properties are located at 550 Trinity Ave. and 571 Jackson Ave. in the Mott Haven neighborhood.