Category: Brokerage

Bronx, NY According to EPIC Commercial Realty, the firm has completed the sale of 720-722 East 216th St., two contiguous parcels consisting a development site in  the Williamsbridge neighborhood. The property traded for $2.7 million. Emmanuel Ukah, investment sales associate at EPIC Commercial, represented the sellers and the buyer.

In Part 1, published in NYREJ on December 18th, I discussed certain important questions with respect to the Opportunity Zone (OZ) program that were answered, and answered quite favorably to taxpayers, by the U.S. Treasury in regulations and a ruling issued on October 19, 2018 (proposed regulations). In this Part 2, I discuss two more areas of initial uncertainty that the Treasury resolved in a favorable way for taxpayers but, even more importantly, in a way that also made it much more likely that the OZ program may actually achieve the policy goals behind it.

Manhattan, NY Fried Frank had their real estate holiday gala at Cipriani 42nd St. on December 4th. Hosted by Fried Frank’s real estate partners, including chairman Jonathan Mechanic, the event attracted more than 1,300 guests. 

Manhattan, NY According to Rockwood Capital, they have entered into a joint venture with Midtown Equities, as borrower in its financing of One Broadway. The $161 million loan will be used for acquisition and repositioning of the landmarked Financial District office building.

Manhattan, NY Over 200 brokers attended RFR Realty’s “Sunset Cocktail Party,” which was held on November 29th in the Penthouse at 17 State St., a 42-story boutique office tower. The catered event featured signature drinks and passed hors d’oeuvres. 

Queens, NY Metropolitan Realty Associates LLC (MRA), along with joint venture partner TH Real Estate, an affiliate of Nuveen, has sold COMMERCE LIC for $72 million to North River Co. Located at 48-49 35th St., the former Matsil Bros. industrial property in Long Island City was originally constructed in 1949. MRA paid $55 million for the three-story 246,000 s/f building in March 2017.

Manhattan, NY On December 11th, 2018, Cushman & Wakefield (C&W) hosted a Women in Law Leadership Event at the Durst Organization’s new event space at 4 Times Sq. Developed by C&W’s Legal Sector Advisory Group (LSAG) and Women’s Integrated Network (WIN), it was an opportunity to bring together a panel of law firm and in-house counsel leaders, both attorneys and executives, to share their life journeys, obstacles, and solutions that got them to where they are today.

Manhattan, NY On November 13th, YMWREA hosted Isaac Zion, co-chief investment officer of SL Green, as their guest speaker. Zion discussed his career path into commercial real estate, how he landed at SL Green, his view on the market and the complexities of putting together deals that lead to the development of One Vanderbilt.

Manhattan, NY Newmark Knight Frank (NKF) has completed the $282 million sale of 114 West 41st St. (114W41) in Midtown’s Bryant Park submarket to Clarion Partners. On behalf of Blackstone and EQ Office, president James Kuhn, vice chairman Edward Maher, senior managing director David Colen and managing director James Tribble

New York, NY On Tuesday, December 11th, YMWREA hosted their final luncheon of the year. The winners of the Young Professional of the Year and the Senior Professional of the Year awards were also honored. Alex Bernstein of Bernstein Real Estate recieved Young Professional Award, and Stan Kleger of Natlane Equities was honored with the Senior Professional Award.Additionally, the new Board of Governors and the newly elected chairman for 2019 were named.