Category: Brokerage

Manhattan, NY The Real Estate Board of New York (REBNY) has appointed Reggie Thomas as senior VP for government affairs. Thomas will build and maintain REBNY’s strong relationships with elected officials on the city, state, and federal level with the purpose of advancing the organization’s interests and agenda…

New York, NY The New York Real Estate Journal recently sat down with its executive of the month, Michael Edery, founder & managing member of Paradigm Commercial Real Estate LLC, for a question and answer session.

Brooklyn, NY According to John Horowitz, VP - regional manager of Marcus & Millichap’s Brooklyn office, the firm has completed four deals totaling $6.25 million.

Brooklyn, NY Cushman & Wakefield has arranged the sale of 80 4th St., a 180’ x 107.67’ lot improved by a 17,942 s/f, single-story, brick warehouse located in the Gowanus neighborhood. The final closing price was $12.8 million, equating to $713.40 per s/f and $300,000 above the original asking price.

Manhattan, NY Rosewood Realty Group has arranged the $14.05 million sale of a two-building portfolio in Manhattan Valley. The two five-story, mixed-use buildings at 943 and 973 Columbus Ave., feature 36 apartments and four retail stores that include a grooming salon, a coffee shop and a bar. Together, the buildings sold for 13.5 times the current rent roll at a 5.2% cap rate. Combined the buildings are 18,123 s/f. Both were built in 1910.

Brooklyn, NY TerraCRG has brokered the sale of 1271 Willoughby Ave., a vacant multifamily building in Bushwick. Matt Cosentino, Fred Bijou and Eric Satanovsky brokered the deal for $2.7 million. The sale price equates to $529 per s/f and $450,000/unit as the six-unit building is 5,100 gross s/f. 

Sales of Manhattan development sites have begun to perk up as buyers and sellers come closer to alignment. Developers are particularly fond of sites situated in the trendy, tech-heavy neighborhood of Chelsea, with the recently-approved pricing of air rights on its west side bound to bolster their demand even further. 

While spring seemingly has not arrived locally, it usually brings real estate tax assessment responsibility via the legally mandatory Real Property Income & Expense (RPIE) filing due each June 1st.