News: Long Island

The Feil Org. completes $2 million façade renovation of Kohl’s Plaza

The Feil Org. has completed the $2 million façade renovation at Kohl's Plaza. The plaza is located at 3575 Hempstead Tpke. This is the first major renovation for the 28-year old Nassau County shopping center and includes a new brick façade, columns, signage, and exterior lighting. The six-month construction project commenced in April and was completed in December. Tenants at the center include Kohl's, Party City, PetSmart, Five Below, Famous Footwear, Dress Barn, GNC and GameStop. The retail property shares parking via a cross easement with a Loews Cineplex and with the Nassau Mall. The overall site features a BJ's Wholesale Club, LA Fitness, Michaels, Best Buy, Gap, Old Navy, DSW Shoes, TGIF, Wendy's, Sports Authority, and a five-story office building. Randall Briskin, VP of leasing at Feil said, "The renovation gives the shopping center a new modern, updated look that will help continue to maintain the property's historical success going forward. Although the renovation wasn't necessary, we felt the enhancement would benefit the center and surrounding community, and enhance the overall shopping experience for our customers." Kohl's Plaza is located on the heavily traveled Hempstead Turnpike at the intersection of Hamlet Road in Levittown, midway between the villages of Hempstead and Farmingdale. The site is accessible from the Wantagh, Southern, Northern and Bethpage State Parkways. Nassau County was sited as the 12th richest county in America in 2012 by Forbes magazine, with an annual median household income of $91,000. Levittown boasts a median household income of $150,900. The Feil Org. acquired the Kohl's Plaza/Nassau Mall retail site in 1984. Both centers are 97% leased with availabilities ranging from 2,250 to 7,500 s/f. Feil also owns the on-site office building, 3601 Hempstead Tpke., which features 95,450 s/f on six floors. Kohl's Plaza is owned and managed by The Feil Organization, a private, established commercial real estate firm headquartered at 7 Penn Plaza, New York, New York 10001. A powerful force in real estate for over 60 years, the company owns and operates a nationwide portfolio of over 26 million square feet of retail and commercial space, and over 5,000 residential rental units. Feil also owns such Manhattan landmarks as the Fred F. French Building and 570 Lexington Avenue. The organization maintains regional offices in Chicago, IL; New Orleans, LA; St. Petersburg, FL; and on Long Island in Levittown, NY.
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.