News: Brokerage

The People's Arc of Suffolk to explore sale of Bohemia HQ

Bohemia, NY People’s Arc of Suffolk, formerly known as AHRC Suffolk, has announced plans to explore the sale of its building located at 2900 Veterans Highway. The decision comes as the organization seeks to align its operations more closely with its mission of serving people with intellectual and developmental disabilities in the most effective and accessible ways possible. 

Originally designed as an industrial warehouse, the 74,000 s/f facility includes several loading docks, a large parking lot, conference rooms, and a commercial kitchen. First Development Corporation of Islandia, NY is serving as broker to People’s Arc. 

“The decision to sell our property is a strategic move that could significantly strengthen our financial position and operational flexibility,” said Chris Veros, CFO of People’s Arc. “By reinvesting the proceeds into modern, accessible facilities and innovative programming, we will ensure that our resources are directed where they’re needed most—toward the people and families we support.” 

People’s Arc plans to relocate to a new, more modernized headquarters, strategically located closer to the communities it serves, enhancing accessibility and supporting expanded programming. A timeline for the sale and relocation has yet to be announced. 

For over 70 years, People’s Arc of Suffolk has been a leading provider of services and support for people with intellectual and developmental disabilities. This decision underscores the organization’s commitment to adaptability, innovation, and the needs of the people it serves. 

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,