News: Long Island

Zere of Zere Real Estate Services and Devaney of Devaney Realty close on 4,000 s/f

According to Zere Real Estate Services, it recently sold a 4,000 s/f free standing medical building on .46 of an acre along the Rte. 110 Corridor at 317 Broadway Ave. Real estate broker Michelle Marie Zere, Zere Real Estate Services exclusively represented the property and Michael Devaney, Devaney Realty represented the medical buyer that specializes in cardiac Care. The deal took over two years to close. " This was one of the strangest deals I have ever encountered," said Zere. "The existing tenants refused to pay rent and vacate the premises. The engineering report Phase 1 kept getting postponed because of lack of access to the premises. At one point we had to get the Nassau County Sheriff involved," said Zere. Both brokers had to go above and beyond to make this deal happen and their patience was the smallest part of concluding this transaction. "Multiple trips to the premises, and working closely with the attorneys and engineers assured us the ability to finalize the deal," said Devaney. Although the sale price was undisclosed, the asking price was $895,000. The building was worth the wait, with generous parking and a rear curb cut onto the property the buyer held on with his interest because of the location, high visibility and frontage along the business corridor. The building will remain a medical care center catering to a variety of medical tenants. The surrounding area is presently underserved with medical professionals and the building was marketed as such from the beginning.
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Columns and Thought Leadership
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.