Monthly Spotlight Calendar January 2017
February 2017
March 2017
April 2017
Top Stories 2016
Semi-Annual Commercial Real Estate Guide
BuildingsNY
Women in Professional Services
New York
New York
nyrej.com
Section B
Commercial Real Estate Guide
April 28 - May 11, 2015
BuildingsNY Spotlight
Top Stories 2016
New York building owner or manager? Do you have specific challenges that you need solutions for? Are you looking to save money on your building? If you’ve answered yes to any of these questions, then mark your calendars for the BuildingsNY event, taking place April 28 - 29 at the Javits Convention Center in N.Y.C. This year’s event will feature over 400 Exhibitors, with 100 new vendors focused on helping you drive more profits for your buildings. In addition, you won’t want to miss the free education panels on the hottest, leading edge topics presented by the ABO, BOMA/NY, CHIP, NYARM, and AIA. At BuildingsNY 2015, you will find a year’s worth of solutions in just two days. BuildingsNY 2015 continues to evolve to better suit the industry’s needs. We listened to your feedback and made many changes to build you a better show. We have deeper relationships with current and new partners, ABO (the show founder), BOMA/NY, CHIP, NYARM, S.P.O.N.Y, AIA and our VIP lounge sponsor LandlordsNY. We’re expecting to welcome over 7,000 industry professionals to this year’s event. BuildingsNY is where hundreds of vendors will be displaying products for every phase of a building’s lifecycle. You will see new products and services in
richer categories including building automation, energy management, financing, restoration and renovation, design & construction, environmen-
tal, maintenance & operations and security and disaster relief. Sourcing products and services will be a productive and time-saving experience.
Our key industry partners have developed a 2-day complimentary program on the hottest NY/NJ/CT Building topics designed to help you.
Day 1 Program Highlights: • 8:45 - 9:45 a.m. - Housing in the Boroughs: Who Wants It?; • 10:00 – 11:30 a.m. - Using AIA Tools to Manage Legal Issues on Sustainable Projects; • 11:45 a.m. – 12:15 p.m. - How to Be Proactive with Bed Bug Management; the Correct Use of Canine Scent Detection Teams; and • 2:00 - 5:00 p.m. - Build, Buy, Hold or Sell. Day 2 Program Highlights: • 8:45 - 9:30 a.m. - The Mayor’s Housing Plan: What, Where, and When; • 12:30 – 1:00 p.m. - Business Case for LED Lighting; • 1:30 – 3:00 p.m. - Utilizing Existing Assets to Save Assets • 2:00 – 2:30 p.m. - Mobile Technology and its impact on the Construction Industry! and BuildingsNY is all about the business of owning and managing a building in N.Y.C. and the outer boroughs. The show promotes an opportunity to meet and network with people and to make connections and build relationships with industry peers. Attend BuildingsNY, to be able to lower costs, save money and gain an aggregate view of local industry trends, state and federal codes and tenant needs and desires. To register to attend, create a personal agenda, register for a conference session, or to stay updated, please visit www.buildingsny.com.
April 28 - May 11, 2015
BuildingsNY Spotlight FEATURING 100 NEW VENDORS FOCUSED ON HELPING TO DRIVE MORE PROFITS FOR BUILDINGS
FEATURING 100 NEW VENDORS FOCUSED ON HELPING TO DRIVE MORE PROFITS FOR BUILDINGS
The annual BuildingsNY to take place April 28 - 29 at the Javits Convention Center
The annual BuildingsNY to take place April 28 - 29 at the Javits Convention Center NEW YORK, NY Are you proud to be a
nyrej.com
Section B
A Directory of Services for Commercial Real Estate Professionals
NEW YORK, NY Are you proud to be a
Fall 2015 / Winter 2016
New York building owner or manager? Do you have specific challenges that you need solutions for? Are you looking to save money on your building? If you’ve answered yes to any of these questions, then mark your calendars for the BuildingsNY event, taking place April 28 - 29 at the Javits Convention Center in N.Y.C. This year’s event will feature over 400 Exhibitors, with 100 new vendors focused on helping you drive more profits for your buildings. In addition, you won’t want to miss the free education panels on the hottest, leading edge topics presented by the ABO, BOMA/NY, CHIP, NYARM, and AIA. At BuildingsNY 2015, you will find a year’s worth of solutions in just two days. BuildingsNY 2015 continues to evolve to better suit the industry’s needs. We listened to your feedback and made many changes to build you a better show. We have deeper relationships with current and new partners, ABO (the show founder), BOMA/NY, CHIP, NYARM, S.P.O.N.Y, AIA and our VIP lounge sponsor LandlordsNY. We’re expecting to welcome over 7,000 industry professionals to this year’s event. BuildingsNY is where hundreds of vendors will be displaying products for every phase of a building’s lifecycle. You will see new products and services in
richer categories including building automation, energy management, financing, restoration and renovation, design & construction, environmen-
tal, maintenance & operations and security and disaster relief. Sourcing products and services will be a productive and time-saving experience.
Our key industry partners have developed a 2-day complimentary program on the hottest NY/NJ/CT Building topics designed to help you.
Day 1 Program Highlights: • 8:45 - 9:45 a.m. - Housing in the Boroughs: Who Wants It?; • 10:00 – 11:30 a.m. - Using AIA Tools to Manage Legal Issues on Sustainable Projects; • 11:45 a.m. – 12:15 p.m. - How to Be Proactive with Bed Bug Management; the Correct Use of Canine Scent Detection Teams; and • 2:00 - 5:00 p.m. - Build, Buy, Hold or Sell. Day 2 Program Highlights: • 8:45 - 9:30 a.m. - The Mayor’s Housing Plan: What, Where, and When; • 12:30 – 1:00 p.m. - Business Case for LED Lighting; • 1:30 – 3:00 p.m. - Utilizing Existing Assets to Save Assets • 2:00 – 2:30 p.m. - Mobile Technology and its impact on the Construction Industry! and BuildingsNY is all about the business of owning and managing a building in N.Y.C. and the outer boroughs. The show promotes an opportunity to meet and network with people and to make connections and build relationships with industry peers. Attend BuildingsNY, to be able to lower costs, save money and gain an aggregate view of local industry trends, state and federal codes and tenant needs and desires. To register to attend, create a personal agenda, register for a conference session, or to stay updated, please visit www.buildingsny.com.
Women in Professional Services Spotlight
Sponsored By:
May 2017
June 2017
July 2017
August 2017
Long Island 15th Anniversary
State of the State
Industrial & Economic Development
Semi-Annual Commercial Real Estate Guide T:6”
SOME OF THE MOST INNOVATIVE BUILDINGS ARE MADE OF GLASS AND STEEL. OTHERS, PIXELS.
Commercial Real Estate Guide A Directory of Services for Commercial Real Estate Professionals
T:9.875”
State of the State Spotlight
Industrial & Economic Development Spotlight
Spring / Summer 2016
15th Anniversary Spotlight
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Job info
September 2017
Sponsored By:
After months of construction, Con Edison’s Commercial Buildings microsite is almost ready to open its doors. This state-of-the-art interactive experience will give users the opportunity to explore nine realistic areas inside a building which will identify multiple options for energy efficiency improvement. Visitors will also have access to real-life case studies, videos, insights, and news, as well as an events calendar that will be regularly updated with the latest happenings in the industry. So get your index finger ready—it’s going to be the tour of a lifetime. #ManageEnergy
October 2017
November 2017
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Industry Leaders
Women in Construction, Design & Engineering
ICSC NY National Conference
Architect
John Rynne,
Economic Development
Insurance
July 19 - August 1, 2016
Architecture Studio
William Gati,
Kevin McLaughlin, The Agency Broome County IDA/LDC
Herbert H. Landy Insurance Agency
John Torvi,
Daniel Wechsler,
Dan Flanigan,
Multifamily - Queens
Network Communication
Office Furniture Rental
Office Condos
Real Property Law
Retail
Robert Bianco, Windstream
Roey Realty
Ron Lanzo,
AFR Furniture Rental, Inc.
Michael Rudder, Rudder Property Group
Ariel Property Advisors
Steven Glassberg,
Glassberg & Associates, LLC
Broker of the Month PAGE 3D
Jacqueline Klinger, SCG Retail
Executive of the Month
Question of the Month
PAGE 5D
PAGE 7D
Peter Morandi,
Eastman Cooke Construction
PAGE 5B
Howard Tollin,
SterlingRisk Environmental Services
Section B
Jeffrey Pliskin, Pliskin Realty and Dev., Inc.
Kenneth Schuckman, Schuckman Realty, Inc.
Question of the Month PAGE 7B
Women in Construction Spotlight
nyrej.com
April 28 - May 11, 2015
BuildingsNY Spotlight FEATURING 100 NEW VENDORS FOCUSED ON HELPING TO DRIVE MORE PROFITS FOR BUILDINGS
2017 Year in Review
The annual BuildingsNY to take place April 28 - 29 at the Javits Convention Center
Firestein, partner at SCG Retail: Providing a comprehensive suite of services to clients
Fred Schmidt,
Coldwell Banker Commercial Affiliates
Featuring
Executive of the Month
Polsinelli
Featuring
November 24 - December 7, 2015
ICSC New York Spotlight
Landmarks Preservation
Inv. Sales - Queens
Rynne, Murphy & Associates, Inc.
Esti Broyde,
Black
New York
nyrej.com
Section B
nyrej.com
Industry Leaders Appraisal
Yellow,
2017 Year in Review
New York
New York
Section D
Magenta,
Tax straddles: Are the benefits for 1031 exchanges overstated?
Brad Cohen, Eastern Consolidated
Faith Hope Consolo, Douglas Elliman
Kelly Alton, NES Financial
Jill Jones, NES Financial
Ron Lanzo, AFR Furniture Rental
NEW YORK, NY Are you proud to be a
New York building owner or manager? Do you have specific challenges that you need solutions for? Are you looking to save money on your building? If you’ve answered yes to any of these questions, then mark your calendars for the BuildingsNY event, taking place April 28 - 29 at the Javits Convention Center in N.Y.C. This year’s event will feature over 400 Exhibitors, with 100 new vendors focused on helping you drive more profits for your buildings. In addition, you won’t want to miss the free education panels on the hottest, leading edge topics presented by the ABO, BOMA/NY, CHIP, NYARM, and AIA. At BuildingsNY 2015, you will find a year’s worth of solutions in just two days. BuildingsNY 2015 continues to evolve to better suit the industry’s needs. We listened to your feedback and made many changes to build you a better show. We have deeper relationships with current and new partners, ABO (the show founder), BOMA/NY, CHIP, NYARM, S.P.O.N.Y, AIA and our VIP lounge sponsor LandlordsNY. We’re expecting to welcome over 7,000 industry professionals to this year’s event. BuildingsNY is where hundreds of vendors will be displaying products for every phase of a building’s lifecycle. You will see new products and services in
richer categories including building automation, energy management, financing, restoration and renovation, design & construction, environmen-
tal, maintenance & operations and security and disaster relief. Sourcing products and services will be a productive and time-saving experience.
Our key industry partners have developed a 2-day complimentary program on the hottest NY/NJ/CT Building topics designed to help you.
Day 1 Program Highlights: • 8:45 - 9:45 a.m. - Housing in the Boroughs: Who Wants It?; • 10:00 – 11:30 a.m. - Using AIA Tools to Manage Legal Issues on Sustainable Projects; • 11:45 a.m. – 12:15 p.m. - How to Be Proactive with Bed Bug Management; the Correct Use of Canine Scent Detection Teams; and • 2:00 - 5:00 p.m. - Build, Buy, Hold or Sell. Day 2 Program Highlights: • 8:45 - 9:30 a.m. - The Mayor’s Housing Plan: What, Where, and When; • 12:30 – 1:00 p.m. - Business Case for LED Lighting; • 1:30 – 3:00 p.m. - Utilizing Existing Assets to Save Assets • 2:00 – 2:30 p.m. - Mobile Technology and its impact on the Construction Industry! and BuildingsNY is all about the business of owning and managing a building in N.Y.C. and the outer boroughs. The show promotes an opportunity to meet and network with people and to make connections and build relationships with industry peers. Attend BuildingsNY, to be able to lower costs, save money and gain an aggregate view of local industry trends, state and federal codes and tenant needs and desires. To register to attend, create a personal agenda, register for a conference session, or to stay updated, please visit www.buildingsny.com.
USA $3.95 February 21March 6, 2017
Krasnoff of Avison Young leads $28.64 million acquisition financing NY COVER A
Executive of the Month NY PAGE 9A
Michael Eble of FCi FCI Furniture Consultants: Designing environments that inspire for 40 years and counting
Savanna tops out Jungreis of Rosewood 540 West 26th St. brokers $16.5 million 166,810 s/f development Bronx portfolio sale D/B COVER C
NYC COVER B
Executive of the Month D/B PAGE 3C
Anthony Posa, managing principal/CEO at MGE Unified Technologies: “Build the road you want to travel” nyrej.com
Sign up for Daily RE Cap! Visit nyrej.com/newsletter Volume 29 • Issue 4
This Week’s Sections Front Section New York City
Featuring Finance & Retail
Design Build
Spotlights
Ask the Experts
D/B PAGES 5-12C
Contributing Authors NYC PAGES 13-15
Columnist Danielle Tricolla
Spotlight SPRING/SUMMER 2017
Commercial Real Estate Guide
Inside Front Cover
February 21-March 6, 2017
New York Real Estate Journal
nyrej.com
Feb. 21 - March 6, 2017 Volume 29 • Issue 4
Quick Read Jungreis of Rosewood brokers $16.5m portfolio
FINANCING PLACED ON BEHALF OF GINSBURG DEV. FOR HALSTEAD WHITE PLAINS
SEE COVER OF SECTION B
Savanna tops out 540 West 26th St.
SEE COVER OF SECTION B
Spring/Summer Commercial Real Estate Guide SPRING/SUMMER 2017
Commercial Real Estate Guide
A Directory of Services for Commercial Real Estate Professionals Sponsored By:
SPECIAL INSERT
3 Sections 84 Pages D. Tricolla.................................. 2A Executive of the Month ........ 9A Billboard .................................17A New York City.................. SEC. B Contributing Authors.....13-16B Design/Build.....................SEC. C Executive of the Month .........3C
New York Real Estate Journal nyrej.com
Krasnoff of Avison Young leads $28.64 million acquisition financing WHITE PLAINS, NY Avison Young
has closed a $28.64 million loan to finance the acquisition of the Halstead White Plains, a 124-unit multifamily property located at 24 South Lexington Ave. David Krasnoff, a senior director in Avison Young’s New York office, led the team that brokered the transaction on behalf of Ginsburg Development Cos. The borrower faced a number of unique challenges with this transaction, including an obligation to buy shares of the single asset REIT that owned the property and the need to execute a complex 1031 transaction, all within a tight deadline. Despite all of these transactional challenges, the Avison Young team was able to successfully secure and close a financing with favorable terms within the required timeframe.
Smadbeck of C&W coordinates $23.5 million sale of 315-317 W. 102nd St. On behalf of West End Manor, LLC, Cushman & Wakefield (C&W) has arranged the sale of 315-317 West 102nd St., a 36,000 s/f, nine-story pre-war apartment building located between West End Ave. and Riverside Dr. Paul Smadbeck The transaction was valued at $23.5 million or $648 per s/f. The purchaser was a private real estate investor with an existing portfolio of multifamily and mixeduse properties in the borough and Queens. Senior managing director Paul Smadbeck represented both sides of the transaction along with colleagues Hall Oster, Teddy Galligan, Rob Stufano and Bryan Smadbeck. The nine-story, elevator-serviced building contains 36,252 gross s/f and sits on a 55’ by 100.92’ lot. It is comprised of 36 apartments and a super’s unit in the basement. Of the 36, 18 are free-market, 16 are rent stabilized and two are rent-controlled. For full story visit nyrej.com
“AvisonYoung leveraged our longterm lender relationships, local market knowledge, and understanding of the structural nuances at hand to identify several lenders willing to provide a high leverage, structured financing solution within our timeframe,” said Krasnoff. “The team ultimately opted to go with a mortgage REIT whose fully-credit-approved loan proposal provided our client with the proceeds and structural flexibility required to execute their business plan.” For full story visit nyrej.com
24 South Lexington Avenue - White Plains, NY
PAGANO OF AY REPRESENTS NEWSDAY AT 220 MILLER PL.
Hunt of Hunt Corporate Services acts for Anton-Cerrone in 32,093 s/f HICKSVILLE, NY According to Hunt Corporate Services, Inc., Newsday has leased 32,093 s/f at 220 Miller Pl.
MANHATTAN, NY
David Hunt
Frank Pagano
David Hunt, president of Hunt represented the landlord,Anton-Cerrone Associates, in the lease negotiations. Frank Pagano of Avison Young (AY) represented the tenant. Located off the Long Island Expressway, the 60,448 s/f flex building was recently vacated by a long-term tenant who occupied the entire space. The building is part of an Anton-Cerrone Associates portfolio consisting of over 700,000 s/f of office and flex space throughout Nassau and Suffolk Counties. Hunt exclusively represents Anton-Cerrone. Newsday, headquartered in Melville, circulates over 437,000 newspapers daily currently serving Nassau and Suffolk counties on Long Island, the borough of Queens, and Rockland and Westchester counties. They plan to use the new facility as a distribution center.
Guarino and Smith of Friedman Roth handle $9.9m sale MANHATTAN, NY According to Fried-
man Roth, the firm has completed the sale of 30 East 39th St. The subject
Richard Guarino
Joseph Smith
property is a boutique elevator office building just off Madison Ave. in the Murray Hill neighborhood. The building is 9,900 s/f and sold for $9.9 million ($1,000 per s/f) at an approximate 3.5 cap. Joseph Smith represented the seller and Richard Guarino a partner at Friedman Roth, represented the purchaser in this transaction.
30 East 39th Street - Manhattan, NY
Inside Cover A February 21 - March 6, 2017
New York Real Estate Journal
CERTAINTY IS
someone who has the guts to tell me I might be wrong. In this business, you need a partner who’s unafraid to tell the truth. Even when it’s not what you want to hear. Our local market knowledge, deep relationships with capital sources and sense of integrity allow us to evaluate every deal objectively. That means when we tell you something—about properties, about rates, about capital—you can count on it. When you know your partner has your best interests at heart, you can invest with certainty. See how our corporate values deliver value for our clients: www.berkadia.com
BERKADIA.COM a Berkshire Hathaway and Leucadia National company Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Investment sales/real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx. © 2017 Berkadia Commercial Mortgage LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
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New York Real Estate Journal
February 21 - March 6, 2017 1A
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2A February 21 - March 6, 2017
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Danielle Tricolla Law
New York City freelancers protected under new law
Build your future on our established foundation call us at 516.248.1700 Successful Lawyers Successful Clients www.forchellilaw.com
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Strategic Communications Social Media Crisis Communications Public Relations Is your communications program boosting your bottom line? If not, how can we help?
[email protected] www.riotprllc.com 1-929-445-RIOT
In 2016, mayor DiBlasio signed into law the “Freelance Isn’t Free Act,” establishing significant protections for independent contractors or “freelancers.” TheAct goes into effect on May 15, 2017 and applies only to contracts entered into after that date. A “freelancer” under the Act is broadly defined as a person or organization composed of one person, whether or not incorporated or using a trade name, that is retained as an independent contractor to provide services in exchange for compensation, excluding certain sales representatives, lawyers, and licensed medical professionals. A “hiring party” under the Act is “any person who retains a freelance worker to provide any service,” excluding governmental entities. Hiring Party Obligations & Freelancer Remedies Mandatory WrittenAgreement: For arrangements with a value of $800 or more, the Act requires a written contract containing the parties’names and addresses; an itemization and value of the services contracted for; the rate and method of compensation; and the payment date or a mechanism to determine such date. A party in violation of only this requirement faces damages of $250, only if the freelancer requested a written contract prior to commencement of services.A party in violation of this requirement and another section of the Act faces damages in the amount of the value of the contract, plus the damages specified in the other section(s) violated. Timely Payment: The hiring party must pay the freelancer on or before the agreed-upon payment date. If the contract does not contain a payment date or a mechanism for determining such date, the hiring party must pay within 30 days of completion of services. Further, once the freelancer commences services, the hiring party cannot require the freelancer to accept less compensation as a condition of timely payment. The Act provides for double damages and injunctive relief for violation of this provision. CONTINUED ON PAGE 6
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Published semi-monthly for $99 per year by East Coast Publications 17 Accord Park Dr., Unit 207, Norwell, MA 02061 Periodicals postage paid at Norwell, MA and additional mailing offices. $4.00 Single Copy; $5.00 Special Issue. Subscriptions are non-refundable. Mailing Address: P.O. Box 55, Accord, MA 02018 Express & Overnight Mail: 17 Accord Park Dr., Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993 | Fax: 781-871-1853 www.nyrej.com Publication # ISSN: 1057-2104 | USPS #6603 | Vol. 29, No. 04 POSTMASTER: Send address changes to New York Real Estate Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Dr., Unit 207, Norwell, MA 02061 REPORT AN ERROR IMMEDIATELY New York Real Estate Journal will not be responsible for more than one incorrect insertion. Disclaimer: The views expressed by contributing writers are not necessarily representative of the New York Real Estate Journal.
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1524 Ocean Avenue, Brooklyn, NY 11230 February 21 - March 6, 2017 New York Real Estate Journal Phone 718-951-0090 Email
[email protected]
Whitestone SOLD and CLOSED
Realty Group, Inc
within 10 Days 1524 Ocean Avenue, Brooklyn, NY 11230 718-951-0090 of Phone Signing of Contract Email
[email protected]
$23,000,000.00 SOLD and CLOSED within 10 Days SOLD and CLOSED of Signing of Contract th 117 within West 10 79Days Street $23,000,000.00 of Signing of Contract NYC
117 West 79th Street, NYC A 35,000 Sq Ft Nearly Vacant Building
$23,000,000.00 A 35,000 Sq Ft Nearly Vacant Building Nathan Blatter handled this transaction
Nathan Blatter handled this transaction
117 West 79 Street NYC
th Whitestone is aggressively Whitestone is aggressively to purchase looking to purchaselooking additional off market properties in the five boros additional off market properties in the five boros Brokers welcome. Top dollar paid.
Brokers welcome. Top dollar paid.
A 35,000 Sq Ft Nearly Vacant Building Nathan Blatter handled this transaction 1524 Ocean Avenue, Brooklyn, NY 11230
718-951-0090 Whitestone is aggressively looking to purchase additional
3A
New York Real Estate Journal
4A February 21 - March 6, 2017
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Office of the Governor State Capitol Albany, NY 12224 518-474-8390
Governor of New York Andrew Cuomo
PART OF MOHAWK HARBOR REDEVELOPMENT: 1,075 PERM. JOBS
ECONOMIC DEVELOPMENT IS A CONVERSATION
START YOUR CONVERSATION TODAY.
www.ny.gov
WE HAVE THE EXPERIENCE AND THE KNOW-HOW TO MAKE YOUR BUSINESS THRIVE.
6O7.584.9OOO theagency-ny.com
COMMERCIAL GROUP HOULIHAN LAWRENCE
INVESTMENT OPPORTUNITY
CLASS A BUILDING MEDICAL SUITES
1 North Avenue, New Rochelle, NY
450 Mamaroneck Avenue, Harrison, NY
Building is 100% occupied with continuing leases. Could be owner occupied. Retail space is being utilized as a catering outlet. Many updates. Approximately 2,800 SF $799,000
3 medical offices available (offered separately or as a bundle). Numerous amenities in this gorgeous building. Please inquire for details on the available suites. Rents starting at $1,500/mo
RARE CITY ISLAND OPPORTUNITY
NEW CANAAN OFFICE FOR LEASE
246 City Island Avenue, Bronx, NY
11 Burtis Avenue, New Canaan, CT
Beautifully maintained residential over retail in prime City Island location. Rare opportunity! Ideal for restaurant, gallery, boutique or numerous other uses. Many recent updates. Owner occupied for years. 2,160 SF $595,000
1,005 SF second floor office suite available. Walk to train, shops and restaurants. Landlord pays snow removal, exterior building maintenance & water. Available for lease at $2,090 per month. Call for additional details.
ADDITIONAL PROPERTIES AVAILABLE RETAIL BUILDING FOR SALE
PELHAM MEDICAL BUILDING FOR SALE
243 New Main Street, Yonkers, NY
116 Fifth Avenue, Pelham, NY
3,125 SF located in area with heavy foot traffic and 6,600 SF with 12-space parking lot! Great only a few blocks from the Chicken Island opportunity for owner/user. 11 Exam rooms, elevator, Development Project. Nice opportunity! $415,000 4 administrative offices, 4 restrooms. Central Air. Walk to train, shops & restaurants! $2,500,000
GREENWICH INVESTMENT PACKAGE 2 Nassau Place, Cos Cob, CT
3 Luxury newly-constructed condominiums with a projected annual rent roll of $234,000. (2) 4BR/3BA and (1) 3BR/3BA. ~8,250 SF $3,800,000
KATONAH PROFESSIONAL BUILDING Bedford Road, Katonah, NY Two office suites available for lease. Walking distance to train, shops & restaurants. 1st Floor: 900 SF 3rd Floor: 1,350 SF Each space $3,000/mo
CHAPPAQUA VILLAGE ENCLAVE 191 King Street, Chappaqua, NY
Investment opportunity! 3 mixed-use commercial buildings with adjoining house on 1/3 level acre. Close to shops, restaurants & train. $2,400,000
Gov. Cuomo celebrates Rivers Casino & Resort grand opening Governor Andrew Cuomo recently attended the grand opening of the Rivers Casino & Resort. The $330 million resort features a 51,000 s/f gaming floor, a hotel and multiple dining and retail options as part of a larger Mohawk Harbor Redevelopment project. Rivers has created 1,025 permanent jobs with another 50 expected once the connected hotel and spa open later this year. Construction of the casino resulted in more than 550,000 hours and 1,710 construction jobs in the Capital Region. “The new Rivers Resort & Casino is a vital economic asset for the Capital Region, generating new jobs and opportunity, continuing Schenectady’s resurgence and moving the region forward,” governor Cuomo said. “By supporting destination resorts across upstate NewYork, we are showing off the best of the Empire State while attracting new visitors, boosting tourism, and helping support and strengthen our local communities.” Governor Cuomo’s Upstate New York Gaming and Economic Development Act of 2013 mandated that all state revenue from Rivers be directed back to the local level. 10% of the state’s tax revenue from the casino is split between the city and Schenect-
SCHENECTADY, NY
v
ady County for hosting the facility, and Albany, Fulton, Montgomery, Rensselaer, Saratoga, Schoharie and Washington counties share another 10%. The remaining 80% of revenue is distributed statewide to support public education or provide tax relief to New Yorkers. The local governments–city, school district, Schenectady County and other neighboring counties in the gaming region established by the state–will see a significant, positive, direct impact from Rivers Casino & Resort through their share of the casino’s gaming tax payments to the state.
Based on Rivers’ estimates, the resort and casino is projected to bring in 2.8 million visitors per year. In total, the four commercial casinos–del Lago, Tioga Downs, Montreign and Rivers–when fully operational will generate $325 million in gaming taxes, of which $65 million will be directed to localities and $260 million will support public education. Rivers Casino & Resort is located at 301 Nott St., off Erie Blvd. Rivers Casino & Resort Schenectady was developed by The Galesi Group.
Financing for the 228,740 sq. ft. industrial portfolio was arranged by the undersigned with Mutual of Omaha Life Insurance Company, whom we represent as mortgage loan correspondent
$13,375,000
Rechler Equity Industrial Portfolio Bohemia & Hauppauge, New York
HIGH VISIBILITY CORNER LOT BY I-87 665 McLean Avenue, Yonkers, NY
B Zoning allows for multiple uses including retail, banks, schools, restaurants, apartments, 2-Family, SF & more. 9,800 SF Lot. Offered at $1,250,000.
800 WESTCHESTER AVENUE, RYE BROOK, NEW YORK 10573 | 914.798.4900
VIEW ALL LISTINGS AT HLCOMMERCIALGROUP.COM
M. Robert Goldman & Co., Inc. 100 Jericho Quadrangle, Suite 336 Jericho, New York 11753-2702 Tel 516 487-5100 Fax 516 487-5183
Jonathan Goldman Robert Gladitsch John Robustello Louis Bolkovic Jason Kim
M. Robert Goldman & Co. Mortgage Bankers Correspondent to the World’s Financial Institutions www.mrg-co.com
New York Real Estate Journal
nyrej.com
February 21 - March 6, 2017 5A
UPSTATE N.Y. INVESTMENT PROPERTIES FOR SALE
BLOOMFIELD GARDENS APARTMENTS Rome – 167 apartments e e re o o o ee $5,950,000
WOODLAND VILLAGE & MONTICELLO MEADOWS o e o 246 r e wo o ee o e o ew o re or $9,250,000
TOWN & COUNTRY APARTMENTS Binghamton – 257 apartments ro e e , r o r $7,950,000
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AARONS PLAZA e 100 o e e e o o e $1,295,000 CLIENT NEEDS – r , -e e r e o er or re r , e
HIDDEN HOLLOW APARTMENTS e 50 r e 4 r e e ee r 2,2 5,000 N
31-33 GRISWOLD AVENUE Binghamton – 12 apartments e e rk re e ro e e $219,000
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New York Real Estate Journal
6A February 21 - March 6, 2017
DISPOSING OF INVESTMENT PROPERTY?
PAY NO TAX
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My personal spin on things in the world that take no talent
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I always like to attribute my ideas to people smarter than me. When I first saw this list, I was anxious to find out what great philosopher or business thinker conjured this great thought. I hoped for a Descartes or Drucker. It is with great pause that I must cite the Internet. This concept is ubiquitous in the world Al Gore invented. What is this great concept? It is my personal spin simple exposition of the things in the world that take no talent. • Being on time; • Working hard;
• Being prepared; • Maintaining a positive attitude; • Following rules; • Being coachable; • Constantly learning; and • Being a team player. So simple these thoughts are and yet so few people consistently achieve them. Let’s dig in a little bit. Being on time. This is a simple function of leaving on time. I am in the office before 8:00 every day and commute an hour from N.J. Whenever someone tells me they will be late I roll my eyes. Why? Because they have made an active decision not to be on time. Working hard. This is the price of entry into the real world. Being prepared. Preparation indicates a person cares about what they are doing; lack of preparation tells people their time is not valued.
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Better relationships. Better results. With close relationships to Freddie Mac, Fannie Mae, FHA, 20+ CMBS lenders, hundreds of local, regional and national banks, and more than 50 life insurance companies, NorthMarq Capital has the capital connections to deliver the results our clients expect. Here are just a few....
Maintaining a positive attitude. Smile. Stay upbeat. People are a hell of a lot more attractive to do business with when they are upbeat and enthusiastic. Following rules. Rules are not made to be broken. Rules serve the purpose of guiding us through life and work. Being coachable. It is an incredible privilege to have people in your life who care enough about you to provide feedback. I am fortunate to have Eastern’s leadership team of Daun Paris, Peter Hauspurg and Peter Takiff. They care enough about me to provide feedback and to coach me up. If you have someone in your life who takes the time to help you succeed consider yourself lucky and make the most of it! Constant learning. The day you stop trying to learn should be the day you hang it up. When I look at my life and career I always strive to continue learning and use it as one of the great differentiators. I sat next to Kip in high school and he was right– knowledge is power. Never pass up the chance to learn. Be a team player. One of the great joys in life is working with others. It takes hard work to be difficult, self-centered and obstinate. It is much easier to get along with people and not take things personally. One of the things I learned many years ago that gets constantly reinforced is that there are many people smarter and more talented than I am. But if I take care of the things that don’t require talent I will be ok. To comment on this story visit nyrej.com
RETAIL
MEDICAL OFFICE
MULTIFAMILY
$47,500,000
$16,000,000
$16,000,000
MACY’S
HUNTINGTON MEDICAL CENTER
SPRINGVALE APARTMENTS
250,000 SF | FLUSHING, NY
HUNTINGTON STATION, NY
CROTON-ON-HUDSON, NY
LIFE COMPANY
66,316 SF | BANK
524 UNITS | FREDDIE MAC
Visit northmarq.com for more transactions, daily rates, expert views and more!
C O M M E R C I A L R E A L E S TAT E D E B T, E Q U I T Y & S E R V I C I N G
LONG ISLAND
NEW JERSEY
NEW YORK CITY
ROCHESTER
WESTCHESTER
Mark Schnurman is chief sales officer, principal at Eastern Consolidated, New York, N.Y.
Freelancers protected under new law by Tricolla CONTINUED FROM PAGE 2
Anti-Retaliation: A hiring party is prohibited from threatening, intimidating, disciplining, harassing, denying work to, discriminating against a freelancer, or taking action that penalizes or is likely to deter a freelancer from exercising the rights provided by theAct. TheAct provides for damages in the amount of the value of the contract for each instance of retaliation. An aggrieved freelancer may file an administrative complaint or a private lawsuit against the hiring party and, if successful, is entitled to attorney’s fees. Moreover, the city may seek up to $25,000 in civil penalties against a party engaged in a pattern of violations.
Danielle Tricolla, Esq. is an attorney at Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana LLP, Uniondale, N.Y.
New York Real Estate Journal
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February 21 - March 6, 2017 7A
EMPIRE HOLDINGS GROUP III, LLC SELLS TO ITZHAKI ACQUISITIONS
Sasson and Sinsheimer close sale of BRIDGE LOANS 45-unit multifamily for $14.7 million MANHATTAN, NY Eastern Consolidated has arranged the sale of a 45-unit multifamily building at 109 East
All loans made in Strict Confidence Andrew Sasson
Direct Loans, Private Mortgages, Bridge Loans, Below Market Rates, Fast Action, Brokers Protected
Chad Sinsheimer
102 St. between Lexington and Park Aves. in East Harlem. The 30,129 s/f newly constructed property traded for $14.7 million in an off-market transaction. Eastern Consolidated senior directors Andrew Sasson and Chad Sinsheimer represented the seller, Empire Holdings Group III, LLC, which developed the building over 10 years ago, and procured the buyer, Itzhaki Acquisitions. “This is a terrific cash flowing asset in a rapidly appreciating area of Manhattan,” Sinsheimer said. “East Harlem is catching up with the rest of Manhattan, and with the proposed East Harlem Rezoning plan on the horizon, the buyer believes the area will see additional changes.” Elie Mansdorf director of acquisitions for the buyer said, “We are very excited about this acquisition. This asset has both short and long-term growth potential and we believe very strongly in the continued improvement of this area.” nd
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Stark Management Co., (914) 694-2180, Fax: (914) 694-2188
e-mail:
[email protected] 109 East 102nd Street - Manhattan, NY
Klosed Props. acquires Brooklyn multifamily for $2.75m BROOKLYN, NY Klosed Properties has completed the purchase of 173 Classon Ave., a multifamily building in the Clinton Hill neighborhood. The building includes six three-bedroom apartments. The building will be delivered with three occupied units and three vacant units. The purchase price was $2.75 million. Steven Kachanian, managing principal said, “This marks our 4th acquisition in Clinton hill in the last 24 months, showing our continued interest and commitment to this neighborhood.”
BANK OF NEW YORK CITY
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New York Real Estate Journal
8A February 21 - March 6, 2017
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FOR MELA SHOPPING MALL IN HICKSVILLE: 40,000 S/F
Pliskin Realty & Dev. awarded property management contract HICKSVILLE, NY Pliskin Realty & De-
Celebrating Our 90th Year! Commercial • I nvestment Properties 579 Route 6, P.O. 604, Mahopac, NY 10541 845-628-3 555
velopment, a NewYork-Metropolitan area retail real estate brokerage, property management and investment firm, was recently awarded a contract to provide its comprehensive property management services on behalf of the Mela Shopping Mall located at 217 Bethpage Rd.The 40,000 s/f shopping center was recently renovated and expanded. Its anchor tenant is Apna Bazaar, a retailer of Indian foods and products.The shopping center’s tenant mix also includes salons, boutiques and restaurants. Pliskin’s property management services are designed to help owners maximize income, minimize expenses, and retain and attract high quality tenants. For full story visit nyrej.com
Mela Shopping Mall, 217 Bethpage Road - Hicksville, NY
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Lightstone completes $72.5 million transaction NEW YORK, NY Lightstone has complet-
ed the sale of a multifamily building at 85 East 10th St. for $72.5 million, which was purchased along with 112120 East 11th St., where Lightstone plans to develop a 285-key Moxy hotel, in partnership with Marriott. The 11th St. property will be the site of one of four planned Moxy hotels that Lightstone is developing in New York City. The site is located south of Union Sq. in the East Village, across from Webster Hall. Lightstone plans to develop 1,500 Moxy hotel rooms in the city, including the brand’s 618-room flagship U.S. property in Times Sq., scheduled to open later this year. For full story visit nyrej.com
Ranieri of NorthMarq Westchester secures $2.6m construction loan Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office, arranged a construction loan of $2.6 million for a 15,000 Robert Ranieri s/f retail property located at 316332 Tarrytown Rd. The transaction was structured with a one-year interest-only term. NorthMarq arranged financing for the borrowers through its relationship with a regional bank. Harbor Freight Tools is the property’s sole tenant and will occupy the space. This will be Harbor Freight Tools’ first store in Westchester. “The bank provided a construction loan that converts to a permanent loan once the tenant is open for business,” said Ranieri.
WHITE PLAINS, NY
New York Real Estate Journal
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February 21 - March 6, 2017 9A
Executive of the Month AT THE FOREFRONT OF THE FURNITURE BUSINESS WITH ITS DIVERSE TEAM AND ENGAGED LEADERSHIP
Michael Eble of FCi Furniture Consultants: Designing environments that inspire for 40 years and counting
Michael Eble, owner and principal of FCi Furniture Consultants Michael Eble is the owner and principal of FCi Furniture Consultants. Currently celebrating its 40th year, FCi Furniture Consultants is a robust furniture dealership headquartered in NewYork City with additional offices in Boston, New Jersey, and Miami. The son of an NYPD policeman, Eble grew up on Long Island, and his is a story of pure drive and perseverance. Never one to let anything stand in his way Eble grappled with partial loss of hearing as a child but it never stopped him from achieving anything he set his sights on. That includes his beautiful wife,Anne who he met while working his way through college as a bartender. He wooed her with his cocktail making abilities and in turn she has been by his side for 23 years of marriage and has given him four beautiful children. After college and a short stint working as a salesperson for Amer-
NEW YORK, NY
ican Express, Eble was directed by a headhunter towards his career in furniture. Although many people thought it was a leap, Eble was able to see the potential immediately. His first position in the industry was for Haworth. Within his first nine months, Eble found and closed a 400,000 s/f project at 101 Avenue of the Americas, for Building Services Employees International Union. The experience he acquired on this project assured Eble that he was ready to open his first company, Corporate Environments Inc. As the company successfully grew, so did its opportunities and in 2001, Corporate Environments purchased FCi Furniture Consultants from Haworth. The purchase was a no-brainer. The FCi brand had an amazing reputation based on his longstanding service to the New York design community. While FCi remained a Haworth dealer for a few additional years, Eble
Reception at One Penn Plaza - New York, NY
set his sights on his next challenge and struck a deal with Canadian manufacturer Teknion to become their exclusive distributer in the city, making them the largest Teknion dealer in the U.S. During their tenure as exclusive distributers, FCi was recognized by Teknion for their platinum sales awards for 10 consecutive years. As with anything else, Eble also turned what qualifies as a disadvantage to his advantage, and became a certified DBE (Disabled Business Enterprise) due to his hearing loss. This allows clients to collect full
diversity credits on purchases made through FCi, which proves to be yet another benefit to using FCi as their go to dealership. In addition to Teknion, FCi also represents over 200 additional manufacturers. Clients include Google, UBS, IBM, Bloomberg, Citibank and Mastercard. The DNA of FCi has always been the Architecture and Design (A&D) community. From the inception of the company, its original owners marketed very heavily to architects and designers. Eble has maintained FCi’s relationship with the A&D community as the basis of their service model in each market. “FCi is passionate about design. Our brand is synonymous with great design, That is why we have kept so many outstanding relationships in the A&D community over the years,” said Eble. Staying ahead of market trends is the driver that keeps FCi at the forefront of the furniture business while a diverse team, engaged leadership, and strong relationships have been the keys to the firm’s longevity. In fact, Eble’s first employee from Corporate Environments, John Holland, is still an active member of the FCi team. With over 27 years of experience in the furniture industry, Eble has witnessed many changes in the business. According to Eble, “The largest change in furniture is the actual physical space of the work stations, they’ve decreased dramatically.The office has become a much more collaborative environment than it was in the past. Cubicles are a rarity as more work spaces are adopting desking systems.” Another major change in the office
environment has been the increased usage of demountable architectural walls. Architectural walls provide an alternative to more permanent fixtures such as sheet rock and glass. They create an openness of the work environment that allows more natural light to come in. Architectural walls can also be depreciated similar to furniture as opposed to permanent wall structures. Also, one recent trend that appears to be having a lasting effect on the work place is the Adjustable Height Work Surface. Allowing for much more movement in the work station, Adjustable Height Work Surfaces account for 30-40% of FCi’s new office installations. “Hands down, Adjustable Height Work Surfaces are a much healthier way of working,” said Eble, “and we’re going to continue moving forward with any trend that promotes good health and productivity and allows people to be more mobile in the workplace.” Moving forward Eble continues to push the FCi brand to greater heights, including their recent New York Headquarters move to the Penthouse of One Penn Plaza. With next to 360º views, the space is being transformed into the showplace any brand could dream of, with inspiration as far as the eye can see, and product to match. FCi continues to strive to represent the best brands in the marketplace, be a design partner to designers and architects to realize their visions and partner with the rest of the real estate community. To comment on this story visit nyrej.com
New York Real Estate Journal
10A February 21 - March 6, 2017
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Westchester County Executive
Robert Astorino
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Westchester County Economic Development Corp. William Mooney, III Director of Office of Economic Dev. 148 Martine Ave. White Plains, NY 10601 914.995.2900
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HARDISTY OF SVN KINGSTON ASISSTS IN $14.1 MILLION SALE
Malagisi of SVN Commercial R.E. facilitates 532-unit self storage HAWTHORNE, NY Nick Malagisi, SIOR
and national director self storage for SVN Commercial Real Estate
Subscribe to the New York Real Estate Journal Tel: 781-878-4540 | 800-654-4993
[email protected] | www.nyrej.com
Nick Malagisi
Commercial Roofing/Waterproofing Coastal Specified Products offers an extensive line of building construction materials, including: • single-ply roofing systems • waterproofing • roof garden systems • building envelope systems • custom restoration and repair mortars and coatings • formulated base and finish texture coats • stucco products • EIFS systems
www.coastalspecifiedproducts.com Project and Product contact info: Frank Trimboli Jr. Manager LI & NY Metro Coastal Specified Products (516) 253-7337 Ryan Doran Sales Representative (516) 509-8972 NE NY Tel: 781-878-4540
Hans Hardisty
Advisors, has facilitated the sale of the Goodfriend Self Storage facility located at 130-159 Brady Ave. The sale price was $14.1 million. The facility was recently renovated by the owner to include climate control units, installation of lifts to access the 2nd floor units, and various other imporvements and then rebranded. The facility has 532 rental units within 40,542 s/f. Malagisi was assisted in the sale by Hans Hardisty of the SVN Kingston office. The buyer is a California-based national operator and this is their first acquisition in the Metro NY area. The seller was a local partnership. To comment on this story visit nyrej.com
Peek, Patel, Kurtz, and Moezinia of Holliday Fenoglio Fowler close Hilton Westchester sale Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale of the Hilton Westchester, a 445room, full-service hotel. HFF marketed the property on behalf of the seller. Hilton Hotels will continue to manage the property. The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group, Daniel Peek, director KC Patel and associates
RYE BROOK, NY
Matthew Kurtz and Nadine Moezinia. Hilton Westchester features resort-style amenities, including 31,278 s/f of flexible meeting space.
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New York Real Estate Journal
February 21 - March 6, 2017 11A
Professional Profiles Heidi Burkhart
President and Founder Dane Real Estate
Name: Heidi Burkhart Title: President and Founder Company: Dane Real Estate Location: SoHo, New York, NY Birthplace: Toledo, OH Education: University of Toledo First job outside of real estate: I went to high school and college simultaneously; while at the same time working two jobs: retail sales at Ann Taylor and interning in the finance department of Owens Illinois. First job in real estate or allied field: My first job in real estate was as a real estate salesperson at a top New York City brokerage firm. What do you do now and what are you planning for the future? I am president of Dane Real Estate, a firm specializing in affordable housing brokerage and originating. Moving forward, we will focus on remaining a leading firm in affordable housing nationwide, while also venturing to be a top developer for ground-up opportunities in New York across pioneering neighborhoods in all boroughs. How do you unwind from a busy day? The best stress reliever is the gym. Favorite book or author: Robert Greene is probably my favorite. His books bring so much thought to today’s business practices. I’m also reading “The Start-Up Playbook” by David Kidder, where he compiled stories and advice from top entrepreneurs. Favorite movie: “Tommy Boy.” Starting in brokerage, this movie made me feel normal even as people would slam the phone down and I constantly heard no. I laugh at it now, but it’s true. Last song you purchased/downloaded? It was either Big Sean’s “Bounce Back” or Chase Rice’s “Ride Rendition.” Music takes me where words cannot, which resulted in diverse taste, spanning from rap to country to classical to bossa nova. One word to describe your work environment: Loving. Rules to live by in business: “Scale back to scale up” and be sure to keep “athlete focus” in your endeavors. What is your dream job? I’m doing it.
Ayall Schanzer
President and CEO Greiner-Maltz Realty Advisors, LLC
Name: Ayall Schanzer Title: President and CEO Company: Greiner-Maltz Realty Advisors, LLC Location: 800 Westchester Avenue, Suite S-638, Rye Brook, NY 10573 Birthplace: Queens, NY Education: Cornell University MBA; Benjamin N. Cardozo School of Law JD; Queens College BA First job: Assistant district attorney, Manhattan First job in real estate or allied field: President and CEO, Friedland Realty What do you do now and what are you planning for the future? Currently at Greiner-Maltz Realty Advisors, LLC. Plans include expanding our bench of talent, elevating our brand, and adding new services to our chain-of-value to better serve our clients. On a personal note, I intend to focus on property development. How do you unwind from a busy day? Time with family Favorite book or author: “Slaughterhouse-Five” by Kurt Vonnegut Favorite movie: “Midnight Express,””Goodfellas” Last song/album that you purchased/downloaded? “Let Me Get By,” Tedeschi Trucks Band One word to describe your work environment: Productive, friendly Rules to live by in business: Integrity, diligence, perseverance If you could invite one person to dinner (living or dead, but not related to you) who would it be and where would you go? Ze’ev Jabotinsky, Katz’s Deli What is your DREAM job? (something other than your current job) Lead singer for major rock band.
Greg LiCalzi Jr.
Senior Vice President GATES Capital Corporation
Name: Greg LiCalzi Jr. Title: Senior Vice President Company: GATES Capital Corporation Location: 100 Park Ave, New York, NY Birthplace: Mineola, NY Education: Chaminade High School, Union College First job: Selling popcorn at Loew’s Raceway Movie Theater, Westbury NY First job in real estate or allied field: Analyst at a commercial bank What do you do now and what are you planning for the future? I work in the Public Finance Group at GATES Capital, a specialty investment bank. I assist my not-for-profit and private sector clients obtain low cost financing by accessing the tax-exempt bond market. We also assist with taxable and bridge financing. We want to keep growing! How do you unwind? Listen to Howard Stern Favorite book: As a resident of Manhasset, I very much enjoyed The Tender Bar Favorite movie: “I Love You, Man” Last album that you downloaded? Bon Iver One word to describe your work environment: Multidisciplinary Rules to live by in business: Honest, responsive, and polite. If you could invite one person to dinner who would it be and where would you go? Closest friends and family in the Swiss Alps What is your DREAM job? (something other than your current job) Executive director at not-for-profit
Felix Tschanz
Senior Vice President / Senior Underwriting Counsel Amtrust Title
Name: Felix Tschanz Title: Senior Vice President / Senior Underwriting Counsel Company: Amtrust Title Location: Uniondale, NY Birthplace: Queens, NY Education: SUNY at Stony Brook, BA; Southwestern University, JD First job outside of real estate: Trust officer for national bank First job in real estate or allied field: Title abstract company What do you do now and what are you planning for the future? Right now, I am senior underwriting counsel for commercial and residential transactions. I also manage several underwriting teams and provide guidance on underwriting and the examination of titles. In the future I would like to continue this work, but at the same time expanding that role and taking it to higher levels. How do you unwind from a busy day? With a busy night! Favorite book or author: “John Adams” by David McCullough Favorite movie: “Lord of the Rings” Last song you purchased/downloaded? This is a thing of the past with the advent of streaming music, which I use. Most recent favorite of many–The Band One word to describe your work environment: Fluid Rules to live by in business: Honest communication is key What is your dream job? My next promotion
New York Real Estate Journal
nyrej.com
February 21 - March 6, 2017 12A
Photo credit: Steve Friedman
Thru the Lens
Shown (from left) are: Meyer Last of FFHS&J, Burton Resnick of Jack Resnick & Sons, Inc, Jonathan Mechanic of FFHS&J, Pam Stamataky of Jones Lang LaSalle and Stephen Siegel of CBRE Group, Inc. Fried Frank hosted its 2016 Annual Real Estate Holiday Party on December 6, 2016.
Photo credit: Craig Barrit
MANHATTAN, NY
Paula Burchill of Zeckendorf Marketing (center) and Chase Global Realty brokers Photo credit: Steve Friedman
MANHATTAN, NY 50 United Nations Plaza, an 88-unit residential condominium developed by Zeckendorf Development
and Global Holdings, and designed by Foster + Partners, hosted a reception on Wednesday, January 25th, to celebrate the 2017 Lunar New Year. More than 100 of New York City’s real estate professionals were in attendance to toast the new year, as they enjoyed Asian culture and cuisine. Guests also took in views of the city skyline from Penthouse 41, one of the tower’s full-floor penthouses.
Remember when: February 11, 2014
Shown (from left) are: Barry Horowitz, Jeffrey Horowitz, Richard Horowitz, Robert Horowitz and David Horowitz.
Photo credit: Steve Friedman
MANHATTAN, NY Cooper-Horowitz, Inc. celebrated 52 years at their Annual Holiday Party at Michael Jordan’s Steakhouse located in Grand Central Terminal. Over 1,500 prominent borrowers and lenders attended the festive event.
Shown is the Macro Consultants team at IFMA NYC’s 2014 Awards for Excellence Dinner. NEW YORK, NY The N.Y.C. chapter of International Facility Management Association (IFMA NYC) hosted
its annual Awards for Excellence Dinner on Thursday, January 23rd at The Pierre Ballroom.
New York Real Estate Journal
Shown (from left) are: Michael Lehrman, BGC Partners; Jeffrey Roseman, NGKF; and Nestor Eliadis,Walgreens Manhattan, NY Newmark Grubb Knight Frank hosted the ICSC Annual Cocktail Reception held at Tao Downtown on December 5, 2016.
Professional Profiles
100s of archived profiles and photos since 1989. Research your potential clients! nyrej.com/professional_profiles
New York Real Estate Journal
13A February 21 - March 6, 2017
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News Outside the Region Avison Young serves as advisor for JC Penney HQ acquisition/reposition
Delavale of Breslin arranges 14,000 s/f lease with Blink Fitness
Hunt Mortgage Group provides two Fannie Mae loans in Missouri
Cushman & Wakefield arranges $103.6 million of acquisition financing
Cronheim Mortgage secures $10.3 million refinancing for retail ctr.
Avison Young served as exclusive strategic capital markets advisor to Silos Opportunity Partners, LP, to finance the $450 million acquisition and repositioning of the 1.8 million s/f headquarters for JC Penney and surrounding 45 acres of developable land. Avison Young’s New York-based structured finance team arranged the debt and equity for this transaction on behalf of an affiliate of veteran Dallas real estate investor Sam Ware. As arranged by the Avison Young team of John Bralower, Justin Piasecki, Peter Steier and Ethan Blum, the purchase was capitalized by a major Texas-based financial institution with additional capital from undisclosed sources.
PHILADELPHIA, PA Breslin Realty has
SPRINGFIELD, MO Hunt Mortgage Group provided two Fannie Mae loan facilities to refinance two manufactured housing communities located in Missouri. The total Hunt Mortgage Group investment was $6 million and the loans were provided to the same sponsor. The properties include: Lakewood Estates Mobile Home Park. Lakewood Estates contains 160 mobile home pads and two rental homes located at 2710 North Fulbright Ave. and 2686 North Farm Rd. The park was built in 1960. The transaction is a Tier 2, Fannie Mae loan with a 10-year loan term, 9.5-years yield maintenance and a 30-year amortization schedule. Lakewood Estates also has three ancillary buildings including a maintenance shed, a detached garage and a small building to house a future laundry room. There are no park owned manufactured homes on site. Property amenities include an on-site pool and playground. Briarwood Mobile Home Park. Located at 4950 West Farm Rd. 156-51 in Brookline Station, MO. Briarwood contains 164 pads and was built in 1988. The transaction is also a Tier 2 Fannie Mae facility with a 10-year loan term, 9.5-years of yield maintenance and a 30-year amortization schedule. There are two park-owned manufactured homes on-site, one of which is the leasing office and the other is rented.
HOPEWELL, NJ Cushman & Wakefield, Inc. served as the exclusive advisor to an affiliate of Austin, Texas based Capital Commercial Investments, Inc. and an investment fund partner in arranging $103.6 million of acquisition financing for 1300, 1350 and 1400 Merrill Lynch Dr. The financing was provided by affiliates of Barclays and Morgan Stanley. The property consists of three class A office buildings totaling 553,941 s/f within a larger campus consisting of a total of 1.788 million s/f in 12 class A office buildings.
FRANKLIN PARK, NJ
Kohler Signature Store by Expressions Home Gallery LEED Certified
Ripco Real Estate completes three deals for Sport Clips Haircuts
CULVER CITY, CA According to Transwestern Sustainability Services, it assisted the Kohler Signature Store by Expressions Home Gallery, a 2,822 s/f retail space and headquarters, in earning LEED certification under v4 of the LEED for Interior Design + Construction rating system. Located at 3250 Helms Ave., the Kohler Signature Store is one of the first U.S. locations and the 11th project in the world to be certified under the LEED v4 Interior Design + Construction: Retail rating system by the U.S. Green Building Council.
LYNDHURST, NJ
PLANO, TX
Rafinia Property Group acquires 50,000 s/f Riverside Shops for $3m Rafinia Property Group has acquired the Riverside Shops of Salem, a 50,000 s/f retail shopping center for $3 million. Riverside is located at 403-405 South Main St. and is currently 96% occupied. The center features a mix of local and regional retailers and is anchored by both Dollar Tree & Goody’s. Built in 2008, the center is in pristine condition and is a central destination for local residents and shoppers. Steve Anevski of Marcus and Millichap represented both buyer and seller in the transaction. Equity Investment Group was the seller.
SALEM, IN
Time Equities expands Southeast portfolio with Northhampton Ctr.–$6.9m Time Equities Inc. (TEI) is expanding its Southeast portfolio with the acquisition of Northampton Shopping Center located at 2910 Kerry Forest Pwy. The sales price was $6.9 million. TEI purchased the 84,064 s/f asset from Bradford Lewis and Twin Action Properties, Inc., marking the firm’s first retail property in the area and its fourth retail asset in the state.
TALLAHASSEE, FL
signed a long term lease with Blink Fitness at Whitman Plaza. Blink Fitness will occupy 14,000 s/f of the shopping center, in a space formerly occupied by Club Metro USA. The transaction was arranged and negotiated by Robert Delavale of the Breslin Organization.
Kalmon Dolgin arranges 154,830 s/f lease for Manhattan Range Rover SECAUCUS, NJ According to Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, (KDA) they have arranged a long-term lease of a 154,830 s/f single story building at 77 Metro Way on behalf of Manhattan Range Rover. Bob Klein and Jeff Unger of KDA represented the tenant in the transaction, while Jeff Chaus of Chaus Realty acted for the owner, Hartz Mountain.
JF Capital breaks ground on Moda Granary Place development SALT LAKE CITY, UT Construction is set
to begin on the latest in a series of JF Capital’s Moda developments. The current project will be defined as Moda Granary Place.The five-story mid-rise building will include 134 apartment spaces, and will be located at 258 W. 700 S., in the Granary District. The development helps deliver on part of JF Capital’s mission to provide affordable workforce housing to area residents. Floor plans will include both one-bedroom and two-bedroom options, Dwelo smart home wireless technology, washers and dryers in each unit, custom cabinets and quartz countertops. Additional community amenities include access to an outdoor social deck, bike maintenance facilities and a pet-washing room. Strategic Builders, a J. Fisher Company, will serve as the contractor on the project. Construction will take an estimated 14 months, with the first units scheduled for occupancy in March, 2018.
Newsletter
Pioneer Realty Capital closes $7.2m refinance for Villa Asuncion facility PRINCETON, TX Pioneer Realty Capital,
LLC, a leading Texas based commercial mortgage non-bank lender, has closed a $7.2 million loan to refinance the Villa Asuncion Assisted Living Facility. Pioneer Realty Capital made use of the 504 Debt Refinance Program to refinance the Villa Asuncion Assisted Living Facility, which resulted in a decreased interest rate from 7.2% down to 4.25%. The increase in cash flow allows the business to grow and create more jobs as intended by lawmakers.
JRM Construction Mgmt. West completes 2,800 s/f Typo Store in Houston According to JRM Construction Management West, it has completed the 2,800 s/f Typo Store at the Memorial City Mall. The stationery, accessories and decor company owned by Australian retail chain Cotton On, is one of only nine Typo stores in the U.S. “Working closely with Cotton On executives in California, Texas and Australia became the driving force of this project,” said JRM project director and principal John Jackson. “We were able to coordinate work phases due to mall hours and improvised to create a unique storefront that fits Typo’s signature aesthetic.”
HOUSTON, TX
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Cronheim Mortgage secured refinancing proceeds of $10.3 million for a grocery anchored retail center with a mix of solid local and national retailers including Dollar General and PNC Bank. The center is located in Somerset County. The borrower was seeking maximum flexibility while it determined its long-term hold strategy. Cronheim sourced a non-recourse, three-year loan, 25-year amortization, with several extension options which allowed the ability to contemplate the possibility of a sale or longer term hold.
Sport Clips Haircuts is continuing its rapid growth in the Garden State with Ripco Real Estate representing the national chain in three new leases in the state. Ripco’s David Townes arranged deals for new locations in Paramus, West Caldwell and Marlboro. The new Sport Clips locations include: • Marlboro Plaza, Route 9 in Marlboro, a 1,275 s/f inline location in the Kohl’s and TJ Maxx anchored center. • Sprout Brook Shopping Center, 556 Rte. 17 North in Paramus, a 1,180 s/f inline location in a strip center. • 780 Bloomfield Ave. in West Caldwell, a 1,345 s/f location alongside Chipotle and Smashburger. Ripco worked with Jimmy Aug of Sabre Real Estate who represented the owner in the transaction.
New York Life Real Estate Investors places $146.6 million loan According to New York Life Real Estate Investors, it has placed the financing, on behalf of institutional investors, of 3 Second St., a class A office tower. The $146.6 million floating rate loan has an initial term of three years with 2 one-year extensions.
JERSEY CITY, NJ
Newsletter
New York Real Estate Journal
14A February 21 - March 6, 2017
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Names, Faces, People and Places FIRST BLACK PRESIDENT SINCE ASSOCIATIONS’ INCEPTION IN 1917
Botsoe of Dorothy Jensen Realty named 2017 HGAR president WHITE PLAINS, NY The Hudson Gate-
wayAssociation of Realtors (HGAR) welcomes Dorothy Botsoe, broker/ owner of Dorothy Jensen Realty, Inc. as its 2017 president. Botsoe is the first black president to be appointed to this position since the associations’ inception in 1916 as the Westchester County Realty Board. (Prior to the merger with the former Rockland County Board of Realtors (RCBR) and Orange County Association of Realtors (OCAR) in 2012, RCBR elected its first black president, Bill Thorne, in 2011). Renee Zurlo, associate broker with BHG Rand Realty in Central Valley, was re-elected as the 2017 President of the Hudson Gateway Multiple Listing Service (HGMLS). Zurlo also served as the HGMLS president last year. Botsoe and Zurlo, along with the executive officers and directors of HGAR and HGMLS, were officially installed in their new positions at Abigail Kirsch at the Tappan Hill Mansion in Tarrytown on January 19. More than 300 people from the lower Hudson Valley attended. In addition to the presidents, the 2017 HGAR executive officers installed include: John Lease III of John Lease Realtors in Newburgh
Shown (from left) are Renee Zurlo and Dorothy Botsoe as president-elect for 2018; Kathy Milich of RE/MAX Benchmark Realty Group in New Windsor as regional VP, Orange County; Jennifer Mallory of Keller Williams Hudson Valley in New City as regional VP, Rockland County; Barry Kramer of Westchester Choice Realty in Scarsdale as regional VP, Westchester and Putnam Counties; Clayton Livingston of Coldwell Banker in Croton-on-Hudson as regional VP, Westchester and Putnam Counties; Pamela Jones of Coldwell Banker in White Plains, as secretary/treasurer;
SCSCO expands office space at 100 Wall St.
and Marcene Hedayati of William Raveis Legends Realty in Tarrytown as immediate past president. The new 2017 HGMLS executive officers include: Nancy Kennedy of Houlihan Lawrence in Croton-on-Hudson as vice president; Chirag Shah of Gateway Realty Corp. of NewYork in Mamaroneck as Treasurer, Louise Colonna of Douglas Elliman Real Estate in Scarsdale as secretary; and Leah Caro of Bronxville Real Estate in Bronxville as immediate past president. For full story visit nyrej.com
MANHAT TAN, NY Minority- and woman-owned investment bank Siebert Cisneros Shank, & Co., LLC (SCSCO) reached its highest level of transactions in its history last year as it continues to add bankers in new areas, resulting in the need to double its office space. The $1.1 million, roughly 7,000 s/f expansion at 100 Wall St. has now given the firm, which was co-founded by the first woman to own a seat on the New York Stock Exchange, virtually the entire 18th floor, a reflection of its growth. The contractors who carried out the renovations were 98% minority owned.
The design of the new offices was done by New York’s Switzer Group, the nation’s largestAfrican-American interior architectural design firm, founded by Lou Switzer. Construction was completed by Constructomics, also African-American owned and New York-based, founded by Trevor Prince. NewYork State comptroller Thomas DiNapoli joined majority owner and CEO Suzanne Shank, and partners including former HUD secretary Henry Cisneros and former NewYork City comptroller William Thompson to cut the ribbon on the new space. For full story visit nyrej.com
Castle Lanterra launches scholarship program SUFFERN, NY Castle Lanterra Properties (CLP) is kicking off its second annual academic scholarship program by offering an additional scholarship – four in total – to tenants and their dependents residing at 14 of the firm’s multifamily properties, located in seven states ranging from Colorado to Texas to the East Coast. “CLP has a strong culture of philanthropy and commitment to creating a positive environment for the residents of our communities,” said Elie Rieder, founder and CEO of the privately-held real estate firm. “The Castle Lanterra Properties Scholarship Program is helping tenants succeed by supporting them as they advance their education and lay the foundation for their futures.” CLP tenants eligible for the Castle Lanterra Properties Scholarship Program include high school seniors, graduates and post-secondary undergraduates who plan to enroll in full-time undergraduate study at an accredited two- or four-year college, university, or vocational-technical school for the entire 2017-2018 academic year. The company will offer a total of four scholarship awards. Scholarship applicants will be required to write an essay covering
2016 scholarship recipient Yolanda Toby and Castle Lanterra CEO Elie Rieder a self-identified issue of “personal, local, national or international” concern. “The inaugural program in 2016 yielded strong interest among our residents, and we were determined to enhance it by adding an additional scholarship this year,” Rieder noted. “The program recognizes students with strong academic performance who demonstrate leadership and participate in both school and community activities, as well as their work experience, career and educational goals, and any unique personal or family circumstances.” The scholarship program launches February 1, 2017, with an application deadline of March 15, 2017. Details are available at https://www.scholarsapply.org/castlelanterra.
Building and Realty Inst. re-elects Milio as president Deegan Dickson honored with HIA-LI award
Kathleen Deegan Dickson, partner at Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana LLP was honored by the Hauppauge Industrial Association of Long Island (HIA-LI) with the “Those Who Make a Difference Award.” Kathleen Deegan DickDeegan Dickson son was selected because of her leadership in business and in the community. Deegan Dickson concentrates her practice in the areas of real estate transactional matters, and, in particular, land use and zoning law. She has an extensive track record of success with and before municipal boards and agencies on significant projects throughout Long Island. For full story visit nyrej.com
UNIONDALE, NY
New York State comptroller Thomas DiNapoli, center, cuts the ribbon on SCSCO’s new office space. He is joined by the firm’s equity partners, shown (from left) Sean Duffy, former New York City comptroller William Thompson, CEO and majority owner Suzanne Shank and former HUD secretary Henry Cisneros.
AWARDS GO TO RESIDENTS OF CLP PROPERTIES
BRONX, NY Carmelo Milio CPM, has
been named president of the Building and Realty Institute (BRI) for the second year running. Having led Trion Real Estate for over a decade and a half, Milio’s re-election proves that he is trusted to spearhead the Carmelo Milio Institute with his talent, experience, and in-depth industry knowledge. In his second year as president, Milio will be looking to take the BRI association to new heights by prompting new initiatives with a goal to expand the brand’s accomplishments and reputation. The BRI is now in its 71st year and as such, it is expected that all of these efforts will eventually amount to more accolades to the association’s history. According to Milio, in order to ensure all of the initiatives are well-implemented, he will be leveraging his
GHWA rebrands to Hill West Architects MANHATTAN, NY Goldstein, Hill & West Architects (GHWA), welcomes 2017 with a fresh look and a new name - Hill West Architects. The decision to rebrand and rename reflects the retirement of longtime partner, Alan Goldstein, who co-founded Goldstein, Hill & West in 2009.
As Hill West ushers in the NewYear, the rebrand welcomes a fresh vision for expansion. With new projects in the pipeline, Hill West continues as a leader in the marketplace with a robust portfolio that includes 82 projects in the state. For full story visit nyrej.com
broad and refined understanding of the essence of relationship-building in order to craft more effective networking events for all the BRI members. “We’re all looking forward to a great year ahead at the BRI which will consist of our 2nd annual Vendor Showcase and multiple networking and informative events,” said Milio. Trion Real Estate Management and Holdings have also continued to grow under Milio’s guidance. Trion Management has over 2000 units under management and Trion Holdings closed nearly $40 million in acquisitions in 2016 and expects to surpass that amount in 2017.
Bhattacharjee joins Greiner-Maltz Realty BRONX, NY Greiner-Maltz has appoint-
ed Atanu Bhattacharjee as an industrial broker to the firm Bhattacharjee is a New York State licensed real estate broker and will be specializing in industrial and flex assets. Bhattacharjee began his career Atanu in commercial Bhattacharjee real estate at Friedland Realty in 2013 and over the past three years has completed transactions of over 450,000 s/f; with a gross value totaling over $38 million.
New York Real Estate Journal
nyrej.com
February 21 - March 6, 2017 15A
New York News Briefs When bad hacks happen to good real estate people Chris Moschovitis tmg-emedia
It started with a friend’s request for help: “Advice please: One of my email accounts has been hacked five times in the last week. I keep changing the password using the complicated passwords that are computer generated and now it seems like I’m getting hacked even more. What can I do to make this stop?” I often wondered how a doctor feels when delivering a bad diagnosis to a friend or family member. Yours, of course, is not a life-and-death case, nor am I a doctor; however, when your professional life depends on information technology, getting a bad diagnosis can be injurious to your financial well-being. My friend is a successful real estate broker, whose business requires a great many email transmissions. I replied online that her computer is most likely compromised by a type of malware (nasty little critters of software) that can record what one types, what’s on one’s computer screen, even what is transmitted. As a result, remedial options were limited. Assuming that the broker had a good, uninfected backup she would have to “burn” her computer by wiping it completely and re-installing the operating system and application from original media. While she did all this, she would need to monitor all of her accounts (email accounts, social media accounts, financial institutions, on-line services, etc.) for any unauthorized activity. Then, she would need to find a “clean” computer, ideally outside her compromised network environment to change all her passwords again, and institute immediately two-factor authentication across the board. The comments from both my friend and her colleagues and associates started streaming in: “So does that mean my phone and iPad are compromised?And does that mean I can’t just wipe the hard drive clean and reinstall a backup from time machine because that likely means I’ll reinstall the malware, right? What’s the best way to “burn” my computer?” “This is horrifying. Just the idea...” typed another. “Isn’t there a way to remove that type of malware from the computer?” Yes, there is, but it will not be worth your fees. Trying to remove this type of malware is hours of uninterrupted and expensive fun. Moreover, never underestimate hackers. Your “going in” assumption should be that they are brilliant, persistent, and cunning. They only need succeed once. You need to defend thousands of times and multiple entry points.
Bottom line: surgical removal of malware should be considered very carefully, done by experienced cybersecurity people, and can never be 100% guaranteed. One typically faces this type of solution when backup is inadequate. What is an adequate backup? Like most solutions, there is no such thing as “one size fits all” answer. It depends on the data, the sensitivity of the information, its life expectancy (yes, data has a life), usage, etc. Is it encrypted to begin with? Should it be? And so on. You hear people talking about “disk-to-disk-to-cloud” solutions, “time machine” and half-a-dozen different vendors and products. They all have pluses and minuses. You should have a conversation with both your IT and your cybersecurity professionals (they are not, and should not, be the same person), and arrive at a strategy and a solution that lets you sleep at night. Always remember: You’re the only one that can accept risk! No product or consultant can do this for you. The comments kept streaming in… “I’ve got a malware program that sweeps my computer numerous times a day for malware…” “I just installed a second one, for good measure!” The majority of antivirus and antimalware programs available are what is called “signature based.” What this means is that they work about as good as your flu shot. Flu shot effectiveness varies year-by-year, strain-by-strain. Why? Because a flu vaccine is made by taking last year’s virus(es) and, after making them inert, creating a vaccine whose job is to tell your body to attack any virus that looks like the vaccine. If you’re lucky, this year’s vaccine “looks like” last year’s and the inoculation works! If not, then you spend a few weeks sneezing and wheezing in misery. Same story with the antivirus programs for computers. There are, of course, more sophisticated answers, programs that look for behaviors, for example, or those that use artificial intelligence algorithms to guess if a piece of software is good or bad. Are they right for your environment? Perhaps. It all depends on your risk appetite, type of data, and budget. What’s the bottom line here? Be vigilant. Have reliable backups. Use strong passwords. Encrypt your stuff and your internet sessions (use HTTPS whenever possible). Use two-factor authentication. Keep your computers, phones, tablets, etc., upto-date. And use common sense! The Nigerian prince retired right after he sent me my $2 million, so if you get an email like that, it’s fake!
Chris Moschovitis is CEO of tmg-emedia, New York, N.Y.
Bronx Chamber of Commerce holds Business Awards Gala Nunzio Del Greco
Bronx Chamber of Commerce Raising the bar and taking the Bronx Chamber of Commerce to new heights is my personal mission and passion. Last week in my article, I discussed and highlighted the first annual Bronx Business Directory & Resource Guide. I was also interviewed by News 12 Cablevision. The interview was great and the response has been amazing! I expect the 2018 edition to be 2 or 3 times larger in the number of pages, advertisers and members. To view the 2017 Bronx Business Directory & Resource Guide visit: www.BronxChamber.org. As I mentioned, the directory will be updated each month listing new businesses alphabetically and by
category with an addendum inserted in the glossy publication. New businesses are encouraged to join now and take advantage of stimulating their business by networking and generating referral business from the Bronx Business Directory & Resource Guide. Rebranding the Bronx Chamber of Commerce In my quest of rebranding the Bronx Chamber of Commerce, the theme of the annual gala will be consistent going forward and is now titled: Bronx Business Awards 2017 Gala Celebration. For future events, only the year will change annually. Members and friends of the Bronx Chamber of Commerce were encouraged to nominate companies to be honored at the gala for the first time. The response was overwhelming. Multiple nominations were received for each award category.The events committee had a difficult time selecting only 1
candidate for each award category. I think it’s a wonderful problem to have created and it is an excellent source of award recipients for our many other events such as the Heritage Luncheons. Bronx Business Awards 2017 Gala Celebration honorees I am very pleased to announce that the Events Committee of the Bronx Chamber of Commerce has unanimously selected the honorees for the Bronx Business Awards 2017 Gala Celebration. The Bronx Business Awards 2017 Gala Celebration is scheduled for Thursday, March 9, 2017 at the elegant Marina del Rey Caterers, 1 Marina Dr., Bronx, NY 10465. For full story visit nyrej.com
Nunzio Del Greco is the president and CEO of the Bronx Chamber of Commerce, Bronx, N.Y.
Goldschmidt of Goldschmidt with McMillan of Giner collaborate for Ossining sale According to Eric Goldschmidt, senior partner at Goldschmidt &Associates, he co-brokered the sale of 70-80 Spring St. Goldschmidt represented the seller and Nicholas McMillan of Giner Realty the Eric Goldschmidt represented purchaser, 3415 Knox Avenue, LLC. The sales price was close to the $2.395 million asking price. The two buildings consist of 15 apartments, two retail stores and 15 on-site parking spaces. It is adjacent to the Ossining Court and Police Station. Goldschmidt reports that there was a tremendous amount of interest for the buildings as they are newly
OSSINING, NY
renovated and fully occupied. At this time Goldschmidt is also representing the seller in another transacation, in
Adler and Urbach of Meridian Capital arrange $58 million CMBS financing MANHATTAN, NY Meridian Capital Group has arranged $58 million in CMBS financing to refinance 1204,
Steven Adler
Asher Urbach
1212 and 1214-1216 Broadway in the NoMad neighborhood. The 10-year interest-only loan, provided by a foreign lender, was negotiated by Meridian managing director, Steven Adler and vice president, Asher Urbach, who are both
based in the company’s New York City headquarters. The four contiguous retail and office properties, located at 1204, 1212 and 1214-1216 Broadway total 63,516 s/f with 150 ft. of frontage on Broadway and 150 contiguous ft. of frontage on West 30th St. • 1204 Broadway is a four-story building, totaling 21,316 s/f. • 1212 Broadway is a single-story property with 3,700 s/f of space. • 1214-1216 Broadway is a four-story, 38,500 s/f building. According to Adler, “Lenders saw the appeal in the properties’ prime location, which helped Meridian negotiate a 10-year interest-only loan.” For full story visit nyrej.com
which the subject property consists of a total of eight apartments and three retail stores.
Valdez joins Mohr Ptrs. as managing director NEW YORK, NY DavidValdez has joined the local office of the global tenant real estate advisory firm Mohr Partners as managing director. Valdez advises both commercial businesses and nonprofit organizations in their management of David Valdez total occupancy expenses, including negotiating new leases, renewals, expansions, terminations, subleases, and property acquisitions and dispositions. He also assists in evaluating and managing vendors and third-party consultants, including brokers, attorneys, architects, lease administrators, and hotel and property managers.
New York Real Estate Journal
16A February 21 - March 6, 2017
Commercial Loans
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BOW AND ROMEO OF DURST ORG. ACT FOR OWNERSHIP
Schuham and Taubin of Savills Studley rep. RSM for 95,000 s/f Marc Haves Lloyd Pine Michael Seligman
According to The Durst Organization, RSM US LLP has signed a 15-year lease for 95,000 s/f on the entire 10th, 11th and partial 12th floors of 4 Times Sq. The 10th floor also includes a 2,100/f terrace overlooking Broadway. 4Times Sq. is currently undergoing a $100+ million capital improvement program that includes new entrances, a lobby renovation, new elevators and HVAC system and a 40,000 s/f tenant amenity and conference center space. RSM was represented by Savills Studley’s executive vice president, director, Richard Schuham and executive managing director Greg Taubin. The Durst Organization was represented in-house by senior vice president of leasingTom Bow and vice president of leasing Rocco Romeo. For full story visit nyrej.com
MANHATTAN, NY
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Lies joins Gates Capital
According to Gates Capital Corp., Timothy Lies has joined as senior vice president, investment banking. As a real estate investment professional and entrepreneur with 25 years experience, Lies brings his extensive project financing and management expertise to the firms’ investment banking team. Lies holds an MBA and Bachelor of Architecture degree from the University of Kansas, where he also earned undergraduate degrees in Economics and Environmental Studies. For full story visit nyrej.com
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Edelkopf and Ustoyev of EPIC Comm’l. complete $3.5m BROOKLYN, NY According to EPIC Commercial Realty, they have completed the sale of 673 Halsey
Yona Edelkopf
Yuriy Ustoyev
St., an apartment building in the Bedford-Stuyvesant neighborhood. EPIC Commercial Realty sold the three-story walk-up for $3.5 million. Investment sales associate, Yuriy
673 Halsey Street - Brooklyn, NY Ustoyev, represented the seller while EPIC CEO, Yona Edelkopf, represented the buyer.
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Back Page A February 21 - March 6, 2017
New York Real Estate Journal
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Join your colleagues for a day of deal making and networking. For more information visit www.icsc.org/2017NRC New England Advert 10.25x13.25 .indd 1
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New York City
February 21 - March 6, 2017
Section B
Quick Read Singer and McSharry of Singer & Bassuk arrange $65m refinance REPRESENTED BUYER, BROOKLYN STANDARD PROPS., AND SELLER, FORDHAM APTS.
Jungreis of Rosewood brokers $16.5 million Bronx portfolio sale SEE COVER NYC FINANCE, PAGE 6B
Ezratty, Papanastasiou and Ellard of Eastern Consolidated broker $15.25 million sale
BRONX, NY Brooklyn Standard Properties, a Manhattan-based real estate investment/development firm, bought a four-building portfolio, with 74 apartments, three retail spaces, office space and a 12-car parking lot in the Fordham area for $16.5 Aaron Jungreis million. This is Brooklyn Standard’s first Bronx acquisition. The four buildings include: 615 East 189th St., a five-story, 22-unit walk-up; two four-story buildings at 2476 and 2483-2489 Cambreleng Ave. with 38 units between them, and a five-story, 14-unit mixed-use walkup building at 2470 Belmont Ave. The portfolio totals 56,836 s/f and
sold for 11.9 times the rent roll, and offers a cap rate of 6.62%. Rosewood Realty Group’s Aaron Jungreis represented both Brooklyn Standard Properties and Fordham Apartments LLC, the owner of all four buildBenji Kohn ings. Brooklyn Standard Properties co-founder Benji Kohn said that over 80% of the apartments are rent stabilized. The new owners plan to improve the buildings significantly and offer newly renovated apartments. “We love this area which is near Little Italy and Fordham University, and has a great sense of community,” said Kohn.
Soto and Pastor of Time Equities broker $5m sale of 18 condo units at Lagoon Estates in the Bronx
615 East 189th Street - Bronx, NY
Silverstein, Artusa and McGratty of Silverstein Props. extend 265,348 s/f lease
Lagoon Estates Condominiums - Bronx, NY SEE COVER NYC RETAIL, PAGE 17B
24 Pages Names Faces .......................... 5B NYC Finance...................... 6-12B Contributing Authors.....13-16B NYC Retail ........................17-21B
New York Real Estate Journal nyrej.com
BRONX, NY Time Equities Inc. (TEI),
a full-service New York-based real estate firm, has acquired 18 residential condominium units at Lagoon Estates Condominiums, a gated, garden-style townhouse/apartment complex consisting of four Brian Soto buildings, located at 1-60 Patricia Ln., for $5 million from Lagoon Development Corp. “The Lagoon Estates acquisition will integrate seamlessly into TEI’s growing residential portfolio,” said
Brian Soto, asset manager at TEI. “Considering the strong long-term fundamentals presented by the property, coupled with strong local demand the property, we are looking forward to maximizing the potential of these assets and providing local residents with quality housing solutions in the Throggs Neck community.” Soto, along with TEI’s associate director of acquisitions & senior counsel, Max Pastor, managed the acquisition on behalf of the firm. MarcYaverbaum-MYC &Associates Inc. represented the seller Lagoon Development Corp. in the transaction. For full story visit nyrej.com
MANHATTAN, NY According to Silverstein Properties, full-service law firm Kramer Levin Naftalis & Frankel LLP has signed a lease extension at 1177Avenue of the Americas, its class A Midtown tower. Kramer Levin, a firm which Roger Silverstein represents public and private companies across a range of industries, as well as funds, institutions, and individuals, will occupy 265,348 s/f on the 22-30 floors and concourse level. Kramer Levin has been a tenant at 1177 Avenue of the Americas since 2005 and under the 15-year extension, the firm will retain its headquarters at the building through 2035. “We are thrilled to continue our terrific relationship with Kramer Levin at 1177 Ave. and look forward to their continued success as one of the premier law firms in New York,” said Roger Silverstein, executive vice
president of leasing for Silverstein Properties. Kramer Levin was represented by Moshe Sukenik, Chris Mongeluzo, and Brian Cohen of Newmark Grubb Knight Frank. The landlord was represented in-house by Silverstein, JosephArtusa and Camille McGratty. For full story visit nyrej.com
New York City
Inside Cover B February 21 - March 6, 2017
New York Real Estate Journal
Specialization • Expertise • Results
Creating and Preserving Wealth for Our Clients, One Transaction at a Time Below is a Sampling of Our Recent Closings CLOSED: 1/12/2017
CLOSED: 1/20/2017
CLOSED: 1/10/2017
CLOSED: 1/30/2017
CLOSED: 1/11/2017
20-Unit Multifamily Upper East Side (Manhattan), NY $12,500,000
Office Pittsburgh, PA $10,400,000
7-Unit Multifamily Upper East Side (Manhattan), NY $8,140,000
Mixed-Use Alphabet City (Manhattan), NY $7,215,000
Industrial Little Ferry, NJ $7,000,000
CLOSED: 1/30/2017
CLOSED: 1/26/2017
CLOSED: 1/26/2017
CLOSED: 1/23/2017
CLOSED: 1/13/2017
Net-Leased Restaurant Colonie, NY $6,878,000
10-Unit Multifamily Upper East Side (Manhattan), NY $6,600,000
Development Site Harrison, NJ $6,000,000
Medical Office Kingston, PA $5,764,000
8-Unit Multifamily Upper East Side (Manhattan), NY $5,075,000
CLOSED: 1/23/2017
CLOSED: 1/11/2017
CLOSED: 1/20/2017
CLOSED: 1/20/2017
CLOSED: 1/10/2017
Net-Leased Gas Station Newtown Square, PA $5,050,000
Hotel Hyde Park, NY $4,370,000
Shopping Center Pittsburgh, PA $4,350,000
Net-Leased Restaurant Johnstown, PA $4,256,000
Medical Office Collegeville, PA $3,875,000
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February 21 - March 6, 2017 1B
SUMMIT
REAL ESTATE MARCH 16 , JAVITS CENTER TH
Free to attend
www.newyorkbuildexpo.com/real-estate-summit
The Real Estate Summit, taking place at New York Build 2017, covers case studies of New York’s major development projects.
SPEAKERS INCLUDE
This will include challenges associated with fluctuations in the economy which, in turn, contribute to cycles of sensitive development in real estate. The Real Estate Summit will also analyze supply and demand as the local economy and growing population drives land expansion.
Stephen Curro, PE,
Network with: Real estate developers, brokers, contractors, architectural practices, government, housing associations, designers, landscapers, engineers, surveyors, abstractors, attorneys, appraisers, market researchers, financial analysts, construction workers, sale and leasing personnel, managers, office support workers, and building and grounds maintenance workers.
Gerard McEnroe,
First Assistant Inspector General, New York City School Construction Authority
Matthew Charney,
Deputy Director, Real Estate Development, NYCHA
Managing Director/Partner, Anika Equities, LLC
Speaking organizations include:
Vice President, Hudson Meridian Construction Group
Sara Mirski,
Managing Director, Construction, DASNY Construction Division, Dormitory Authority State of New York
Daniel Edrei,
Luciano Bana,
COO & Chief Development Officer, Sam.Boymelgreen, LLC
James White, VP,
Construction, US Region, Oxford Properties Group
Thomas Alaimo,
Managing Director JDS Development Group
Dermot Johnson,
Director of Construction, Anbau Enterprises
New york Build Features over 2 days:
ARCHITECTURE SUMMIT
HEALTH & SAFETY SUMMIT
March 15th & 16TH
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JAvits CENTer Free to attend
conferences, workshops & exhibition
www.newyorkbuildexpo.com @ N e w Yo r k B u i l d
New York City
2B February 21 - March 6, 2017
New York Real Estate Journal
Ground leases 101: Creativity is required Daniel Shirazi
Skyline Properties In today’s real estate market, creativity is required for a deal to make sense for all parties involved. One example of this creativity is to ground lease a property instead of the conventional sale. Although ground leases are not a new concept, many people are not familiar with it and therefore do not take advantage of the opportunities it presents. In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large
residential buildings. Advantages for owners/ground lessor: • The owner retains ownership to the property and therefore: 1. Is not responsible for any capital gains or transfer tax payments they would incur if they were to sell (although there are instances where transfer taxes might be incurred); 2. Keep the property in the family and thus will generate a hassle-free income stream for generations; 3. They can mortgage the leased property; and 4. Can sell the property. • The ground lessee (the tenant) under the ground lease would be responsible for all the management, costs, and expenses of the leased property. • The ground lessee will maximize the potential and improve the property by:
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1. Making capital improvements to the existing structure; or 2. In the case of a development site, they will be constructing a new building. • Many ground leases contain a clause (reversionary clause) which transfers any improvements made by the tenant to the landlord at the end of the lease. Advantages for tenants/ground lessee: • The tenant’s basis would be significantly reduced because the tenant would not need to provide the upfront capital that is needed to purchase the property. • If an owner is unwilling to sell his property, this gives the tenant/investor a way to utilize this asset in a way that can benefit both parties. • The tenant can mortgage the lease, however, any financing obtained will not be against the leased asset. A few notable ground lease transactions in NewYork City to date include: • 885 Third Ave.: “The Lipstick Building” which was sold by SL Green to Ceruzzi Holdings. • Gary Barnett of Extell Development signed a 99-year lease from Goldman owned properties (Solil Management) across the street from Stuyvesant Town: 516 East 14th St., 530 East 14th St. and 222 Ave. A. • Kaufman Organization ground leased a package of 4 office buildings from Extell Development: 119-125 West 24th St., 13-15 West 27th St., 19-21 West 24th St. and 45-47 West 27th St. Ground leases can be complex and intimidating at first. However, they provide the creativity needed to maximize an investment without the expenses associated with transferring ownership of the property.
Daniel Shirazi, Esq., is a senior director of sales at Skyline Properties, New York, N.Y.
New York City A section of the New York Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
Commercial and Residential, Real Estate Transactions, Leasing, Banking & Finance and New Development/Conversion Projects Romer Debbas, LLP is a boutique law firm located in midtown Manhattan specializing in the areas of real estate, banking/private banking, new developments and offering plans, commercial leasing general corporate law, trust and estates and taxation. The firm represents a wide array of clients including buyers & sellers of residential and commercial real estate, prominent lending institutions, developers, landlords & tenants, foreign and domestic investors, cooperative and condominium boards, and small businesses.
Residential and Commercial Real Estate Transactions, Banking & Finance and 275 Madison Avenue Co-op/Condo • Suite 801 • New York,Board NY 10016Representation • T: 212.888.3100 • www.romerdebbas.com Romer Debbas, LLP is a boutique law firm located in midtown Manhattan specializing the areas real estate, banking/private banking, new developments specializing in in the areas ofof real estate, banking/private banking, general corporate law, and offering plans, commercial leasing general corporate law, trust and estates and trust and estates and taxation. The firm represents a wide array of clients including buyers
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February 21 - March 6, 2017 3B
HUNT MORTGAGE GROUP
N EED A L O AN? N EED OP T IONS? JUST CA LL. RECENT TRANSACTIONS
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Seattle, WA Freddie Mac Small Balance
Houston, TX Freddie Mac Multifamily
Lakewood, WA Fannie Mae Multifamily
El Paso, TX Freddie Mac Affordable
Prescott, AZ Fannie Mae Multifamily
Akron, OH Bridge Mixed Use
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Waco, TX Freddie Mac Student Housing
Fort Worth, TX Bridge Affordable
Various, TX Bridge Multifamily
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EXPERIENCE THE HUNT MORTGAGE GROUP DIFFERENCE. FOR MORE INFORMATION, PLEASE CONTACT: JAMES P. FLYNN, President, Chief Investment Officer | 212.521.6339 |
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New York City
4B February 21 - March 6, 2017
New York Real Estate Journal
PLACED FOR HAP INVESTMENTS FOR 24,117 S/F DEV. SITE
Kalikow of Gamma Real Estate arranges $11.5 million loan MANHATTAN, NY Gamma Real Estate
has closed on senior debt financing to HAP Investments LLC for an Upper Manhattan parcel where HAP will construct a residential and retail complex. The project was designed by Karl Fischer ArchiJonathan Kalikow tecte. The $11.5 million loan is for a 24,117 s/f development site at 4452 Broadway in the Hudson Heights section, a short distance from Fort Tryon Park and The Cloisters museum, as well as other parks. The location, where Broadway intersects
Rivero rejoins Ideal Properties a salesperson
The Fort Riverside portfolio is comprised of five 6-story elevator apartment buildings with 289 residential units and 1 commercial space in Washington Heights • 66-72, 80 and 86 Fort Washington Avenue are located between West 161st and West 163rd Streets • 838 and 884 Riverside Drive are located between West 158th and West 160th Streets Lazer Sternhell and Peter Vanderpool brokered this transaction.
Cignature Realty Associates Inc Licensed Real Estate Brokers 131 West 33rd Street New York, NY 10001 212 643-1880 www.CignatureRealty.com
NE NY Tel: 781-878-4540
BROOKLYN, NY According Ideal Properties Group, Lazaro Rivero has rejoined the firm as a salesperson. Prior to his current role, Lazaro was an agent at Douglas Elliman, having started his real estate career at Ideal. “We have become a powerhouse in the Brooklyn real estate market and are thrilled to have Lazaro back on our team,” said Aleksandra Scepanovic, managing director of Ideal. “Ideal has a very unique environment, one filled with extremely knowledgeable and friendly brokers, who are always supported by management,” said Rivero. For full story visit nyrej.com
4452 Broadway, Hudson Heights Manhattan, NY with FairviewAve. and West 190th St., has access to the A and No. 1 subway lines. The parcel currently is vacant. “We are very pleased with the speed and efficacy with which Gamma helped us refinance the property,” said Eran Polack, CEO of HAP’s New York operations and co-founder of the company. Gamma president Jonathan Kalikow, who arranged the financing, said, “We are delighted to be assisting
HAP and eager to contribute to its expanding presence in the New York metropolitan area. HAP has become an important player in community growth in this area.” HAP Investments focuses primarily on residential property, developing and investing in projects in Eastern Europe and Israel, as well as in the United States. Its recent operations have been focused on New York, where it has two million s/f completed or in development. Among the firm’s other current projects in development are 215 West 28th St. in Chelsea; a 21-story, two-building blend of rental and condominium residences near the High Line; and HAP Tower, an approximately 900,000 s/f rental and retail building in the Journal Sq. section of Jersey City, near the PATH station.
Gallaudet and Simanca-Proctor named ptrs. at BBWG MANHAT TAN, NY Belkin Burden Wenig & Goldman (BBWG), a leading full-service real estate law
Lisa Gallaudet
Christina Simanca-Proctor
firm, has promoted Lisa Gallaudet and Christina Simanca-Proctor to
partners. Formerly associates, both Gallaudet and Simanca-Proctor practice in the litigation department. They are based in the firm’s Midtown Madison Ave. headquarters. “We are delighted to welcome Lisa and Christina as partners to the firm,” said Jeffrey Goldman, founding partner and co-head of BBWG’s litigation department. “A rising star, Lisa joined BBWG six years ago and her litigation career has flourished. Christina has a proven track record in litigating a wide variety of real estate industry disputes.
New York City
nyrej.com
Names, Faces, People and Places
February 21 - March 6, 2017 5B
Do You Own a Business? Do You Need to Find New Clients?
RECOGNIZED AT THE 40 UNDER 40 EVENT
I am marketing specialist Angela Marie Franco and I teach business owners how to find new customers.
Mesh of Forchelli, Curto, Deegan honored by the Queens Courier Attorney Lindsay Mesh was honored at the 40 Stars Under 40 event hosted by the Queens Courier. Lindsay Mesh is an associate at Fo r c h e l l i , Curto, Deegan, Schwartz, Mineo & Terrana LLP, concentrating her practice in the Lindsay Mesh areas of real estate finance, banking, foreclosures, and creditors rights. Mesh primarily counsels institutional and private lenders on commercial mortgage loan transactions and represents
QUEENS, NY
lenders, mortgage loan servicers, and homeowner associations in the various aspects of foreclosure and collection law. While earning her degree, Mesh worked as a law clerk with the firm, where she gained a diverse range of experience in transitional and litigation matters by working with the firm’s various departments. Mesh also gained valuable legal research and writing skills through an Externship with the hon. Edmund Dane, family court of the State of New York, Nassau County. Mesh has been published in Suffolk Lawyer and New York Real Estate
Rabinowitsch joins TerraCRG as senior vice pres. BROOKLYN, NY According TerraCRG, Nicole Rabinowitsch has joined as senior vice president, enhancing the firm’s foothold in the North Brooklyn region of the borough. “We are delighted to have Nicole’s deep understanding of Nicole the Williamsburg Rabinowitsch and Greenpoint markets as part of our family,” said Ofer Cohen, founder & CEO of TerraCRG. “Her skill set and tenacity, as well as her relationships
in this market, are a strong addition to our team.” Prior to TerraCRG, she was a director of investment sales at Eastern Consolidated, where she handled over $300 million in commercial transactions throughout Brooklyn, most notably the sale of 200-216 Kent Ave. for $34.5 million and the sale of 296-300 Wythe Ave. for $26.5 million. In her new role, she is focused on sales of multifamily, mixed-use and retail assets. Preceding Eastern Consolidated, she was the founder and CEO of Takiba Tile & Stone, a high-end retail tile business, for over 15 years.
Journal. The Queens Courier is one of the largest group of weekly community newspapers serving the borough. The newspaper has been recognized as one of the best in NYS for excellence in editorial reporting, design and advertising.
Montalto of Jaros, Baum & Bolles joins Habitat NYC board of directors According to Habitat for Humanity New York City (Habitat NYC), Anthony Montalto, an associate partner at Jaros, Baum & Bolles, has joined the Habitat NYC board of directors. Montalto, a longtime supporter and volunteer with Habitat NYC, has drawn on close relationships to provide exceptional assistance to the organization. Since joining the board of the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) NY chapter in 2013 and chairing ASHRAE’s committee on Community Sustainability Projects, he has spearheaded organizational partnerships with Habitat NYC, including supervising volunteers, fundraising, and providing advisors on projects, including design reviews, building surveys and energy audits. For full story visit nyrej.com NEW YORK, NY
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New York City Finance New York Real Estate Journal February 21 - March 6, 2017
Section B
PLACED FOR THE WILLIAM KAUFMAN ORG.; PROVIDED BY AXA EQUITABLE LIFE INSURANCE CO.
Singer and McSharry of Singer & Bassuk arrange $65m refinance of 747 Third Ave. MANHATTAN, NY The Singer & Bassuk Organization (SBO) has represented The William Kaufman Organization and a subsidiary of Travelers Insurance Co., in arranging a $65 million leasehold mortgage loan in Midtown East for 747 Third Ave. Andrew Singer The loan was provided by AXA Equitable Life Insurance Company, with underwriting and closing services provided by Quadrant Real Estate Advisors. This is the third time since 2000 that financing for the property has been arranged by Andrew Singer and Kathleen McSharry of SBO. Jonathan Kaufman Iger, CEO of Sage Realty Corporation, the leasing
and management division of The William Kaufman Organization said, “SBO has long played a crucial role as trusted financial advisors in our NYC portfolio. We look forward to continue growing this long-term relationship in the coming years.” Kathleen McSharry “We were delighted to be given the opportunity to arrange this latest loan, our third assignment for the property since 2000, on behalf of a sophisticated owner like The William Kaufman Organization,” said Singer, chairman and CEO of SBO. “We have arranged many mortgage loans for the Kaufman’s NYC portfolio, which totals over 3 million s/f. We look for-
Emerald Creek Capital closes two finance deals totaling $12.65 million MANHAT TAN, NY Emerald Creek Capital has closed two finance deals totaling $12.65 million.
Michael Cleaver
747 Third Avenue - Manhattan, NY
Betesh, Boruchov, Belecen and Ferreira of Cushman & Wakefield secure two loans totaling $21.8 million in Queens
Matt Fantuzzi
In the fist deal, Emerald Creek provided a $9.4 million loan to refinance a townhouse located at 324-326 West 108th St. on the Upper West Side. The loan is additionally secured by two condominium units in Murray Hill and the Financial District. Michael Cleaver, managing director of Emerald Creek, originated the loan. In the second deal, Emerald Creek provided a $3.25 million refinance loan for a 14,698 s/f warehouse in the Sunset Park neighborhood of Brooklyn. The subject property, located at 139-58th St., is currently utilized for flex/industrial and office use. The property is located outside of Manhattan with access via the Brooklyn Bridge and the Brooklyn Battery Tunnel. Matt Fantuzzi of
ward to continuing our work for them and delivering outstanding financing for their distinguished projects in the future.” The 2000 financing was part of a multi-property refinancing arranged by SBO which resulted in Singer and McSharry receiving the REBNY Most Ingenious Deal of the Year Award for financing in 2001, the first of four times this team has received that honor. The 471,240 s/f, class A, office building was built in 1972 and spans the entire east block of Third Ave. between East 46th and 47th Sts. with wrap around coverage on 47 St. The property recently underwent a $17.3 million capital improvement program which included new lobbies, elevators, digital art, and high-tech security programs. Located in Midtown East, in the Grand Central District, the property is accessible to commuters and in walking distance to Grand Central Station which includes access to major subway lines such as the 4,5,6, E, M, 7 and Shuttle to Times Square. The property is in close proximity to the United Nations, many prime NYC hotels, retail shopping and fine dining.
Cushman & Wakefield has secured two loans that combine for $21.8 million. The loans closed at
QUEENS, NY
324-326 West 108th Street - Manhattan, NY Emerald Creek originated the loan. Emerald Creek Capital is a direct portfolio lender originating commercial bridge loans. They provide short-term financing secured by a first mortgage on commercial real estate. Their open-door lending platform allows us to deliver fast and flexible loans tailored to the specific needs of each client. Capital is available for acquisitions, refinances, repositioning and other market driven opportunities.
Morris Betesh
Justin Boruchov
a fixed rate of 3.25% for a five-year term and will be used to recapture equity on two multifamily properties. The lender was Dime Savings Bank. “We closed these loans in 45 days and were able to raise liquidity for our client who had a time-sensitive acquisition to fund. Luckily, we were able to execute an LOI with a lender
136-42 Maple Avenue, Flushing - Queens, NY that locked the rate at term-sheet execution so our client did not have to incur the cost of rising interest rates,” said Cushman & Wakefield’s Morris Betesh who exclusively handled the transaction with Justin Boruchov,
Daniel Belecen and Omar Ferreira. The multifamily properties are located at 108-20 62nd Dr. in Forest Hills and 136-42 Maple Ave. in Flushing, Queens, totaling 135 residential units across 130,000 s/f.
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New York City Finance
February 21 - March 6, 2017
$205,000,000
33 SOUTH SIXTH - CITI CENTER 33 SOUTH SIXTH STREET MINNEAPOLIS, MINNESOTA A 51 story Class A office tower containing 1,207,889 square feet of office space and 409,999 square feet of retail The undersigned arranged the above financing
David Horowitz Real Estate Financing
6 2 2 T h ird A v enue N ew Y ork, N Y 1 0 0 1 7 2 1 2 -9 8 6 -8 4 0 0 F ax 2 1 2 - 9 8 3 - 0 5 1 2 www.cooper- h orowitz .com
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New York City Finance
8B February 21 - March 6, 2017
New York Real Estate Journal
FOR A SEVEN-STORY COMM’L. PROPERTY ON THE UPPER EAST SIDE
Flax, Orman and Levin of Meridian Capital arrange $6.4m refinance MANHATTAN, NY Meridian Capital Group has arranged $6.4 million in financing to refinance a commercial
Brian Flax
headquarters. The property, located at 418 East 71st St., is a seven-story, seven-unit commercial property and was previously a medical office building occupied by Cornell Medical College. Built in 1910, the pre-war property is close to the Franklin D. Roosevelt East River Dr. and the 4, 5, 6, F, N, Q and R subway lines. “Cornell Medical College occupied 69% of the building for the past 20 years,” said Orman. “Since Cornell vacated the building, the sponsors were seeking financing to renovate the building and refinance the existing debt. Meridian was able to negotiate new financing that will allow them to reposition the property.”
Blake Orman
property on the Upper East Side. The five-year loan, provided by a regional balance sheet lender, features a competitive fixed rate of 3.75% and a five-year extension option. This transaction was negotiated by Meridian managing director, Brian Flax, and associate, Blake Orman and Ami Levin, who are all based in the company’s New York City
418 East 71st Street - Manhattan, NY
YOU CAN’T FIND A BETTER BANK TO CLOSE YOUR DEAL
Ridgewood Savings promotes three sr. officers QUEENS, NY Ridgewood Savings Bank’s board of trustees approved several senior officer promotions.
CO M M ERCI A L L EN D I N G SO L U T I O N S T H A T T RU L Y D EL I V ER
You see the opportunity. We see the potential. Whether you're looking to acquire or refinance your new multi-family, mixed-use, office, or retail property, Ridgewood Savings Bank can provide the capital (up to 75% financing) to make it happen and the local knowledge to make it succeed. As an integral and respected member of the community for over 95 years, Ridgewood Savings Bank’s commercial lending program can turn your opportunity into reality.
RETAIL BUILDING $2,500,000
QUEENS, NY
RETAIL & OFFICE BUILDING
$18,000,000
MIDTOWN, NY
RETAIL & OFFICE BUILDING
OFFICE BUILDING NASSAU COUNTY, NY
$1,925,000
BROOKLYN, NY
$4,400,000
CALL OUR COMMERCIAL LENDING PROFESSIONALS VICTOR PADILLA BRYAN LUTZ (718) 240-4773 (718) 240-4734
FRANK ROJAS (718) 240-4931
N YC • B R O O K LY N • Q U E E N S • B R O N X • W E S T C H E S T E R • L O N G I S L A N D
W W W. R I D G E W O O D B A N K . C O M
Connie Manolopoulos
Richard Spiegel
Among them were Connie Manolopoulos as VP, Richard Spiegel as vice president and district manager, and Mirsada Tagani as Mirsada VP- digital chanTagani nels. Manolopoulos, has been with the bank for over 29 years, starting part time in 1987 and has worked in the mortgage department for over 25 years. “Ridgewood Savings Bank is like my extended family,” Manolopoulos said. “I am proud to say I work here and they appreciate my dedication.” Spiegel has been with Ridgewood since 1982 and has been an AVP and district manager since July of 2014. Spiegel said, “I started with the bank as a full-time teller and worked my way up the ladder, holding the positions of customer service representative, customer service supervisor, and assistant manager before being promoted to branch manager in April of 1997.” Tagani has worked for Ridgewood for 24 years, starting as a part-time teller while pursuing her BBA at Baruch College. “After graduating from Baruch, I worked in mortgage for a year before accepting the management trainee position in audit, where I spent the next five years,” Tagani said. “I returned to retail in 1997 as assistant manager of operations control.”
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New York City Finance
February 21 - March 6, 2017
BECAUSE IT’S A BIG COUNTRY AND SOMEONE HAS TO FINANCE IT! From Manhattan to Maryland, Michigan to Miami, Lakeville to LA PARADIGM COMMERCIAL REAL ESTATE is pleased to announce the closings of $24,000,000 100 unit multifamily complex Brooklyn’s Waterfront $17,000,000 4 building multifamily complex 523 Units Houston, Texas $4,250,000 Industrial Park Glen Cove, New York Because it’s a big country and someone has to finance it!
For a no obligation loan quote, or valuation of your property, please feel free to call: PARADIGM COMMERCIAL REAL ESTATE LLC Cedarhurst, New York 11516 Tel: 516-569-3454 • Fax: 516-569-3831 www.seniorcarecapital.net NE NY Tel: 781-878-4540
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New York City Finance
10B February 21 - March 6, 2017
New York City Finance INCLUDES $25M FOR THREE MULTIFAMILY APTS. BY PERLMUTTER
New issue twice monthly. 2A January 24 - February 6, 2017
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Nelson and Burton of C&W broker $17.34 million sale
New York City
Quick Read
Lieberman, Adler 11,000 S/F COMM’L. BUILDING ALSO BEING LEASED BY PODELL OF CUSHMAN & WAKEFIELD and Berkes of Meridian negotiate $105m refinance SEE COVER OF SECTION B
Quick Read
Nelson and Burton of Cushman & Wakefield broker $17.34m sale
MANHATTAN, NY On behalf of 460 Broome Street Investors, LLC, Cushman & Wakefield’s James Nelson and
Rose Assoc. and Benenson Cap. top out 368-unit tower
Constructed in 1920, the elevator-serviced building is comprised of 2,500 s/f of retail, including a full
Lieberman, Adler 11,000 S/F COMM’L. BUILDING ALSObasement, BEINGwith LEASED BY PODELL OF CUSHMAN & WAKEFIELD 8,500 s/f of comand Berkes of mercial space above. The propMeridian negotiate erty sits within a 25’ by 100’ lot, $105m refinance possesses an M1-
Nelson and Burton of Cushman & Wakefield broker $17.34m sale
SEE COVER OF FINANCE, PAGE 6B
Hamdan and Itskovitch of KDA arrange 12,300 s/f lease for market SEE COVER OF FINANCE, PAGE 6B
Hamdan and Itskovitch of KDA arrange 12,300 s/f SEElease COVER OF for NYC RETAIL, PAGE 19B market
28 Pages NYC Finance......................... 6-10 Project of the Month........11-13 Professional Profiles..............14 Contributing Authors........15-18 NYC Retail ...........................19-25
5A zoning desigRobert Burton Joanne Podell nation and offers James Nelson Robert Burton have sold an 11,000 s/f 1,500 buildable s/f of remaining air MANHATTAN, NY On loft behalf of 460 Constructed in 1920, the elevaboutique commercial building at rights. Broome Street LLC, Cush- tor-serviced building is comprised 460 Broome St.Investors, in the SoHo Historic 460 Broome is conveniently situatman & Wakefield’s James Nelsonwas and ed of 2,500 s/f of retail,and including full District. The all-cash transaction between Greene Mercera Sts. basement, valued at $17.34 million or $1,576 per and is accessible via the 6 trainwith line 8,500 s/f coms/f. The property was simultaneously at the Spring St. station andofthe R mercial space being marketed for lease by Cushman and W train lines at Prince St. station. above. The prop& Wakefield’s Joanne Podell. “There was a great deal of interest erty of sitsSoHo. within “We implemented a dual for sale in this gem in the heart Wea 25’ ownership by 100’ lot, to and for lease campaign for our client worked closely with possesses antheir M1to put all options on the table. We accomplish this sale to meet 5A zoning desigreceived strong interest forBurton both,” very specific said Robert Joanne Podelltime constraints,” James Nelson nation and offers said Nelson. Burton. Robert Burton have sold an 11,000 s/f 1,500 buildable s/f of remaining air boutique commercial loft building at rights. 460 Broome St. in the SoHo Historic 460 Broome is conveniently situatDistrict. The all-cash transaction was ed between Greene and Mercer Sts. Solarz and Sparks of Eastern Consolidated valued at $17.34 million or $1,576 per and is accessible via the 6 train line arrange $63.6m sale of 13-bldg. Inwood portfolio s/f. The property was simultaneously at the Spring St. station and the R MANHATTAN, NY for Eastern offers significant pobeing marketed leaseConsolidated by Cushman and W train lines atfuture Princeupside St. station. has arranged the sale ofPodell. the Inwood tential,” buildings & Wakefield’s Joanne “ThereSolarz was a said. great“The deal of interest Portfolio, a 13-building multifamily have well-maintained by We the “We implemented a dual for sale in thisbeen gem in the heart of SoHo. package the worked closely with same owner for and for lease campaign for ourinclient ownership to section, 40 years andtheir are to put all options Inwood on the table. We accomplish this sale to meet for $63.6 located within received strong interest formillion. both,” very specific time constraints,” said Eastern Con- Burton. close proximisaid Nelson. solidated execty of each other, utive managing allowing for efdirector and prinficient operation Solarz and Sparks Eastern Consolidated cipal Ronof Solarz, and administraRon Solarz Matthew Sparks tion.” and senior direcarrange $63.6m sale of 13-bldg. Inwood portfolio tor and principal Matthew Sparks,repSparks said, “The portfolio’s loMANHATTAN, NY Easternprivate Consolidated offers in significant futureit upside poresented the long-time owner, cation Inwood made even more has procured arranged the the buyer, sale ofathe Inwood tential,” Solarz said. buildings and private real desirable because the“The buildings are Portfolio, a 13-building multifamily have from beenthe well-maintained by the estate investor. Gary Meese, senior steps subway and the vibrant package was in the owner for director, financial services, the Dyckman St. retailsame corridor where Inwood section, national retailers and 40 years are analyst for the offering. majorand banks for $63.6consists million. are located.Young professionals located within The Inwood Portfolio have Eastern Con- discovered Inwoodclose of 13, five-story walk-up buildings and areproximimoving ty ofineach other, located on Shermansolidated Ave., PostexecAve., into the large apartments the neighmanaging allowing for efAcademy St., and utive Vermilyea Ave., borhood’s residential buildings.” director and prinand a surface parking lot behind the The buildings ficient in the operation Inwood Ron Solarz, administrabuildings. The units cipal include two retail Portfolio also are and located within Ron Solarz Matthew Sparks and senior direc- three stores and 359 residential apartments blocks of twotion.” popular Upper torwhich and principal Matthew Sparks,repSparks said, portfolio’s loof 93 are one bedrooms, 210 are Manhattan parks“The situated along the resented the long-time private owner, Hudson cation inRiver Inwood made it even two bedrooms, 51 are three bedrooms, – Fort Tryon Parkmore and and procured the buyer, desirableHill because thetransportation buildings are and five are super units.a private real Inwood Park, and estate investor. Meese,amount senior via steps from the vibrant “There was a Gary tremendous the A orthe1 subway subwayand lines. director, financial the Dyckman retail where For fullSt. story visitcorridor nyrej.com of interest in this services, portfolio,was which analyst for the offering. national retailers and major banks The Inwood Portfolio consists are located.Young professionals have of 13, five-story walk-up buildings discovered Inwood and are moving located on Sherman Ave., Post Ave., into the large apartments in the neighAcademy St., and Vermilyea Ave., borhood’s residential buildings.” and a surface parking lot behind the The buildings in the Inwood buildings. The units include two retail Portfolio also are located within stores and 359 residential apartments three blocks of two popular Upper of which 93 are one bedrooms, 210 are Manhattan parks situated along the two bedrooms, 51 are three bedrooms, Hudson River – Fort Tryon Park and and five are super units. Inwood Hill Park, and transportation “There was a tremendous amount via the A or 1 subway lines. For full story visit nyrej.com of interest in this portfolio, which
property will be transformed through a gut renovation and the addition of a new distinctive domed glass roof. This property will anchor the northeast corner of Union Square, which
R. Santomassimo................... Santomassimo ................... 2A Stories....... 9-20A Spotlight/Top Stories....... Billboard.................................29A Billboard .................................29A City.................. SEC. B New York City.................. Project of the Month.....11-13B Month.....11-13B Design/Build.....................SEC. C Design/Build.....................SEC. Executive of the Month.........3C Month .........3C
New York Real Estate Journal nyrej.com
Jan. 24 - Feb. 6, 2017 Volume 29 • Issue 2
Jacklene Chesler
BY SCANDALIOS, HINCKLEY, JULIEN AND LAWTON OF HFF
Jonathan Schlussel
the New Jersey and Long Island offices of Col Colliers International Group Inc. TCJ Realty purchased the f ive-story, 309,000 s/f office Darren Leiderman building from a private investor and subsequently appointed Colliers as leasing and managing agent. The tri-state-area investment sales team of Jacklene Chesler and Jonathan Schlussel, based in Colliers’ Parsippany, N.J., office, and Darren Leiderman, a Long Island office market expert based in Lake Success, N.Y., advised the seller and secured the buyer. For full story visit nyrej.com
has been demanding a destination property such as this. Reading’s redevelopment plan fits the bill perfectly,” RM Capital’s co-managing partner Marc Sznajderman said. The $50 million senior construction financing was provided by Bank of the Ozarks and the $7.5 million mezzanine loan was provided by an affiliate of Fisher Brothers. “We are thrilled to be working with Bank of the Ozarks and Fisher Brothers on this exciting project. RM Capital expertly guided us through this complex financing,” said Margaret Cotter, executive vice president of real estate management and development – NYC for Reading International.The financing was placed by co-managing partners Marc Sznajderman and Romano Tio and vice president Bo Diamond of RM Capital. For full story visit nyrej.com
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Closing Announcement: 1485 Fulton Street Brooklyn, NY
HFF represents Waterton in sale of 271-unit property: $154.25 million Holliday Fenoglio Fowler, L.P. (HFF) has closed the $154.25 million sale of The Addison,
SEE COVER OF SECTION B
For full story visit nyrej.com
Chesler, Schlussel and Leiderman of Colliers handle $17.3 million sale CARLE PLACE, NY One Old Country Rd. has traded for $17.3 million in a year-end sale jointly orchestrated by
ters of the Tammany Hall political organization, required a variance and Landmarks Commission approval to move forward with the development. “The landmarked Tammany Hall
BROOKLYN, NY
3 Sections 84 Pages
460 Broome Street, SoHo - Manhattan, NY
FIRST MTGE., MEZZANINE CONSTRUCTION FINANCING FOR REDEVELOPMENT
RM Capital Mgmt. arranges $57.5m financing for Reading Int’l. NEW YORK, NY RM Capital Manage Management has arranged $57.5 million of first mortgage and mezzanine concon struction financing for the redevelopredevelop ment of the Tammany Hall Building on behalf of Reading International, Inc. The construction financing will allow for the renovation and repurposrepurpos ing of the landmarked Tammany Hall building located at 44 Union Sq. into a six-story glass-domed destination retail and office building containing 73,322 rentable s/f, inclusive of BOMA adjustments and subject to lease negotiations and the final tenant mix. Upon completion, it is currently anticipated that the project will be comprised of three contiguous lower levels of retail and three floors of office space. The property, the former headquarheadquar
Andrew Scandalios
Rob Hinckley
a 271-unit, highrise multi-housi ng pr ope r t y downtown. HFF represented Waterton in the sale of the property. Bentall KenJeff Julien nedy purchased the asset free and clear of existing financing. The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios and managing directors
The Addison, 225 Schermerhorn Street - Brooklyn, NY
Rob Hinckley and Jeff Julien along with executive managing director Matthew Lawton. Completed in 2011, The Addison comprises a 26-story and 15-story tower with 65 studio, 117 one-bedroom and 89 two-bedroom units–a small portion of which are designated affordable rate–that average 715 s/f.Additionally, the property has three fully-leased ground-floor retail storefronts totaling 6,610 s/f and a 109-space, below-grade parking garage.
Klosed Properties and Oliam complete $1.1m sale Klosed Properties & Oliam Properties have completed the $1.1 million purchase of 1485 Fulton Street, a mixeduse building in Bedford-Stuyvesant neighborhood. The buildRyan Powers-Tapp ing includes two
BROOKLYN, NY
3-bedroom apartments and one retail store. The building was delivered vacant. “This stretch of Fulton is experiencing a resurgence. New bars, restaurants, and fitness facilities in the area are catering to many of the residents of Bed-Stuy that love the community feel” said Ryan Powers-Tapp, senior director of acquisitions.
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Financial goals are the cumulation of activities, and not achieved by simply making a statement. As one of our coaches, Brian French, reminded one our members – “You can’t DO goals!” That’s right, you can only do activities. Financial goals are the cumulation of activities, and not achieved by simply making a statement. As one of our coaches, Brian French, reminded one our members – “You can’t DO goals!” That’s right, you can only do activities. Instead of simply setting a goal to “Make $X,” try to articulate the supporting activities necessary to achieve your financial goal. For example, “I will develop and implement a targeted prospecting campaign, encompassing a set number of calls, letters and meetings, and focus on commercial users requiring more than 10,000 s/f of office space. I will secure and close X representation assignments, at a minimum of X assignments a month, each with an average potential commission of $Y per month. This prospecting campaign will earn me $X in net commissions, in 2017 and allow me to (input your vision here).” Well if that doesn’t get you excited–check your pulse! Of course, you should insert your own specialty and focus for your respective business. Just remember financial goals are the cumulation of activities, and not achieved by simply making a statement. “You can’t DO goals!” you can only do activities. Happy New Year everyone.
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January 24 -......................... February 6, 2017 NYC Finance 6-10 Section B ........11-13 Project of the Month Professional Profiles..............14 Contributing Authors........15-18 NYC Retail ...........................19-25
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New York City SEE PAGE 8C (Featuring Finance and Retail) Design/BuildBrookhaven LDC Spotlight provides $45m in
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28-ACRE PHASE ONE PORTION OF GARVIES POINT TO BE COMPLETED IN 2018
RXR breaks ground on $1 billion Glen Cove waterfront redev. GLEN COVE, NY After decades of prepa-
ration and planning, the $1 billion effort to reclaim city’s waterfront for the community is officially underway as RXR Realty broke ground on the Garvies Point development. The project is a partnership between RXR Realty and the city. Mayor Reginald Spinello, public officials, business and civic leaders, executives from RXR Realty, and dozens of community members came together at the site to launch the five to seven-year construction process. The first phase, including 28 acres of public open space and amenities, is expected to be complete in 2018. “Today’s groundbreaking is a milestone for the City of Glen Cove more than 20 years in the making,” said Scott Rechler, chairman and chief executive officer of RXR Realty, which is headquartered in Uniondale. “What has long been a hope of the Glen Cove community – a vibrant, publicly-accessible waterfront – will soon become a reality. We are grateful for the support and collaboration of the city – particularly mayor Spinello – the county, local businesses, community organizations, civic leaders and residents who together have helped create a vision for Garvies Point that will benefit all of Glen Cove. We look forward to creating a waterfront that this great city will be proud of for generations to come.” “Today’s groundbreaking underscores the relentless pursuit of a new vision for the city of Glen Cove – a vision that celebrates the work of many city administrators, the industrial
Rendering of a portion of the Garvies Point development. development agency, the community development agency, federal, state and county agencies with the patience and perseverance of our residents and businesses,” said Spinello. “This notable moment in Glen Cove’s history is reflective of a strong partnership with RXR Realty, a highly respected developer whose efforts to invest in Glen Cove’s economy and livability is critical to our city’s efforts to become a center of commerce for Long Island’s
Published semi-monthly for $99 per year by East Coast Publications North Shore.” The transformative project, which received approval for 17 Accord Park Dr., Unit 204, Norwell, MA 02061 its funding in August, will restore 56 acres on the waterfront to productive Periodicals postage paid at Norwell, MA and additional mailing offices. use, creating a public expanse with $4.00 Single Copy; $5.00 Special Issue. Subscriptions are non-refundable. parks, playgrounds, esplanades, marinas, an amphitheater, dog park Mailing Address: P.O. Box 55, Accord, MA 02018 SEE PAGE 10C and 1,100 residences. Express & Overnight Mail: 17 Accord Park Dr., Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993 | Fax: 781-871-1853 McCoy of NAI Long Island brokers $2.275m sale www.nyrej.com David Hunt Q&A ......................2C BABYLON, NY Retail broker Dennis Professional Services .....5-12C McCoy, of NAI Long Island, has Publication # ISSN: 1057-2104 | USPS #6603 | Vol. 29, No. 02 Company of the Month......8-9C completed a sale deal for 260 Rte.109. The 12,000 s/f POSTMASTER: Send address changes to New York Real Estate Journal, LIBOR ...................................... 14C building, situated P.O. Box 55, Accord, MA 02018 or 17 Accord Park Dr., Unit 207, Norwell,Names MA 02061 Faces ........................ 16C on 1.48 acres, is a 260 Route 109 - Babylon, NY former automoREPORT AN ERROR IMMEDIATELY New York
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tive property that sold for $2.275 million. McCoy repreDennis McCoy sented the seller, 260 Babylon Group, LLC, and the property was acquired by WWP Inc., represented by Bill DeSere and
Ross Lico of Breslin Realty. WWP plans to convert the building into a self-storage facility. McCoy specializes in high-end properties ranging from a $1 million to $50 million valuation, and represents landlords as well as tenants in leasing and sales.
Zere of Zere Real Estate Services arranges $1.6m sale of 19,800 s/f office building in East Yaphank
1490 William Floyd Parkway - East Yaphank, NY EAST YAPHANK, NY Michelle Marie Zere, executive vice president of Zere Real Estate Services, has sold a 19,800 s/f commercial office building for $1.6 million. The building is situated on 2.26 acres along the Brookhaven Lab Business CorMichelle ridor located at Marie Zere 1490 William Floyd Pwy. at the LIE Exit 68 off of the Long Island Expressway, close to Sunrise Hwy. and Montauk Hwy. “The area has Brookhaven Lab expanding, new residential multifamily housing construction and a new LIRR train station in the works. The community is underserved
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Chang of Highcap Group handles 8,000 s/f, 92-space parking garage lease in Queens QUEENS, NY Charles Chang, a senior director at Highcap Group, has For full story visit nyrej.com arranged the parking garage lease at the premises known as 87-02 to Northern 46087-20 Broome Street, SoHo - Manhattan, NY Blvd. between 87th and 88th Sts. The new 40,000 87-02 & 87-20 Northern Blvd. s/f free standQueens, NY ing commercial Charles Chang building is locat- ownership a 20 year lease with a solid ed in Jackson Heights on Northern tenant who operates multiple parking QUEENS, NYincludes Charles Chang, senior Blvd. and tenants asuch as operations and is very familiar with director Restaurant, at Highcap Group, has the area”. The underground parking Denny’s Dunkin Donuts, arranged and the parking lease garage consists of 8,000 s/f and 92 Chipotle Childrengarage of America at theoffices. premises spaces. Daycare plus additional known as 87-02 Chang said, “After a lengthy neChang represented the landlord to 87-20 Northern gotiation we were able to secure for and tenant. Blvd. between 87th and 88th Sts. The new 40,000 87-02 & 87-20 Northern Blvd. s/f free standQueens, NY ing commercial Charles Chang building is locat- ownership a 20 year lease with a solid ed in Jackson Heights on Northern tenant who operates multiple parking Blvd. and includes tenants such as operations and is very familiar with Denny’s Restaurant, Dunkin Donuts, the area”. The underground parking Chipotle and Children of America garage consists of 8,000 s/f and 92 Daycare plus additional offices. spaces. Chang said, “After a lengthy neChang represented the landlord gotiation we were able to secure for and tenant.
www.nyrej.com New York SEE COVER OF NYC RETAIL, PAGE 19B Real Estate Journal
Brostovski, principal of GCP Capital Group, arranged the financing. • $9 million for a six-story mixed-
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NE NY Tel: 781-878-4540 PROOF REAL ESTATE JOURNAL Size: 2x8 From: KW Run Date: 01/24/17
57-unit condominium building, located on Second Ave. in Manhattan. David Sessa, senior associate of GCP,
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January 10 - 23, 2017
www.klosedproperties.com
GCP Capital Group LLC has arranged mortgage financing totaling $117.925 million for the
NEW YORK, NY
Coaching
It’s that time of year again where we reflect on the past 12 months and set goals for the New Year. Most commercial real estate professionals start by setting a financial goal. For example, “I want to make $X.” The problem is that setting a financial goal doesn’t make it so.
Rod Santomassimo, CCIM is founder and president of the Massimo Group, LLC, New York, N.Y.
Klosed Properties & Oliam Properties are pleased to announce the purchase of 1485 Fulton Street, a mixed-use building in Bedford-Stuyvesant, Brooklyn.
GCP Capital Group arranges 13 mortgages totaling $117.925m
Rod Santomassimo You can’t “DO” financial goals
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New York Real Estate Journal
Chang of Highcap Group handles 8,000 s/f, 92-space parking garage lease in Queens
with professional office space availabilities to accommodate the growing population and gateway to the Hamptons off a main business road,” said Zere. The building boasts access and connected to sewers for medical tenants, high power service 800 amps, Cablevison Lightpath Service, a large underground parking garage, and additional outside parking (114 cars) and corporate business signage. Zere put the property up for sale with Maltz Auctions to sell it quickly but, coincidently, she did a double deal. She provided the property and found a buyer with her brother Michael Zere. The seller was Babs Corp. and the buyer was TJK Properties Inc. The property was taken off the auction block for a quick sale to close.
Matthew Albano
Adam Brostovski
following 13 deals: • $25 million for three six-story multifamily apartment buildings containing a total of 205 units, located in Rego Park, Queens. Alan Perlmutter, managing member of GCP, arranged the financing. • $15 million for a fully leased, 8,122 s/f two-level retail condominium situated on the ground floor and lower level of a recently completed
Matthew Classi
Paul Greenbaum
arranged the financing. • $15 million for a six-story multifamily apartment building containing 54 units, located on Fifth Ave. in Manhattan. Paul Greenbaum, managing member of GCP, arranged the financing. • $14.1 million for a six-story multifamily apartment building containing 47 units, located on St. Nicholas Ave. in Manhattan. Adam
$18,000,000 Bridge Financing Bronx, New York A six-story, mixed-use building containing 75 apartments and 16 commercial units
Alan Perlmutter
David Sessa
use building containing 15 apartments and 2,400 s/f of commercial space, located on Orchard St. in Manhattan. Greenbaum arranged the financing. • $7.8 million for two five-story multifamily apartment buildings containing a total of 60 units, located on Crescent St. in Long Island City. Matthew Albano, senior broker of GCP, arranged the financing. • $7.2 million for a new three-story commercial building comprised of 23,600 s/f, located on Fulton St. in Brooklyn. Greenbaum arranged the financing. • $6.45 million for a six-story multifamily apartment building containing 48 units, located on West 157th St. in Manhattan. Brostovski arranged the financing. • $5.5 million for an eight-story multifamily apartment building containing 41 units and two commercial units, located on East 35th St. in Manhattan. Matthew Classi, managing member of GCP, arranged the financing. • $4.5 million for a one-story commercial building comprised of 15,000 s/f, located on Junction Blvd. in Queens. Greenbaum arranged the financing. • $3.675 million for a three-story mixed-use building containing two apartments and 2,200 s/f of commercial space, located on MacDougal St. in Manhattan. Brostovski arranged the financing. • $2.8 million combined financing for three, three-story mixed-use buildings containing a total of six apartments and three commercial units, located throughout Brooklyn. Greenbaum arranged the financing. • $1.9 million for a one-story, retail building comprised of 4,800 s/f, located on Nagle Ave. in Manhattan. Brostovski arranged the financing.
GATES Capital closes $6.183m for Jawonio, Inc. GATES Capital Corporation has arranged and closed a $6.183 million financing/refinancing for the benefit of Jawonio, Inc., an affiliate of Cerebral Palsy Associations of New York State (CP of NYS). This taxable financing was comprised of four separate credit facilities to take advantage of various points along the yield curve and to provide future flexibility with regards to the assets being financed.
NEW YORK, NY
Jack Fried, Senior Associate, arranged the financing for this transaction
GCP Capital Group, LLC
Member
60 Cutter Mill Road | Suite 600 | Great Neck | NY 11021 Phone: 516-487-5900 | Fax: 516-487-5944 | www.gcpcapitalgroup.com Principals:
Paul Greenbaum
Matthew Classi
Alan Perlmutter
Adam Brostovski
New York City
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New York Real Estate Journal
1031 exchanges and like-kind real estate interests William Lopriore First American Exchange Co.
Internal Revenue Code Section 1031 allows for the deferral of capital gain tax if property held for productive use in a trade, business or for investment is exchanged for property of “like-kind.” For real estate, the definition of “like-kind” is quite broad, allowing exchanges between and among several different types of investment property, including land, commercial property, industrial buildings, retail stores and apartments. The sale of less than a fee interest may also qualify for tax-deferral under §1031 if certain criteria are met. For example, leasehold interests exceeding 30 years and certain oil and gas interests can
be considered “like-kind” to other real estate. Development rights can, in certain cases, be exchanged under §1031 for fee interests in real property. In Private Letter Ruling 200805012, the IRS reached this conclusion basing its decision on the fact that the development rights were “effectively perpetual in nature,” where state and local law did not specify an expiration period. The IRS also cited various factors allowing them to reach the assumption that development rights are, under applicable state and local law, interests in real property. The IRS has issued several private letter rulings finding that certain types of conservation and agricultural easements are “like-kind” to real estate. A conservation easement is a voluntary agreement entered into by landowners conveying certain rights and generally limiting the type
Depend on our strength for your 1031 exchange transaction.
or amount of development on their property, while still retaining ownership of the land. Generally, for 1031 exchange purposes, a conservation easement needs to be perpetual in nature and considered an interest in real estate under state law in order to be considered “like-kind” to real estate. The land owner may receive cash or a charitable deduction in return for granting the easement. When cash is received, a 1031 exchange may be a good option to defer the capital gains taxes on those proceeds. A 1031 exchange opens many investment opportunities. You are not limited to only exchanging fee interests for other fee interests. There are many other possibilities, including development rights, conservation easements, leasehold interests and water rights. Nothing contained in this article is to be considered as the rendering of legal advice for specific cases, and readers are responsible for obtaining such advice from their own legal counsel. This article is intended for educational and informational purposes only. The views and opinions expressed in this article are solely those of this author, and do not necessarily reflect the views, opinions, or policies of this author’s employer, First American Exchange Company, LLC.
Bill Lopriore is the northeast regional manager and counsel at First American Exchange Co., LLC, Wayland, Mass.
Local expertise with nationwide service William P. Lopriore, Jr. Regional Manager and Counsel – New York and New England
[email protected] | 617.631.2539
800.556.2520 q www.firstexchange.com ©2015 First American Financial Corporation and/or its affiliates. All rights reserved. q NYSE: FAF
Lariño joins Rockwood Capital as a partner NEW YORK, NY Rockwood Capital, LLC, a private real estate investment firm, has admitted Tony Lariño as a partner in the firm. Lariño is based in the firm’s New York office. The promotion coincides with the final closing of Rockwood CapTony Lariño ital Real Estate Partners Fund X, L.P. with $1.1 billion in capital commitments, meeting the fund’s hard cap. The value-added fund will target office, residential, retail and hotel assets in urban and “suburban core” mixed-use environments. Lariño has 20 years of real estate experience, spanning mergers and acquisitions, capital markets and asset management. He joined Rockwood in 2010 as the firm’s head of hotel investments and continues to specialize in the lodging sector. In addition to completing numerous transactions in the office, retail and lodging sectors, he is the portfolio manager for Rockwood Funds VI and VIII. In this capacity, he has overall responsibility for the portfolio, including fund composition, asset management, capitalization, and disposition activities.
New York City
nyrej.com
February 21 - March 6, 2017 13B
Contributing Authors for February 2017 Accounting
NYC Multifamily Investment Sales
Sandy Klein
Shanholt Glassman Klein Kramer & Co.
Construction Law
Victor Sozio
C. Jaye Berger
Ariel Property Advisors
The Law Offices of C. Jaye Berger
Contributing Authors 1031 Exchange
Bronx Investment Sales
Brooklyn Investment Sales
Jason Gold
Aleksandra Scepanovic
Michael Packman
Ariel Property Advisors
KNPRE
Manhattan Inv. Sales
Howard Raber
Ariel Property Advisors
Queens Investment Sales
Rubin Isak
Goldenwood Property Advisors
Ideal Properties Group
Tax Certiorari
Peter Blond
Brandt, Steinberg, Lewis & Blond, LLP
Title Insurance
Osei Rubie
National Standard Abstract
New York City
14B February 21 - March 6, 2017
New York Real Estate Journal
NYC Multifamily Investment Sales
2016 NYC multifamily market: Prices stay strong, but resistant sellers sap transaction volume Victor Sozio
Spencer Kiely
Ariel Property Advisors As investors attempt to adapt to an evolving New York City multifamily market in 2017, it is prudent to take a look back at what happened in 2016. Last year, transaction volume fell to a five-year low, while prices registered robust gains in the outer boroughs, with Queens leading the way and the Bronx not far behind. Manhattan, contrary to prior years, underperformed, with prices nearly unchanged. For the year, the NewYork City multifamily market saw 656 transactions comprised of 1,120 buildings totaling $14.05 billion. 2016’s transaction and building volume were down 18% and 21%, respectively, according to Ariel Property Advisors’ newly released “MultifamilyYear In Review NewYork City: 2016.” But, while dollar volume dropped 26% on an annual basis, it would have increased 4% when the largest deal of 2015, Blackstone’s $5.5 billion purchase of Stuyvesant Town/ Peter Cooper Village, is omitted. The lower volume highlights the underlying storyline for 2016; many sellers expected to attain record break-
Ariel Property Advisors
ing pricing and were reluctant to sell unless they achieved those levels. The transactions that did take place were able to command frothy prices, with average capitalization rates throughout New York City compressing to 4.28% from 4.54% the year prior. Institutional-level transactions dominated the landscape as offerings with scale attracted highly motivated capital willing to pay the price. Purchases of The Kips Bay Portfolio by Blackstone, the 63-67 Wall Street properties by Rockpoint, and The East Side 47 Portfolio by Emerald Equities, exemplified this trend. Banner Year for Outer-Boroughs Sub-markets where investors believe the rental market has room to grow fared better than those perceived to have more limited upside, such as Manhattan. Indeed, Queens was a standout performer, making big strides in terms of pricing. For the first time, the borough broke $1 billion and surpassed the Bronx in dollar volume. While the sub-market
saw the least amount of transactions, it saw the largest jump in dollar volume, skyrocketing nearly 60% to $1.55 billion. Large-scale transactions in Queens drove much of the gain in dollar volume, but activity was spread broadly across the region, a signal of the borough’s strength. The sub-market also saw 15% price growth overall, the highest out of all the boroughs, with price per s/f leaping 23% to $346. The Bronx also fared relatively well last year, with overall pricing up 13%. Price gains were the highest of
tination for some of New York City’s largest multifamily deals last year, with dollar volume surging 55% to $2.72 billion. In fact, six institutional-level transactions over $100 million accounted for $1.27 billion, nearly half the borough’s dollar volume. Leading the way was the East Side 47 Portfolio, a 47-building portfolio concentrated in East Harlem that sold for $357.5 million, or $501 per s/f. Other noteworthy transactions were Savoy Park and Riverton Houses, which sold for $340 million and $200.85 million, respectively. Many
For the year, the New York City multifamily market saw 656 transactions comprised of 1,120 buildings totaling $14.05 billion. any sub-market aside from Queens. Volume in the borough, however, fell last year as 145 transactions consisting of 253 buildings sold for an aggregate consideration of $1.4 billion, down 17% from 2015. Also noteworthy was a shift in transaction size in The Bronx, with scant institutional-sized transactions versus previous years. In fact, there was only one sale above $100 million in 2016, and only three above $50 million, down from six the prior year. Northern Manhattan was the des-
institutional caliber deals transacted at high pricing metrics, causing valuations for the sub-market to increase across the board, with the price per unit alone climbing 16%. Meanwhile, Manhattan showed telltale signs of a matured market. The borough experienced a sluggish 2016, with dollar, transaction and building volume falling significantly versus 2015. Transaction volume dropped 18% to 146, while building volume slid 30% to 224. Pricing indicators were up on average 1% year-over-year, with a
6% decline in price per unit offset by increases in other metrics. Brooklyn’s multifamily market also saw double-digit drops in volume metrics, with dollar volume dropping 28% to $2.64 billion. Transaction volume slid 22% to 186, while building volume sank 33% to 287. However, pricing metrics continued an ongoing trend, rising 9% overall. Both price per s/f and price per unit rose an impressive 15% on the year. As interest rates begin their upward trajectory, political headwinds begin to accumulate, and rents in mature neighborhoods begin to plateau or drop, a general sense of uncertainty has pervaded investor consciousness. Indeed, 2017 may be the year where we begin to see prices soften, bucking the appreciation trend we’ve seen since 2011. While some of the well-capitalized organizations have shifted to a more opportunistic and selective strategy, others remain fixated on what is perceived to be a relatively safer asset class in arguably the world’s most desirable and sought-after destination for investment.
Victor Sozio is executive vice president and founding member and Spencer Kiely is an analyst at Ariel Property Advisors, New York, N.Y.
ONE OF THE LARGEST MULTIFAMILY DEALS IN 2016: THE EAST SIDE 47 PORTFOLIO SOLD BY ARIEL PROPERTY ADVISORS
47
Properties
713K
Gross Square Feet
1,181 Units
$357,500,000 Closed December 2016
The East Side 47 Portfolio is a package of 46 buildings located throughout Northern Manhattan’s neighborhood of East Harlem and 4 retail & 3 residential condominium units in the East Village.
Investment Sales Capital Services Investment Research
arielpa.nyc 212.544.9500
New York City
nyrej.com
February 21 - March 6, 2017 15B
Accounting
Section 752 regulations: IRS issues guidance on treatment of partnership liabilities Sandy Klein
Shanholt Glassman Klein Kramer & Co. The IRS on October 5, 2016 published final (TD 9787), temporary (TD 9788), and proposed regulations (REG- 122855-12) providing guidance on the allocation of partnership liabilities under Section 752. The government also reproposed certain Section 752 regulations by introducing a new anti-abuse rule. Final Section 752 regulations: Non-recourse liabilities The final Section 752 regulations generally will keep many of the nonrecourse liability allocation rules proposed in 2014. Partnerships will continue to be able to allocate excess nonrecourse liabilities based upon a “significant item” of partnership income or gain, or in accordance with the manner in which it is anticipated that nonrecourse deductions attributable to the nonrecourse liabilities will be allocated. The rules for nonrecourse liabilities will be effective for all liabilities entered into after the date of publication except for any pending additional liabilities subject to a
current binding commitment. Temporary Section 752 regulations: Recourse liabilities Consistent with the proposed 2014 regulations, the temporary regulations no longer will recognize so-called “bottom-dollar” payment obligations for purposes of allocating recourse liabilities, meaning that a guarantee generally will be respected only if it means the guarantor bares the risk of loss for the first dollar of the liability. However, “vertical slice” guarantees, under which a guarantor bears the risk of loss for a portion of a liability, along with capped obligations and joint and several liabilities, will be respected. Certain indemnification agreements also will be ignored when determining if a bottom-dollar guarantee exists. The final regulations also will contain an “anti-abuse” rule. The final regulations will be effective on or after the date of publication and will contain the same seven-year transition rule proposed in 2014. They also will create a new disclosure requirement. New proposed Section 752 regulations The government also plans to withdraw and repropose the portions of the 2014 proposed regulations that were not otherwise finalized or is-
sued as temporary. The new proposed regulations will eliminate the “net value” requirement in the proposed
• The partner or related person must maintain a commercially reasonable net worth for the entire term
The new proposed regulations also will expand the partnership liability anti-abuse rule at Reg. sec. 1.752-2(j) to allow the government to ignore a payment obligation that it deems “uncommercial.” regulations and, with respect to partners that are disregarded entities, in the existing regulations at Reg. sec. 1.752-2. That net value requirement provided that a payment obligation would be respected only to the extent the obligor had sufficient assets on hand to satisfy the obligation. The new proposed regulations instead will provide that all payment obligations will be presumed satisfied by obligors unless there is evidence of a plan to avoid satisfying the payment obligation. The new proposed regulations also will expand the partnership liability anti-abuse rule at Reg. sec. 1.752-2(j) to allow the government to ignore a payment obligation that it deems “uncommercial.” The expanded anti-abuse rule will base its finding of commerciality on the six commerciality requirements in the 2014 proposed regulations:
of the payment obligation or must be subject to commercially reasonable restrictions on transfers of assets for nominal consideration; • The partner or related person must periodically document its financial condition; • The term of the payment obligation must not end before the term of the partnership liability; • The payment obligation must not require that the partnership or any other obligor hold liquid assets that exceed the obligor’s reasonable needs; • The partner or related person must receive arm’s-length consideration in exchange for assuming the payment obligation; and • In the case of a guarantee, the partner or related person must be liable up to the full amount of the payment obligation if any amount of the partnership liability is not satis-
fied, and in the case of an indemnity, the partner or related person must be liable up to the full amount of the payment obligation if any payment is made by the indemnitee or other benefited party. The re-proposed regulations will eliminate the requirement that arm’s-length consideration be paid to the obligor on the payment obligation, and will treat the restriction against bottom-dollar guarantees as an absolute prohibition under the temporary regulations. The remaining factors will continue to be reflected in a new non-exclusive factor list used to help partnerships determine whether a payment obligation is commercial under the facts and circumstances. Not one factor will be conclusive, and the government has indicated that it will consider all facts and circumstances when making a determination of whether a plan exists. The proposed regulations would apply to liabilities incurred or assumed after the date that final regulations are published in the federal register.
Sandy Klein, CPA, is a partner at Shanholt Glassman Klein Kramer & Co., New York, N.Y.
MAKING MONEY IN REAL ESTATE ISN’T EASY. PROTECTING AND PRESERVING WHAT YOU MAKE IS EVEN HARDER. CPA’S TO THE REAL ESTATE INDUSTRY. WHY NOT SEE WHAT WE CAN DO FOR YOU TODAY? PLEASE CONTACT SANDY KLEIN AT 212-644-9000.
SHANHOLT GLASSMAN KLEIN KRAMER & CO. 575 Lexington Avenue, 19th Floor New York, NY 10022 Telephone: 212-644-9000 Fax: 212-752-4335
www.shanholt.com
New York City
16B February 21 - March 6, 2017
New York Real Estate Journal
Construction Law
A lawyer discusses causes of delays in construction: The seven areas to consider C. Jaye Berger
The Law Offices of C. Jaye Berger It is not unusual for me to get telephone calls from property owners, boards and shareholders complaining about delays on their construction projects which seem to go on and on and never end. When they ask for advice about what to do, I always tell them that delays are never due to just one thing. They are usually the result of a gradual slippage and build up of many things that have happened over the course of the project, which have all come to a head. While contractual clauses calling for liquidated damages of an amount per day for each day the project goes beyond the substantial completion date, may be a good incentive to stay on track in the beginning of the job, once the completion date starts to “slip,” the threat of such damages will not get the job done any faster. This is why it is important to look at some of the causes of delays to try to spot the warning signs and to try to do something about them before they worsen. Here are seven areas to consider. 1. It is common for people to have
the mind set “Let’s just get started.” That is the first wrong move. Getting started with demolition, without having construction details in place, sets you up for delays while the details are being sorted out and designed. Take a little time before starting to make sure the plans are complete and sufficiently detailed. Stopping the work to draw details and make design decisions causes delays. Even hidden conditions can be better organized and planned for. There may be probes that can be done ahead of time to try to anticipate problem areas and what will be done to fix them. 2. Not having enough workmen. Before the work begins, ask about how the job will be staffed and if the contractor has other projects that may cause scheduling conflicts. Not paying the contractor on time often leads to there being fewer men on the job. If you are not paying on time, the company will put them on other jobs. You cannot ignore this and need to find out the cause of the problem. Holding back payment does not make the contractor work faster, it only makes the problem worse. Talk to the contractor and find out why they are not performing adequately. Have these conversations at the first sign of problems. Most buildings and property owners wait months and months to
confront the contractor and just keep “hoping” things will change. 3. Have change orders increas-
a shareholder or the landlord has a work letter requiring completion by a certain date.
It is not unusual for me to get telephone calls from property owners, boards and shareholders complaining about delays on their construction projects which seem to go on and on and never end. When they ask for advice about what to do, I always tell them that delays are never due to just one thing. They are usually the result of a gradual slippage and build up of many things that have happened over the course of the project, which have all come to a head. ing the completion date. Everyone knows about change orders to increase the contract price when there is more work, but not everyone realizes that they are also used to increase the contract time for completion. If new or additional work is needed, there should be a signed change order increasing the contract completion time by an agreed upon number of days. Without such paperwork, there may be a difference of opinion about how many days the contractor has to complete the work before delay damages kick in. This same idea applies when the co-op has an alteration agreement with
It may seem obvious, but the change orders must be signed. On one project, the client came to me with a delay problem and had over 40 change orders. Some were signed, some were unsigned and some were re-issued in a slightly different form. This made it impossible to reconstruct what the completion date should be. 4. Have signed waivers of mechanic’s liens. Partial waivers of mechanic’s liens tie in to the subject of delays because they tell us a lot about whether the project is on track. If the waivers have not been signed, this is a sign of a payment problem, which will lead to fewer workers showing up
on the job and delays in completion. 5. Look at how the project is being administered or not. Some people try to save money by not having architects administer the project. They just call them when they feel they need them. This is penny wise and pound foolish. That means it is more likely to go off track without anyone really noticing and will be more complicated to get back on track. 6. Review your contract. If there is a termination clause and notice of default is needed, then do so. If the contractor needs to be terminated, these steps must be followed. Do not delay in doing this. 7. Seek counsel sooner rather than later from a lawyer who knows construction law. Many clients come to me after the problems have been festering for a long period of time. Usually they are asking how to go about terminating the contract and hiring someone else. Sometimes a project can be saved if advice is sought quickly. If the relationship needs to end, it should be done expeditiously so that the project can keep moving forward.
C. Jaye Berger, Esq. is an attorney at Law Offices C. Jaye Berger, Manhattan, N.Y.
HAVE YOU READ THE CONTRACT’S FINE PRINT? Law Offices
C. JAYE BERGER ■ Building Construction Law ■ Mechanic’s Liens ■ Contract Drafting and Review ■ Litigation in State and Federal Courts ■ Real estate transactions and leases 110 East 59th Street, 22nd Floor, New York, New York 10022
TEL: (212) 753-2080 NE NY Tel: 781-878-4540
New York City Retail New York Real Estate Journal February 21 - March 6, 2017 Section B
TWO-STORY RETAIL BUILDING SOLD TO BLDG MANAGEMENT FROM SELLER, BANK OF THE PHILIPPINES
Ezratty, Papanastasiou and Ellard of Eastern Consolidated broker $15.25m sale NEW YORK, NY Eastern Consolidated has arranged the sale of a two-story retail building at 7 East 53rd St. between
Brian Ezratty
Evan Papanastasiou
Fifth and Madison Aves. occupied under a NN lease by established global bakery/restaurant brand Le Pain Quotidien. The property traded for $15.25 million. Eastern Consolidated vice chairman
and principal Brian Ezratty and director Evan Papanastasiou, represented the seller, Bank of the Philippines, and Ezratty procured the buyer, BLDG Management Co. Scott Ellard, principal and vice president, financial and information Scott services, served Ellard as the analyst. “We had a great deal of interest in this retail property because it’s a stable, cash flowing asset with an international tenant, and irreplaceable bricks in a terrific part of Manhattan,” Ezratty said.
King and Venekas of CPEX sell 2,000 s/f retail condo for $1.8 million at 500 4th Ave. NEW YORK, NY In the waning days of
2016, CPEX Real Estate sold the commercial condo at the base of
Timothy King
Dimitri Venekas
500 4 Ave. This Park Slope corner is 2,000 s/f and features wraparound frontage on both 4th Ave. and 12th St. The sale was executed by Timothy King and Dimitri Venekas of the th
CPEX retail sales team with assistance from the retail leasing and office sales and leasing teams. “Due to the unique product type focuses of our sales teams, we were able to broadly market the property to investors and Brian Leary tenants across a wide swath of the marketplace,” said Brian Leary, managing partner of CPEX. The property sold for $1.8 million or $875 per s/f to a local investor.
Abramowitz of NGKF Retail reps Al Horno Lean Mexican Kitchen in 1,100 s/f lease expansion Newmark Grubb Knight Frank (NGKF) Retail represented Al Horno Lean Mexican Kitchen in its expansion of 1,100 s/f at 10 Hanover Sq. NGKF director Harrison Abramowitz represented the tenant, Al Horno Harrison Lean Mexican Abramowitz Kitchen, while
MANHATTAN, NY
Dave Tricarico and Jedd Horn of Cushman & Wakefield represented the owner, UDR. The health-conscious Mexican restaurant will sit at the ground floor of a residential building in New York City’s Financial District. The 22-story building houses 600 apartment units. The new location is at the epicenter of Downtown Manhattan and offers access to major transportation options such as the Staten Island Ferry and trains including the 2, 3, J, Z, 4 and 5.
Papanastasiou said, “The location of the building made it particularly desirable. It’s surrounded by arguably the best retail in the world, being only steps from Fifth and Madison Aves. It also benefits from being directly next to the popular and historic Zion & Breen designed, Paley Park.” The building totals 5,284 gross s/f and features ground floor ceiling heights of up to 13.8 ft. with 9.9-ft. and 8-ft. ceilings on the 2nd floor and cellar level, respectively. The property also is steps from the stations for the E and M subway lines, through which thousands of commuters pass on a daily basis. The tenant, Le Pain Quotidien operates more than 220 locations in 17 countries across the globe. Attorneys Steven Hochberg and Florian Ellison of Stempel Bennett Claman & Hochberg, P.C. represented the seller, while Gary Kleinman and Karen Geringer of Greenberg Traurig, LLP represented the purchaser.
Le Pain Quotidien, 7 East 53rd Street - New York, NY
Block of Winick Realty leases 3,300 s/f to Capital One Bank at Cammeby’s Neptune/Sixth development on Coney Island BROOKLYN, NY According to Cammeby’s, Capital One Bank has recently signed a lease to become the latest retailer at Neptune/ Sixth, Cammeby’s new mixeduse neighborhood destination at 532 Neptune Ave. and 626 Sheepshead Bay Rd. in Coney Lee Block Island. The agreement will allow Capital One Bank to maintain its long-term presence in the Coney Island community. The bank operates a branch in a temporary space along Neptune Ave. while its new 3,300 s/f space within Neptune/Sixth is being constructed. The lease comes on the heels of announcements that both CVS Pharmacy and Apple Bank for Saving will occupy ground-floor retail spaces at 532 Neptune Ave. within Neptune/ Sixth. CVS, Apple Bank and Capital One Bank had previously been tenants of a former shopping center property that Neptune/Sixth will encompass.
“We are thrilled that Capital One Bank will remain in Coney Island, and play a key role in the neighborhood’s ongoing revitalization as part of Neptune/Sixth,” said Jacob Cohen, executiveVP of development at Cammeby’s. “It represents yet another of the longtime area businesses that will continue to serve its customers as part of this modern, significantly enhanced community development.” Construction on the development’s first phase – a stand-alone, seven-story, 161,000 s/f retail and commercial building at 626 Sheepshead Bay Rd.
– has begun, and is expected to be completed by this summer. Site work for the retail at Neptune Ave.– comprising 90,000 s/f – is also underway. “Both Cammeby’s and Capital One Bank have shown a strong commitment to working together to reach an agreement that will ensure customers will continue to access the bank’s services throughout the entire construction of Neptune/Sixth,” said Lee Block, executive VP at Winick Realty Group, the exclusive retail leasing agent for Neptune/Sixth. For full story visit nyrej.com
New York City Retail
18B February 21 - March 6, 2017
18+ Million SF
New York Real Estate Journal
Retail Properties by region
Address
City/State
GLA/ Acreage Anchor Tenants
Shops at Billerica
Boston Rd. & Tower Farm Rd.
Billerica, MA
307,799
Kmart, Burlington Coat, Market Basket
Meadow Brook Center
Plain St. & Lowell Connector
Lowell, MA
271,377
Target, Marshall’s, Chuck E. Cheese
Milford Crossing
Medway St. & Beaver St.
Milford, MA
163,142
Stop & Shop, Dollar Tree
Harbor Pointe Marketplace
Route 440 & Goldsborough Dr.
Bayonne, NJ
194,221
Future Development
Shoppes at Renaissance Square
Route 70 & N. Locust Ave.
Evesham, NJ
125,335
TBD + 338 Luxury Rental Apartments
BJ’s Shopping Center
Hanover Ave. near Horsehill Rd.
Hanover, NJ
19 AC
BJ’s (New Development)
Sunbird Plaza
State Hwy. 73 & Sunbird Dr.
Marlton, NJ
26,016
Royal Farms
Vacant Land
Adjacent to Foreign Trade Zone
Mount Olive, NJ
16.963 AC Across from Walmart, Sam’s, TJ Maxx
New Development
Route 18 & Foxborough Dr.
Old Bridge, NJ
9.33 AC
Across from Walmart Supercenter
Waterview Marketplace
Route 46 & Waterview Blvd.
Parsippany, NJ
157,410
Whole Foods (New Development)
Vacant Land
Springfield Ave. near I-78
Vauxhall (Union), NJ
0.3239 AC Future Development
Vineland Marketplace
S. Delsea Dr. (Rte. 47) & College Dr.
Vineland, NJ
TBD
Future Development
Williamstown Shopping Center
Black Horse Pike & Main St.
Williamstown, NJ
94,452
Rockin’ Jump, Dollar General, CVS
Vacant Land
Route 13 & Bennie Rd.
Cortland, NY
26 AC
Across from Walmart Supercenter
Kohl’s Plaza
Commack Rd. & Grand Blvd.
Deer Park, NY
182,875
Kohl’s, Super Stop & Shop
Target Shopping Center
Saratoga Rd. & Glenridge Rd.
Glenville (Albany), NY 170,616
Target, Pet Supplies Plus, Panera Bread
Lake Shore Plaza II & III
Portion Rd. & Patchogue-Holbrook Rd.
Lake Ronkonkoma, NY 170,451
Stop & Shop, Regal Cinemas, Dollar Tree
Redevelopment Opportunity
Route 7 & Swatling Rd.
Latham (Colonie), NY 118,863
Vent Fitness
Harriman Commons
Routes 17/6 & Route 32
Monroe/Woodbury, NY 711,816
Walmart, Target, Home Depot, BJ’s
Home Depot Shopping Center
Route 59 & Hutton Ave.
Nanuet, NY
276,792
Home Depot, Raymour & Flanigan, Staples
Orangeburg Commons
Route 303 & Palisades Pkwy.
Orangetown, NY
78,659
Super Stop & Shop, Residence Inn
The Mill
Montauk Hwy. & Station Rd.
Southampton, NY
29,314
SoulCycle
Stony Ridge Plaza
Route 9W & Park Rd.
Stony Point, NY
21,212
US Post Office
Home Depot Shopping Center
Lehigh St. & Route 78
Allentown, PA
134,271
Home Depot
Home Depot Shopping Center
Hanover St. (Rte. 34) & I-81
Carlisle, PA
140,715
Home Depot, Chili’s
Five Points Plaza
Cowpath/Horsham Rd. @ Rte. 309
Montgomeryville, PA 133,000
Richland Marketplace
Rte. 309 & Pumping Station Rd.
Quakertown, PA
444,531
Target, BJ’s, Best Buy, Petsmart, Staples
Trexlertown, PA
±36,671
Near Walmart Supercenter
Property Name
Northeast
Macungie Crossing Shopping Ctr. Hamilton Blvd. & Grange Rd.
BJ’s, Lowe’s Home Improvement
Midwest Marshall’s at The Grove
75th St. & Lemont Rd.
Downers Grove, IL
400,000
Marshall’s
Evansville Shopping Center
Morgan Ave. & Boeke Rd.
Evansville, IN
162,394
Rural King, Buehler’s IGA, Dollar General
Pendleton Plaza
Pendleton Pike & Shadeland Ave.
Indianapolis, IN
134,797
Rose’s Department Store
The Market Place at Warsaw
U.S. Hwy. #30 & Water St.
Warsaw, IN
183,900
Carson’s Dept. Store, Sears, Dunham’s
Muskegon Shopping Center
Henry St. & Norton Ave.
Muskegon, MI
167,212
Jack Loeks Theatres
Port Huron Shopping Center
Howard St. & 24th St.
Port Huron, MI
114,981
Big Lots, Save-A-Lot, Family Dollar
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
Thomas G. Mirandi tel 212.265.6600 x239
[email protected]
New York City Retail
nyrej.com
200+ Properties
February 21 - March 6, 2017 19B
Retail Properties by region
Address
City/State
GLA/ Acreage Anchor Tenants
Vacant Land
Fort St. & Burns Ave.
Southgate, MI
9.37 AC
Development Opportunity
Midway Shopping Center
University Ave. & Snelling Ave.
St. Paul, MN
293,732
Rainbow Foods, Office Max, Walgreens
Home Depot Plaza
Rte. 20 & Orchard Rd.
Ashtabula, OH
148,440
Home Depot
Great Western Commerce Center
N. Wilson Rd. & Valleyview Dr.
Columbus, OH
300,254
Great Western Academy, Restaurant Depot
Spring Meadows Place II
Airport Hwy. & I-475
Holland (Toledo), OH
79,058
Dick’s Sporting Goods, Best Buy
Property Name
Midwest
South Academy Plaza
Memorial Pkwy. SW & Drake Ave. SW Huntsville, AL
98,943
Academy Sports + Outdoors
Fern Park Plaza
Semoran Blvd. & Hwy. 17/921
Fern Park, FL
131,646
Ross, Beall’s Outlet, Aldi, Dollar Tree
Mixed Use Development
NW 13th St. & University Ave.
Gainesville, FL
312,498
Two blocks north of University of Florida
The Groves
US Hwy. 98 N & Lakeland Park Ctr Dr. Lakeland, FL
54,434
Wildwood Antique Mall, Chuck E. Cheese
Merchants Crossing
US Hwy. 41 & SR 78
N. Fort Myers, FL
323,061
Beall’s Outlet, AMC Theatres, JoAnn Fabrics
Shady Oaks Shopping Center
SW 27th Ave. & College Rd.
Ocala, FL
265,049
Earth Fare, Burlington, Best Buy, Staples
Seminole Centre
S Orlando Dr. & Lake Mary Blvd. Sanford, FL
370,936
Walmart Supercenter, Ross, Aldi
University Mall
E Fowler Ave. & Bruce B. Downs Blvd. Tampa, FL
1,332,205
Macy’s, Sears, Dillard’s, Burlington Coat
Russell Centre
Route 23 & Diederich Blvd.
Ashland, KY
257,761
Lowe’s, Kroger, Dollar Tree
Long Meadow Shopping Center
Potomac Ave. & Northern Ave.
Hagerstown, MD
164,293
CVS, PA Dutch Market, Dollar General
Brenbrook Plaza
Liberty Rd. & Brenbrook Dr.
Randallstown, MD
146,586
Home Depot
Marketplace at Rivergate
Gallatin Pike & Conference Dr.
Nashville, TN
111,463
Oak Factory Outlet, Harbor Freight Tools
Shops at Tech Ridge
12901 I-35 South & Parmer Ln.
Austin, TX
504,153
Floor & Decor, Toys “R” Us, Ross
Westcliff Shopping Center
Alton Rd. & Biddison St.
Fort Worth, TX
136,221
Albertson’s Market, Ace Hardware
Food Lion Shopping Center
Rte. 1 & Chippenham Pkwy.
Richmond, VA
10.2 AC
Food Lion
Winchester Plaza
S. Pleasant Valley Rd. & E. Jubal Early Dr. Winchester, VA
89,918
Dick’s, The Fresh Market, Planet Fitness
St. Albans Shopping Center
Rte. 60 & Boone St.
St. Albans, WV
263,323
Kmart, Kroger, Goody’s Dept. Store, CVS
Freestanding Barnes & Noble
1035 N. Metro Pkwy. W & 28th Dr.
Phoenix, AZ
19,360
Barnes & Noble
Kmart Plaza
E. Sahara Ave. & McLeod Dr.
Las Vegas, NV
127,754
Kmart, Family Dollar
Kmart Shopping Center
Mission St. SE & 25th St.
Salem, OR
119,705
Kmart, Value Village
Freestanding Office Max
410 S. 900 E. & 400 S.
Salt Lake City, UT
29,051
Office Max
Routes 2 & 22
Arecibo, PR
±350,000
Future Development
Ponce, PR
±525,000
Walmart Supercenter, Home Depot
West
Puerto Rico Arecibo Towne Center
Reina del Sur; Ponce Towne Center II Routes 2 & 10 @ PR-52
810 Seventh Avenue, 10th Floor New York, NY 10019 • rdmanagement.com
Thomas G. Mirandi tel 212.265.6600 x239
[email protected]
New York City Retail
20B February 21 - March 6, 2017
New York Real Estate Journal
REPRESENTED BY DOWNEY, LE GOFF AND MUSS
THE GREENBERG GROUP REPS TENANT, DRYBAR
Cushman & Wakefield arranges 1,100 s/f
Claffey of RFR reps landlord in 1,706 s/f retail lease at 300 East 64th
NEW YORK, NY Cushman & Wakefield has represented Le Bilboquet in the first transaction for its new café spinoff, Café Bilboquet, at 26 East 60th St. The café will be steps away from the French restaurant that has such a strong following among James Downey NewYork’s luminaries in the fields of fashion, media, finance, retail and film. The café, which is set to open this spring, will replace the former Gene’s Coffee Shop, and will occupy 1,100 s/f on the ground floor and 300 s/f on the lower level (1,400 s/f total). A Cushman & Wakefield team of James Downey, Eric Le Goff and Hillary Muss represented Le Bilboquet. “This was an exciting opportunity for Le Bilboquet to introduce a more relaxed cafe concept by building on its already existing highly successful restaurant in the neighborhood. Everything Philippe Delgrange has done is well conceived and beautifully designed, and Café Bilboquet will
not be an exception,” said Downey. Featuring a sophisticated European coffee shop atmosphere, Café Bilboquet will sit at the base of an existing mixed office/residential building at 30 East 60th St. It will serve light fare such as salads, sandwiches and French pastries and cakes along with champagne, coffee, wine and beer. 26 East 60th St. is located between Park and Madison Aves., and is adjacent to the FIAF French Institute, and in the midst of dining and shopping, such as Barney’s and Calvin Klein. The large volume of development projects in the neighborhood, most notably the Robert A. M. Stern designed 520 Park Ave., with lobby on East 60th St., will add to the already high foot traffic in the area. Delgrange, the owner of the Café, said, “This particular use will be a great addition to an already well-established market that continues to favorably evolve.” He believes his customer base will be “thrilled with the new concept and his ability to offer his superb food in a more casual atmosphere which will further contribute to the vibrancy of this market.”
Cohn and Keller of SCG Retail arrange 700 s/f lease SCG Retail, a division of The Shopping Center Group, has signed a 700 s/f lease plus basement for storage at 150 Sullivan St. (at Houston) in SoHo. Canon NYC plans on opening in early spring. Created by the former owner Jordan Cohn of Dernier Cri, Stacia Valle Canon, her new concept will offer a unique collection of emerging fashion designer clothing. Jordan Cohn, the lead broker from SCG Retail who represented the tenant (the landlord had no representation), said, “SoHo and the Village is a great spot for Canon NYC because it caters to the well-heeled neighborhood, as well as those interested in MANHATTAN, NY
150 Sullivan Street, SoHo - Manhattan, NY quality design from new designers. Stacia has an uncanny ability to spot up and comers and new trends before others. We have no doubt that she’ll be very successful here.” 150 Sullivan is across from Saint Anthony’s Church. Also on the block are cafés, services and a couple of galleries. The space was vacant prior to the transaction. Amanda Keller from SCG Retail also represented the tenant in the deal. The landlord was 349 Commercial LP.
Downtown Alliance: Retail leads Manhattan real estate activity in 2016 Lower Manhattan solidified its status as a mixed-use neighborhood last year with a surge of retail activity and several high profile residential and hotel openings south of Chambers St., according to the Alliance for Jessica Lappin Downtown New York’s 2016 Year in Review. The report also reflected how, following several years of strong leasing activity, which diversified the local workforce, Lower Manhattan’s office market
NEW YORK, NY
finally caught its breath in 2016 as part of the city-wide cool down. “We just witnessed a milestone year for retail in Lower Manhattan, bringing one of the last key elements together in our transformation to a live, work and play neighborhood,” said Downtown Alliance president Jessica Lappin. “From restaurant and retail openings, to hotel and housing growth, to the city’s largest office lease deal of the year, Lower Manhattan was making headlines on a weekly basis. That momentum will continue through the early part of 2017 as we already see a number of major deals on the horizon.”
NEW YORK, NY According to RFR, Drybar has signed a 10-year, 1,706 s/f retail lease at 300 East 64th St., its 31-story condominium development located at 64th St. and Second Ave. on the Upper East Side. Jordan Claffey, executive vice Jordan Claffey president and head of retail at RFR, represented the ownership, while The Greenberg Group acted on behalf of the tenant. “We are thrilled to welcome the nation’s premier blow dry bar to 300 East 64th St.,” said Claffey. “We anticipate bringing another best-in-class retail concept to the last remaining 850 s/f corner store available in the building.” Drybar, which operates more than
300 East 64th Street - New York, NY
65 locations throughout the U.S. and Canada, joins boutique fitness studio Barry’s Bootcamp, as an amenity to the residents of 300 East 64th St. Barry’s Studio 64 is located on the second floor, and its 5,800 s/f space features treadmills and benches, a “fuel bar” for smoothies and juices, fitness merchandise and locker rooms. RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded byAby Rosen and Michael Fuchs in the early 1990’s, the firm has been an active force in the New York City and German real estate market for much of the past two decades. RFR’s portfolio has grown to include 100 properties located in select domestic and international markets.
Bichoupan of Bertwood Realty signs 300 s/f, five-year lease to Park Avenue Barbershop; Schmookler of Ironstone Partners represented the landlord MANHATTAN, NY Bertwood Realty has signed a 300 s/f, five-year lease in the subway arcade at the Times Sq. station at 40th and 7th for Park Avenue Barbershop. Signed earlier this month, Park Avenue intends to open in the spring. Abe BiAbe Bichoupan choupan, the broker at Bertwood Realty that represented the tenant, said, “Times Sq. is one the city’s busiest stations, and the services provided in these arcades are highly valued by New Yorkers.” The subway arcade is controlled by the property at 200 West 40th St. and privately held as a partnership between 200 West 40 LLC and Two
Lions Capital. Morwin Schmookler, CEO of Ironstone Partners is the managing agent of the three-story, 8,000 s/f property, represented the landlord. “Abe efficiently got us a great tenant for the space,” said Schmookler. “It was previously a barber shop, so there is a built-in client base eager for the new tenant to open.” Park Avenue Barbershop is owned by Manny Mulokandov, who operates at 333 Park Ave. South. Mulokandov has not determined whether he will operate with the same name, but he is committed to providing a full-service, upscale barber shop grounded in oldschool values. Schmookler said, “The property has 8,000 s/f of retail space and all of the tenants are performing tre-
200 West 40th Street - Manhattan, NY mendously. Most, including Midtown Comics, have operated here for over ten years. You’d be amazed at the traffic. With this lease was are back to 100% occupancy again.”
Piazza of DJK Commercial Realty represents Chillbox Greek Frozen Yogurt in 280 s/f retail lease at Two Times Sq. MANHATTAN, NY DJK Commercial Realty, the commercial branch of leading real estate and relocation firm DJK Residential, has signed a lease to Chillbox Greek Frozen Yogurt at Two Times Sq., the franchise’s first New York City location. Eric Piazza DJK Commercial Realty agent Eric Piazza and associates represented Chillbox. Chillbox signed a 10-year lease to occupy 280 s/f at the Times Sq. building located on Seventh Ave. between West 47th St. and West 48th St. The store has since opened. “Opening the first New York City Chillbox was all about location, which is why heavily trafficked Times
Two Times Square - Manhattan, NY Square made perfect sense for the brand’s debut here,” said Piazza. “It’s a great addition to arguably one of the
busiest pedestrian crossroads on the planet, and with the construction of the new 452-room Edition Hotel and 76,000 s/f commercial retail space at 20 Times Sq., the intersection will soon become that much more powerful. We’re thrilled to have helped make Chillbox’s debut in New York City a reality and position our client in an iconic building that is truly part of the fabric of the city.” The asking rent for the space was $1,000 per s/f. Fred Rosenberg of Sherwood Equities represented Two Times Sq. Founded in Greece, Chillbox currently operates more than 120 stores in Europe, Russia, the Middle East and USA. The franchise business is popular for its frozen yogurt, toppings bar, ice cream and beverage options, including coffee and smoothies.
New York City Retail
nyrej.com
February 21 - March 6, 2017 21B
Space Available Guide Name of Center Location
Size of Unit Available
Adjacent Stores
Key Tenant
Contact
305 W Jericho Tpke
Pad sites available with drive thru: Restaurant: 6,000 SF Bank: 3,000 SF
Dunkin Donuts, McDonald’s, Wendy’s, KFC, Burger King
LA Fitness Starbucks
Island Associates Real Estate
Up to 30,000 SF on 2 floors
Carvel Ice Cream, Pizza, Deli, Bagel, Bank, Dry Cleaners
Dollar Tree
Space Adjacent to King Kullen 12,000 SF Inline Spaces: 1,800-3,725 SF
Dollar Tree, Carvel, Subway, Island Pet Supplies
King Kullen McDonald’s Dollar Tree
Huntington, NY
East Meadow Shopping Center Merrick Ave. East Meadow, LI, NY
Strathmore Commons Middle Island 1245 Middle Country Rd.
Roger Delisle 631-982-2100
Jeffrey Pliskin / Marvin Hartman
Pliskin Realty and Development 516-997-0100, Fax: 516-997-7225
[email protected] Roger Delisle
Island Associates Real Estate 631-982-2100
Retailer Space Seeking Guide Tenant
Location
Type of Space
Nassau, Suffolk, Queens, Brooklyn, Staten Island, Bronx, Westchester, Rockland & Lower Hudson Valley
Free Standing, End Cap, Ground Lease, Built to Suit, Pad, In-Line, Purchase
CT, MA, RI, NY
Free Standing, Pad Sites for Gas, Convenience
Size
# of Stores
# Planned over the next 5 years
Contact Marvin Hartman
6,200-6,500 SF
3,500
800
Pliskin Realty and Development 179 Wesbury Ave. Carle Place, NY 11514 516-997-0100 Michael J. Devino, Jr.
30,000-50,000 SF Plus
80
10
Mercury Fuel Service Inc. 43 Lafayette St. Waterbury, CT 06708 203-756-7284
Networking to over 25,000 Prospects Every Month Small Listing $69, 6 month minimum
For more information about advertising please call Kristine Wolf Space Availability Guide 1-800-654-4993, Fax 781-871-1853,
[email protected], www.nyrej.com
New York City
Back Page B February 21 - March 6, 2017
New York Real Estate Journal
Featured in 1/25/17 NYREJ “Project of the Month”
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INVESTMENT OFFICE INDUSTRIAL
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At the foot of the 59th Street Bridge, just north of Queens Plaza
All floors are separately metered and have their own HVAC unit.
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For more info, contact:
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Design/Build
February 21 - March 6, 2017
Section C
Quick Read Adellco’s d’Orsay 11-story condominium building tops out DESIGNED BY MORRIS ADJMI; FEATURES OFFICE AND RETAIL SPACE
Savanna tops out 540 West 26th St. – A 166,810 s/f development SEE PAGE 2C
Gene Kaufman Architect designs 200,000 s/f, 612room DoubleTree
SEE PAGE 4C
MANHATTAN, NY Savanna, a NewYork City-based, vertically-integrated real estate investment manager, owner/ operator and developer, along with its JV partner, the Silvermintz family, and general contractor Triton Construction, celebrated the topping out of 540 West 26th St. The building is a 166,810 s/f mixed-use development in West Chelsea. The concrete superstructure has reached its full height and the final of the nine floors was poured earlier this month. Savanna’s development team is working with Morris Adjmi, an architect at the forefront of designers reshaping some of the most wellknown neighborhoods throughout New York City. “This topping out brings us closer to what we know will be a much-needed addition to the commercial landscape of this bustling area of Manhattan,” said Andrew Kurd, a director at Savanna. “We are excited to introduce a brand new building that will cater to the needs of the modern
tenant in an incredible location in the heart of Chelsea, just one block from the Hudson River waterfront and the High Line.” Savanna has pre-leased 51% of the building to Avenues: The World School and is currently marketing 67,069 s/f of available office space on the upper floors as well as 12,400 s/f of gallery space on the ground floor. Savanna has engaged David Falk, Daniel Levine, Peter Shimkin and Nick Berger of Newmark Grubb Knight Frank to lease the office space and Jamison Weiner of The Manhattes Group to lease the retail. “The space offers a potential office tenant not only full-floors with 15’ ceilings, mushroom columns, and dramatic oversized windows; it also offers a private entrance,” said Falk. “The branding opportunity a tenant would gain in this highly visible area is unparalleled.” On the ground floor, Savanna is creating a retail space with high ceilings and an open layout.
Shown (from left) are: Andrew Kurd, Savanna; Lance Franklin, Triton Construction; Eric DeSimone, Savanna; Peter Rosenthal, Savanna; Peter Shimkin, Newmark Grubb Knight Frank; Chris Schlank, Savanna; Michael Silvermintz; Morris Adjmi, Morris Adjmi Architects; and David Falk, Newmark Grubb Knight Frank.
WXY contracted to Boddewyn Gaynor Architects completes design $136 million building upgrade for Williamsburg prop. Racanelli Construction completes $3.5 million The Made in BROOKLYN, NY Boddewyn Gaynor Southward Ho Country Club clubhouse renovation Architects NYC Campus (BGA) has completed an Racanelli Construction Company, Inc. has completed extensions and a renovation of the main clubhouse at the Southward Ho Country Club which included a complete renovation of the front entrance, reception area, Tiffany Room, lounge area and kitchen, as well as a new ladies locker room and grill room. Racanelli Construction served as the construction manager on the $3.5 million project. According toVincent Barone, project manager at Racanelli Construction, the company gutted the entrance area, relocated doors and entrances, added new doors and renovated the reception area of the Southward Ho Clubhouse. There was a complete renovation of the Tiffany Room in order to open it up and create better flow from that room to the lounge area. In the newly added ladies locker room, brand new wood lockers, a new restroom and card room were built. The kitchen was expanded
BAY SHORE, NY
SEE PAGE 16C
20 Pages Executive of the Month .........3C Ask the Experts .................5-12C Professional Profiles .......... 14C
New York Real Estate Journal nyrej.com
and renovated to accommodate the clubhouse’s many events and their culinary requirements. Also added to the clubhouse was a new grill room with a coffered wood ceiling, and a wood bar that made it more elegantly casual. Directly off the grill room, a covered patio was added complete with new blue stone pavers, barbeque area and exterior bar. According to Marty Racanelli, Jr., one of the partners at Racanelli Construction, all of the Racanelli team worked with the Southward Ho planning committee and architect David Busch to upgrade the club’s facilities while maintaining the original historic architecture and design.
upgrade program for an apartment property near the East River in Williamsburg. BGA’s contribution to this scene includes their work on a 62-unit rental Michele Boddewyn building at 111 Kent Ave., one block from the East River and the NYC skyline. The building, with unobstructed views of Manhattan, is owned by Glendale, Calif.-based American Realty Advisors (ARA) and is managed by Bozzuto Management Company. ARA’s goal for the property was to upgrade the public and amenity spaces to re-position the property with a design that is consistent with the look, feel and excitement of the surrounding Williamsburg scene. BGA’s design work involved new finishes, lighting, signage and artwork for the building lobby and
tenant corridors. Their approach involved employing new wood panels, wall covering and flooring to accent the apartment entry doors. “These enhancements, together with new energy-efficient LED lighting intensify the building’s appeal to young professionals, in particular,” said Michele Boddewyn, AIA, president of the architecture firm. BGA’s work included the installation of rooftop terraces, furniture, planters and gas grilles for tenant use, as well as lighting for evening use. “Evenings on the terraces provide an almost magical experience with the illuminated Manhattan skyline in view,” Alan Gaynor, AIA, said.
Design/Build
Inside Cover C February 21 - March 6, 2017
New England Real Estate Journal
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NY/NJ SECURITY GUARDS
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Design/Build
February 21 - March 6, 2017 1C
Design/Build
2C February 21 - March 6, 2017 4/5/06
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NE NY REAL ESTATE JOURNAL Changes Section: DB From: JW Run Date:1-19
New Proof
Proof Approved
Adellco’s d’Orsay 11-story condominum building tops out MANHATTAN, NY The d’Orsay, a bou-
tique condominium, located at 211 West 14th St., has officially “topped out,” marking a major milestone for the residential building. Developed by Adellco, the 11-story building celebrates the first condominium with interiors by “AD 100” French designer Jacques Garcia. “We are very excited to have completed this phase of our building,” said Matthew Adell, president of Adellco. “This feat could not have been accomplished without all of our partners, but especially our talented design and construction team.” Inspired by the industrial lofts of the Meatpacking District, the façade was designed by Goldstein, Hill & West Architects. The Jacques Garcia-designed interiors create a marriage between old and new, with great attention to detail. With only 21
proportion, and grace while ensuring homes are drenched in natural light. The majority of the residences also boast private outdoor space. “There has been great interest in the building since launching sales,” said Mary Ellen Cashman of Stribling Marketing Associates, the exclusive sales and marketing team for the d’Orsay. “Buyers are attracted to the thriving neighborhood and the concept of a luxury boutique building in a dynamic location which has transformed into a bustling high-end retail, dining, cultural and residential mecca.” Amenities include a full-time concierge and doorman, a rooftop garden with sweeping city views, a drawing room, a sky-lit fitness center, a spa with a steam room, plunge pool and treatment room, as well as bicycle storage and private storage available for purchase. Photo credit: Peter Wilk/Wilk Marketing Communications
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New York Real Estate Journal
d’Orsay, 211 West 14th Street Manhattan, NY residences, ranging from one to four bedrooms, each home was carefully curated to create a sense of symmetry,
Flood Panel names National Flood Protection a national corp. partner According to Flood Panel LLC, a leading manufacturer of commercial floodproof shields, National Flood Protection, LLC is its first national corporate partner. National Flood Protection will supply, install and provide consultation services for Flood Panel’s full line of commercial flood doors and flood barriers to customers across the country. “As our first national corporate partner, Flood Panel will work with National Flood Protection to make our innovative flood protection systems available to more customers nationwide,” said Tom Osborne, president, Flood Panel. “We are excited to work with National Flood Protection to deliver our high quality flood doors and flood barriers to customers in more places where flooding is a growing threat to business structures.” For full story visit nyrej.com
NORWICH, CT
Design/Build A section of the New York Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
Publisher Jeff Wallace x240
[email protected]
Editor Kristin Robinson x225
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Design/Build
3C February 21 - March 6, 2017
New York Real Estate Journal
Executive of the Month BELIEVES THAT REPEAT BUSINESS IS A TOP PRIORITY: LISTEN, FOLLOW-UP AND EXECUTE
Posa, managing principal/CEO at MGE Unified Technologies: “Build the road you want to travel” Anthony Posa
My grandfather served during World War II as a staff sergeant in the U.S. Army. Growing up I had a deep love of space exploration, science fiction, computers, and video games and thought my direction would be a pilot in the Air Force (sorry grandad). The armed forces recruitment center was my after school fun activity. Fast forward – I moved out of my parents’ home as I just graduated high school in Staten Island and was doing odd jobs to pay rent while attending the college of Staten Island. Fast forwarding a little more, I was accepted into the NYPD, academy bound and was transferring to John Jay to study criminal justice. It was then, my life changed as I was suddenly presented with a different career path. I was offered a position as a consultant at the Citibank headquarters in Long Island City and that decision changed my life. From a consultant at Citibank, I worked with a number of amazing companies; Republic National Bank, FCB,WPP, Ogilvy & Mather, Director
of IT (a titled consultant) at Ogilvy Public Relations World Wide and then my first position as principal, CIO, at DW Integrated. And as luck would have it, it was also when the DOT COM bubble burst. I had a choice and it was then that I decided that my destiny had to be shaped by my actions and less reliant on others for healthy business practices. I decided that all I had learned working for large organizations would now allow me to serve my clients in a more focused matter. My focus was to become a principal in a business that as part of a team would streamline infrastructure cabling, premise security and audiovisual design/build to aid architects, owner representatives, MEP Engineers and clients. To create a workflow process that supports the actual environment being built and line up technologies in a way that would support the business functions. I wanted to be part of a company that could understand the functions, needs of IT, office operations and the business leaders. Be part of a unified technology firm that can support the clients the way they should be. Q:What are your lessons learned? A: What I have learned is that truly listening to the team needs is what is most important. It is important to use your learned experience to answer every question derived from a project but also to use that same experience to explore the questions no one has yet to ask. Q: What are you biggest challenges? A: Earlier in my career my desire to please took precedent. In retrospect, being straight forward in a difficult situation alleviates the stressors of the task at hand. I now strive to communicate in a constructive way
WebMD - New York, NY
Vineyard Vines - Stamford, CT but recognize that sometimes you just have to pull the Band-Aid off. Q: How do you feel about the MGE UTC affiliation with MGE? A: I am humbled and honored to be part of the MGE brand. The relationships, experience and talent of MGE supports MGE UTC with deep experience and design validation. It is extremely complimentary when both companies get the opportunity to work on the same project. In fact, our collective knowledge provides efficient communications for all project related matters. Q: What does your five-year plan look like?
A: In a nutshell - continue to cultivate the talent at MGE UTC. We have great people that have a deep love and respect for what they do. We are successful as a firm because we believe that what we do has an effect on the overall outcome. When everyone on the team cares and takes responsibility, you can do anything. There is no such thing as a perfect project. What makes a project successful is everyone’s participation which will lead to a happy client. Q: What industries are you focused on? A: Fortunately, with the makeup of our firm, we can service all sectors from buildings out of ground, corporate interiors, medical, not-for-profit, education, retail, law, government and even large venue arenas. There are basic principles to every project which make up the foundation. When we meet with any client, we do not have preconceived notions or categorize what they do and advise them by their business sector only. We listen to our clients; provide the relevant information to allow them to make informed choices. Q: How do you see technology changing for your clients? A: Technology will continue to be more organic and integrated in the daily functions. Our role is to provide the design to match the environments with daily process requirements and the way our clients interface with their clients. The ‘consumerization’ of technology has and will continue to be integrated to business. Q: Any changes to the company? A: Well first, we have re-branded ourselves to better define who we are as a company and better yet as a brand.
Further we are participating at deeper level on projects. Our role is more involved from a design standpoint, and we are now helping more clients from inception – during the selection of their next home. We work with developers, brokers, architects and owner representatives to help provide complete pictures on the technology experiences for their clients. Q: How do you see technology positioned in the industry? A: We see an industry that should support the evolution of self-help. Technology should be seamless, and less cumbersome. IT and operations already have their hands full. The ideal for any workplace would be a space that embraces and supports a more technology savvy workforce. The bridge and infrastructure should be in place for clients to cross this bridge then use the systems easily once they do. Q: How will you continue to live up to your excellent reputation? A: Repeat business is always a top priority. We must be selfless and simple. We must listen, follow-up and execute. Q: Any closing thoughts? A: I am proud of my partners; I am proud of the people that work for the MGE brand. I love our clients and the client teams that we work with and continue to work with us. We are in a great industry. Our contribution to projects build environments that could endure long past any of us. I am proud of that.
Anthony Posa is managing principal/CEO at MGE Unified Technologies Corp., New York, N.Y.
Design/Build
4C February 21 - March 6, 2017
New York Real Estate Journal
TORDOROVA OF THE FIRM DESIGNS 4,000 S/F LOVAGE ROOFTOP
Gene Kaufman Architect designs 200,000 s/f 612-room DoubleTree
8x8_24BW_Gamco_NYRE_1_2017_Layout 1 1/9/17 10:27 PM Page 1
MANHATTAN, NY The DoubleTree by Hilton New York – Times Square West, designed by Gene Kaufman Architect, has opened at 350 West 40th St., between 8th and 9th Aves. At 200,000 s/f and offering 612 rooms, the towering 35-story DoubleTree is the largest hotel Gene KaufmanArchitect has ever designed and the largest to open in New York City in many years. Its arrival follows the groundbreaking, in November, of another Times Sq.-area hotel designed by the firm, a 518-rºoom, 35-story Hyatt Place at 350 West 39th St. The new DoubleTree sports a façade. A red brick masonry street wall wraps around a courtyard that transitions to a setback tower. The tower’s slate blue windows and metal work take advantage of the uninterrupted western exposure to capture the illumination of the sunsets.
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DoubleTree by Hilton New York – Times Square West, 350 West 40th Street Manhattan, NY Said Gene Kaufman, founder and principal of Gene KaufmanArchitect: “We are tremendously proud of the
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DoubleTree. It is not only our biggest hotel project ever, but the final touch for a block that we have helped to transform from a backwater into a fully integrated part of the bustling Times Sq. area.” As the westernmost hotel on 40th St. the DoubleTree has upper-story guest rooms that offer views of the Manhattan skyline, as does the hotel’s 4,000 s/f Lovage Rooftop & Indoor Lounge. This glass-enclosed space has 17-ft. floor-to-ceiling windows 36 stories above Times Sq. Gene Kaufman Architect’s interiors group, led by Natalia Tordorova, designed Lovage, which has a custom laser-cut mercury mirror brick wall, chainmail columns, walnut herringbone-and-polished cement floors, and chairs in stroke-painted velvet upholstery and Christian Lacroix fabrics.
Gamco Corp. honored by Glass Magazine QUEENS, NY Gamco Corporation, a leading regional manufacturer of specialty fenestration products and architectural metals, has received notable industry recognition for the fourth year in a row. National trade periodical Glass Magazine has included Gamco in its 2016 list of Top Metal Companies of North America, published in its November 2016 edition. Inclusion in the list is determined by a company’s annual revenues. Along with Gamco, 40 other firms are ranked on this year’s list, including industry giants C.R. Laurence/U.S. Aluminum, YKK, Kawneer, and Wausau. Last year, Gamco continued to add notable projects to its portfolio of work in the New York metro area. In 2016, among many other projects Gamco supplied curtainwall, windows, and entranceways for the new Renaissance Tower medical office building in Queens; architectural metal fascia cladding and entranceways for a new luxury condo high-rise in Long Island City; and a custom stainless steel counter for a Manhattan bistro at Gotham West Market.
SWBR Architects elects Gears as president SWBR Architects’ board of directors has elected Thomas Gears, AIA, president of the firm. Gears is a licensed architect, LEED Green Associate, and has served as a principal and board memsince 1996. Thomas Gears ber He assumes the president and CEO role effective immediately. For full story visit nyrej.com
ROCHESTER, NY
Design/Build
nyrej.com
February 21 - March 6, 2017 5C
Ask the Experts Margaret Carey
Eli Loebenberg
Yardi Energy
Madison SPECS
George Crawford
Steven Schleider
Green Partners
Metropolitan Valuation Services
Design/Build
6C February 21 - March 6, 2017
New York Real Estate Journal
Ask the Experts
Every watt counts: Local Law 84 and 88 benchmarking in the Big Apple Margaret Carey Yardi Energy
On Dec. 28 , 2009, NYC mayor Michael Bloomberg signed Local Law 84 (LL84), mandating annual energy reports for any privately owned buildings over 50,000 s/f. In Oct. 2016, the city expanded LL84 and LL88 to include buildings 25,000 s/f and higher, though, this doesn’t officially go into effect until 2018. Enacted as part of the city’s Greener, Greater Buildings Plan (GGBP), LL84, and its sister statute LL88, emphasize management through information. With the oft-repeated declaration “you can’t manage what th
you can’t measure,” as their rallying cry, LL84 and LL88 are designed to empower property owners and their tenants to take control over their energy use. “Buildings account for 75% of all greenhouse gas emissions in NYC, yet many property owners and managers do not know they [can] be a part of the solution and save money by making their buildings more energy efficient,” said mayor Bloomberg in a statement after the first benchmarking reports were released in 2012. “This benchmarking report will help us understand where we can act most quickly to significantly reduce GHG emissions and achieve our PlaNYC goals.” Lights, Meters, Action Often considered the low-hanging fruit of energy efficiency implemen-
tation, improving a building’s lighting system can dramatically reduce energy consumption. In NYC, roughly 18% of energy use in non-residential buildings can be attributed to lighting. Local Law 88 (LL88) was designed to address the need to encourage lighting upgrades for improved energy efficiency and reduced consumption. Because tenants typically represent approximately 70% of a building’s electricity use, LL88 essentially gives tenants the power [no pun intended] to change their energy use behavior. Under LL88, landlords of commercial buildings over 50,000 s/f are required to submeter their tenant’s demised premises.Additionally, large non-residential buildings are required to use lighting installations compliant with NYC Energy Conservation
Code standards. To meet submetering requirements, building owners must install one or more submeters for each non-residential tenant space of 10,000 gross s/f or more and provide monthly statements to each tenant. Measurements for Management It’s often said that data is power, and with benchmarking, that’s both literally and figuratively true. Collection and analysis of energy use provides much-needed insight into not only how energy is being used, but how resources like time and money are allocated to meet demand and manage waste. Knowing where you stand changes one’s energy strategy from reactive to proactive. LL84 established a four-step process for building benchmarking for energy consumption. First, property
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owners must check the city’s Covered Building List to see if they are compliant with LL84’s compliance parameters. If so, building owners must then collect complete building data from their utilities. The final step involves using U.S. Environmental Protection Agency’s (EPA) online tool, Energy Star portfolio manager to submit building consumption data to the city. Along with LL87, which establishes a baseline of where a building currently stands from an energy use perspective, these statutes go hand-in-hand with NYC’s efforts to push efficiency. LL84 was designed to help building owners not just measure energy use, but to develop actionable energy efficiency strategies based on that data. Greener, Greater Buildings The LL84 benchmarking reports reveal energy usage patterns for individual buildings and allow comparison to the metrics of other properties. The report drills down into specifics, including the type, use, and location of each building. While a whole host of factors can affect energy consumption, developing average energy per square foot benchmarks allow building owners to identify opportunities for increased energy efficiency and to highlight areas where more progress is needed. One-Stop Solution As yet another May deadline looms, NYC property owners can benefit from ready-to-implement technology resources available through software designed to work with the EPA’s Energy Star portfolio manager. When choosing a provider, it’s important to prioritize automation and accuracy. For best results, energy management software should provide building owners with seamless data collection and portfolio management, including account set up, ESS calculations, and the option of integrating with Energy Star certified meters. Energy is one of the largest controllable operating costs for property owners. Buildings spend over $400 billion a year on energy, and about 40% of all energy use in the U.S. is consumed by buildings. Most experts estimate energy demand could be reduced by up to 40% through basic energy efficiency protocols and improved energy management. Benchmarking plays an integral role in identifying energy waste and compelling increased energy efficiency. In fact, according the US EPA, benchmarked buildings reduce energy use by 2.4% per year. Benchmarking building use and pitting the final numbers against Energy Star standards casts a spotlight on what’s working, and what needs a little more TLC. With the stakes so high, every watt counts.
Margaret Carey is a regional director at Yardi Energy, Valhalla, N.Y.
nyrej.com
Design/Build
Roofing • Windows • Doors • Insulation Waterproofing • Solar • Sustainable • LEED Ceilings • Drywall • Hand & Power Tools
For the location nearest you call 1-800-4-ALLIED or visit us on the web at www.alliedbuilding.com
February 21 - March 6, 2017 7C
Design/Build
8C February 21 - March 6, 2017
New York Real Estate Journal
Ask the Experts
Guidelines to property improvements provide tax deferral strategies Eli Loebenberg Madison SPECS
A key component of any commercial lease agreement is the tenant improvements and allowances which are provided by the landlord. The landlord usually provides customized alterations to a rental space in order to configure the space for the needs of that particular tenant. The costs of building out or retrofitting a space for a tenant are considered property improvements which may be eligible for shorter life treatment. The costs incurred while constructing, acquiring or remodeling real estate assets can
be offset with a valuable tax deferral strategy- the cost segregation study. A cost segregation study is a specialized tax and engineering analysis that allows owners to reclassify their real property expenditures, thereby accelerating their depreciation deductions. It is also possible for landlords to recover missed depreciation deductions from prior years. This reduction in tax liability can produce an increased cash flow. How to Classify Expenditures? The tax code determines how to break down the costs related to repairs or capital improvements. The IRS regulations require businesses to segregate their real property building costs into eight defined building systems. When the taxpayer is determin-
ing whether eligible improvements were made, the building structure and each building system can be
building systems: • HVAC systems, including motors, compressors, boilers, furnace,
The tax code determines how to break down the costs related to repairs or capital improvements. The IRS regulations require businesses to segregate their real property building costs into eight defined building systems. analyzed as separate structural assets. Expenditures relating to each building system are evaluated both as repairs or improvements with respect to that particular system as well as with respect to the entire building as a whole. The building is evaluated and broken out into units of property (UOP) according to eight enumerated
chillers, pipes, ducts and radiators. • Plumbing systems, including pipes, drains, valves, sinks, bathtubs, toilets, water and sanitary sewer collection equipment and site utility equipment. • Electrical Systems, including wiring, outlets, junction boxes, lighting fixtures and associated connectors.
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MORE TAX DEFERRALS OUT OF YOUR PROPERTY IMPROVEMENTS Accelerate Depreciation and Improve Cash Flow The costs of building out or retrofitting a tenant's space may be considered property improvements eligible for shorter depreciable life treatment. A Cost Segregation Study can accelerate tax depreciation deductions and improve your cash flow. Madison SPECS’ team of in-house, qualified accounting, engineering and tax experts can help you to obtain the greatest tax benefits from your real estate holdings. Contact Madison SPECS to find out how a Cost Segregation study can benefit you.
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• Escalators. • Elevators. • Fire protections systems, including sensing devices, computer controls, sprinkler heads, sprinkler mains, associated piping or plumbing, pumps, visual and audible alarms, alarm control panels, heat and smoke detection devices, fire escapes, fire doors, emergency exit lighting and signage, and firefighting equipment. • Security systems, window and door locks, security cameras, recorders, monitors, motion detectors, security lighting, alarm systems, and entry and access systems. • Gas distribution systems. Betterment, Restoration and Adaptation Recent IRS Regulations expand the definition of capitalization of structural property costs. The amount paid can be considered an improvement if it is made to either the building structure or one of the building systems. An improvement to a unit of property is amounts paid which result in the betterment of the property, restoration of the property, or adaption of the property to a new or different use. Betterment of a unit of property is amending a material condition or defect that existed prior to the acquisition, expanding or extending the unit of property, or increasing the productivity and strength of the unit of property. For example, the owner of a retail building adds a stairway and loft to increase its selling space. The costs to build the stairway and loft are considered an improvement because they increase the capacity of the building structure. Restoration of a unit of property is restoring it from a deteriorated state, rebuilding it to a like-new condition after the end of its class life or replacing a major component. For example, the owner of a farm has several out-buildings which were not used on a regular basis and fell into a state of disrepair. The owner restores the out-buildings by shoring the walls and replacing siding, making it fully functional. Adaptation of a unit of property is altering it to a new and different use which differs from the original use at the time the taxpayer originally placed it in service. For example, the owner of a manufacturing building modifies the building structure and systems to convert it into a showroom. This framework for capitalization requires a detailed analysis of a taxpayer’s facts and circumstances. A thorough cost segregation study can help landlords take full advantage of these tax savings.
Eli Loebenberg, CPA, is the CEO of Madison SPECS, Lakewood, N.J.
Design/Build
nyrej.com
February 21 - March 6, 2017 9C
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Design/Build
10C February 21 - March 6, 2017
New York Real Estate Journal
Ask the Experts
Local Law 88 compliance: January 1, 2025 deadline – Do it now or wait out the clock? George Crawford Green Partners
With multifamily buildings in New York City now required by Local Law 88 (LL 88) to upgrade common area lighting, owners and managers of multifamily properties will need to develop a strategy for compliance. Because the deadline is some years away – January 1, 2025 – the threshold question is: Do it now or wait out the clock ? LL 88 compliance will involve a complete LED retrofit of all of the existing lighting located in the “common areas” of multifamily buildings, including hallways, fire stairs, lob-
by areas, storerooms, boiler/mechanical rooms, laundries, etc. Residential units are not required to comply with LL 88 provisions. Because there are benefits for buildings that opt for early compliance – the “do it now” approach, the focus of this article is to look at both options – compliance now or later and some of the pros and cons of each. In terms of “later,” because there will be the inevitable last minute compliance crush, the “later” compliance approach should be “wait and see” – but not for too long. Also in the mix are a number of multifamily buildings that are already in compliance with LL 88, because of earlier voluntary LED retrofit upgrades to their common area lighting. “Voluntary” meaning before there were any regularity requirements to retrofit
to LED. A quick look at some of the motivations behind these “voluntary” LED retro-fits may be helpful in terms of just when to push the “go” button. Two of the motivations or driving factors behind the early or “voluntary” LED retrofits include expense reduction (combined with the currently available rebates) and improved building operations. There is also a third factor – addressing deficiencies in lighting and egress code compliance. In terms of expense reduction, LED lighting products consume only a fraction of the energy as compared to traditional lighting products. Replacing traditional incandescent and fluorescent lighting with LED will result in significant energy savings an 80% reduction for incandescents and a 50% reduction for fluorescents,
including CFLs. On average, a multifamily building LED retrofit will pay for itself in about two years with the reduction in electric charges. Retrofits that qualify for rebates will usually have faster paybacks - in the one to two-year range. Improved building operations are harder to quantify, but are an important consideration for many buildings. It is little appreciated, except for those performing the task, how much staff time is involved in lamp replacements. With the 2,000 hour life of traditional incandescents and the 10,000 hour life of fluorescents, the average sized multifamily building with 350 lamps (including fire stair lighting) will have approximately fifteen lamp changes per week - in addition to the time (and
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expense) of purchasing and storing the replacement lamps. With the long life of LED lighting products - five to ten years on average – lamp changes will be left in the rear view mirror. With regard to lighting and egress code issues, many building with older installations have code issues with battery back-up lighting or egress lighting levels. Combining the needed upgrades to meet code requirements with a LED retrofit offers the advantage of having the savings from the LED retrofit cover the additional costs related to the code compliance upgrades. In terms of the “wait until later” approach, a LED retrofit is not inexpensive. The combination of the cost of LED lighting products as well as the cost of installation can be substantial in terms of up-front costs – before the savings kick in. The wait until later approach may be the key solution to resolving budget priorities. Another consideration in the wait and see column is the current level of LED technology. Will future LED products be substantially better or have a longer life than those available today? Certainly todays LED products are equal to or better than traditional lighting products, but in five years how much further will LED be advanced? As one can see there are a lot of moving parts in connection with making the LL 88 compliance decision. Our recommendation is to start with the facts and hard numbers that relate to your building and your future retrofit, so that decisions are made with reliable input. To get hard numbers, you will want to model your retrofit. Start with your existing lighting configuration, including current annual electric charges, maintenance costs and lamp replacement costs. You will also want to survey the building common areas for lighting related code compliance issues. This is the “before” benchmark that you can use to measure the cost effectiveness and payback of proposed LED retrofit options. For the “after” you will need the same information with regard to your proposed retrofit to make meaningful comparisons. In terms of modeling, consider working with a knowledgeable Con Ed partner, who will not only be able to source Con Ed funding, but will be familiar with the latest LED product specifications. Additionally, it is important that your Con Ed Partner have access to Con Ed computer software to accurately model the “before” and “after” scenarios of your project. Accurate “before” and “after” modeling will give you the reliable payback calculations that you will need to make informed decisions.
George Crawford is the principal of Green Partners, New York, N.Y.
Design/Build
nyrej.com
February 21 - March 6, 2017 11C
Ask the Experts
Solar in the city – New York City skyscrapers and high rises rock and rule the world Steven Schleider Metropolitan Valuation Services
It’s the future. With the largest number of high-rise buildings – over 6,000 - and with the most skyscrapers (243), New York City has become the largest solar energy producer in the world. There are solar panels on roofs and the sides of buildings as well as in glass, in sheets over regular glass, in electricity-producing coatings over glass. New buildings incorporate solar storage into architectural plans. Older ones have done so through a retrofit. All buildings are storing energy for rainy, cloud-filled days. Government storage has generated enough energy to allow the city to function off the grid. Carbon emissions have been greatly reduced and a net zero carbon foot print has been met. Yes, it’s the future. And yes, it’s New York City’s future. But rather than some sort of Buck Rogers’s scenario, this is the foreseeable future of the world’s greatest city. The impact on expense profiles and operating incomes could be huge - and the impact on property values significant. High-rises are notorious energy hogs. According to the U.S. Energy Information Administration, about 40% of total U.S. energy is consumed in residential and commercial buildings. All that height and density produces an Urban Heat Island Effect which makes hot temperatures higher and generates greater need for A/C power. Enter what could be called the perfect storm. A state and city government committed to lowering gas emissions, decreasing the carbon footprint, becoming sustainable and being able to operate outside the grid and providing many incentives for businesses to do so. In New York where mammoth wind turbines in Central Park are not an option, the best and cleanest solution is solar. Just last month, new long-term goals were created for energy storage and solar capacity. The city plans to build 11-MWh of storage capacity by 2020 and 1,000 MW of solar capacity by 2030. Add world climate change to the above, and we also have a new sense of urgency for sustainability. Mid-year, NASA stated that 2016 has been the hottest year and July 2016 the hottest month ever recorded on earth since modern climate reports began in 1880. In an article by Chelsea Harvey in The Washington Post earlier this year, “With an increasing global migration into the world’s urban areas, which are expected to support at least two-
thirds of the total human population by 2050, experts have argued that cities have no choice but to transition toward low-carbon systems if they’re going to remain sustainable.” Thus, we have incentive and urgency. The final piece of the equation is viability and not only that of installing a solar photovoltaic (PV) system. Rooftop solar PV panels do greatly reduce electricity consumption from the grid and carbon emissions. But even with prices going down, they can be expensive to install and highrise and skyscraper rooftops may not be able to accommodate enough panels to reap the desired return on investment. Solar PV panels will remain a primary source of solar energy but it is swiftly-moving solar technologies
that are working to provide an easier, more cost-efficient solution. SolarWindow Technologies, Inc. announced last month that it has begun work on transparent electricity-generating veneers that can be applied onto existing windows. The coatings would have a layer which would absorb light and convert it to energy; and another layer from which the energy could be extracted. If the company succeeds in developing the process, they claim it will generate 50 times the energy of a PV panel and have a ROI of only one year. Whether it will become reality should be known within the next few years. But there are other options including solar glass. To date, one of the problems with solar glass has been a
lack of clarity and transparency. But scientists at Michigan State University have developed a fully transparent solar concentrator that can turn any ordinary window or piece of glass (such as your Smartphone screen) into the equivalent of a PV panel. Research is also being undertaken by technology companies as well as academia scientists on how to create silicon-based solar cells that can be cost effectively produced on a large, commercial scale. Currently, silicon needs to be much thicker than solar cells, making it too costly for widespread use. Research includes using more unrefined or “dirty” silicon and/ or combining it with other substances to produce a cost-feasible product. Silicon also plays a role in the development of innovative storage.
According to ScienceDaily, “A novel system has been created that allows the storage of energy in molten silicon which is the most abundant element in Earth’s crust.” Compelling incentives. Urgency in the form of climate change. Technology seeking new ways to harness solar power more easily and less expensively. Before we know it, solar in the city will be commonplace; an extraordinary advancement in clean energy. The impact on expense profiles and operating incomes could be huge - and the impact on property values significant.
Steven Schleider, MAI, LEED-AP BD + C is the president of Metropolitan Valuation Services, New York, N.Y.
University at Buffalo Jacobs School of Medicine & Biomedical Sciences
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February 21 - March 6, 2017 13C
Construction Management
General Contracting
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[email protected] | 845.735.4054 New York, NY | Newark, NJ | Pearl River, NY | Boston, MA | Philadelphia, PA | Houston, TX
Design/Build
14C February 21 - March 6, 2017
New York Real Estate Journal
Professional Profile Corina Folts
Certified Interior Designer SWBR Architects
Name: Corina Folts Title: Certified Interior Designer Company: SWBR Architects Location: 387 East Main St., Rochester, NY 14604 Birthplace: Corpus Christi, TX Education: Bachelor of Science, Interior Design First job in real estate or allied field: Design and administrative assistant at Ohlson Lavoie Collaborative in Orlando, FL What do you do now and what are you planning for the future? Interior design at SWBR Architects. Responsible for finish and furniture material selections, involved in each phase of design, conducting product research, creating estimates, and presenting recommendations for the interior design. How do you unwind from a busy day in real estate? I chase my two-year-old around the house. It is most relaxing when she decides to play stickers, color or read books! Favorite book or author: I am currently reading “Parenting your Powerful Child.” Favorite movie: I love a good action movie. Last song you downloaded? “150 Fun Songs for Kids” This is great in the car. One word to describe your work environment: Imaginative Rules to live by in business: Communication is key, and Its all in the details. If you could invite one person to dinner (living or dead) who would it be and where would you go? My grandfather, would love to discuss business plans and design with him, he was an architect. What is your dream job? Currently doing what I love. The dream would be to have more control of client and contractor schedules.
John McGovern
Account Executive Holt Construction Corp. Name: John McGovern Title: Account Executive Company: Holt Construction Corp. Location: New York, NY Birthplace: Brooklyn, NY Education: Ocean County College, NYU First job outside of Construction: District facilties manager for rental car company First job in real estate or allied field: Procurement of new retail offices spaces What do you do now and what are you planning for the future? As account executive at Holt Construction, I’m currently managing existing client’s expectations and continue to do more successful projects; not just one. A client is for life. I’m also working on bringing new companies to Holt to contribute to our growth and success. How do you unwind from a busy day in Construction? Enjoy spending time with friends and family Favorite movie: Braveheart Last song you purchased/downloaded? “Knee Deep” by Zac Brown Rules to live by in business: Be passionate about what you do, its people that that make a business successful. If you could invite one person to dinner (living or dead, but not related to you) who would it be and where would you go? Frank Sinatra at Patsy’s Restaurant What is your dream job? Always had a passion for wine; own and run a vineyard
Brandon Massey Associate FXFOWLE
Name: Brandon Massey Title: Associate Company: FXFOWLE Location: New York, NY Birthplace: Atlanta, GA Education: B.Arch & BFA Rhode Island School of Design First job outside of real estate: Lifeguard at a hotel pool First job in real estate or allied field: Framing houses in Florida What do you do now and what are you planning for the future? Currently, I am job captain on the new Statue of Liberty Museum on Liberty Island. The groundbreaking was held last fall, so I am looking forward to watching the building’s construction. How do you unwind from a busy day in real estate? Either a trip to the gym or the pool. Favorite book or author: “Invisible Cities” by Italo Calvino Favorite movie: “The Graduate” and “The Birdcage” Last song you purchased/downloaded? “Run the Jewels 2” (whole album) One word to describe your work environment: Synergistic Rules to live by in business: Support those around you and they’ll support you. If you could invite one person to dinner (living or dead) who would it be and where would you go? Sushi with Abe Lincoln. What is your dream job? Film director
Adam Paul
Consultant Shen Milsom Wilke Name: Adam Paul Title: Consultant Company: Shen Milsom Wilke Location: New York City Birthplace: Falmouth, MA Education: B.S.E. Acoustical Engineering & Music, University of Hartford, CT First job outside of real estate: Dishwasher at the Landfall Restaurant in Woods Hole What do you do now and what are you planning for the future? I’m an acoustical consultant, reviewing drawings and documents at various stages of the design and construction process for a wide range of buildings and providing noise and vibration control recommendations. I hope to continue to grow and build connections in the NYC construction industry. How do you unwind from a busy day? I like to meet up with friends at a beer bar or local brewery. Favorite book or author: “East of Eden” by John Steinbeck Favorite movie: Changes often, but I loved “Hidden Figures” Last song you purchased/downloaded? “The Colour in Anything” by James Blake One word to describe your work environment: Tidy Rules to live by in business: Be a giver. Be generous with your time, attention, resources, and connections, and you’ll have a fulfilling and happy career. It’s not about equal give and take; focus on how you can help others and you’ll build strong relationships along the way. What is your dream job? I am fascinated by organizational psychology and hope someday to be able to utilize my skillset to further the focus on workplace environment as critical factor in team building, employee retention, and individual productivity.
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Design/Build News Brief HANEY HIRED AS SENIOR DESIGNER
SUNSET PARK DISTRIC PLAN LED BY NYCEDC
TPG Archt. promotes WXY contracted to design $136 Jacobson to design dir. million The Made in NY Campus NEW YORK, NY TPG Architecture, one
of the largest architectural firms in New York City and a leader in both
Carly Jacobson
Jennifer Haney
workplace and retail design, has promoted and hired two senior level employees: Carly Jacobson was promoted from senior associate, designer to design director, and Jennifer Haney was hired as a senior designer. Jacobson joined TPG in 2008 after graduating from the University of Florida with a Bachelor of Design. She started as a junior designer and rose through the ranks to associate, designer; senior associate, designer; and now design director. Her career began with a focus on workplace planning and as she moved into lead design roles she forged invaluable relationships with her clients, subsequently leading to repeat business
for the firm. Throughout her tenure, Jacobson has cultivated an expertise in workplace design for technology, advertising, media, and information (TAMI) clients including notable work for The Interpublic Group of Companies, Inc. in several U.S. cities. Her boldness and sophistication as a designer have resulted in some of TPG’s most celebrated projects including: Spotify New York, MullenLowe Winston-Salem, and Stuart Weitzman. In her new position, Jacobson will lead project teams and provide guidance and mentorship to junior designers. Haney has been hired as a senior designer, bringing over 10 years of experience in interior design and architecture to the TPG team. In her new role, Haney will lead hospitality and creative corporate interiors projects and provide mentorship to her team members. She has created spaces for a variety of clients including: Google, Twitter, NBC, JetBlue, Salesforce, and JLL. Haney joins TPG from IA Interior Architects. She received her Bachelor of Science, InteriorArchitecture, from the University of Florida.
Kemper System America to showcase new acquired range of liquid-applied solutions at RCI 2017 ANAHEIM, CA At RCI 2017, March 1718, Kemper SystemAmerica, Inc. will showcase its newly acquired range of liquid-applied solutions for protecting the full building envelope and demonstrate new products at booth #321. Kemper System, now in its 60th year, offers a single source of high-value solutions for the building envelope, from top to bottom, inside and out, including four lines added through the acquisition of STS Coatings, Inc. in December: 1) Wall Guardian air barrier coatings for use in cavity-wall constructions that offer three benefits in one – air barrier, water barrier, and vapor retarder, 2) Roof Guardian Technologies elastomer-based coatings for roof recovery and other projects, 3) GreatSeal construction sealants for windows, doors, masonry, roof flashings, etc. that are 100% solids and formulated for performance even in damp, dry or cold conditions down to 40oF, 4) HeatBloc ultra-radiant barrier coating for residential attic spaces that can block over 80% of radiant heat to reduce indoor cooling requirements. Covering the Building Envelope “We have broadened our portfolio across the building envelope to equip roofing, waterproofing, and restoration contractors with proven solutions that can create value for their customers,” said Richard Doornink, president and managing director, Kemper System. “When contractors can extend the
life of existing roofs or help reduce building energy requirements, customers remember,”said Doornink. The company’s range encompasses a variety of liquid-applied systems including new elastomeric roof coatings for modified bitumen and metal roof recovery projects, as well as odor-free and new rapid-curing reinforced membrane systems – all available with ratings that exceeds LEED solar reflective requirements for cool roofs. Turn Modified Bit and Metal Roofs “White” Roofing contractors can transform existing modified bitumen roofs or metal roofs into white reflective “Cool Roofs” with two new roof recovery options from Kemper System: Roof Guardian RG-170 (SRI 109) is a classA fire-rated elastomer-based coating system for prolonging the life of modified bitumen assemblies, and Roof Guardian RG-180 system (SRI 108), ideal for recovering metal roof assemblies. The Roof Guardian line of liquid-applied elastomer-based roof coatings also spans solutions for smooth-surfaced built-up roofing (BUR), polymer-modified asphalt (PMA), and single-ply roof systems. Also at RCI, Kemper System will feature two new fully reinforced membrane systems for Cool Roofs: Kemperol AC Speed FR system (SRI 108) is a fast-curing Polymethyl Methacrylate (PMMA), and Kemperol Reflect 2K FR (SRI 110) is an odor-free, low-VOC system.
BROOKLYN, NY The $136 million trans-
formation of the borough’s industrial waterfront will create The Made in NY Campus, a project conceived and designed by WXY architecture + urban design. The investment creates a major hub for film, fashion and virtual reality (VR) tech companies through a new urban design plus renovations of two Bush Terminal structures in the Sunset Park district — totaling 200,000 s/f of garment manufacturing space — and a new, 100,000 s/f facility for film and television production. WXY architecture + urban design, a leading U.S. firm in new, job-creating urban projects, is planning the site for maximum impact. New pedestrian-friendly plazas and streets as well as high-tech spaces, campus improvements and community amenities will help attract and expand businesses here. Sunset Park is a residential community and industrial hub on the waterfront. The Sunset Park District Plan, led by the New York City Economic Development Corpora-
Post-Marner joins Spacesmith as principal archt./workplace expert MANHATTAN, NY According to Space-
smith, the firm has a new principal architect and workplace expert joining the firm – Elisabeth PostMarner, AIA, LEED AP. Adding to the accomplishments of Spacesmith in corporate headElisabeth quarters, office Post-Marner and workplace design, Post-Marner is a registered architect with 30 years of experience. Her portfolio includes innovative works in the corporate sector, including award-winning office interiors and a track record of showing how workplace environments best reflect their clients’ work processes and brands. “We’re very glad to have Elisabeth Post-Marner joining our team,” said Jane Smith, FAIA, founder of Spacesmith. “Elisabeth has shown even the largest companies how to optimally leverage their real estate to ensure employee satisfaction while also preparing for the major workplace shifts that impact their future operations.” Post-Marner’s award-winning work includes honors from theAmerican Institute of Architecture and the U.S. Green Building Council, which cited her headquarters work for GE Energy & Financial Services as the year’s “most intriguing commercial interior.”
tion (NYCEDC), is a comprehensive planning and investment strategy that aims to renovate aging infrastructure and increase job-intensive industrial uses. Bush Terminal and Brooklyn Army Terminal, two active industrial centers home to hundreds of businesses, are keys to the plan. The Made In New York campus adds a third business campus. WXY architecture + urban design was contracted by NYCEDC to
undertake planning, design, and renovations for the terminals and the new campus, with the goal of modernizing the facilities for industrial and innovation companies who bring quality jobs to Sunset Park. The expansion of Bush Terminal follows mayor Bill de Blasio’s $115 million investment in Brooklyn Army Terminal, which will bring 500,000 s/f of new industrial space on line in September.
Sumaida + Khurana tops out designer Ando’s first NYC residential building MANHATTAN, NY Sumaida + Khurana has topped out 152 Elizabeth, Pritzker Prize winner Tadao Ando’s first residential building in NewYork City. “This is a major milestone for 152 Elizabeth,” said Amit Khurana, founding partner of Sumaida + Khurana. “The project represents a commitment to creating unique architectural value and setting a new benchmark for quality in residential development.” Located in Nolita, the building is the product of a design collaboration between Ando and FAIA award-winning architect and designer Michael Gabellini, of Gabellini Sheppard Associates. 152 Elizabeth will feature Ando’s hallmarks: poured-in-place concrete, burnished metal, voluminous glass and a living green wall. City views throughout the residences create a sense of place while embracing the urban landscape of Nolita. 152 Elizabeth St. was conceived to be an inner sanctuary in downtown Manhattan. The acoustical enhancement has been a key consideration, and 152 Elizabeth’s façade system and exterior glass enable an exceptionally high OITC rating to ensure a tranquil home environment in the center of this vibrant neighborhood. While Ando focused on balancing the fundamental elements of water, metal, glass, greenery and concrete, architect of record Michael Gabellini complements Ando’s vision through his design of the interior and exterior spaces. Gabellini enhances the sense
152 Elizabeth - Manhattan, NY of openness in each home, emphasizing the fluidity of spaces between the indoors and the outdoors, while still allowing for moments of privacy and separation. “In designing 152 Elizabeth we wanted to create a building reflective of TadaoAndo’s innate sensibility that speaks to the vibrancy of New York City,” said Gabellini. “Each residence was designed with attentive detailing of a private home.” Wide plank Danish oak flooring from Dinesen is a centerpiece of the residences, and floor-to-ceiling windows allow for an abundance of natural light to frame each space. Kitchens are outfitted with custom cabinetry, Gaggenau appliances, a custom sliding countertop island by Milan-based Minimal, and honed Fango marble countertops. Master bathrooms are clad in honed Bianco Sivec marble and equipped with a radiant floor heating system. Floorto-ceiling windows bathe the room in natural light. For full story visit nyrej.com
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Commercial Real Estate Exemptions and Abatements for New Construction Exemptions As-Of-Right RPIE Filing Disputes Preparation of Opinion Letters Reclassification of Real Property Eminent Domain Condemnation
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TABLE OF CONTENTS Featured Companies Security ...................................Inside Cover Construction ..............................................1 Tax Certiorari ............................................2 Architect....................................................3 Accounting ................................................5 Commercial Real Estate Insurance ...........6 1031 Exchange .........................................7 Environmental Consulting ........................8 Property Management ...............................9 Office Furniture.......................................10 Safety & Security ....................................11 Roof Raising ...........................................12 Concrete Washout Removal ....................14 Listing Service ........................................25 Commercial Real Estate Lender ... Back Page
Directory 1031 Exchange ........................................13 Accountants.............................................15 Appraisers ...............................................15 Architects ................................................16 Attorneys .................................................17 Commercial Real Estate Brokers ............18 Commercial Real Estate Lenders ........... 19 Energy Consultants ................................. 20 Engineering Consultants .......................... 21 General Contractors ............................... 22 Public Relations/Marketing.....................23 Advertiser Index......................................24 Save Time…View Online Full Color Digital Edition at nyrej.com
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Are You Getting g the Personal Touch? Shanholt Glassman Klein Kramer & Co. is a premier CPA firm serving the real estate community, melding together the talents and substantial industry experience common to large firms with the culture, insight and personal touch of a local firm. At Shanholt Glassman Klein Kramer & Co., we work harder to develop a greater understanding of your needs and concerns, applying our real estate expertise and taking a more proactive approach to enhancing your financial situation.
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Commercial Real Estate Insurance The vibrant real estate market in New York and many other parts of the country means that real estate professionals are managing robust market activity with all of the accompanying rewards, and risks, that come with it. While there are numerous “wins” in the market for the public and professionals alike, those of us on the insurance risk and claim side are sleeping with one eye open. Past experience shows that active and changing market conditions increase chances of professional liability claims from unhappy consumers. Many claims remain the type seen under any economic conditions – disclosure/property condition, breach of contract allegations, escrow disputes and Fair Housing are always amongst the most common types of allegations. Conditions that arise from a specific set of circumstances, for example the foreclosure phenomenon of a few years ago, can lead to changes in the way an agent may practice. Subsequently, the E&O insurance carriers saw an atypical jump in claims relating to improper evictions, inappropriate legal, tax or financial advice and valuation disputes. Characteristics of today’s market include low interest rates, increases in investment sales, more ownership interest from millennials, decreasing numbers of cash sales and rising prices accompanied by affordability issues for many would-be buyers. To add to the mix, we have Brexit and Federal Reserve concerns about rapid escalation of commercial property values (as reported June, 2016) combined with increased vacancy rates. Agents, property managers and other professionals may need to gain a better understanding of these trends in order to best serve their clients and avoid any mishap. Considerable information continues to be available regarding recent additional trouble spots including cybercrime, social engineering and drone usage, for example. Valuation has and remains a trouble spot, and increasing property values driven by increasing demand means that one particular subject – Escalation Clauses in sales agreements – deserves more attention. High demand properties may result in a bidding war that needs to be managed by both the buyer’s and seller’s agents. To more effectively do this and reduce the risk involved in using Escalation Clauses, agents can take certain steps to produce a successful transaction. They include: Differences in interpretation of the contract language needs to be resolved prior to any offer, and certainly before any signing of contracts. As with all things in real estate sales, preparedness, written disclosure, documentation and cautious adherence to sound procedures will aid in a successful and profitable experience for all involved, and reduce the possibility of a call to the insurance carrier. Herbert H. Landy Insurance Agency, John Torvi, Needham, Mass., 800-336-5433, www.landy.com
A+ RATED CARRIER 67 YEARS EXPERIENCE
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Environmental Consulting Merritt Environmental Consulting Corp. (MECC) is located in Hauppauge, New York and provides environmental consulting to the real estate industry. The team at MECC has been assisting lenders, lawyers and real estate investors for over two decades. Our firm incorporates the latest technologies along with vast experience to determine if environmental impacts may exist during the “due diligence” phase of a real estate transaction. MECC offers the following expertise: • Phase I Environmental Reports • Phase II Investigations • Transaction Screen Assessments • Vapor Intrusion/Encroachment Studies Our approach to environmental consulting is simple. “Be responsive to our client’s needs.” Whether a lender is financing a deal or an investor is buying a property, we mobilize quickly to conduct a site inspection of the property. From there, we review database reports, historical maps and other resources available to determine if any Recognized Environmental Conditions (REC’s) exist. We discuss the findings with our client and together decide on the proper course of action. If additional investigation or testing is required, MECC can provide that service. We understand the importance of a quick turnaround time and the desire to see transactions finalized. Merritt Environmental Consulting Corp., Chuck Merritt, Hauppauge, NY, 631-617-6200 www.merrittec.com
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LANGSAM PROPERTY ® SERVICES CORP., AMO A FULL SERVICE REAL ESTATE ORGANIZATION
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Office Furniture About AFR Furniture Rental: Headquartered in Pennsauken, New Jersey, AFR Furniture Rental is the nation’s second largest furniture rental company. Established in 1975, award-winning AFR Furniture Rental provides the perfect solution for every type of furniture rental situation including residential, home staging, commercial, special event and trade show. Our outstanding service and high quality furnishings are promptly available for those in need of utilizing rental furniture for virtually any temporary situation. With seventeen strategic locations across the United States, AFR offers customers a different rental experience through stylish and quality products and a commitment to excellence in service. See our full inventory of furnishings and find out more about AFR at www.rentfurniture.com. About Ron Lanzo: Ron has more than thirty years of industry experience within the office furniture industry. Ron has been with AFR Furniture Rental as the Commercial Account Executive for the New York Metro Region for more than six years. He has led the efforts to help establish a loyal following for rental customer across several vertical market segments including the contract furniture dealers, modular office trailer suppliers, the Federal Government including agencies such as GSA, The General Service Administration and the IRS, Internal Revenue Service. Ron’s also completed major rental projects for corporations such as NOVARTIS, BASF and Morpho Trust, a SAFRAN Company. His major project rentals have included higher education as well for schools like The New Jersey City University and John Jay College of Criminal Justice. Ron earned his MBA from the University of Bridgeport and has been active in sales training throughout his career and has been committed to lifelong learning. He is active with the New York Chapter of IFMA, The International Facilities Management Organization where he sits on the board of directors and is chairman of the Networking Committee. Ron also serves as the secretary of WANY or Workspace Association of New York, a group of owner operators of executive offices suites in the New York City and the tri state area. AFR Furniture Rental, Ron Lanzo, New York, 888-237-7368, www.rentfurniture.com
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Roof Roof Raising Raising Space Space Technology Technology Inc. Inc. (STI) (STI) lifts lifts the the existing existing roof roof of of an an industrial industrial building, building, intact, intact, to to two two or or three times its original height. By elevating the roof at the rate of one foot every hour, STI three times its original height. By elevating the roof at the rate of one foot every hour, STI can can double or triple the capacity of a warehouse quickly and inexpensively. double or triple the capacity of a warehouse quickly and inexpensively. Imagine Imagine the the value value and and marketability marketability gained gained by by transforming transforming an an old, old, obsolete-height obsolete-height structure structure into into aa modern, high-cube facility, virtually overnight. modern, high-cube facility, virtually overnight. The The entire entire roof roof (or (or just just aa section) section) is is lifted lifted as as aa single single unit. unit. Lighting, Lighting, heating, heating, sprinkler sprinkler systems, systems, and roof-mounted equipment remain attached to the roof, and rise undisturbed. The actual and roof-mounted equipment remain attached to the roof, and rise undisturbed. The actual roof roof lifting process can be completed in as little as a single day. Jeffrey Allen lifting process can be completed in as little as a single day. Roof Roof lifting lifting yields yields increased increased size, size, efficiency efficiency and and building building value value without without demolition demolition costs, costs, without without increasing increasing taxes taxes based on square footage, and without increasing the facility’s parking space requirements. STI provides the real based on square footage, and without increasing the facility’s parking space requirements. STI provides the real estate industry industry and and building building owners owners with with this this unique unique technology technology and and service: service: the the patented patented E-Z E-Z Riser® Riser® process. process. estate This This unique unique procedure procedure has has been been providing providing ceiling ceiling height height increases, increases, safely, safely, successfully, successfully, and and economically economically since since 1972. It is important to note that this procedure inherently maintains complete structural stability 1972. It is important to note that this procedure inherently maintains complete structural stability at at all all times, times, avoidavoiding the need for temporary shoring and resulting floor-anchor damage. Permanent full-height steel column sleeves ing the need for temporary shoring and resulting floor-anchor damage. Permanent full-height steel column sleeves are are utilized, utilized, which which lift lift the the roof roof while while continuously continuously maintaining maintaining the the original original building building support. support. This This process process has has aa 100% 100% safety safety record, record, as as proven proven by by its its implementation implementation even even in in facilities facilities that that must must be be OCCUPIED OCCUPIED during during preparation preparation and lifting, WITHOUT any serious work disruption. and lifting, WITHOUT any serious work disruption. Imagine Imagine how how many many properties properties can can now now be be purchased, purchased, leased leased or or sold, sold, that that were were previously previously deemed deemed functionally functionally obsolete. Imagine how many prospective tenants and clients can be attracted to sites that previously obsolete. Imagine how many prospective tenants and clients can be attracted to sites that previously could could not not earn earn serious consideration. consideration. serious Real Real Estate Estate Brokers, Brokers, Industrial Industrial Developers, Developers, individual individual Users, Users, and and National National Retailers, Retailers, have have been been using using this this tool tool to to create space, space, add add value, value, upgrade upgrade marketability, marketability, and and to to attract attract and and retain retain tenants. tenants. When When they they calculate calculate the the exceptionexceptioncreate ally ally short short time time for for their their return return on on investment, investment, it it becomes becomes clear clear why why this this revolutionary revolutionary concept concept is is creating creating such such an an impact. STI offers free cost estimates, nationwide. impact. STI offers free cost estimates, nationwide. Space Technology, Inc., Jeffrey Allen, 631-491-8500, www.rooflift.com Space Technology, Inc., Allen, 800-784-3150,
[email protected], www.rooflift.com Space Technology, Inc., Jeffrey Jeffrey Allen, 631-491-8500, 631-491-8500, 800-784-3150,800-784-3150,
[email protected], www.rooflift.com
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Protected by US Patents 7118633, 7121288, 7124767.
Commercial Real Estate Guide
Spring/Summer 2017
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Spring/Summer 2017
Commercial Real Estate Guide
New York Real Estate Journal 15
Accountants
Specialized Services to the Commercial & Residental Real Estate Contact Robert O. Mayer, CPA T 516.921.8900 ext. 510 E
[email protected]
Services Include - Advisory - Audit & Accoutning - International - Tax
New York | New Jersey | Connecticut | Los Angeles | London
www.pragermetis.com
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[email protected] 800-654-4993, ext. 245
Appraiser
RYNNE , M,URPHY & A& SSOCIATES , INC,. INC. RYNNE MURPHY ASSOCIATES Real Estate and Consultation RealAppraisals Estate Appraisals and Consultation SERVING UPSTATE NEW YORK
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The Chapin Building Suite 305, 205 St. Paul St., Rochester, N.Y. 14604 NE NY Tel: 781-878-4540
16 New York Real Estate Journal
Spring/Summer 2017
Commercial Real Estate Guide
Architects 1980
OVER 35
YEARS OF EXPERIENCE
IMPROVING THE QUALITY OF OUR CLIENTS’ LIVES THROUGH BETTER AND MORE CREATIVE ARCHITECTURE AND wwINTERIORS.
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Architecture Studio Designers and Planners
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718.805.2227 fax
[email protected]
www.architecturestudio.com
631.756.8000 | h2m.com
Member of The American Institute of Architects
A
n e w
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i n
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Zaxis Architectural, P.C. i s p r o u d o f o u r c o n t r i b u t i o n t o t h e c o m m u n itie s w e s e r v e . O ff e r in g s e r v ic e s f o r th e E d u c a tio n a l ( K - 1 2 ) , M e d ic a l, C o r p o r a t e , H o s p it a lit y , P A C E ( P r o g r a m s f o r A ll In c lu s iv e C a r e f o r th e E ld e r ly ) , H o u s in g a n d R e ta il M a r k e ts . FRANK S. ZIOLKOWSKI, RA Principal
W e w e l c o m e y o u r i n q u i r i e s : 716.923.0133.
Z A X I S A R C H I T E C T U R A L , P . C . ■ 4 2 4 5 U n io n R o a d , S u ite 2 1 0 B u ffa lo , N Y 1 4 2 2 5 ■ P H 7 1 6 .9 2 3 .0 1 3 3 F X 7 1 6 .9 2 3 .0 1 3 6 w w w . z a x is p c . c o m STATES OF LICENSURE: CT GA STATES OF LICENSURE: C T INI N NCN C NJ N NY J N OH Y O PAH RIP A TXV VT T
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Zaxis Architectural, P.C. i s p r o u d o f o u r c o n t r i b u t i o n t o t h e c o m m u n itie s w e s e r v e .
NE NY Tel: 781-878-4540
G A
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Spring/Summer 2017
Commercial Real Estate Guide
New York Real Estate Journal 17
Attorneys
Real Property Tax Assessment Reduction and Condemnation for Commercial Properties Brad W. Cronin Cara P. Cronin
Sean M. Cronin Raymond J. Furey
200 Old Country Road, Suite 470, Mineola, NY 11501
(516) 747-2220 www.cronintaxlaw.com |
[email protected]
Glassberg & Associates, LLC. Size: 6x3.16 2BLOCK • Construction litigation From: KW • Residential and Commercial L&T Run Date: 3-24-15 Steven Glassberg
Section: CREG
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212-608-6726 Two offices Nassau County and Manhattan 421 7th Avenue, Suite 800 New York, NY 10001 8 Haven Ave., Suite 215 Port Washington, NY 11050 www.glassbergassociates.com
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Digital Edition with link to your website. Please contact Kristine Wolf
[email protected] 800-654-4993, ext. 245
18 New York Real Estate Journal
Spring/Summer 2017
Commercial Real Estate Guide
Commercial Real Estate Brokers
Alliance is a full service industrial and commercial real estate firm, servicing Nassau and Suffolk Counties 44 West Jefryn Blvd., Suite M, Deer Park, NY 11729 (631) 392-0784 Fax: 392-0785
PROOF
WASN’T IT MAGICAL
NE NY Tel: 781-878-4540 WHEN YOU BELIEVED REAL ESTATE JOURNAL
YOU COULD DO ANYTHING? Proof Approved Section: CRG DO. WENYSTILL
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At Ariel Property Advisors, our professionals always go the extra mile to deliver real estate services of the highest quality. From consultation through closing, we combine the insights of veteran brokers with a mindset of endless possibility to propel clients to new heights. Let’s work together!
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Spring/Summer 2017
New York Real Estate Journal 19
Commercial Real Estate Guide
Commercial Real Estate Lenders Brick Realty Capital LLC has become the primary funding source to facilitate short-term, hard money and bridge loan requests. Our lending platform provides a rapid option to ease the borrowing process and provides quick access to the funds necessary to execute your transaction. Private money is immediately available for the acquisition of both income producing properties as well as the purchase of non-performing mortgages and notes located in New York City, Brooklyn, Queens and The Bronx
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Run Date: 3-15 $21 BILLION to date. Lock rate at application. Non-recourse. Long term. Fixed rate.
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Spend Less, Get More Distribution at Networking Events and Trade Shows. Digital Edition with link to your website. Please contact Kristine Wolf
[email protected] 800-654-4993, ext. 245
How Would You Like To Receive LED Ene 20 New York Real Estate Journal
Spring/Summer 2017
Commercial Real Estate Guide
Energy Consultants
Cost of LED product - $80,000.00 * Annual Savings (ba Estimated Reb
LED Product: With recent advancements, the "one for one" lamp replacement - an incandescent A19 lamp replaced by a LED A19 lamp of lower wattage is old news. "The smart move is to utilize the latest LED "engines" such as TerraLUX. The advantages are 1) Less labor and material costs, 2) Faster payback because there will be more energy saved, and 3) A longer useful product Green Partners is a Con Ed Multifamily life – 70,000 hours with a 7 year warranty." Participating Contractor and a Incentives: Rebates for LED Retro-Fits can have a real impact Con Ed Marketing Partner in terms of improving the economics of any LED Retro-Fit. LED Retro-Fit Payback Timelines: If your LED Retro-Fit will For More Information Visit include the replacement of both incandescents and fluorescents, www.GreenPartnersNY.com the combination of the energy savings and the funding will result
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FROM START TO FINISH. FROM START TO FINISH. FROM START TO FINISH. FROM START TO FINISH.
New York City's premier real estate owners trust Marathon Energy for their fuel oil delivery service, competitive pricing and equipment service. When it comes to their energy needs, they runestate with Marathon Energy, and so shouldfor you. New York City's premier real owners trust Marathon Energy their fuel oil delivery service, competitive pricing and equipment service. When it to fuel theiroil New York City's premier real estate owners trust Marathon Energycomes for their And at Marathon, we operate our own large and modern fleet of fuel delivery trucks, energy needs, they run with Marathon Energy, and so should you. delivery service, competitive pricing and equipment service. When it comes to their New equipped York City'swith premier real estate ownerswhich trust Marathon for their fuel oil each GPS tracking systems, allows ourEnergy dispatchers to ensure energy needs, they run with Marathon Energy, and so should you. delivery service, competitive pricing and equipment service. When it comes to their our deliveries are onour time andlarge on target. You never have to rely on thetrucks, third-party And at all Marathon, we operate own and modern fleet of fuel delivery energy needs, they run with Marathon Energy, and so should you. truckers that most of our competitors use. each equipped with GPS trackingour systems, whichand allows our dispatchers ensure trucks, And at Marathon, we operate own large modern fleet of fuelto delivery all our deliveries are on GPS time tracking and on target. Youwhich neverallows have to rely on the third-party each equipped with systems, our dispatchers to ensure atmost Marathon, we operate our own •And #2, #4, #6 of Heating Oils and diesel fuel large and modern fleet of fuel delivery trucks, truckers our all ourthat deliveries are oncompetitors time and onuse. target. You never have to rely on the third-party equipped with GPS tracking which allows our dispatchers to ensure •each Natural Gas & Electricity in NY, NJsystems, & PA truckers that most of our competitors use. our deliveries are time and on or target. You never have to rely on the third-party •all Indexed pricing on fuel PLATTS NYMEX • #2, #4, #6 Heating Oilsoptions andon diesel truckers that most of our competitors use. • Heating equipment 24/7/365 • Natural Gas#6 & Heating Electricity in service NY, NJ & PA • #2, #4, Oils and diesel fuel • Industrial and commercial service contracts • Indexed pricing options on PLATTS or • Natural Gas & Electricity in NY, NJ &NYMEX PA #2, #4, #6conversions Heating Oils and diesel fuel ••Oil-to-gas • Heating equipment service 24/7/365 • Indexed pricing options on PLATTS or NYMEX Natural Gas & Electricity incontracts NY, NJ & PA ••Boiler installations &service upgrades • Industrial and commercial • Heating equipment service 24/7/365 Indexed pricing options on PLATTS or NYMEX ••In-house mechanical engineers, licensed plumbers • Oil-to-gas conversions • Industrial and commercial service contracts •installations Heating equipment service 24/7/365 and oil burner installers • Boiler & upgrades • Oil-to-gas conversions Industrial and commercial serviceplumbers contracts ••Loyalty cash back rewards earned on each transaction • In-house licensed • Boilermechanical installationsengineers, & upgrades • Oil-to-gas conversions and oil burner installers engineers, licensed plumbers • In-house mechanical • Boiler installations upgrades • Loyalty cash back rewards & earned on each transaction and oil burner installers • In-house mechanical engineers, licensed plumbers • Loyalty cash back rewards earned on each transaction and oil burner installers • Loyalty cash back rewards earned on each transaction
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Spring/Summer 2017
Commercial Real Estate Guide
New York Real Estate Journal 21
Engineering Consultants
Façade Restoration Roong & Waterproong Historic/Landmark Preservation Parking Garage Restoration Local Law 11/98 Inspections Property Condition Assessments
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22 New York Real Estate Journal
Spring/Summer 2017
Commercial Real Estate Guide
General Contractors
Owner/Project Equity One - Broadway Plaza Architect: SBLM Architects
5 Hanover Square 22nd Floor New York NY 10004 212.265.2191 eastmancooke.com
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Spring/Summer 2017
New York Real Estate Journal 23
Commercial Real Estate Guide
Public Relations / Marketing
C
M
Real Estate Public Relations With a Purpose
Y
CM
MY
212.863.4120
[email protected] www.zlokower.com
CY
CMY
K
575 Eighth Avenue New York, NY 10018 Part of the CHR Group of Companies
Epoch 5 named “Best PR Firm” NE NY Tel: 781-878-4540
PROOF REAL ESTATE JOURNAL
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
Size: 2.91x3.16 1BLOCK Section: SIN From: Run Date: 00/00/15
Size: 2.91x3.16 1BLOCK Section: NY CREG BUILDING From: KW Run Date: 9-6-16
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Isn’t it time your company benefitted from some winning PR? Call us today at 631-427-1713 or visit www.epoch5.com and click on Services–Real Estate.
755 New York Ave., Huntington, NY 11743-4240 www.epoch5.com
NYC • WESTCHESTER • CONNECTICUT
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Award-Winning REAL ESTATE MARKETING & PR CAMPAIGNS SINCE 1997. www.cocommunications.com
18 East 41st Street, New York, NY 10017; 212.627.5766
www.sheacommunications.com
24 New York Real Estate Journal
Commercial Real Estate Guide
Spring/Summer 2017
ADVERTISER INDEX AFR Furniture Rental ....................................10
Langsam Property Services Corp. ...................9
Alliance Real Estate Corp. .............................18 American Security Systems ..........................11
Largo Commercial Real Estate Finance.........19 Lecce Engineering .........................................24
Architecture Studio ........................................16 Ariel Property Advisors .................................18
Marathon Energy............................................20 Meridian Capital Group, LLC...... Back Page
Asset Preservation ............................................7
Merritt Engineering Consultants, P.C. ...........21
BBS Architects & Engineers .........................3 Bohler Engineering, PC .................................21
Merritt Environmental Consulting Corp. .........8 Mojo Stumer Associates ................................16
Brandt, Steinberg, Lewis & Blond LLP .......2
Paladino Construction Ent., Inc. ....................22
Brick Realty Capital LLC ..............................19 Co-Communications ......................................23
Perlmutter Properties......................................25 PragerMetis ....................................................15
Concrete Washout Systems ............................14
Prime Engineering .........................................21
Cronin & Cronin Law Firm, PLLC ................17 Eastman Cooke ..............................................22
QuantumListing.com .....................................25 Racanelli Construction Co., Inc. ..................1
EPIC Security Corp. ......................Inside Cover
R.J. Gullo & Co., Inc......................................13
Epoch 5 Public Relations ...............................23 Exchange Solutions, Inc. ...............................13 GFI Realty Services, Inc. ...............................18
Rubenstein Media Relations ..........................23 Rynne Murphy & Associates, Inc. .................15 Shanholt Glassman Klein Kramer & Co..........5
Glassberg & Associates, LLC ........................17
Shea Communications ...................................23
Green Partners................................................20 H2M Architects + Engineers..........................16 Herbert H. Landy Insurance Agency, Inc. .......6 JFK & M Consulting Group ..........................21
Space Technology, Inc. ...................................12 Zaxis Architectural, P.C. ................................16 Zlokower Company Public Relations.............23
LECCE
engineering
MEP & Technology Engineering Joseph A. Lecce P.E.,P.C. 547 Bedford Road, Mt. Kisco, New York 10549
(914) 419-4663 NE NY Tel: 781-878-4540
Spring/Summer 2017
Commercial Real Estate Guide
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Back Cover
Spring/Summer 2017
Commercial Real Estate Guide
WE WERE
LOANS
IN 2016
▼
NYC
$1.6 BILLION
MANHATTAN
▼
BUSY CLOSING
BRONX
$12.7 BILLION
▼ QUEENS
$1.8 BILLION
▼ BROOKLYN
$3.7 BILLION
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New York Real Estate Journal
February 21-March 6, 2017 Inside Back Cover
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February 21-March 6, 2017
New York Real Estate Journal
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A BREAKOUT
INAUGURAL YEAR $2 BILLION SOLD
61 Properties Sold 26 Talented Professionals 200+ Years of Combined Experience
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NYREJ – MIS Inaugural Year – February 2017.indd 1
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