Monthly Spotlight Calendar - Rackcdn.com

Monthly Spotlight CalendarJanuary 2017 February 2017 March 2017 April 2017

May 2017 June 2017 July 2017 August 2017

Women in Professional Services

Spotlight

15th Anniversary Spotlight

Women in ConstructionSpotlight

September 2017 October 2017 November 2017 December 2017

Semi-Annual Commercial Real Estate Guide

BuildingsNY Women in Professional Services

Top Stories 2016

New York

Section B April 28 - May 11, 2015

BuildingsNY Spotlightnyrej.com

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

NEW YORK, NY Are you proud to be a New York building owner or manag-er? Do you have specific chal lenges 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 Build ingsNY 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 educa tion 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 found-er), 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, fi-nancing, restoration and renovation, design & construction, environmen-

tal, maintenance & operations and security and disaster relief. Sourcing products and services will be a pro-ductive 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 theBoroughs: Who Wants It?;• 10:00 – 11:30 a.m. - Using AIA Tools to Manage Legal Issues onSustainable Projects;• 11:45 a.m. – 12:15 p.m. - How to Be Proactive with Bed Bug Man-agement; the Correct Use of CanineScent Detection Teams; and• 2:00 - 5:00 p.m. - Build, Buy, Holdor Sell.

Day 2 Program Highlights:• 8:45 - 9:30 a.m. - The Mayor’s Hous-ing Plan: What, Where, and When;• 12:30 – 1:00 p.m. - Business Casefor LED Lighting;• 1:30 – 3:00 p.m. - Utilizing Existing Assets to Save Assets• 2:00 – 2:30 p.m. - Mobile Technolo-gy 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 con nections and build relationships with industry peers. Attend Build ingsNY, 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 con ference session, or to stay updated, please visit www.buildingsny.com.

State of the StateSpotlight

New York

Section D July 19 - August 1, 2016nyrej.com

Industry Leaders

Jacqueline Klinger,SCG Retail

Peter Morandi, Eastman Cooke Construction

Howard Tollin, SterlingRisk Environmental Services

Featuring

John Rynne,Rynne, Murphy & Associates, Inc.

Appraisal

William Gati,Architecture Studio

Architect

Steven Glassberg,Glassberg & Associates, LLC

Real Property Law

Robert Bianco,Windstream

Network Communication

Daniel Wechsler,Ariel Property Advisors

Inv. Sales - Queens

Esti Broyde,Roey Realty

Multifamily - Queens

Ron Lanzo,AFR Furniture Rental, Inc.

Office Furniture Rental

Michael Rudder,Rudder Property Group

Office Condos

John Torvi,Herbert H. Landy

Insurance Agency

Insurance

Kevin McLaughlin,The Agency

Broome County IDA/LDC

Economic Development

Fred Schmidt,Coldwell Banker

Commercial Affiliates

Retail

Dan Flanigan,Polsinelli

Landmarks Preservation

Broker of the MonthPAGE 3D

Executive of the MonthPAGE 5D

Question of the MonthPAGE 7D

Industrial & Economic Development Spotlight

Spring / Summer 2016

A Directory of Services for Commercial Real Estate Professionals

Commercial Real Estate Guide

A Directory of Services for Commercial Real Estate ProfessionalsA Directory of Services for Commercial Real Estate Professionals


Sponsored By:

06412_CON_6x9p875_m2d.indd3-8-2016 5:21 PM Charlie Katz / Charlie Katz

1

JobClientMedia TypeLiveTrimBleedPubs

06412_2ConEdColor MagazineNone6” x 9.875”NoneCommercial Real Estate Guide

Job info

None

Notes

Art DirectorCopywriterAccount MgrStudio ArtistProofreader

CCDBNMTMCLS

Approvals

FontsHelvetica Neue (57 Condensed), League Gothic (Regular)

Images06412_CON_8p5x11_m1c_RET_01-13-16_133LS_SZD.tif (CMYK; 391 ppi; 76.65%), CON_LgPlgLckV_4c_v2.eps (34.86%)

Inks Cyan, Magenta, Yellow, Black

Fonts & Images

Saved at Nonefrom MS-208-CKATZ by Printed At

T:6”

T:9.875”

After months of construction, Con Edison’s Commercial Buildings micrositeis almost ready to open its doors. This state-of-the-art interactive experiencewill give users the opportunity to explore nine realistic areas inside a building which will identify multiple options for energy efficiency improvement. Visitorswill 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 latesthappenings in the industry. So get your index finger ready—it’s going to bethe tour of a lifetime. #ManageEnergy

SOME OF THE MOST INNOVATIVE BUILDINGS ARE

MADE OF GL ASS AND STEEL . OTHERS , P IXELS .

Long Island 15th Anniversary

State of the State

Fall 2015 / Winter 2016



A Directory of Services for Commercial Real Estate ProfessionalsA Directory of Services for Commercial Real Estate Professionals


Sponsored By:

Semi-Annual Commercial Real Estate Guide

Industrial & Economic Development

Industry Leaders Women in Construction, Design & Engineering

ICSC NY National Conference 2017 Year in Review

2017 Year in Review

New York

November 24 - December 7, 2015

ICSC New York Spotlightnyrej.comSection B

Featuring

Jeffrey Pliskin, Pliskin Realty and Dev., Inc.

Firestein, partner at SCG Retail: Providing a

comprehensive suite of services to clients Kenneth Schuckman,

Schuckman Realty, Inc.

Faith Hope Consolo, Douglas Elliman

Brad Cohen, Eastern Consolidated

Ron Lanzo, AFR Furniture Rental

Question of the MonthPAGE 7B

Tax straddles: Are the benefits for 1031 exchanges overstated?

Kelly Alton, NES Financial

Jill Jones, NES Financial

Executive of the MonthPAGE 5B

New York





NEW YORK, NY Are you proud to be aNew York building owner or manag-er? Do you have specific challengesthat you need solutions for? Areyou looking to save money on yourbuilding? If you’ve answered yes toany of these questions, then markyour calendars for the BuildingsNYevent, taking place April 28 - 29at the Javits Convention Center inN.Y.C. This year’s event will featureover 400 Exhibitors, with 100 newvendors focused on helping you drivemore profits for your buildings. Inaddition, you won’t want to miss thefree education panels on the hottest,leading edge topics presented by theABO, BOMA/NY, CHIP, NYARM,and AIA. At BuildingsNY 2015, youwill find a year’s worth of solutionsin just two days.

BuildingsNY 2015 continues toevolve to better suit the industry’sneeds. We listened to your feedbackand made many changes to buildyou a better show. We have deeperrelationships with current and newpartners, ABO (the show found-er), BOMA/NY, CHIP, NYARM,S.P.O.N.Y, AIA and our VIP loungesponsor LandlordsNY.

We’re expecting to welcome over7,000 industry professionals tothis year’s event. BuildingsNY iswhere hundreds of vendors will bedisplaying products for every phaseof a building’s lifecycle. You willsee new products and services in

richer categories including buildingautomation, energy management, fi-nancing, restoration and renovation,design & construction, environmen-

tal, maintenance & operations andsecurity and disaster relief. Sourcingproducts and services will be a pro-ductive and time-saving experience.

Our key industry partners havedeveloped a 2-day complimentaryprogram on the hottest NY/NJ/CTBuilding topics designed to help you.

Day 1 Program Highlights:• 8:45 - 9:45 a.m. - Housing in theBoroughs: Who Wants It?;• 10:00 – 11:30 a.m. - Using AIATools to Manage Legal Issues onSustainable Projects;• 11:45 a.m. – 12:15 p.m. - How toBe Proactive with Bed Bug Man-agement; the Correct Use of CanineScent Detection Teams; and• 2:00 - 5:00 p.m. - Build, Buy, Holdor Sell.

Day 2 Program Highlights:• 8:45 - 9:30 a.m. - The Mayor’s Hous-ing Plan: What, Where, and When;• 12:30 – 1:00 p.m. - Business Casefor LED Lighting;• 1:30 – 3:00 p.m. - Utilizing ExistingAssets to Save Assets• 2:00 – 2:30 p.m. - Mobile Technolo-gy and its impact on the ConstructionIndustry! and

BuildingsNY is all about thebusiness of owning and managinga building in N.Y.C. and the outerboroughs. The show promotes anopportunity to meet and networkwith people and to make connectionsandbuild relationships with industrypeers. Attend BuildingsNY, to be ableto lower costs, save money and gainan aggregate view of local industrytrends, state and federal codes andtenant needs and desires. To registerto attend, create a personal agenda,register for a conference session,or to stay updated, please visitwww.buildingsny.com.

Top Stories

New York





NEW YORK, NY Are you proud to be aNew York building owner or manag-er? Do you have specific challengesthat you need solutions for? Areyou looking to save money on yourbuilding? If you’ve answered yes toany of these questions, then markyour calendars for the BuildingsNYevent, taking place April 28 - 29at the Javits Convention Center inN.Y.C. This year’s event will featureover 400 Exhibitors, with 100 newvendors focused on helping you drivemore profits for your buildings. Inaddition, you won’t want to miss thefree education panels on the hottest,leading edge topics presented by theABO, BOMA/NY, CHIP, NYARM,and AIA. At BuildingsNY 2015, youwill find a year’s worth of solutionsin just two days.

BuildingsNY 2015 continues toevolve to better suit the industry’sneeds. We listened to your feedbackand made many changes to buildyou a better show. We have deeperrelationships with current and newpartners, ABO (the show found-er), BOMA/NY, CHIP, NYARM,S.P.O.N.Y, AIA and our VIP loungesponsor LandlordsNY.

We’re expecting to welcome over7,000 industry professionals tothis year’s event. BuildingsNY iswhere hundreds of vendors will bedisplaying products for every phaseof a building’s lifecycle. You willsee new products and services in

richer categories including buildingautomation, energy management, fi-nancing, restoration and renovation,design & construction, environmen-

tal, maintenance & operations andsecurity and disaster relief. Sourcingproducts and services will be a pro-ductive and time-saving experience.

Our key industry partners havedeveloped a 2-day complimentaryprogram on the hottest NY/NJ/CTBuilding topics designed to help you.

Day 1 Program Highlights:• 8:45 - 9:45 a.m. - Housing in theBoroughs: Who Wants It?;• 10:00 – 11:30 a.m. - Using AIATools to Manage Legal Issues onSustainable Projects;• 11:45 a.m. – 12:15 p.m. - How toBe Proactive with Bed Bug Man-agement; the Correct Use of CanineScent Detection Teams; and• 2:00 - 5:00 p.m. - Build, Buy, Holdor Sell.

Day 2 Program Highlights:• 8:45 - 9:30 a.m. - The Mayor’s Hous-ing Plan: What, Where, and When;• 12:30 – 1:00 p.m. - Business Casefor LED Lighting;• 1:30 – 3:00 p.m. - Utilizing ExistingAssets to Save Assets• 2:00 – 2:30 p.m. - Mobile Technolo-gy and its impact on the ConstructionIndustry! and

BuildingsNY is all about thebusiness of owning and managinga building in N.Y.C. and the outerboroughs. The show promotes anopportunity to meet and networkwith people and to make connectionsandbuild relationshipswithindustrypeers. Attend BuildingsNY, to be ableto lower costs, save money and gainan aggregate view of local industrytrends, state and federal codes andtenant needs and desires. To registerto attend, create a personal agenda,register for a conference session,or to stay updated, please visitwww.buildingsny.com.

2016

http://nyrej.com

http://www.buildingsny.com

http://nyrej.com


http://nyrej.com

http://nyrej.com

http://nyrej.com


Sponsored By:


SPRING/SUMMER 2017

Krasnoff of Avison Young leads $28.64 million acquisition financing

Jungreis of Rosewood brokers $16.5 million Bronx portfolio sale

USA

$3.95

This Week’s Sections Front SectionNew York City

Featuring Finance & Retail Design Build

ColumnistDanielle Tricolla

Spotlights SpotlightAsk the ExpertsD/B PAGES 5-12C

Contributing AuthorsNYC PAGES 13-15

NYC COVER B

Executive of the MonthNY PAGE 9A

Executive of the MonthD/B PAGE 3C

Michael Eble of FCI Furniture Consultants: Designing

environments that inspire for 40 years and counting

Michael Eble of FCi Furniture Consultants: Designing

environments that inspire for 40 years and counting

Anthony Posa, managing principal/CEO at MGE Unified Technologies: “Build the road

you want to travel”

February 21-March 6, 2017

Sign up for Daily RE Cap! Visit nyrej.com/newsletter

nyrej.com

Volume 29 • Issue 4

Commercial Real Estate

Guide

NY COVER A

Savanna tops out 540 West 26th St.

166,810 s/f developmentD/B COVER C

http://nyrej.com

http://nyrej.com/newsletter

Inside Front Cover February 21-March 6, 2017 nyrej.comNew York Real Estate Journal

http://nyrej.com

MANHATTAN, NY According to Fried-man Roth, the firm has completed the sale of 30 East 39th St. The subject

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.

Krasnoff of Avison Young leads $28.64 million acquisition financing

FINANCING PLACED ON BEHALF OF GINSBURG DEV. FOR HALSTEAD WHITE PLAINS

nyrej.com

Quick Read

3 Sections 84 PagesD. Tricolla .................................. 2AExecutive of the Month ........ 9ABillboard .................................17ANew York City .................. SEC. BContributing Authors .....13-16BDesign/Build .....................SEC. CExecutive of the Month .........3C

Jungreis of Rosewood brokers

$16.5m portfolio

SEE COVER OF SECTION B


Savanna tops out 540 West 26th St.

New York Real Estate Journal

PAGANO OF AY REPRESENTS NEWSDAY AT 220 MILLER PL.

Hunt of Hunt Corporate Services acts for Anton-Cerrone in 32,093 s/f

Richard Guarino

For full story visit nyrej.com

SPECIAL INSERT

Spring/Summer Commercial

Real Estate Guide

Feb. 21 - March 6, 2017Volume 29 • Issue 4

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 proper-ty 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 transac-tion, 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 fi-nancing with favorable terms within the required timeframe.

HICKSVILLE, NY According to Hunt Corporate Services, Inc., Newsday has leased 32,093 s/f at 220 Miller Pl.

David Hunt, president of Hunt rep-resented the landlord, Anton-Cerrone Associates, in the lease negotiations. Frank Pagano of Avison Young (AY) represented the tenant.

Located off the Long Island Ex-pressway, 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-Cer-rone 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 Mel-ville, circulates over 437,000 news-papers 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 distribu-tion center.

Joseph Smith

“Avison Young leveraged our long-term lender relationships, local mar-ket knowledge, and understanding of the structural nuances at hand to iden-tify 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.”

30 East 39th Street - Manhattan, NY

Guarino and Smith of Friedman Roth handle $9.9m sale

24 South Lexington Avenue - White Plains, NY

David Hunt Frank Pagano

MANHATTAN, NY On behalf of West End Manor, LLC, Cushman & Wake-field (C&W) has arranged the sale

of 315-317 West 102nd St., a 36,000 s/f, nine-story pre-war apart-ment building located between West End Ave. and Riverside Dr. 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 mixed-use 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 Stu-fano 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.

Paul Smadbeck

Smadbeck of C&W coordinates $23.5 million sale of 315-317 W. 102nd St.


SPECIAL INSERT

Sponsored By:


Guide


SPRING/SUMMER 2017

http://nyrej.com

http://nyrej.com

http://nyrej.com

Inside Cover A February 21 - March 6, 2017 nyrej.comNew York Real Estate Journal

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

CERTAINTY IS

someone who has the guts to tell me I might be wrong.

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.

http://nyrej.com

http://www.berkadia.com

http://berkadia.com

http://www.berkadia.com/legal

February 21 - March 6, 2017 1A nyrej.com New York Real Estate Journal

http://nyrej.com

nyrej.com2A February 21 - March 6, 2017 New York Real Estate Journal

Law

New York City freelancers protected under new law

Danielle Tricolla

Is the news of your latest deal growing stale? WaxWords Incorporated, the public relations firm that saavy real estate professionals turn to for ummatched knowledge of their business and the media, can get your news to the media and the public quickly and accurately. With our 40 years of media experience, national contacts and the latest technology, we deliver the messsages of developers, landlords, brokers, architects, lawyers and more to local, regional, national and trade media. Let us show you how we can raise your media profile. Contact us now.

Are your deals yesterday’s news?

631.574.4433



631.574.4433

WaxWordsIncorporated

Public Relations Specialists for the Real Estate Industry

Facebook.com/WaxWordsIncorporated

RealPRpro

Kristin Robinson, Editor, [email protected], Heather Devaney, Editor, [email protected]; Jeanne Hardman, Art Director, [email protected]; Cindy Swider,

Artist, [email protected]; Kathi Ferry, Art Specialist, [email protected]; Tuyen Pham, Billing, [email protected]; Elaine Comras, Collections, [email protected]

Kristine Wolf, x245 Publishing Director [email protected]

David Sullivan, x210 Chief Financial Officer [email protected]

John Picard, x250 President

[email protected]

David Denelle, x283 General Manager

[email protected]

Roland Hopkins Founder

Karen Rollins, x215 Circulation Manager [email protected]

Mary Pat Baldner, x212 Subscriptions

[email protected]

New York State ............................................John Picard, x250, [email protected]/Build .............................................Jeff Wallace, x240, [email protected] Island .....................................................Kristine Wolf, x245, [email protected] York City ............................................Adam Savino x284, [email protected], Developers & Managers .....Jeff Wallace, x240, [email protected] Billboard, Auctions & Classified .............John Picard, x250, [email protected] ........................................................Kristine Wolf, x245, [email protected] Upstate .....................................................Shirley Crivelli, x282, [email protected]

New York Real Estate Journal Published semi-monthly for $99 per year by East Coast Publications

17 Accord Park Dr., Unit 207, Norwell, MA 02061Periodicals 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.comPublication # 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 IMMEDIATELYNew 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.

Production Staff

Section Publishers

Section SchedulesWeek 1

Owners, Developers & ManagersLong Island

Upstate

Week 3 New York City

(Featuring Finance and Retail)Design/Build

Spotlight

Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993

Tech Department

NYREJ Events

Nicole Fowler, Liaison, [email protected] Corey Woods, Webmaster, [email protected]

Rick Kaplan, Host, [email protected] Picard, Host, [email protected]

In 2016, mayor DiBlasio signed into law the “Freelance Isn’t Free Act,” establishing significant protec-tions for independent contractors or “freelancers.” The Act 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 or-ganization composed of one person, whether or not incorporated or using a trade name, that is retained as an independent contractor to provide ser-vices in exchange for compensation, excluding certain sales representa-tives, 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 Written Agreement: 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 speci-fied 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

PROOFSize: 2x4 Section: From: Run Date:

Changes Proof ApprovedNew Proof

crop

2”

NE NYREAL ESTATE JOURNAL

Tel: 781-878-4540

Build your future on our established foundation call us at

516.248.1700

Successful LawyersSuccessful Clients

[email protected]

Serving You at the Crossroads of Leadership and Communication

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

http://www.forchellilaw.com

http://forchellilaw.com

http://riotprllc.com

http://www.riotprllc.com

http://nyrej.com

http://nerej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://www.nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://facebook.com/waxwordsincorporated

mailto:[email protected]




























WhitestoneRealty Group, Inc

718-951-00901524 Ocean Avenue, Brooklyn, NY 11230

SOLD and CLOSEDwithin 10 Days

of Signing of Contract

1524 Ocean Avenue, Brooklyn, NY 11230Phone 718-951-0090Email [email protected]

$23,000,000.00

117 West 79th StreetNYC

A 35,000 Sq Ft Nearly Vacant Building

Nathan Blatter handled this transaction

Whitestone is aggressively looking to purchase additional

off market properties in the five boros

Brokers welcome. Top dollar paid.

PROOFSize: Full Section: NY ROPFrom: JPRun Date: 07/19/16


crop

2”


Tel: 781-878-4540

WhitestoneRealty Group, Inc

718-951-00901524 Ocean Avenue, Brooklyn, NY 11230

SOLD and CLOSEDwithin 10 Days

of Signing of Contract

1524 Ocean Avenue, Brooklyn, NY 11230Phone 718-951-0090Email [email protected]

$23,000,000.00

117 West 79th StreetNYC

A 35,000 Sq Ft Nearly Vacant Building

Nathan Blatter handled this transaction

Whitestone is aggressively looking to purchase additional

off market properties in the five boros


SOLD and CLOSED within 10 Daysof Signing of Contract

$23,000,000.00117 West 79th Street, NYC

A 35,000 Sq Ft Nearly Vacant BuildingNathan Blatter handled this transaction

Whitestone is aggressively looking to purchase additional off market properties in the five boros


http://nyrej.com

http://gmail.com

http://gmail.com




PART OF MOHAWK HARBOR REDEVELOPMENT: 1,075 PERM. JOBS

Gov. Cuomo celebrates Rivers Casino & Resort grand opening

Office of the GovernorState Capitol

Albany, NY 12224518-474-8390

Governor of New YorkAndrew Cuomo www.ny.gov

ECONOMICDEVELOPMENT

IS ACONVERSATION

START YOURCONVERSATION TODAY. 6O7.584.9OOO theagency-ny.com

WE HAVE THE EXPERIENCEAND THE KNOW-HOW TO MAKE

YOUR BUSINESS THRIVE.

COMMERCIAL GROUPHOULIHAN LAWRENCE

RETAIL BUILDING FOR SALE243 New Main Street, Yonkers, NY3,125 SF located in area with heavy foot traffic and only a few blocks from the Chicken Island Development Project. Nice opportunity! $415,000

GREENWICH INVESTMENT PACKAGE2 Nassau Place, Cos Cob, CT3 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 BUILDINGBedford 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

PELHAM MEDICAL BUILDING FOR SALE116 Fifth Avenue, Pelham, NY 6,600 SF with 12-space parking lot! Great opportunity for owner/user. 11 Exam rooms, elevator, 4 administrative offices, 4 restrooms. Central Air. Walk to train, shops & restaurants! $2,500,000

CHAPPAQUA VILLAGE ENCLAVE191 King Street, Chappaqua, NYInvestment opportunity! 3 mixed-use commercial buildings with adjoining house on 1/3 level acre. Close to shops, restaurants & train. $2,400,000

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

RARE CITY ISLAND OPPORTUNITY246 City Island Avenue, Bronx, NY 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

CLASS A BUILDING MEDICAL SUITES450 Mamaroneck Avenue, Harrison, NY 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

INVESTMENT OPPORTUNITY1 North Avenue, New Rochelle, 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

NEW CANAAN OFFICE FOR LEASE 11 Burtis Avenue, New Canaan, CT1,005 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

SCHENECTADY, NY Governor Andrew Cuomo recently attended the grand opening of the Rivers Casino & Re-sort. 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 Rede-velopment 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 op-portunity, continuing Schenectady’s resurgence and moving the region forward,” governor Cuomo said. “By supporting destination resorts across upstate New York, 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 Devel-opment 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-

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 casi-no’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 to-tal, 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 Schenect-ady was developed by The Galesi Group.

vFinancing 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

M. Robert Goldman & Co., Inc.100 Jericho Quadrangle, Suite 336Jericho, New York 11753-2702Tel 516 487-5100Fax 516 487-5183

M. Robert Goldman & Co.Mortgage Bankers

Correspondent to the World’s Financial Institutions

www.mrg-co.com

$13,375,000Rechler Equity Industrial PortfolioBohemia & Hauppauge, New York

Jonathan GoldmanRobert GladitschJohn RobustelloLouis BolkovicJason Kim

http://nyrej.com

http://ny.com

http://www.ny.gov

http://hlcommercialgroup.com

http://co.com


PROOFSize: Full Section: NY ROPFrom: JPRun Date: 2-21


crop

2”


Tel: 781-878-4540

BLOOMFIELD GARDENS APARTMENTSRome – 167 apartments

e e re o o o e e$5,950,000

TOWN & COUNTRY APARTMENTSBinghamton – 257 apartments ro e e , r o r

$7,950,000

AARONS PLAZAe 100 o e

e e o o e $1,295,000

WOODLAND VILLAGE & MONTICELLO MEADOWSo e o 246 r e wo o e e

o e o ew o re or$9,250,000

HIDDEN HOLLOW APARTMENTSe 50 r e

3 4 r e e e e r2,2 5,000 N

31-33 GRISWOLD AVENUEBinghamton – 12 apartments

e e rk re e ro e e$219,000

UPSTATE N.Y. INVESTMENT PROPERTIES FOR SALE

O’CONNELL MORE REAL ESTATE315-439-4816 [email protected]

CLIENT NEEDS – - r , - e e e NY e e e er e e r ro er- - r e o e e , ro er e or o r er- er or re r , e re e e e , or e e o e ro er e

http://nyrej.com

http://omconsults.com



PROOFSize: 2x4 Section: NY ROPFrom: KWRun Date: 08/02/15


crop

2”


Tel: 781-878-4540

Russell J. Gullo, CCIM, CEAChief Executive Officer

Certified Exchange Advisor

DISPOSING OF INVESTMENT PROPERTY?

PAY NO TAX

Real Estate Investment Specialists

America’s Premier Qualified Intermediaries For 1031 Exchanges

Offices: Buffalo - Rochester - Syracuse - Utica - Binghamton - Albany - Kingston - New York

Call 1 (866) R J GULLO(754-8556)

www.rjgullo.com

Qualified Intermediaries For 1031 Exchanges

C O M M E R C I A L R E A L E S T A T E

D E B T , E Q U I T Y & S E R V I C I N G

L O N G I S L A N D N E W J E R S E Y N E W Y O R K C I T Y R O C H E S T E R W E S T C H E S T E R

RETAIL

$47,500,000MACY’S

250,000 SF | FLUSHING, NY

LIFE COMPANY

MEDICAL OFFICE

$16,000,000HUNTINGTON MEDICAL CENTER

HUNTINGTON STATION, NY

66,316 SF | BANK

MULTIFAMILY

$16,000,000SPRINGVALE APARTMENTS

CROTON-ON-HUDSON, NY

524 UNITS | FREDDIE MAC

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....

Visit northmarq.com for more transactions, daily rates, expert views and more!

Anti-Retaliation: A hiring party is prohibited from threatening, in-timidating, 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 the Act. The Act 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.

CONTINUED FROM PAGE 2

Freelancers protected under new law by Tricolla

My personal spin on things in the world that take no talent

Mark Schnurman

Eastern Consolidated

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. When-ever 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.

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 incredi-ble 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 rein-forced 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.

Mark Schnurman is chief sales officer, principal at Eastern Consolidated, New York, N.Y.

To comment on this story visit nyrej.com

http://www.rjgullo.com

http://nyrej.com

http://nyrej.com

http://northmarq.com


MANHATTAN, NY Eastern Consolidat-ed has arranged the sale of a 45-unit multifamily building at 109 East

102nd 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 acquisi-tions 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 improve-ment of this area.”

BRIDGE LOANS

All loans made inStrict Confidence

Direct Loans, Private Mortgages, Bridge Loans, Below Market Rates,

Fast Action, Brokers Protected

Stark Management Co.,(914) 694-2180, Fax: (914) 694-2188

e-mail: [email protected]

e eek Owner-Occupied Commercial &

Investment Commercial Real Estate Loans:

ro 500,000 o 5,000,000

r e or e e

err or , rook , ee ,

ro , e , e e er o

BROKERS ARE WELCOME

re o e

e e o o or o o

NATIONAL BANK OF NEW YORK CITY136-2 38 e e, , NY 11354

r e , r r e o or

r No e, re e o e o or

r er , e re er r er o

or 18 358-4400e er o e er

PROOFChanges Proof ApprovedNew Proof


Tel: 781-878-4540

BANK OF NEW YORK CITY

Section: NY ROPFrom: JPRun Date: 4-22

EMPIRE HOLDINGS GROUP III, LLC SELLS TO ITZHAKI ACQUISITIONS

Sasson and Sinsheimer close sale of 45-unit multifamily for $14.7 million


Andrew Sasson Chad Sinsheimer

109 East 102nd Street - Manhattan, NY

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.

173 Classon Avenue - Brooklyn, NY

Klosed Props. acquires Brooklyn multifamily for $2.75m

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.”

PROOFSize: 3x5 Section: NY ROPFrom:JPRun Date: 2-21-17


crop

2”


Tel: 781-878-4540

212-359-9900 • www.rosewoodrealtygroup.com38 East 29th Street • New York, NY 10016 • 5th Floor

SOLD:$9,400,000

21 West 106th Street New York, NY

A 5 story walk-up apartment building

consisting of 20 apartments.

Aaron Jungreis & Ilya Tolmasov successfully brokered this transaction

http://nyrej.com

http://nyrej.com

http://gmail.com

http://www.rosewoodrealtygroup.com



WHITE PLAINS, NY Robert Ranieri, senior vice president/managing di-rector of NorthMarq Capital’s Greater

Westchester New York/Connecti-cut-based region-al office, arranged a construction loan of $2.6 mil-lion for a 15,000 s/f retail property located at 316-

332 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 prop-erty’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.

Robert Ranieri



crop

2”


Tel: 781-878-4540

Celebrating Our 90th Year!

Commercial • I nvestmentProperties

579 Route 6, P.O. 604, Mahopac, NY 10541845-628-3 555


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 112-120 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, includ-ing the brand’s 618-room flagship U.S. property in Times Sq., scheduled to open later this year.

Lightstone completes $72.5 million transaction


FOR MELA SHOPPING MALL IN HICKSVILLE: 40,000 S/F

Pliskin Realty & Dev. awarded property management contract

HICKSVILLE, NY Pliskin Realty & De-velopment, a New York-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 expens-es, and retain and attract high quality tenants.

Mela Shopping Mall, 217 Bethpage Road - Hicksville, NY

Ranieri of NorthMarq Westchester secures $2.6m construction loanWe offer:

E ert first-class arking services Brilliantly decorated immaculately

clean garage interiors Accessi le 24-hour anhattan ased

e ecutive management Highly trained rofessional and

courteous attendants Ongoing in-house maintenance

and refur ishments eading edge security and technology Com etitive rates

he uality of your garage can enhance the marketa ility of your ro erty as a financial asset. With over 50 years e erience we understand your needs and are e erts at com lementing and adding value to ro erties.

ew ork s Parking arage E erts

GGMC Parking, LLC • 1651 Third Avenue • New York, NY 10128(212) 996-6363 x 14 • ggmcparking.com

http://ggmcparking.com

http://nyrej.com

http://nyrej.com

http://nyrej.com


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

NEW YORK, NY Michael Eble is the owner and principal of FCi Furniture Consultants. Currently celebrating its 40th year, FCi Furniture Consul-tants is a robust furniture dealership headquartered in New York 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 persever-ance. 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-

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 Ave-nue 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, Cor-porate 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

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 rec-ognized by Teknion for their platinum sales awards for 10 consecutive years.

As with anything else, Eble also turned what qualifies as a disadvan-tage 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 man-ufacturers. 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 ser-vice 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 fore-front 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 busi-ness. According to Eble, “The largest change in furniture is the actual physi-cal 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.

Reception at One Penn Plaza - New York, NY

Michael Eble, owner and principal of FCi Furniture Consultants

http://nyrej.com

http://nyrej.com


Westchester County Region

Westchester County Economic Development Corp.

William Mooney, III Director of Office of Economic Dev.

148 Martine Ave.White Plains, NY 10601

[email protected]

Westchester County ExecutiveRobert Astorino www.westchestergov.com

HAWTHORNE, NY Nick Malagisi, SIOR and national director self storage for SVN Commercial Real Estate

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 con-trol 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.


Nick Malagisi

HARDISTY OF SVN KINGSTON ASISSTS IN $14.1 MILLION SALE

Malagisi of SVN Commercial R.E. facilitates 532-unit self storage

Hans Hardisty

RYE BROOK, NY Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale of the Hilton Westchester, a 445-room, 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

Peek, Patel, Kurtz, and Moezinia of Holliday Fenoglio Fowler close Hilton Westchester sale

PROOFSize: 3x5 Section: NY ROPFrom: JPRun Date: 07/19/16


crop

2”


Tel: 781-878-4540

JOIN THE WINNING TEAM

A one year $99.00 subscription includes:

• The New York Real Estate Journal delivered bi-weekly.

• Access to the digital edition on nyrej.com.

• The Daily RE Cap newsletter which covers New York sales, leases, mortgages, construction and many activ-ities linked to the multi-trillion dollar industry.

Subscribe to the New York

Real Estate JournalTel: 781-878-4540 | 800-654-4993

[email protected] | www.nyrej.com

BIGnewssmall budget!

Matthew Kurtz and Nadine Moezinia. Hilton Westchester features re-

sort-style amenities, including 31,278 s/f of flexible meeting space.

PROOFSize: 2x8 Section: NY ODMFrom: JWRun Date: 1-10


crop

2”


Tel: 781-878-4540

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 MetroCoastal Specified Products

(516) 253-7337

Ryan DoranSales Representative

(516) 509-8972

http://nyrej.com

http://nyrej.com


http://www.coastalspecifiedproducts.com

http://nyrej.com

http://www.westchestergov.com

http://nyrej.com

http://westchestergov.com




Professional Profiles

Heidi Burkhart President and Founder

Dane Real Estate

Greg LiCalzi Jr.Senior Vice President

GATES Capital Corporation

Ayall SchanzerPresident and CEO

Greiner-Maltz Realty Advisors, LLC

Felix TschanzSenior Vice President /

Senior Underwriting CounselAmtrust Title

Name: Greg LiCalzi Jr.Title: Senior Vice PresidentCompany: GATES Capital CorporationLocation: 100 Park Ave, New York, NYBirthplace: Mineola, NYEducation: Chaminade High School, Union CollegeFirst job: Selling popcorn at Loew’s Raceway Movie Theater, Westbury NYFirst job in real estate or allied field: Analyst at a commercial bankWhat 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 BarFavorite movie: “I Love You, Man”Last album that you downloaded? Bon IverOne word to describe your work environment: MultidisciplinaryRules 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 AlpsWhat is your DREAM job? (something other than your current job) Executive director at not-for-profit

Name: Ayall Schanzer Title: President and CEOCompany: Greiner-Maltz Realty Advisors, LLCLocation: 800 Westchester Avenue, Suite S-638, Rye Brook, NY 10573Birthplace: Queens, NYEducation: Cornell University MBA; Benjamin N. Cardozo School of Law JD; Queens Col-lege BAFirst job: Assistant district attorney, ManhattanFirst job in real estate or allied field: President and CEO, Friedland RealtyWhat 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 familyFavorite book or author: “Slaughterhouse-Five” by Kurt VonnegutFavorite movie: “Midnight Express,””Goodfellas”Last song/album that you purchased/downloaded? “Let Me Get By,” Tedeschi Trucks BandOne word to describe your work environment: Productive, friendlyRules to live by in business: Integrity, diligence, perseveranceIf 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 DeliWhat is your DREAM job? (something other than your current job) Lead singer for major rock band.

Name: Felix TschanzTitle: Senior Vice President / Senior Underwriting CounselCompany: Amtrust TitleLocation: Uniondale, NYBirthplace: Queens, NYEducation: SUNY at Stony Brook, BA; Southwestern University, JDFirst job outside of real estate: Trust officer for national bankFirst job in real estate or allied field: Title abstract companyWhat 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 McCulloughFavorite 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 BandOne word to describe your work environment: FluidRules to live by in business: Honest communication is keyWhat is your dream job? My next promotion

Name: Heidi BurkhartTitle: President and FounderCompany: Dane Real EstateLocation: SoHo, New York, NYBirthplace: Toledo, OHEducation: University of ToledoFirst 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 sales-person 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.

http://nyrej.com


Professional Profiles100s of archived profiles and photos

since 1989. Research your potential clients!nyrej.com/professional_profiles


Thru the Lens

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.

Shown is the Macro Consultants team at IFMA NYC’s 2014 Awards for Excellence Dinner.

Remember when: February 11, 2014MANHATTAN, NY Cooper-Horowitz, Inc. celebrated 52 years at their Annual Holiday Party at Michael Jordan’s Steakhouse located in Grand Central Ter-minal. Over 1,500 prominent borrowers and lenders attended the festive event.

MANHATTAN, NY Fried Frank hosted its 2016 Annual Real Estate Holiday Party on December 6, 2016.

Manhattan, NY Newmark Grubb Knight Frank hosted the ICSC Annual Cocktail Reception held at Tao Downtown on December 5, 2016.

Shown (from left) are: Barry Horowitz, Jeffrey Horowitz, Richard Horowitz, Robert Horowitz and David Horowitz.

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.

Shown (from left) are: Michael Lehrman, BGC Partners; Jeffrey Roseman, NGKF; and Nestor Eliadis,Walgreens

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.

Paula Burchill of Zeckendorf Marketing (center) and Chase Global Realty brokers

Pho

to c

redi

t: C

raig

Bar

rit

Pho

to c

redi

t: S

teve

Fri

edm

anP

hoto

cre

dit:

Ste

ve F

ried

man

Pho

to c

redi

t: S

teve

Fri

edm

an

http://nyrej.com

http://nyrej.com/professional_profiles


To start receiving the RE Cap e-newsletter visit

www.nyrej.com/newsletterNewsletterNewsletter

News Outside the RegionCronheim Mortgage secures $10.3 million refinancing for retail ctr.

Cushman & Wakefield arranges $103.6 million of acquisition financing

Delavale of Breslin arranges 14,000 s/f lease with Blink Fitness

Avison Young serves as advisor for JC Penney HQ acquisition/reposition

Hunt Mortgage Group provides two Fannie Mae loans in Missouri

PLANO, TX Avison Young served as exclusive strategic capital markets advisor to Silos Opportunity Part-ners, 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 Piasec-ki, 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 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.

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 ar-ranging $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 Cronheim Mort-gage 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 maxi-mum flexibility while it determined its long-term hold strategy. Cronheim sourced a non-recourse, three-year loan, 25-year amortization, with sev-eral extension options which allowed the ability to contemplate the possi-bility of a sale or longer term hold.

SPRINGFIELD, MO Hunt Mortgage Group provided two Fannie Mae loan facilities to refinance two manufac-tured 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. Lake-wood 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.

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 out-door social deck, bike maintenance facilities and a pet-washing room.

HOUSTON, TX 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.

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 transac-tion, while Jeff Chaus of Chaus Realty acted for the owner, Hartz Mountain.

CULVER CITY, CA According to Tran-swestern 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 Sig-nature 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.

JERSEY CITY, NJ 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.

PRINCETON, TX Pioneer Realty Capital, LLC, a leading Texas based com-mercial 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 de-creased 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.

SALEM, IN Rafinia Property Group has acquired the Riverside Shops of Salem, a 50,000 s/f retail shop-ping 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 condi-tion 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.

LYNDHURST, NJ 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 Marl-boro, 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 along-side Chipotle and Smashburger. Ripco worked with Jimmy Aug of Sabre Real Estate who represented the owner in the transaction.

TALLAHASSEE, FL 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.

Rafinia Property Group acquires 50,000 s/f Riverside Shops for $3m

Kalmon Dolgin arranges 154,830 s/f lease for Manhattan Range Rover

Kohler Signature Store by Expressions Home Gallery LEED Certified

Ripco Real Estate completes three deals for Sport Clips Haircuts

Time Equities expands Southeast portfolio with Northhampton Ctr.–$6.9m

JF Capital breaks ground on Moda Granary Place development

Strategic Builders, a J. Fisher Com-pany, 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.

Pioneer Realty Capital closes $7.2m refinance for Villa Asuncion facility

New York Life Real Estate Investors places $146.6 million loan“Working closely with Cotton On

executives in California, Texas and Australia became the driving force of this project,” said JRM project direc-tor 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.”

JRM Construction Mgmt. West completes 2,800 s/f Typo Store in Houston

http://nyrej.com

http://www.nyrej.com/newsletter


Names, Faces, People and Places

UNIONDALE, NY Kathleen Deegan Dickson, partner at Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana

LLP was honored by the Hauppauge Industrial Asso-ciation of Long Island (HIA-LI) with the “Those Who Make a Dif-ference Award.”

Deegan Dick-son was selected

because of her leadership in busi-ness 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 be-fore municipal boards and agencies on significant projects throughout Long Island.

FIRST BLACK PRESIDENT SINCE ASSOCIATIONS’ INCEPTION IN 1917

Botsoe of Dorothy Jensen Realty named 2017 HGAR president

AWARDS GO TO RESIDENTS OF CLP PROPERTIES

Castle Lanterra launches scholarship program

Kathleen Deegan Dickson

SUFFERN, NY Castle Lanterra Proper-ties (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 Cas-tle Lanterra Properties Scholarship Program include high school seniors, graduates and post-secondary un-dergraduates 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 aca-demic year. The company will offer a total of four scholarship awards.

Scholarship applicants will be required to write an essay covering

WHITE PLAINS, NY The Hudson Gate-way Association 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, asso-ciate 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.

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% mi-nority owned.

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 Cro-ton-on-Hudson as vice president; Chirag Shah of Gateway Realty Corp. of New York in Mamaroneck as Treasurer, Louise Colonna of Douglas Elliman Real Estate in Scarsdale as secretary; and Leah Caro of Bronx-ville Real Estate in Bronxville as immediate past president.

In addition to the presidents, the 2017 HGAR executive officers installed include: John Lease III of John Lease Realtors in Newburgh

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, Westches-ter 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;

Shown (from left) are Renee Zurlo and Dorothy Botsoe

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 com-munity activities, as well as their work experience, career and educational goals, and any unique personal or family circumstances.”


2016 scholarship recipient Yolanda Toby and Castle Lanterra CEO Elie Rieder

The scholarship program launches February 1, 2017, with an application deadline of March 15, 2017. Details are available at https://www.scholar-sapply.org/castlelanterra.


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.

SCSCO expands office space at 100 Wall St.

The design of the new offices was done by New York’s Switzer Group, the nation’s largest African-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.

New York State comptroller Thom-as DiNapoli joined majority owner and CEO Suzanne Shank, and part-ners including former HUD secretary Henry Cisneros and former New York City comptroller William Thompson to cut the ribbon on the new space.


BRONX, NY Greiner-Maltz has appoint-ed Atanu Bhattacharjee as an indus-trial broker to the firm Bhattacharjee

is a New York State licensed real estate broker and will be specializ-ing in industrial and flex assets.

Bhattacharjee began his career in commercial 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.

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 Gold-stein, Hill & West in 2009.

As Hill West ushers in the New Year, 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.

GHWA rebrands to Hill West Architects


Deegan Dickson honored with HIA-LI award

Atanu Bhattacharjee

Bhattacharjee joins Greiner-Maltz Realty

BRONX, NY Carmelo Milio CPM, has been named president of the Building and Realty Institute (BRI) for the

second year run-ning. Having led Trion Real Estate for over a decade and a half, Milio’s re-election proves that he is trusted to spearhead the Institute with his

talent, experience, and in-depth in-dustry 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 accomplish-ments 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 en-sure all of the initiatives are well-im-plemented, he will be leveraging his

broad and refined understanding of the essence of relationship-build-ing 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.

Building and Realty Inst. re-elects Milio as president

Carmelo Milio

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://sapply.org/castlelanterra

http://nyrej.com


NEW YORK, NY David Valdez has joined the local office of the global tenant real estate advisory firm Mohr Part-

ners as managing director.

Valdez advises both commercial businesses and nonprofit orga-nizations in their management of 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, archi-tects, lease administrators, and hotel and property managers.

New York News Briefs

MANHATTAN, NY Meridian Capital Group has arranged $58 million in CMBS financing to refinance 1204,

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 pres-ident, Asher Urbach, who are both

Adler and Urbach of Meridian Capital arrange $58 million CMBS financing

Steven Adler Asher Urbach

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-sto-ry, 38,500 s/f building.


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 inter-viewed 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 busi-nesses 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 CommerceIn 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 Cele-bration. 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 re-sponse 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 Busi-ness Awards 2017 Gala Celebration is scheduled for Thursday, March 9, 2017 at the elegant Marina del Rey Caterers, 1 Marina Dr., Bronx, NY 10465.

Nunzio Del Greco is the president and CEO of the Bronx Chamber of Commerce, Bronx, N.Y.

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 pass-words 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 in-stitutions, on-line services, etc.) for any unauthorized activity. Then, she would need to find a “clean” comput-er, ideally outside her compromised network environment to change all her passwords again, and institute immediately two-factor authentica-tion 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 cy-bersecurity 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 anti-malware 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 pro-grams 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., up-to-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.

According to Adler, “Lenders saw the appeal in the properties’ prime location, which helped Meridian ne-gotiate a 10-year interest-only loan.”


OSSINING, NY According to Eric Goldschmidt, senior partner at Gold-schmidt & Associates, he co-brokered

the sale of 70-80 Spring St.

Goldschmidt represented the seller and Nich-olas McMillan of Giner Realty represented the purchaser, 3415

Knox Avenue, LLC. The sales price was close to the $2.395 million ask-ing 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

which the subject property consists of a total of eight apartments and three retail stores.

Eric Goldschmidt

Goldschmidt of Goldschmidt with McMillan of Giner collaborate for Ossining sale

renovated and fully occupied. At this time Goldschmidt is also representing the seller in another transacation, in

David Valdez

Valdez joins Mohr Ptrs. as managing director

http://nyrej.com

http://www.bronxchamber.org

http://nyrej.com

http://nyrej.com


NEW YORK, NY According to Gates Capital Corp., Timothy Lies has joined as senior vice president, in-vestment banking.

As a real estate investment profes-sional and entrepreneur with 25 years experience, Lies brings his extensive project financing and management expertise to the firms’ investment banking team.


Yuriy Ustoyev

Commercial Loans

PROOF

Section: NY ROPFrom: Run Date:


Tel: 781-878-4540Fax: 781-871-1853

NE NY REAL ESTATE JOURNAL

Marc HavesLloyd Pine

Michael Seligman

Haves, Pine & Seligman has been financing and successfully closing the most complex transactions for 18 years.

From $1,000,000 - $100,000,000+Permanent Loans, Construction Loans, Bridge

and Mezzanine Loans, Equity Placement

Redi-Dock® Provides InstantDrive-In Access to Your Facility

• M o d u l a r• M i n i m a l s i t e p r e p• L o w m a i n t e n a n c e• D e l i v e r e d & s e t• E a s i l y r e l o c a t e d• L e n g t h s t o 5 0 ’• • H e a v y d u t y r a t i n g• N o f u t u r e d e m o l i t i o n• A D A r a m p s a v a i l a b l e

Call: [email protected] Call for an immediate consultation.

PROOFSection: CDEFrom: JPRun Date: 8-19



Tel: 781-878-4540

Redi-Dock® Provides InstantDrive-In Access to Your Facility

• M o d u l a r• M i n i m a l s i t e p r e p• L o w m a i n t e n a n c e• D e l i v e r e d & s e t• E a s i l y r e l o c a t e d• L e n g t h s t o 5 0 ’• • H e a v y d u t y r a t i n g• N o f u t u r e d e m o l i t i o n• A D A r a m p s a v a i l a b l e

Call: [email protected] Call for an immediate consultation.

• M o d u l a r• M i n i m a l s i t e p r e p• L o w m a i n t e n a n c e• D e l i v e r e d & s e t• E a s i l y r e l o c a t e d• L e n g t h s t o 5 0 ’• Infinite widths• He a v y d u t y r a t i n g• No f u t u r e d e m o l i t i o n• AD A r a m p s a v a i l a b l e

Call: [email protected]

Call for an immediate consultation.

BOW AND ROMEO OF DURST ORG. ACT FOR OWNERSHIP

Schuham and Taubin of Savills Studley rep. RSM for 95,000 s/f

MANHATTAN, NY 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.

4 Times 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 leasing Tom Bow and vice president of leasing Rocco Romeo. 4 Times Square - Manhattan, NY

Lies joins Gates Capital

Lies holds an MBA and Bachelor of Architecture degree from the Univer-sity of Kansas, where he also earned undergraduate degrees in Economics and Environmental Studies.

BROOKLYN, NY According to EPIC Commercial Realty, they have completed the sale of 673 Halsey

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

Ustoyev, represented the seller while EPIC CEO, Yona Edelkopf, repre-sented the buyer.

Yona Edelkopf

673 Halsey Street - Brooklyn, NY

Edelkopf and Ustoyev of EPIC Comm’l. complete $3.5m


Center for Architecture

Connect at the

© P

eter

Aar

on

Meetings /�Conferences Educational Seminars Corporate Retreats Trainings /�Product Launches Receptions /�Social Events Exhibition Space

cfa.aiany.org 212.358.6111

536 LaGuardia Place, New York, NY 10012 (between Bleecker St & West 3rd St / Greenwich Village)

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://www.readingprecast.com

http://readingprecast.com

http://aiany.org

http://www.readingprecast.com

http://readingprecast.com



New York Real Estate Journal February 21 - March 6, 2017 17A Visit the paper online nyrej.com Billboard

UPSTATE N.Y. INVESTMENT PROPERTIES FOR SALE

O’CONNELL MOREREAL ESTATE

[email protected]

All loans made in Strict ConfidenceDirect Loans, Private Mortgages, Bridge Loans,

Below Market Rates, Fast Action, Brokers Protected

Stark Management Co.,(914) 694-2180, [email protected]

30,000Prospects

in every issue!New York Real Estate Journal

30,000Prospects

in every issue!

TOP SECURITY ATUNBEATABLE RATES SM

ARMED & UNARMEDSECURITY OFFICERSBONDED-INSURED$20 MILLION CGL

NEW YORK REAL ESTATE JOURNAL“SINGLE BLOCK” - BLACK & WHITE

PLACEMENT: FIRST PAGE “bb CLASSIFIED billboard”NY ISSUE(S) - EVERY ISSUE

START 5/26/09

SIZE: 2 3/8” WIDE X 3 5/8” HIGH

LICENSED BY NYS DEPT OF STATE/NJ DIV OF STATE POLICE

®

SM

®

SECURITY GUARDS

© 2010

(800) 548-3434THE EPIC BUILDING

2067 BROADWAY • NYC 10023

NYS APPROVEDTRAINING

IN MANHATTAN CALL: (212) 580-3434

NEW YORK’S TOP SECURITY SERVICEFOR 30+ YEARS.

FAXTRANSMITTAL

#of pages: 1

To:

Co:

Fax:

To: � From: Karen x254Co. NE Real Estate JournalPhone # 781-878-4540Fax # 781-871-1853� Proof Fine

� Make Changes

50 Years serving the Tri-State Area

212-221-1800 • 718-884-8200 • 914-668-2050

www.rosswindow.com

Sales, Installations & ServiceCompetitive Pricing

Fully Licensed & Insured

Bridge Loans

Roof RaisersSELL MORE BUILDINGS

Your clients can now buy your “Obsolete, low-clearance height” building and modernize it by Lifting the Roof!

Space Technology, Inc. offers the patented “E-Z Riser” method to increase a building’s height. This process dou-

bles the storage space, at a fraction of the cost and trouble of other methods of expansion.

SPACE TECHNOLOGY INC.631-491-8500 • 800-784-3150, www.rooflift.com

Broker

Lender

The Leader In Real Estate Capital Solutions

Adam Brostovski, Principal

GCP Capital Group, LLC60 Cutter Mill Road, Suite 600 • Great Neck, NY 11021

Phone: 516-487-5900 • Fax: 516-487-5944 • www.gcpcap.com

Armed and Unarmed Guards

LICENSED BY NYS DEPT OF STATE/NJ DIV OF STATE POLICE

SECURITY GUARDS

TOP SECURITY AT UNBEATABLE RATES SM

(800) 548-3434THE EPIC BUILDING

2067 BROADWAY • NYC 10023

Selwyn Falk, CPP Vice Pres.• • • ••••• •

• • • •• • ••• •• • • •• • • •• • • •®

NEW YORK REAL ESTATE JOURNAL“NEW YORK BILLBOARD CLASSIFIED ADVERTISING”

PLACE UNDER HEADING: Armed & Unarmed GuardsNY ISSUE(S) - EVERY ISSUE

START 5/26/09

IN MANHATTAN CALL:(212) 580-3434

© 2010

®

This Space Available

If you want to be included on this page, contact:

John [email protected]

800-654-4993, ext. 250

WE BUY ALLPROPERTIES

in theNEW YORK

METRO AREAPlatinum Realty

[email protected]

(917) 648-1446

Commercial InsuranceOffice/Apartment Buildings

Industrial/Warehouse Buildings

Strip Centers/Retail Stores • Condo Associations

Bonds • Contractors • Workers Compensation

E & O Programs

Free Quotes and Policy ReviewsServing All Long Island and

The 5 Boroughs For more than 25 years

866-272-8310INSURANCE AND

RISK MANAGEMENT

TOP RANKEDRetail Real Estate Owner

& Developer in the United States18+ Million SF

200+ Properties Leasing Department • tel 212.265.6600 x239

www.rdmanagement.com

B ANK OF NEW Y ORK CITY

Actively seeking Owner-Occupied Commercial & Investment Commercial Real Estate Loans:

• From $500,000 to $5,000,000 • Purchase or Refinance • Territory: Manhattan, Brooklyn, Queens, Bronx, Staten Island, Westchester and Long Island

BROKERS ARE WELCOME

Fast response!

Please contact us today for a consultation:NATIONAL BANK OF NEW YORK CITY

136-29 38TH Avenue, Flushing, NY 11354Martin Noble, President - [email protected], Richard Gelman, Chairman, [email protected]

or Richard Malgieri, Chief Credit Officer - [email protected] call 718/358-4400 Member FDIC. Equal Housing Lender.

Direct Lender

DRCBridge Loans at Bank RatesLowell S. Dansker Principal

Dansker Realty Capital LLC212-257-1954

[email protected]

APARTMENT, OFFICE, RETAIL,WAREHOUSE & HOTEL

PROPERTY MORTGAGES

Starting at $1,000,000

Acquisition efinancing ridge Construction - Conventional

www.AtlasCommercialCapital.com

Call us today212-332-3457 ext. 101

[email protected] Meehan, Managing Partner

45 Rockefeller Plaza, 20TH Floor, NY, NY 10111

ith Atlas at your side, you will achieve better and quic er financing than going direct or through any other source

http://nyrej.com

http://www.rosswindow.com

http://nbnyc.com

http://nbnyc.com

http://nbnyc.com

http://www.rdmanagement.com

http://danskerrc.com

http://gmail.com

http://www.gcpcap.com

http://www.rooflift.com

http://gmail.com

http://www.platinumrealtyassociates.com

http://omconsults.com

http://nyrej.com

http://www.atlascommercialcapital.com

http://atlascommercialcapital.com










nyrej.comBack Page A February 21 - March 6, 2017 New York Real Estate Journal

Join your colleagues for a day of deal making and networking.

ICSC New England Retail ConnectionConnecticut Convention Center | Hartford, CT March 8, 2017

For more information visit www.icsc.org/2017NRC

New England Advert 10.25x13.25 .indd 1 1/23/17 3:00 PM

http://nyrej.com

http://www.icsc.org/2017nrc

BRONX, NY Time Equities Inc. (TEI), a full-service New York-based real estate firm, has acquired 18 residen-

tial condominium units at Lagoon Estates Condo-miniums, a gat-ed, garden-style townhouse/apart-ment complex consisting of four buildings, locat-

ed 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

BRONX, NY Brooklyn Standard Proper-ties, a Manhattan-based real estate in-vestment/development firm, bought

a four-building portfolio, with 74 apartments, three retail spaces, of-fice space and a 12-car parking lot in the Fordham area for $16.5 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 walk-up building at 2470 Belmont Ave.

The portfolio totals 56,836 s/f and

Jungreis of Rosewood brokers $16.5 million Bronx portfolio sale

REPRESENTED BUYER, BROOKLYN STANDARD PROPS., AND SELLER, FORDHAM APTS.

Soto and Pastor of Time Equities broker $5m sale of 18 condo units at Lagoon Estates in the Bronx

Silverstein, Artusa and McGratty of Silverstein Props. extend 265,348 s/f lease

Aaron Jungreis

New York City

nyrej.com

February 21 - March 6, 2017Section B

Quick Read

24 PagesNames Faces .......................... 5BNYC Finance ...................... 6-12BContributing Authors .....13-16BNYC Retail ........................17-21B

Ezratty, Papanastasiou and

Ellard of Eastern Consolidated broker $15.25 million sale

Singer and McSharry of Singer & Bassuk arrange

$65m refinance

SEE COVER NYC RETAIL, PAGE 17B

SEE COVER NYC FINANCE, PAGE 6B


Brian Soto


sold for 11.9 times the rent roll, and offers a cap rate of 6.62%.

Rosewood Realty Group’s Aar-on Jungreis rep-resented both Brooklyn Stan-dard Properties and Fordham A p a r t m e n t s LLC, the owner of all four build-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.

Benji Kohn

615 East 189th Street - Bronx, NY

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 res-idents 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. Marc Yaverbaum-MYC & Associates Inc. represented the seller Lagoon Development Corp. in the transaction.

Lagoon Estates Condominiums - Bronx, NY


MANHATTAN, NY According to Silver-stein Properties, full-service law firm Kramer Levin Naftalis & Frankel

LLP has signed a lease extension at 1177 Avenue of the Americas, its class A Midtown tower.

Kramer Levin, a firm which represents pub-

lic and private companies across a range of industries, as well as funds, institutions, and individuals, will oc-cupy 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, Joseph Artusa and Camille McGratty.

Roger Silverstein

http://nyrej.com

http://nyrej.com

http://nyrej.com

Inside Cover B February 21 - March 6, 2017 New York Real Estate JournalNew York City

Specialization • Expertise • Results

Of�ces Throughout the U.S. and Canada www.MarcusMillichap.com

New York Real Estate Journal February 21, 2017 10.25”W x 13.25”H Full Page No Bleed 4C

Below is a Sampling of Our Recent Closings

Creating and Preserving Wealth for Our Clients,One Transaction at a Time

10-Unit Multifamily Upper East Side (Manhattan), NY

$6,600,000

CLOSED: 1/26/2017

20-Unit MultifamilyUpper East Side (Manhattan), NY

$12,500,000

CLOSED: 1/12/2017

Net-Leased RestaurantColonie, NY$6,878,000

CLOSED: 1/30/2017

Net-Leased Gas StationNewtown Square, PA

$5,050,000

CLOSED: 1/23/2017

HotelHyde Park, NY

$4,370,000

CLOSED: 1/11/2017

Net-Leased RestaurantJohnstown, PA

$4,256,000

Medical OfficeCollegeville, PA

$3,875,000

CLOSED: 1/20/2017 CLOSED: 1/10/2017

Development SiteHarrison, NJ$6,000,000

CLOSED: 1/26/2017


$8,140,000

CLOSED: 1/10/2017

IndustrialLittle Ferry, NJ

$7,000,000

CLOSED: 1/11/2017

Mixed-UseAlphabet City (Manhattan), NY

$7,215,000

CLOSED: 1/30/2017

Shopping CenterPittsburgh, PA$4,350,000

CLOSED: 1/20/2017

OfficePittsburgh, PA$10,400,000

CLOSED: 1/20/2017

Medical OfficeKingston, PA$5,764,000

CLOSED: 1/23/2017


$5,075,000

CLOSED: 1/13/2017

Brian HoseyRegional Manager

[email protected]

New Jersey(201) 742-6100

John KruegerRegional Manager

[email protected]

Manhattan(212) 430-5100

Westchester(914) 220-9730

John HorowitzVice President/Regional [email protected]

Brooklyn(718) 475-4300

Brenton BaskinRegional Manager

[email protected]

Pennsylvania(215) 531-7000

To access the largest exclusive inventory in the country, contact the market leader.

Manhattan(212) 430-5100

New Haven(203) 672-3300

J.D. Parker Senior Vice President/Division Manager

[email protected]

http://marcusmillichap.com





http://www.marcusmillichap.com






February 21 - March 6, 2017 1Bnyrej.com New York City

NEW YORK BUILD 2017

www . n e w y o r k b u i l d e x p o . c om

REAL ESTATE SUMM

ITGerard McEnroe, First Assistant Inspector General, New York City School Construction Authority

Stephen Curro, PE, Managing Director, Construction, DASNY - Construction Division, Dormitory Authority State of New York

Matthew Charney, Deputy Director, Real Estate Development, NYCHA

Daniel Edrei, Managing Director/Partner, Anika Equities, LLC

Luciano Bana, Vice President, Hudson Meridian Construction Group

Sara Mirski, 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

MARCH 16TH, JAVITS CENTER

The Real Estate Summit, taking place at New York Build 2017, covers case studies of New York’s major development projects.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.

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.

SPEAKERS INCLUDE

Free to attend conferences, workshops & exhibition

March 15th & 16TH

JAvits CENTer

www.newyorkbuildexpo.com/real-estate-summitFree to attend

New york Build Features over 2 days:

ARCHITECTURES U M M I T

DIGITAL CONSTRUCTION

S U M M I T GOVERNMENT POLICY

S U M M I THEALTH & SAFETY INFRASTRUCTURE

S U M M I T

Speaking organizations include:

S U M M I TSUSTAINABILITY

@N ew Yo r k B u i l d

S U M M I T

http://nyrej.com

http://www.newyorkbuildexpo.com/real

http://www.newyorkbuildexpo.com

2B February 21 - March 6, 2017 New York Real Estate JournalNew York City

New York CityA section of the


P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com

Publisher Adam Savino x284

[email protected]

Editor Kristin Robinson x225

[email protected]

Daniel ShiraziSkyline Properties

PROOFSection: NYCFrom: ASRun Date: 11-24



Tel: 781-878-4540

Romer Debbas, LLP is a boutique law firm located in midtown Manhattan specializing in the areas of real estate, banking/private banking, 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,

landlords & tenants, foreign and domestic investors, cooperative and condominium boards, and small businesses.

Residential and Commercial Real Estate Transactions, Banking & Finance and

Co-op/Condo Board Representation

183 Madison Avenue • Suite 904 • New York, NY 10016 • T: 212.888.3100 • www.romerdebbas.com

Romer Debbas, LLP is a boutique law firm located in midtown Manhattan specializing in the areas of real estate, banking/private banking, new developmentsand offering plans, commercial leasing general corporate law, trust and estates and

taxation.The firm represents a wide array of clients including buyers & sellers ofresidential and commercial real estate, prominent lending institutions, developers,

landlords & tenants, foreign and domestic investors, cooperative and condominium boards, and small businesses.

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.

275 Madison Avenue • Suite 801 • New York, NY 10016 • T: 212.888.3100 • www.romerdebbas.com

Ground leases 101: Creativity is required

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 cap-

ital 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 maxi-mize the potential and improve the property by:

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 sig-nificantly 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 transac-tions in New York City to date include:

• 885 Third Ave.: “The Lipstick Building” which was sold by SL Green to Ceruzzi Holdings.

• Gary Barnett of Extell De-velopment 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.

PROOF

Section: From: Run Date:


Tel: 781-878-4540Fax: 781-871-1853


http://www.nerej.com

http://www.romerdebbas.com

http://nyrej.com

http://nyrej.com




HUNT MORTGAGE GROUP

NEED A LOAN? NEED OPTIONS? JUST CALL.

RECENT TRANSACTIONS

$2.69 MILLIONSeattle, WAFreddie Mac Small Balance

$12.7 MILLIONHouston, TXFreddie Mac Multifamily

$24 MILLIONLakewood, WAFannie Mae Multifamily

$5.2 MILLIONEl Paso, TXFreddie MacAffordable

$23 MILLIONPrescott, AZFannie Mae Multifamily

$13.5 MILLIONAkron, OHBridgeMixed Use

$17.8 MILLIONSterling, VA BridgeOffice

$26 MILLIONWaco, TXFreddie MacStudent Housing

$14.75 MILLIONFort Worth, TXBridgeAffordable

$33.82 MILLIONVarious, TXBridge Multifamily

$4.5 MILLIONNew Orleans, LAFannie Mae Small Balance

$31.825 MILLIONPhoenix, AZFreddie Mac Multifamily

$5.5 MILLIONGainesville, FLFannie Mae Small Balance

$65 MILLIONHouston, TXFannie MaeMultifamily

$35.6 MILLION5 Property Portfolio, SoutheastFannie MaeMultifamily

CERTAINTY OF EXECUTION. CLARITY OF THOUGHT.®

huntmortgagegroup.com

EXPERIENCE THE HUNT MORTGAGE GROUP DIFFERENCE.

FOR MORE INFORMATION, PLEASE CONTACT:

JAMES P. FLYNN, President, Chief Investment Officer | 212.521.6339 | [email protected]

COMMERCIAL/STANDARD AGENCY AFFORDABLE HOUSING/FHA SMALL BALANCESTEVEN COX MATT MESKILL OWEN BREHENY212.317.5752 212.521.6470 [email protected] [email protected] [email protected]

http://nyrej.com

http://huntcompanies.com




http://huntmortgagegroup.com






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 par-cel where HAP will construct a residential and retail complex. The project was designed by Karl Fischer Archi-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 mu-seum, as well as other parks. The location, where Broadway intersects

with Fairview Ave. 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 Ka-likow, 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 primari-ly 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.

Jonathan Kalikow

4452 Broadway, Hudson Heights - Manhattan, NY

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 envi-ronment, one filled with extremely knowledgeable and friendly brokers, who are always supported by man-agement,” said Rivero.


Rivero rejoins Ideal Properties a salesperson

MANHATTAN, NY Belkin Burden Wenig & Goldman (BBWG), a leading full-service real estate law

firm, has promoted Lisa Gallaudet and Christina Simanca-Proctor to

partners. Formerly associates, both Gallau-

det 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 part-ner 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.

Lisa Gallaudet

Christina Simanca-Proctor

Gallaudet and Simanca-Proctor named ptrs. at BBWG

PROOFSize: 2x8 Section: NYCFrom: ASRun Date: 02/21/17


crop

2”


Tel: 781-878-4540

The Fort Riverside portfolio is comprised of �ve 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

Cignature Realty Associates Inc Licensed Real Estate Brokers

131 West 33rd Street New York, NY 10001

212 643-1880

www.CignatureRealty.com

Lazer Sternhell and Peter Vanderpool brokered this transaction.

http://nyrej.com

http://www.cignaturerealty.com


Names, Faces, People and Places

PROOFSection: NYCFrom: ASRun Date: 11-24



Tel: 781-878-4540

• HARD MONEY

• QUICK CLOSING

• $500,000 - 5,000,000

• EASY PROCESS

• MOST PROPERTY TYPES

[email protected]

212-661-8700

RECOGNIZED AT THE 40 UNDER 40 EVENT

Mesh of Forchelli, Curto, Deegan honored by the Queens Courier

QUEENS, NY Attorney Lindsay Mesh was honored at the 40 Stars Under 40 event hosted by the Queens Courier.

Lindsay Mesh is an associate a t Forchel l i , Curto, Deegan, Schwartz, Mineo & Terrana LLP, concentrating her practice in the areas of real es-

tate finance, banking, foreclosures, and creditors rights. Mesh primarily counsels institutional and private lenders on commercial mortgage loan transactions and represents

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 liti-gation 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, Nas-sau County.

Mesh has been published in Suffolk Lawyer and New York Real Estate

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.

Lindsay Mesh

BROOKLYN, NY According TerraCRG, Nicole Rabinowitsch has joined as senior vice president, enhancing the

firm’s foothold in the North Brook-lyn region of the borough.

“We are de-lighted to have Nicole’s deep un-derstanding of the Williamsburg 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 di-rector 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.

Nicole Rabinowitsch

Rabinowitsch joins TerraCRG as senior vice pres.

NEW YORK, NY According to Habitat for Humanity New York City (Hab-itat 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 Sustain-ability Projects, he has spearheaded organizational partnerships with Habitat NYC, including supervising volunteers, fundraising, and provid-ing advisors on projects, including design reviews, building surveys and energy audits.


Montalto of Jaros, Baum & Bolles joins Habitat NYC board of directors

� Facebook.com/FloodPanel � Twitter.com/@FloodPanel

Contact UsFlood Panel products and consultancy are available to

customers throughout the United States and the Caribbean.

1-888-744-2607www.FloodPanel.com

New York Build 2017Find us at Stand D28

One-stop shop forsmart flood protectionFlood Panel™ LLC designs high-quality floodprotection products for commercial constructionprojects, including the most comprehensive lineof flood barriers, flood doors and flood systemsavailable today.

Our Certified Network of experienced contractors,architects, engineers and distributors providescomplete solutions for any flooding scenario.

PROOF

Section: From: Run Date:


Tel: 781-878-4540Fax: 781-871-1853


www.AMFDirectLLC.com

As Advertised on "Profiles with Mickey Burns" on MeTV, Fridays at 12:30am

Do You Own a Business?Do You Need to Find New Clients?

CALL TOLL FREE [email protected]

I am marketing specialistAngela Marie Francoand I teach business owners how to find new customers.

Find Out How. Let's Make Your Business Profitable and Sustainable.

http://nyrej.com

http://nyrej.com

http://amfdirectllc.com

http://www.amfdirectllc.com

http://www.floodpanel.com

http://mercurycapital.com




New YorkReal Estate Journal

New York City Finance

MANHATTAN, NY The Singer & Bassuk Organization (SBO) has represented The William Kaufman Organization

and a subsidiary of Travelers In-surance Co., in arranging a $65 million leasehold mortgage loan in Midtown East for 747 Third Ave. The loan was pro-

vided by AXA Equitable Life Insur-ance 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 grow-ing this long-term relationship in the coming years.”

“We were de-lighted 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, chair-man 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-

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.

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.

Emerald Creek Capital closes two finance deals totaling $12.65 million

Andrew Singer Kathleen McSharry

Betesh, Boruchov, Belecen and Ferreira of Cushman & Wakefield secure two loans totaling $21.8 million in Queens

747 Third Avenue - Manhattan, NY

MANHATTAN, NY Emerald Creek Capital has closed two finance deals totaling $12.65 million.

In the fist deal, Emerald Creek pro-vided 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 Emer-ald 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

Michael Cleaver Matt Fantuzzi

Emerald Creek originated the loan. Emerald Creek Capital is a direct

portfolio lender originating com-mercial 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.

324-326 West 108th Street - Manhattan, NY

QUEENS, NY Cushman & Wakefield has secured two loans that combine for $21.8 million. The loans closed at

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

that locked the rate at term-sheet ex-ecution 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,

Morris Betesh Justin Boruchov

Daniel Belecen and Omar Ferreira.The multifamily properties are lo-

cated 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.

136-42 Maple Avenue, Flushing - Queens, NY

February 21 - March 6, 2017 7Bnyrej.com New York City Finance


crop

2”


Tel: 781-878-4540

Size: Full Section: FD/NYCFrom: PattyRun Date: 02-21

Real Estate Financing

6 2 2 T h ird A v enueN ew Y ork, N Y 1 0 0 1 72 1 2 - 9 8 6 - 8 4 0 0F ax 2 1 2 - 9 8 3 - 0 5 1 2www.cooper- h orowitz .com

$205,000,000

33 SOUTH SIXTH - CITI CENTER33 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

http://nyrej.com

http://horowitz.com

8B February 21 - March 6, 2017 New York Real Estate JournalNew York City Finance

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

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

headquarters.The property, located at 418 East

71st St., is a seven-story, seven-unit commercial property and was pre-viously 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.”

418 East 71st Street - Manhattan, NY

Brian Flax Blake Orman

QUEENS, NY Ridgewood Savings Bank’s board of trustees approved several senior officer promotions.

Among them were Connie Manolopoulos as VP, Richard Spiegel as vice president and dis-trict manager, and Mirsada Tagani as VP- digital chan-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,” Manol-opoulos 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 posi-tions of customer service represen-tative, 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 man-agement trainee position in audit, where I spent the next five years,” Tagani said. “I returned to retail in 1997 as assistant manager of opera-tions control.”

Connie Manolopoulos

Richard Spiegel

Mirsada Tagani

Ridgewood Savings promotes three sr. officers

WWW.RIDGEWOODBANK.COMN YC • B RO O K LY N • Q U E E N S • B RO N X • W E S TC H E S T E R • LO N G I S L A N D

CALL OUR COMMERCIAL LENDING PROFESSIONALSVICTOR PADILLA(718) 240-4773

BRYAN LUTZ(718) 240-4734

FRANK ROJAS(718) 240-4931

$4,400,000

RETAIL & OFFICE BUILDING

BROOKLYN, NY$1,925,000

OFFICE BUILDING

NASSAU COUNTY, NY

$2,500,000

RETAIL BUILDING

QUEENS, NY

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 ERYou see the opportunity. We see the potential. Whether you're looking to acquire or re�nance your new multi-family, mixed-use, o�ce, or retail property, Ridgewood Savings Bank can provide the capital (up to 75% �nancing) 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.

YOU CAN’T FIND A BETTER BANKTO CLOSE YOUR DEAL

$18,000,000

RETAIL & OFFICE BUILDING

MIDTOWN, NY

http://www.ridgewoodbank.com

February 21 - March 6, 2017 9Bnyrej.com New York City Finance

For a no obligation loan quote, or valuation of your property, please feel free to call:

PARADIGM COMMERCIAL REAL ESTATE LLCCedarhurst, New York 11516

Tel: 516-569-3454 • Fax: 516-569-3831www.seniorcarecapital.net


crop

2”


Tel: 781-878-4540

Size: Full Section: NYCFrom: JPRun Date: 2-21

From Manhattan to Maryland, Michigan to Miami,

Lakeville to LA

PARADIGM COMMERCIAL REAL ESTATE

is pleased to announce the closings of

$24,000,000100 unit multifamily complex

Brooklyn’s Waterfront

$17,000,0004 building multifamily complex

523 UnitsHouston, Texas

$4,250,000Industrial Park

Glen Cove, New York

BECAUSE IT’S A BIG COUNTRY AND SOMEONE HAS TO FINANCE IT!

Because it’s a big country and someone has to finance it!

http://nyrej.com

http://www.seniorcarecapital.net


NEW YORK, NY GCP Capital Group LLC has arranged mortgage financ-ing totaling $117.925 million for the

following 13 deals:• $25 million for three six-story

multifamily apartment buildings con-taining 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 condomini-um situated on the ground floor and lower level of a recently completed

57-unit condominium building, lo-cated on Second Ave. in Manhattan. David Sessa, senior associate of GCP,

arranged the financing.• $15 million for a six-story multi-

family apartment building containing 54 units, located on Fifth Ave. in Manhattan. Paul Greenbaum, man-aging 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

Brostovski, principal of GCP Capital Group, arranged the financing.

• $9 million for a six-story mixed-

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 multi-family 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 com-mercial 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 commer-cial space, located on MacDougal St. in Manhattan. Brostovski arranged the financing.

• $2.8 million combined financ-ing 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, re-tail building comprised of 4,800 s/f, located on Nagle Ave. in Manhattan. Brostovski arranged the financing.

New York City FinanceINCLUDES $25M FOR THREE MULTIFAMILY APTS. BY PERLMUTTER

GCP Capital Group arranges 13 mortgages totaling $117.925m

Adam Brostovski Matthew Classi Paul Greenbaum David SessaMatthew Albano Alan Perlmutter

NEW YORK, NY GATES Capital Cor-poration has arranged and closed a $6.183 million financing/refinancing for the benefit of Jawonio, Inc., an af-filiate 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.

GATES Capital closes $6.183m for Jawonio, Inc.

GCP Capital Group, LLC60 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

Member

$18,000,000Bridge Financing

Bronx, New York

A six-story, mixed-use building containing 75 apartments and 16 commercial units

Jack Fried, Senior Associate, arranged the financing for this transaction

www.nyrej.com

New issue twice monthly.

BROOKLYN, NY Holliday Fenoglio Fowler, L.P. (HFF) has closed the $154.25 million sale of The Addison,

a 271-unit, high-rise multi-hous-ing proper ty downtown.

HFF represent-ed Waterton in the sale of the proper-ty. Bentall Ken-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

RM Capital Mgmt. arranges $57.5m financing for Reading Int’l.

FIRST MTGE., MEZZANINE CONSTRUCTION FINANCING FOR REDEVELOPMENT

Andrew Scandalios

nyrej.com

Jan. 24 - Feb. 6, 2017Volume 29 • Issue 2

Quick Read

3 Sections 84 PagesR. Santomassimo ................... 2ASpotlight/Top Stories ....... 9-20ABillboard .................................29ANew York City .................. SEC. BProject of the Month .....11-13BDesign/Build .....................SEC. CExecutive of the Month .........3C

Nelson and Burton of C&W broker

$17.34 million sale



SEE PAGES 9 - 20A

Rose Assoc. and Benenson Cap. top out 368-unit tower



CARLE PLACE, NY One Old Country Rd. has traded for $17.3 million in a year-end sale jointly orchestrated by

the New Jersey and Long Island offices of Col-liers International Group Inc. TCJ Realty purchased the f ive-story, 309,000 s/f office 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 Jon-athan 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.

BROOKLYN, NY Klosed Properties & Oliam Properties have com-

pleted the $1.1 million purchase of 1485 Fulton Street, a mixed-use building in Bedford-Stuyve-sant neighbor-hood. The build-ing includes two

NEW YORK, NY RM Capital Manage-ment has arranged $57.5 million of first mortgage and mezzanine con-struction financing for the redevelop-ment of the Tammany Hall Building on behalf of Reading International, Inc. The construction financing will allow for the renovation and repurpos-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 headquar-

3-bedroom apartments and one retail store. The building was delivered vacant.

“This stretch of Fulton is experienc-ing a resurgence. New bars, restau-rants, 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.

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 por-tion 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.

has been demanding a destination property such as this. Reading’s rede-velopment plan fits the bill perfectly,” RM Capital’s co-managing partner Marc Sznajderman said.

The $50 million senior construc-tion 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-manag-ing partners Marc Sznajderman and Romano Tio and vice president Bo Diamond of RM Capital.

ters of the Tammany Hall political organization, required a variance and Landmarks Commission approval to move forward with the development.

“The landmarked Tammany Hall

property will be transformed through a gut renovation and the addition of a new distinctive domed glass roof. This property will anchor the north-east corner of Union Square, which

BY SCANDALIOS, HINCKLEY, JULIEN AND LAWTON OF HFF

HFF represents Waterton in sale of 271-unit property: $154.25 million

The Addison, 225 Schermerhorn Street - Brooklyn, NY

Rob Hinckley

Jeff Julien

Ryan Powers-Tapp

Klosed Properties and Oliam complete $1.1m sale

Chesler, Schlussel and Leiderman of Colliers handle $17.3 million sale

Jacklene Chesler

Darren Leiderman

Jonathan Schlussel


2016 Top Stories SpotlightSpotlight

In 2016, The New York Real Estate Journal

posted 3,610 stories on NYREJ.com and published 24 editions

Here are this year’s most viewed stories on NYREJ.com Executives of the Month, Contributing Authors, Construction Projects, Financial and Sales Transactions

nyrej.com2A January 24 - February 6, 2017 New York Real Estate Journal

Coaching

You can’t “DO” financial goals

Rod Santomassimo



631.574.4433

Is the news of your latest deal growing stale? WaxWords Incorporated, the public relations firm that saavy real estate professionals turn to for ummatched knowledge of their business and the media, can get your news to the media and the public quickly and accurately. With our 40 years of media experience, national contacts and the latest technology, we deliver the messsages of developers, landlords, brokers, architects, lawyers and more to local,


WaxWordsIncorporated

Public Relations Specialists for the Real Estate Industry

Facebook.com/WaxWordsIncorporated

RealPRpro

Kristin Robinson, Editor, [email protected], Heather Devaney, Editor, [email protected]; Jeanne Hardman, Art Director, [email protected]; Cindy Swider,

Artist, [email protected]; Kathi Ferry, Art Specialist, [email protected]; Tuyen Pham, Billing, [email protected]; Elaine Comras, Collections, [email protected]

Kristine Wolf, x245 Publishing Director [email protected]

David Sullivan, x210 Chief Financial Officer [email protected]

John Picard, x250 President

[email protected]

David Denelle, x283 General Manager

[email protected]

Roland Hopkins Founder

Karen Rollins, x215 Circulation Manager [email protected]

Mary Pat Baldner, x212 Subscriptions

[email protected]

New York State ............................................John Picard, x250, [email protected]/Build .............................................Jeff Wallace, x240, [email protected] Island .....................................................Kristine Wolf, x245, [email protected] York City ............................................Adam Savino x284, [email protected], Developers & Managers .....Jeff Wallace, x240, [email protected] Billboard, Auctions & Classified .............John Picard, x250, [email protected] ........................................................Kristine Wolf, x245, [email protected] Upstate .....................................................Shirley Crivelli, x282, [email protected]

New York Real Estate Journal Published semi-monthly for $99 per year by East Coast Publications

17 Accord Park Dr., Unit 204, Norwell, MA 02061Periodicals 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.comPublication # ISSN: 1057-2104 | USPS #6603 | Vol. 29, No. 02

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 IMMEDIATELYNew 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.

Production Staff

Section Publishers

Section SchedulesWeek 1

Owners, Developers & ManagersLong Island

Upstate

Week 3 New York City

(Featuring Finance and Retail)Design/Build

Spotlight

Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993

Tech Department

NYREJ Events

Nicole Fowler, Liaison, [email protected] Corey Woods, Webmaster, [email protected]

Rick Kaplan, Host, [email protected] Picard, Host, [email protected]

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.

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 sup-porting 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 meet-ings, and focus on commercial users requiring more than 10,000 s/f of office space. I will secure and close X repre-sentation 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 excit-ed–check your pulse! Of course, you should insert your own specialty and focus for your respective business. Just remember financial goals are the cumu-lation of activities, and not achieved by simply making a statement. “You can’t DO goals!” you can only do activities.

Happy New Year everyone.

Rod Santomassimo, CCIM is founder and president of the Massimo Group, LLC, New York, N.Y.

Financial goals are the cu-mulation of activities, and not achieved by simply making a statement. As one of our coaches, Brian French, remind-ed one our members – “You can’t DO goals!” That’s right, you can only do activities.



crop

2”


Tel: 781-878-4540

Closing Announcement: 1485 Fulton Street

Brooklyn, NY

Klosed Properties & Oliam Properties are pleased to announce the purchase of

1485 Fulton Street, a mixed-use building in Bedford-Stuyvesant, Brooklyn.

We are looking to expand our portfolioPlease send deals for review to

Steven Kashanian [email protected] orJacob Namdar [email protected]

www.klosedproperties.com11 Middle Neck Rd., Suite 201, Great Neck, NY 11021

516-858-2585

peoplefacebook.com/nyrej

Get to know the

behind the paper.

Likeuson

100%9:41 AM 100%9:41 AM

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 Cor-ridor located at 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 multi-family housing construction and a new LIRR train station in the works. The community is underserved

RXR breaks ground on $1 billion Glen Cove waterfront redev.

28-ACRE PHASE ONE PORTION OF GARVIES POINT TO BE COMPLETED IN 2018

Long Island

631.467.4300www.zere.com

nyrej.com

January 10 - 23, 2017Section C

Quick Read

20 PagesDavid Hunt Q&A ......................2CProfessional Services .....5-12CCompany of the Month......8-9CLIBOR ...................................... 14CNames Faces ........................ 16C

Canstruction LI holds its 10th Annual Design/

Build Competition

Brookhaven LDC provides $45m in

bond financing for Jefferson’s Ferry

SEE PAGE 10C

SEE PAGE 8C

SEE PAGE 4C

Company of the Month:

Maltz Auctions


McCoy of NAI Long Island brokers $2.275m sale

Michelle Marie Zere

Zere of Zere Real Estate Services arranges $1.6m sale of 19,800 s/f office building in East Yaphank

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, com-munity 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 under-scores 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

development agency, the community development agency, federal, state and county agencies with the patience and perseverance of our residents and businesses,” said Spinello. “This no-table 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 North Shore.” The transformative project, which received approval for its funding in August, will restore 56 acres on the waterfront to productive use, creating a public expanse with parks, playgrounds, esplanades, marinas, an amphitheater, dog park and 1,100 residences.

Rendering of a portion of the Garvies Point development.

BABYLON, NY Retail broker Dennis McCoy, of NAI Long Island, has completed a sale deal for 260 Rte.109.

The 12,000 s/f building, situated on 1.48 acres, is a former automo-tive property that sold for $2.275 million.

McCoy repre-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 rep-resents landlords as well as tenants in leasing and sales.

Dennis McCoy

260 Route 109 - Babylon, NY

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 Mi-chael 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.

1490 William Floyd Parkway - East Yaphank, NY

RM Capital Mgmt. arranges $57.5m financing for Reading Int’l.

3 Sections 84 Pages3 Sections 84 PagesR. Santomassimo................... 2ASpotlight/Top Stories....... 9-20ABillboard.................................29ANew York City.................. SEC. BProject of the Month.....11-13BDesign/Build.....................SEC. CExecutive of the Month.........3C

Nelson and Burton of C&W broker

$17.34 million sale



SEE PAGES 9 - 20A

Rose Assoc. and Benenson Cap. top out 368-unit tower

New York New York

CARLE PLACE, NY One Old Country Rd. has traded for $17.3 million in a year-end sale jointly orchestrated by

the New Jersey and Long Island offices of Colliers International Group Inc. TCJ Realty purchased the f ive-story, 309,000 s/f office building from a

private investor and subsequently appointed Colliers as leasing and managing agent.

The tri-state-area investment sales

NEW YORK, NY RM Capital Management has arranged $57.5 million of first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall Building on behalf of Reading International, Inc. The construction financing will allow for the renovation and repurposing 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 headquar

Chesler, Schlussel and Leiderman of Colliers handle $17.3 million sale

Jacklene Chesler

Darren Leiderman

Jonathan Schlussel

MANHATTAN, NY On behalf of 460 Broome Street Investors, LLC, Cush-man & Wakefield’s James Nelson and

Robert Burton have sold an 11,000 s/f boutique commercial loft building at 460 Broome St. in the SoHo Historic District. The all-cash transaction was valued at $17.34 million or $1,576 per s/f. The property was simultaneously being marketed for lease by Cushman & Wakefield’s Joanne Podell.

“We implemented a dual for sale and for lease campaign for our client to put all options on the table. We received strong interest for both,” said Nelson.

Nelson and Burton of Cushman & Wakefield broker $17.34m sale

11,000 S/F COMM’L. BUILDING ALSO BEING LEASED BY PODELL OF CUSHMAN & WAKEFIELD

Solarz and Sparks of Eastern Consolidated arrange $63.6m sale of 13-bldg. Inwood portfolio

Chang of Highcap Group handles 8,000 s/f, 92-space parking garage lease in Queens

New York City

January 24 - February 6, 2017Section B

Quick Read

28 PagesNYC Finance ......................... 6-10Project of the Month ........11-13Professional Profiles ..............14Contributing Authors ........15-18NYC Retail ...........................19-25

Hamdan and Itskovitch of KDA arrange 12,300 s/f lease for market

Lieberman, Adler and Berkes of

Meridian negotiate $105m refinance

SEE COVER OF NYC RETAIL, PAGE 19B

SEE COVER OF FINANCE, PAGE 6B




Constructed in 1920, the eleva-tor-serviced building is comprised of 2,500 s/f of retail, including a full

basement, with 8,500 s/f of com-mercial space above. The prop-erty sits within a 25’ by 100’ lot, possesses an M1-5A zoning desig-nation and offers

1,500 buildable s/f of remaining air rights.

460 Broome is conveniently situat-ed between Greene and Mercer Sts. and is accessible via the 6 train line at the Spring St. station and the R and W train lines at Prince St. station.

“There was a great deal of interest in this gem in the heart of SoHo. We worked closely with ownership to accomplish this sale to meet their very specific time constraints,” said Burton.

MANHATTAN, NY Eastern Consolidated has arranged the sale of the Inwood Portfolio, a 13-building multifamily

package in the Inwood section, for $63.6 million.

Eastern Con-solidated exec-utive managing director and prin-cipal Ron Solarz, and senior direc-

tor and principal Matthew Sparks,rep-resented the long-time private owner, and procured the buyer, a private real estate investor. Gary Meese, senior director, financial services, was the analyst for the offering.

The Inwood Portfolio consists of 13, five-story walk-up buildings located on Sherman Ave., Post Ave., Academy St., and Vermilyea Ave., and a surface parking lot behind the buildings. The units include two retail stores and 359 residential apartments of which 93 are one bedrooms, 210 are two bedrooms, 51 are three bedrooms, and five are super units.

“There was a tremendous amount of interest in this portfolio, which

offers significant future upside po-tential,” Solarz said. “The buildings have been well-maintained by the

same owner for 40 years and are located within close proximi-ty of each other, allowing for ef-ficient operation and administra-tion.”

Sparks said, “The portfolio’s lo-cation in Inwood made it even more desirable because the buildings are steps from the subway and the vibrant Dyckman St. retail corridor where national retailers and major banks are located. Young professionals have discovered Inwood and are moving into the large apartments in the neigh-borhood’s residential buildings.”

The buildings in the Inwood Portfolio also are located within three blocks of two popular Upper Manhattan parks situated along the Hudson River – Fort Tryon Park and Inwood Hill Park, and transportation via the A or 1 subway lines.

Ron Solarz QUEENS, NY Charles Chang, a senior director at Highcap Group, has arranged the parking garage lease

at the premises known as 87-02 to 87-20 Northern Blvd. between 87th and 88th Sts. The new 40,000 s/f free stand-ing commercial building is locat-

ed in Jackson Heights on Northern Blvd. and includes tenants such as Denny’s Restaurant, Dunkin Donuts, Chipotle and Children of America Daycare plus additional offices.

Chang said, “After a lengthy ne-gotiation we were able to secure for

87-02 & 87-20 Northern Blvd. - Queens, NY

Charles Chang

James Nelson Robert Burton Joanne Podell

460 Broome Street, SoHo - Manhattan, NY

Matthew Sparks

ownership a 20 year lease with a solid tenant who operates multiple parking operations and is very familiar with the area”. The underground parking garage consists of 8,000 s/f and 92 spaces.

Chang represented the landlord and tenant.

MANHATTAN, NY On behalf of 460 Broome Street Investors, LLC, Cush-man & Wakefield’s James Nelson and

Robert Burton have sold an 11,000 s/f boutique commercial loft building at 460 Broome St. in the SoHo Historic District. The all-cash transaction was valued at $17.34 million or $1,576 per s/f. The property was simultaneously being marketed for lease by Cushman & Wakefield’s Joanne Podell.

“We implemented a dual for sale and for lease campaign for our client to put all options on the table. We received strong interest for both,” said Nelson.

Nelson and Burton of Cushman & Wakefield broker $17.34m sale

11,000 S/F COMM’L. BUILDING ALSO BEING LEASED BY PODELL OF CUSHMAN & WAKEFIELD

Solarz and Sparks of Eastern Consolidated arrange $63.6m sale of 13-bldg. Inwood portfolio

Chang of Highcap Group handles 8,000 s/f, 92-space parking garage lease in Queens

New York City

January 24 - February 6, 2017Section B

Quick Read

28 PagesNYC Finance ......................... 6-10Project of the Month ........11-13Professional Profiles ..............14Contributing Authors ........15-18NYC Retail ...........................19-25

Hamdan and Itskovitch of KDA arrange 12,300 s/f lease for market

Lieberman, Adler and Berkes of

Meridian negotiate $105m refinance

SEE COVER OF NYC RETAIL, PAGE 19B

SEE COVER OF FINANCE, PAGE 6B




Constructed in 1920, the eleva-tor-serviced building is comprised of 2,500 s/f of retail, including a full

basement, with 8,500 s/f of com-mercial space above. The prop-erty sits within a 25’ by 100’ lot, possesses an M1-5A zoning desig-nation and offers

1,500 buildable s/f of remaining air rights.

460 Broome is conveniently situat-ed between Greene and Mercer Sts. and is accessible via the 6 train line at the Spring St. station and the R and W train lines at Prince St. station.

“There was a great deal of interest in this gem in the heart of SoHo. We worked closely with ownership to accomplish this sale to meet their very specific time constraints,” said Burton.

MANHATTAN, NY Eastern Consolidated has arranged the sale of the Inwood Portfolio, a 13-building multifamily

package in the Inwood section, for $63.6 million.

Eastern Con-solidated exec-utive managing director and prin-cipal Ron Solarz, and senior direc-

tor and principal Matthew Sparks,rep-resented the long-time private owner, and procured the buyer, a private real estate investor. Gary Meese, senior director, financial services, was the analyst for the offering.

The Inwood Portfolio consists of 13, five-story walk-up buildings located on Sherman Ave., Post Ave., Academy St., and Vermilyea Ave., and a surface parking lot behind the buildings. The units include two retail stores and 359 residential apartments of which 93 are one bedrooms, 210 are two bedrooms, 51 are three bedrooms, and five are super units.

“There was a tremendous amount of interest in this portfolio, which

offers significant future upside po-tential,” Solarz said. “The buildings have been well-maintained by the

same owner for 40 years and are located within close proximi-ty of each other, allowing for ef-ficient operation and administra-tion.”

Sparks said, “The portfolio’s lo-cation in Inwood made it even more desirable because the buildings are steps from the subway and the vibrant Dyckman St. retail corridor where national retailers and major banks are located. Young professionals have discovered Inwood and are moving into the large apartments in the neigh-borhood’s residential buildings.”

The buildings in the Inwood Portfolio also are located within three blocks of two popular Upper Manhattan parks situated along the Hudson River – Fort Tryon Park and Inwood Hill Park, and transportation via the A or 1 subway lines.

Ron Solarz QUEENS, NY Charles Chang, a senior director at Highcap Group, has arranged the parking garage lease

at the premises known as 87-02 to 87-20 Northern Blvd. between 87th and 88th Sts. The new 40,000 s/f free stand-ing commercial building is locat-

ed in Jackson Heights on Northern Blvd. and includes tenants such as Denny’s Restaurant, Dunkin Donuts, Chipotle and Children of America Daycare plus additional offices.

Chang said, “After a lengthy ne-gotiation we were able to secure for

87-02 & 87-20 Northern Blvd. - Queens, NY

Charles Chang

James Nelson Robert Burton Joanne Podell

460 Broome Street, SoHo - Manhattan, NY

Matthew Sparks

ownership a 20 year lease with a solid tenant who operates multiple parking operations and is very familiar with the area”. The underground parking garage consists of 8,000 s/f and 92 spaces.

Chang represented the landlord and tenant.


http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://klosedproperties.com

http://klosedproperties.com

http://www.klosedproperties.com

http://facebook.com/nyrej

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nerej.com

http://nyrej.com

http://nyrej.com

http://www.zere.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com


http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://facebook.com/waxwordsincorporated

http://www.gcpcapitalgroup.com





























Use your existing PDFs or photos as the centerpiece of your listingAdd and edit your listings from anywhere with your phoneTenants and agents call, email or visit your website with a clickPost an unlimited number of listings for one low price*Store your listing PDFs in the app to send them anywhereShare your listings via email, text or social mediaSearch listings anywhere in the country for free

POST SHARESEARCH

QuantumListing is the new mobile crowd-sourced commercial real estate listing app for commercial real estate agents, owners and tenants.

quantumlisting.com

DOWNLOAD THE APP TODAY - FREE FOR A LIMITED TIME*

http://nyrej.com

http://quantumlisting.com


William LoprioreFirst American Exchange Co.

1031 exchanges and like-kind real estate interests

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 prop-erty 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 build-ings, 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 de-velopment 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

or amount of development on their property, while still retaining owner-ship 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 le-gal advice for specific cases, and read-ers 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.

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 Cap-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 Rock-wood 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.

Tony Lariño

Lariño joins Rockwood Capital as a partner

How can we help you?

HELLO.Subscriptions

781-878-4540, ext. 215nyrej.com/shop/sub

Submit a Story781-878-4540, ext. 245

nyrej.com/contact/form

Advertising781-878-4540, ext. 245

[email protected]

Accounting781-878-4540, ext. 242

[email protected]

Billboard Advertising781-878-4540, ext. [email protected]

Events781-878-4540, ext. 247 [email protected]

PROOFSize: 8x8 Section: NYCFrom: JKRun Date: 2-21


crop

2”


Tel: 781-878-4540

Depend on our strength for your 1031 exchange transaction.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

http://nyrej.com/shop

http://nyrej.com/contact

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://nyrej.com

http://firstam.com

http://www.firstexchange.com







Contributing Authors

Contributing Authorsfor February 2017

Victor SozioAriel Property Advisors

C. Jaye BergerThe Law Offices of C. Jaye Berger

NYC Multifamily Investment Sales Construction Law

Sandy KleinShanholt Glassman Klein Kramer & Co.

Accounting

Howard RaberAriel Property

Advisors

Manhattan Inv. Sales

Rubin IsakGoldenwood

Property Advisors

Osei RubieNational Standard

Abstract

Queens Investment Sales Title Insurance

Jason Gold Ariel Property

Advisors

Bronx Investment Sales

Aleksandra Scepanovic Ideal Properties

Group

Brooklyn Investment Sales

Michael PackmanKNPRE

1031 Exchange

Peter Blond Brandt, Steinberg, Lewis

& Blond, LLP

Tax Certiorari

http://nyrej.com


NYC Multifamily Investment Sales2016 NYC multifamily market: Prices stay strong,

but resistant sellers sap transaction volume

Victor SozioAriel Property

Advisors

Spencer KielyAriel 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, con-trary to prior years, underperformed, with prices nearly unchanged.

For the year, the New York City mul-tifamily 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 “Multifamily Year In Review New York 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-

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 through-out 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. Pur-chases 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 per-ceived 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 vol-ume, 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

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-

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 institution-al-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

institutional caliber deals transacted at high pricing metrics, causing val-uations for the sub-market to increase across the board, with the price per unit alone climbing 16%.

Meanwhile, Manhattan showed tell-tale 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 vol-ume 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 conscious-ness. 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 se-lective 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 desti-nation for investment.

For the year, the New York City multifamily market saw 656 transactions comprised of 1,120 buildings totaling $14.05 billion.

Victor Sozio is executive vice president and founding member and Spencer Kiely is an analyst at Ariel Property Advisors, New York, N.Y.

Investment SalesCapital Services

Investment Research

arielpa.nyc212.544.9500

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.

47Properties

713KGross Square Feet

1,181Units

$357,500,000Closed December 2016

ONE OF THE LARGEST MULTIFAMILY DEALS IN 2016: THE EAST SIDE 47 PORTFOLIOSOLD BY ARIEL PROPERTY ADVISORS


Accounting

Sandy Klein Shanholt Glassman Klein Kramer & Co.

Section 752 regulations: IRS issues guidance on treatment of partnership liabilities

The IRS on October 5, 2016 pub-lished final (TD 9787), temporary (TD 9788), and proposed regulations (REG- 122855-12) providing guid-ance on the allocation of partnership liabilities under Section 752. The government also reproposed certain Section 752 regulations by introduc-ing 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 attrib-utable to the nonrecourse liabilities will be allocated.

The rules for nonrecourse liabil-ities will be effective for all liabil-ities entered into after the date of publication except for any pending additional liabilities subject to a

current binding commitment. Temporary Section 752

regulations: Recourse liabilitiesConsistent 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 agree-ments also will be ignored when determining if a bottom-dollar guar-antee exists. The final regulations also will contain an “anti-abuse” rule.

The final regulations will be effec-tive 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

regulations and, with respect to part-ners 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 obli-gations 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 ex-panded anti-abuse rule will base its finding of commerciality on the six commerciality requirements in the 2014 proposed regulations:

• The partner or related person must maintain a commercially rea-sonable net worth for the entire term

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 obliga-tion 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 consider-ation 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 obli-gation, 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 ob-ligation 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.

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 pay-ment obligation that it deems “uncommercial.”

Sandy Klein, CPA, is a partner at Shanholt Glassman Klein Kramer & Co., New York, N.Y.

PROOFSection: NY SpotFrom: KW Run Date: 4-10



Tel: 781-878-4540

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

http://nyrej.com

http://www.shanholt.com


Construction LawA lawyer discusses causes of delays in

construction: The seven areas to consider

C. Jaye BergerThe 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 incen-tive 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 hav-ing 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 proper-ty owners wait months and months to

confront the contractor and just keep “hoping” things will change.

3. Have change orders increas-

ing the completion date. Every-one 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 com-pletion. 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 pa-perwork, 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

a shareholder or the landlord has a work letter requiring completion by a certain date.

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 me-chanic’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 ar-chitects 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.

It is not unusual for me to get telephone calls from property owners, boards and shareholders com-plaining 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.

C. Jaye Berger, Esq. is an attorney at Law Offices C. Jaye Berger, Manhattan, N.Y.

PROOFSize: 10x6 Section: NYCFrom: KWRun Date: 02-26


crop

2”


Tel: 781-878-4540

HAVE YOU READ THE CONTRACT’SFINE 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


New YorkReal Estate Journal

New York City Retail

MANHATTAN, NY Newmark Grubb Knight Frank (NGKF) Retail rep-resented Al Horno Lean Mexican

Kitchen in its ex-pansion of 1,100 s/f at 10 Hanover Sq. NGKF di-rector Harrison A b r a m o w i t z represented the tenant, Al Horno Lean Mexican Kitchen, while

BROOKLYN, NY According to Camme-by’s, Capital One Bank has recently signed a lease to become the latest re-

tailer at Neptune/Sixth, Camme-by’s new mixed-use neighborhood destination at 532 Neptune Ave. and 626 Sheepshead Bay Rd. in Coney Island.

The agreement will allow Capital One Bank to maintain its long-term presence in the Coney Island commu-nity. 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 Phar-macy 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.

NEW YORK, NY Eastern Consolidated has arranged the sale of a two-story re-tail building at 7 East 53rd St. between

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

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

Brian Ezratty

Evan Papanastasiou

King and Venekas of CPEX sell 2,000 s/f retail condo for $1.8 million at 500 4th Ave.

Lee Block

Block of Winick Realty leases 3,300 s/f to Capital One Bank at Cammeby’s Neptune/Sixth development on Coney Island

and principal Brian Ezratty and direc-tor Evan Papanastasiou, represented the seller, Bank of the Philippines,

and Ezratty pro-cured the buyer, BLDG Manage-ment Co. Scott Ellard, principal and vice pres-ident, financial and information services, served 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.

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.

Scott Ellard

Le Pain Quotidien, 7 East 53rd Street - New York, NYNEW YORK, NY In the waning days of 2016, CPEX Real Estate sold the commercial condo at the base of

500 4th 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

CPEX retail sales team with assis-tance 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 mar-ket the property to investors and 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.

Timothy King Dimitri Venekas Brian Leary

“We are thrilled that Capital One Bank will remain in Coney Island, and play a key role in the neighbor-hood’s ongoing revitalization as part of Neptune/Sixth,” said Jacob Cohen, executive VP of development at Cam-meby’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.”

– has begun, and is expected to be completed by this summer. Site work for the retail at Neptune Ave.– com-prising 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.

Construction on the development’s first phase – a stand-alone, seven-sto-ry, 161,000 s/f retail and commercial building at 626 Sheepshead Bay Rd. For full story visit nyrej.com

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.

Harrison Abramowitz

Abramowitz of NGKF Retail reps Al Horno Lean Mexican Kitchen in 1,100 s/f lease expansion

http://nyrej.com

18B February 21 - March 6, 2017 New York Real Estate JournalNew York City Retail

18+ Million SF Retail Properties by region

Shops at Billerica Billerica, MA 307,799 Kmart, Burlington Coat, Market Basket

Meadow Brook Center Lowell, MA 271,377 Target, Marshall’s, Chuck E. Cheese

Milford Crossing Milford, MA 163,142 Stop & Shop, Dollar Tree

Boston Rd. & Tower Farm Rd.

Plain St. & Lowell Connector

Medway St. & Beaver St.

BJ’s Shopping Center Hanover, NJ 19 AC BJ’s (New Development)

Vacant Land Mount Olive, NJ 16.963 AC Across from Walmart, Sam’s, TJ Maxx

Shoppes at Renaissance Square Evesham, NJ 125,335 TBD + 338 Luxury Rental Apartments Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd.

New Development Old Bridge, NJ 9.33 AC Across from Walmart Supercenter

Sunbird Plaza Marlton, NJ 26,016 Royal Farms State Hwy. 73 & Sunbird Dr.

Adjacent to Foreign Trade Zone

Route 18 & Foxborough Dr.

Vineland Marketplace Vineland, NJ TBD Future Development S. Delsea Dr. (Rte. 47) & College Dr.

Williamstown Shopping Center Williamstown, NJ 94,452 Rockin’ Jump, Dollar General, CVS Black Horse Pike & Main St.

Property Name City/State GLA/Acreage Anchor TenantsAddress

Home Depot Plaza Ashtabula, OH 148,440 Home DepotRte. 20 & Orchard Rd.

Great Western Commerce Center Columbus, OH 300,254 Great Western Academy, Restaurant DepotN. Wilson Rd. & Valleyview Dr.

Spring Meadows Place II Holland (Toledo), OH 79,058 Dick’s Sporting Goods, Best BuyAirport Hwy. & I-475

SouthAcademy Plaza Huntsville, AL 98,943 Academy Sports + OutdoorsMemorial Pkwy. SW & Drake Ave. SW

City/State GLA/Acreage Anchor TenantsAddressProperty Name

Midwest

Midway Shopping Center St. Paul, MN 293,732 Rainbow Foods, Office Max, WalgreensUniversity Ave. & Snelling Ave.

Cortland, NY 26 AC Across from Walmart Supercenter Vacant Land Route 13 & Bennie Rd.

Target Shopping Center Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Saratoga Rd. & Glenridge Rd.

Lake Shore Plaza II & III Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree Portion Rd. & Patchogue-Holbrook Rd. Redevelopment Opportunity Latham (Colonie), NY 118,863 Vent FitnessRoute 7 & Swatling Rd.

Harriman Commons Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’sRoutes 17/6 & Route 32

Home Depot Shopping Center Nanuet, NY 276,792 Home Depot, Raymour & Flanigan, Staples Route 59 & Hutton Ave.

Orangeburg Commons Orangetown, NY 78,659 Super Stop & Shop, Residence Inn Route 303 & Palisades Pkwy.

The Mill Southampton, NY 29,314 SoulCycle Montauk Hwy. & Station Rd.

Stony Ridge Plaza Stony Point, NY 21,212 US Post Office Route 9W & Park Rd.

Kohl’s Plaza Deer Park, NY 182,875 Kohl’s, Super Stop & Shop Commack Rd. & Grand Blvd.

Vacant Land Vauxhall (Union), NJ 0.3239 AC Future Development Springfield Ave. near I-78

Harbor Pointe Marketplace Bayonne, NJ 194,221 Future Development Route 440 & Goldsborough Dr.

Waterview Marketplace Parsippany, NJ 157,410 Whole Foods (New Development) Route 46 & Waterview Blvd.

Northeast

200+ Properties

Home Depot Shopping Center Allentown, PA 134,271 Home Depot Home Depot Shopping Center Carlisle, PA 140,715 Home Depot, Chili’s

Five Points Plaza Montgomeryville, PA 133,000 BJ’s, Lowe’s Home Improvement Richland Marketplace Quakertown, PA 444,531 Target, BJ’s, Best Buy, Petsmart, Staples Macungie Crossing Shopping Ctr. Trexlertown, PA ±36,671 Near Walmart Supercenter

Lehigh St. & Route 78

Hanover St. (Rte. 34) & I-81

Cowpath/Horsham Rd. @ Rte. 309

Rte. 309 & Pumping Station Rd.

Hamilton Blvd. & Grange Rd.

MidwestMarshall’s at The Grove Downers Grove, IL 400,000 Marshall’s 75th St. & Lemont Rd.

The Market Place at Warsaw Warsaw, IN 183,900 Carson’s Dept. Store, Sears, Dunham’s

Pendleton Plaza Indianapolis, IN 134,797 Rose’s Department Store

Evansville Shopping Center Evansville, IN 162,394 Rural King, Buehler’s IGA, Dollar General Morgan Ave. & Boeke Rd.

Pendleton Pike & Shadeland Ave.

U.S. Hwy. #30 & Water St.

Muskegon Shopping Center Muskegon, MI 167,212 Jack Loeks Theatres Henry St. & Norton Ave. Port Huron Shopping Center Port Huron, MI 114,981 Big Lots, Save-A-Lot, Family Dollar Howard St. & 24th St.

Retail Properties by region

Thomas G. Miranditel 212.265.6600 x239

[email protected]


[email protected]

Fern Park Plaza Fern Park, FL 131,646 Ross, Beall’s Outlet, Aldi, Dollar TreeSemoran Blvd. & Hwy. 17/921

Mixed Use Development Gainesville, FL 312,498 Two blocks north of University of FloridaNW 13th St. & University Ave.

Merchants Crossing N. Fort Myers, FL 323,061 Beall’s Outlet, AMC Theatres, JoAnn FabricsUS Hwy. 41 & SR 78

Seminole Centre Sanford, FL 370,936 Walmart Supercenter, Ross, AldiS Orlando Dr. & Lake Mary Blvd. University Mall Tampa, FL 1,332,205 Macy’s, Sears, Dillard’s, Burlington Coat E Fowler Ave. & Bruce B. Downs Blvd.

Shady Oaks Shopping Center SW 27th Ave. & College Rd. Ocala, FL 265,049 Earth Fare, Burlington, Best Buy, Staples

The Groves Lakeland, FL 54,434US Hwy. 98 N & Lakeland Park Ctr Dr. Wildwood Antique Mall, Chuck E. Cheese

Russell Centre Ashland, KY 257,761 Lowe’s, Kroger, Dollar TreeRoute 23 & Diederich Blvd.

Long Meadow Shopping Center Hagerstown, MD 164,293 CVS, PA Dutch Market, Dollar General

Randallstown, MD 146,586 Home DepotBrenbrook Plaza

Potomac Ave. & Northern Ave.

Liberty Rd. & Brenbrook Dr.

Marketplace at Rivergate Nashville, TN 111,463 Oak Factory Outlet, Harbor Freight ToolsGallatin Pike & Conference Dr.

Westcliff Shopping Center Fort Worth, TX 136,221 Albertson’s Market, Ace HardwareAlton Rd. & Biddison St.

Food Lion Shopping Center Richmond, VA 10.2 AC Food LionRte. 1 & Chippenham Pkwy. Winchester Plaza Winchester, VA 89,918 Dick’s, The Fresh Market, Planet FitnessS. Pleasant Valley Rd. & E. Jubal Early Dr.

St. Albans Shopping Center St. Albans, WV 263,323 Kmart, Kroger, Goody’s Dept. Store, CVSRte. 60 & Boone St.

Puerto Rico

Reina del Sur; Ponce Towne Center II Ponce, PR ±525,000 Walmart Supercenter, Home DepotRoutes 2 & 10 @ PR-52

Arecibo Towne Center Arecibo, PR ±350,000 Future DevelopmentRoutes 2 & 22

Freestanding Office Max Salt Lake City, UT 29,051 Office Max410 S. 900 E. & 400 S.

WestFreestanding Barnes & Noble Phoenix, AZ 19,360 Barnes & Noble1035 N. Metro Pkwy. W & 28th Dr.

Kmart Plaza Las Vegas, NV 127,754 Kmart, Family DollarE. Sahara Ave. & McLeod Dr.

Kmart Shopping Center Salem, OR 119,705 Kmart, Value VillageMission St. SE & 25th St.

Shops at Tech Ridge Austin, TX 504,153 Floor & Decor, Toys “R” Us, Ross12901 I-35 South & Parmer Ln.

Vacant Land Southgate, MI 9.37 AC Development OpportunityFort St. & Burns Ave.

810 Seventh Avenue, 10th FloorNew York, NY 10019 • rdmanagement.com


http://rdmanagement.com



February 21 - March 6, 2017 19Bnyrej.com New York City Retail

18+ Million SF Retail Properties by region

Shops at Billerica Billerica, MA 307,799 Kmart, Burlington Coat, Market Basket

Meadow Brook Center Lowell, MA 271,377 Target, Marshall’s, Chuck E. Cheese

Milford Crossing Milford, MA 163,142 Stop & Shop, Dollar Tree

Boston Rd. & Tower Farm Rd.

Plain St. & Lowell Connector

Medway St. & Beaver St.

BJ’s Shopping Center Hanover, NJ 19 AC BJ’s (New Development)

Vacant Land Mount Olive, NJ 16.963 AC Across from Walmart, Sam’s, TJ Maxx

Shoppes at Renaissance Square Evesham, NJ 125,335 TBD + 338 Luxury Rental Apartments Route 70 & N. Locust Ave. Hanover Ave. near Horsehill Rd.

New Development Old Bridge, NJ 9.33 AC Across from Walmart Supercenter

Sunbird Plaza Marlton, NJ 26,016 Royal Farms State Hwy. 73 & Sunbird Dr.

Adjacent to Foreign Trade Zone

Route 18 & Foxborough Dr.

Vineland Marketplace Vineland, NJ TBD Future Development S. Delsea Dr. (Rte. 47) & College Dr.

Williamstown Shopping Center Williamstown, NJ 94,452 Rockin’ Jump, Dollar General, CVS Black Horse Pike & Main St.

Property Name City/State GLA/Acreage Anchor TenantsAddress

Home Depot Plaza Ashtabula, OH 148,440 Home DepotRte. 20 & Orchard Rd.

Great Western Commerce Center Columbus, OH 300,254 Great Western Academy, Restaurant DepotN. Wilson Rd. & Valleyview Dr.

Spring Meadows Place II Holland (Toledo), OH 79,058 Dick’s Sporting Goods, Best BuyAirport Hwy. & I-475

SouthAcademy Plaza Huntsville, AL 98,943 Academy Sports + OutdoorsMemorial Pkwy. SW & Drake Ave. SW

City/State GLA/Acreage Anchor TenantsAddressProperty Name

Midwest

Midway Shopping Center St. Paul, MN 293,732 Rainbow Foods, Office Max, WalgreensUniversity Ave. & Snelling Ave.

Cortland, NY 26 AC Across from Walmart Supercenter Vacant Land Route 13 & Bennie Rd.

Target Shopping Center Glenville (Albany), NY 170,616 Target, Pet Supplies Plus, Panera Bread Saratoga Rd. & Glenridge Rd.

Lake Shore Plaza II & III Lake Ronkonkoma, NY 170,451 Stop & Shop, Regal Cinemas, Dollar Tree Portion Rd. & Patchogue-Holbrook Rd. Redevelopment Opportunity Latham (Colonie), NY 118,863 Vent FitnessRoute 7 & Swatling Rd.

Harriman Commons Monroe/Woodbury, NY 711,816 Walmart, Target, Home Depot, BJ’sRoutes 17/6 & Route 32

Home Depot Shopping Center Nanuet, NY 276,792 Home Depot, Raymour & Flanigan, Staples Route 59 & Hutton Ave.

Orangeburg Commons Orangetown, NY 78,659 Super Stop & Shop, Residence Inn Route 303 & Palisades Pkwy.

The Mill Southampton, NY 29,314 SoulCycle Montauk Hwy. & Station Rd.

Stony Ridge Plaza Stony Point, NY 21,212 US Post Office Route 9W & Park Rd.

Kohl’s Plaza Deer Park, NY 182,875 Kohl’s, Super Stop & Shop Commack Rd. & Grand Blvd.

Vacant Land Vauxhall (Union), NJ 0.3239 AC Future Development Springfield Ave. near I-78

Harbor Pointe Marketplace Bayonne, NJ 194,221 Future Development Route 440 & Goldsborough Dr.

Waterview Marketplace Parsippany, NJ 157,410 Whole Foods (New Development) Route 46 & Waterview Blvd.

Northeast

200+ Properties

Home Depot Shopping Center Allentown, PA 134,271 Home Depot Home Depot Shopping Center Carlisle, PA 140,715 Home Depot, Chili’s

Five Points Plaza Montgomeryville, PA 133,000 BJ’s, Lowe’s Home Improvement Richland Marketplace Quakertown, PA 444,531 Target, BJ’s, Best Buy, Petsmart, Staples Macungie Crossing Shopping Ctr. Trexlertown, PA ±36,671 Near Walmart Supercenter

Lehigh St. & Route 78

Hanover St. (Rte. 34) & I-81

Cowpath/Horsham Rd. @ Rte. 309

Rte. 309 & Pumping Station Rd.

Hamilton Blvd. & Grange Rd.

MidwestMarshall’s at The Grove Downers Grove, IL 400,000 Marshall’s 75th St. & Lemont Rd.

The Market Place at Warsaw Warsaw, IN 183,900 Carson’s Dept. Store, Sears, Dunham’s

Pendleton Plaza Indianapolis, IN 134,797 Rose’s Department Store

Evansville Shopping Center Evansville, IN 162,394 Rural King, Buehler’s IGA, Dollar General Morgan Ave. & Boeke Rd.

Pendleton Pike & Shadeland Ave.

U.S. Hwy. #30 & Water St.

Muskegon Shopping Center Muskegon, MI 167,212 Jack Loeks Theatres Henry St. & Norton Ave. Port Huron Shopping Center Port Huron, MI 114,981 Big Lots, Save-A-Lot, Family Dollar Howard St. & 24th St.

Retail Properties by region


[email protected]


[email protected]

Fern Park Plaza Fern Park, FL 131,646 Ross, Beall’s Outlet, Aldi, Dollar TreeSemoran Blvd. & Hwy. 17/921

Mixed Use Development Gainesville, FL 312,498 Two blocks north of University of FloridaNW 13th St. & University Ave.

Merchants Crossing N. Fort Myers, FL 323,061 Beall’s Outlet, AMC Theatres, JoAnn FabricsUS Hwy. 41 & SR 78

Seminole Centre Sanford, FL 370,936 Walmart Supercenter, Ross, AldiS Orlando Dr. & Lake Mary Blvd. University Mall Tampa, FL 1,332,205 Macy’s, Sears, Dillard’s, Burlington Coat E Fowler Ave. & Bruce B. Downs Blvd.

Shady Oaks Shopping Center SW 27th Ave. & College Rd. Ocala, FL 265,049 Earth Fare, Burlington, Best Buy, Staples

The Groves Lakeland, FL 54,434US Hwy. 98 N & Lakeland Park Ctr Dr. Wildwood Antique Mall, Chuck E. Cheese

Russell Centre Ashland, KY 257,761 Lowe’s, Kroger, Dollar TreeRoute 23 & Diederich Blvd.

Long Meadow Shopping Center Hagerstown, MD 164,293 CVS, PA Dutch Market, Dollar General

Randallstown, MD 146,586 Home DepotBrenbrook Plaza

Potomac Ave. & Northern Ave.

Liberty Rd. & Brenbrook Dr.

Marketplace at Rivergate Nashville, TN 111,463 Oak Factory Outlet, Harbor Freight ToolsGallatin Pike & Conference Dr.

Westcliff Shopping Center Fort Worth, TX 136,221 Albertson’s Market, Ace HardwareAlton Rd. & Biddison St.

Food Lion Shopping Center Richmond, VA 10.2 AC Food LionRte. 1 & Chippenham Pkwy. Winchester Plaza Winchester, VA 89,918 Dick’s, The Fresh Market, Planet FitnessS. Pleasant Valley Rd. & E. Jubal Early Dr.

St. Albans Shopping Center St. Albans, WV 263,323 Kmart, Kroger, Goody’s Dept. Store, CVSRte. 60 & Boone St.

Puerto Rico

Reina del Sur; Ponce Towne Center II Ponce, PR ±525,000 Walmart Supercenter, Home DepotRoutes 2 & 10 @ PR-52

Arecibo Towne Center Arecibo, PR ±350,000 Future DevelopmentRoutes 2 & 22

Freestanding Office Max Salt Lake City, UT 29,051 Office Max410 S. 900 E. & 400 S.

WestFreestanding Barnes & Noble Phoenix, AZ 19,360 Barnes & Noble1035 N. Metro Pkwy. W & 28th Dr.

Kmart Plaza Las Vegas, NV 127,754 Kmart, Family DollarE. Sahara Ave. & McLeod Dr.

Kmart Shopping Center Salem, OR 119,705 Kmart, Value VillageMission St. SE & 25th St.

Shops at Tech Ridge Austin, TX 504,153 Floor & Decor, Toys “R” Us, Ross12901 I-35 South & Parmer Ln.

Vacant Land Southgate, MI 9.37 AC Development OpportunityFort St. & Burns Ave.



http://nyrej.com




20B February 21 - March 6, 2017 New York Real Estate JournalNew York City Retail

THE GREENBERG GROUP REPS TENANT, DRYBAR

Claffey of RFR reps landlord in 1,706 s/f retail lease at 300 East 64th

REPRESENTED BY DOWNEY, LE GOFF AND MUSS

Cushman & Wakefield arranges 1,100 s/f

150 Sullivan Street, SoHo - Manhattan, NY

Cohn and Keller of SCG Retail arrange 700 s/f lease

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 con-dominium devel-opment located at 64th St. and Sec-ond Ave. on the Upper East Side. Jordan Claffey, executive vice 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 na-tion’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

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 ur-ban markets in the United States and Germany. Founded by Aby 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. 300 East 64th Street - New York, NY

Jordan Claffey

NEW YORK, NY Cushman & Wakefield has represented Le Bilboquet in the first transaction for its new café

spinoff, Café Bil-boquet, at 26 East 60th St. The café will be steps away from the French restaurant that has such a strong following among New York’s lumi-

naries 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 Hil-lary 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 success-ful 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 Bilbo-quet 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 adja-cent 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 de-signed 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-es-tablished 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 con-tribute to the vibrancy of this market.”

James Downey

MANHATTAN, NY SCG Retail, a divi-sion of The Shopping Center Group, has signed a 700 s/f lease plus base-

ment for storage at 150 Sullivan St. (at Houston) in SoHo. Canon NYC plans on opening in early spring. Created by the former owner 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 represen-tation), said, “SoHo and the Village is a great spot for Canon NYC because it caters to the well-heeled neighbor-hood, as well as those interested in

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.

Jordan Cohn

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 Bar-bershop. Signed earlier this month, Park Avenue in-tends to open in the spring.

A b e B i -choupan, the

broker at Bertwood Realty that rep-resented 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 Schmook-ler. “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 old-school values.

Schmookler said, “The property has 8,000 s/f of retail space and all of the tenants are performing tre-

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.”

Abe Bichoupan

200 West 40th Street - Manhattan, NY

Bichoupan of Bertwood Realty signs 300 s/f, five-year lease to Park Avenue Barbershop; Schmookler of Ironstone Partners represented the landlord

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.

DJK Commer-cial Realty agent Eric Piazza and asso-ciates 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

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 pow-erful. 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 cur-rently 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.

Two Times Square - Manhattan, NY

Eric Piazza

Piazza of DJK Commercial Realty represents Chillbox Greek Frozen Yogurt in 280 s/f retail lease at Two Times Sq.

NEW YORK, NY Lower Manhattan solidified its status as a mixed-use neighborhood last year with a surge

of retail activ-ity and several high profile resi-dential and hotel openings south of Chambers St., according to the Alliance for 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

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.”

Jessica Lappin

Downtown Alliance: Retail leads Manhattan real estate activity in 2016

February 21 - March 6, 2017 21Bnyrej.com New York City Retail

305 W Jericho TpkeHuntington, NY

East Meadow Shopping CenterMerrick Ave.

East Meadow, LI, NY

Pad sites available with drive thru:

Restaurant: 6,000 SF Bank: 3,000 SF

Up to 30,000 SFon 2 floors

Dunkin Donuts,McDonald’s,

Wendy’s,KFC,

Burger King

Carvel Ice Cream,Pizza, Deli,

Bagel, Bank,Dry Cleaners

Jeffrey Pliskin / Marvin HartmanPliskin Realty and Development

516-997-0100, Fax: [email protected]

LA FitnessStarbucks

Dollar Tree

Name of Center Location

Tenant

Size of Unit Available Adjacent Stores

Type of SpaceLocation Size # of Stores# Planned over the next 5 years

Key Tenant Contact

Contact

Space Available Guide

Retailer Space Seeking Guide

CT, MA,RI, NY

Michael J. Devino, Jr. Mercury Fuel Service Inc.

43 Lafayette St.Waterbury, CT 06708

203-756-7284

Free Standing,Pad Sites for

Gas, Convenience30,000-50,000 SF

Plus

Nassau, Suffolk, Queens, Brooklyn,

Staten Island, Bronx, Westchester,

Rockland & Lower Hudson Valley

3,500

80

800

10

Marvin Hartman Pliskin Realty and Development

179 Wesbury Ave.Carle Place, NY 11514

516-997-0100

Free Standing,End Cap,

Ground Lease,Built to Suit,Pad, In-Line,

Purchase

6,200-6,500 SF

Networking to over 25,000 Prospects Every MonthSmall Listing $69, 6 month minimum

For more information about advertising please callKristine Wolf

Space Availability Guide 1-800-654-4993, Fax 781-871-1853, [email protected], www.nyrej.com

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’sDollar Tree

Roger Delisle Island Associates Real Estate

631-982-2100

Roger Delisle Island Associates Real Estate

631-982-2100

Strathmore CommonsMiddle Island

1245 Middle Country Rd.

http://nyrej.com

http://pliskinrealty.com

http://nyrej.com




Back Page B February 21 - March 6, 2017 New York Real Estate JournalNew York City

At the foot of the 59th Street Bridge, just north of Queens Plaza

All floors are separately metered and have their own HVAC unit.

A large elevator services each floor.

Competitively priced Basement Storage is available to tenants.

INVESTMENT OFFICE INDUSTRIAL Available Space: 7,500 sf

Building Dimension: 25’ x 100’

Ceilings: 10’

Floors: 2,500 sf Grnd 2,500 sf 3rd 2,500 sf 4th

22-07 41st Ave

L.I.E. Midtown Tunnel 7/N/Q/E/M/R

OPEN LAYOUT

City Views

Featured in 1/25/17 NYREJ

“Project of the Month”

For more info, contact: DY Realty Services, LLC (718) 729-7474

http://reader.mediawiremobile.com/NYREJ/issues/200073/viewer?page=47

Savanna tops out 540 West 26th St. – A 166,810 s/f development

DESIGNED BY MORRIS ADJMI; FEATURES OFFICE AND RETAIL SPACE

Racanelli Construction completes $3.5 million Southward Ho Country Club clubhouse renovation

Boddewyn Gaynor Architects completes building upgrade for Williamsburg prop.

Design/Build

MANHATTAN, NY Savanna, a New York City-based, vertically-integrated real estate investment manager, owner/operator and developer, along with its JV partner, the Silvermintz family, and general contractor Triton Con-struction, 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 well-known neighborhoods throughout New York City.

“This topping out brings us closer to what we know will be a much-needed addition to the com-mercial 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.

BROOKLYN, NY Boddewyn Gaynor Architects (BGA) has completed an upgrade program for an apartment

property near the East River in Wil-liamsburg.

BGA’s con-tribution to this scene includes their work on a 62-unit rental 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 Glen-dale, 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 in-volved employing new wood panels, wall covering and flooring to accent the apartment entry doors. “These enhancements, together with new energy-efficient LED lighting inten-sify the building’s appeal to young professionals, in particular,” said Michele Boddewyn, AIA, president of the architecture firm.

BGA’s work included the instal-lation of rooftop terraces, furniture, planters and gas grilles for tenant use, as well as lighting for evening use. “Evenings on the terraces pro-vide an almost magical experience with the illuminated Manhattan skyline in view,” Alan Gaynor, AIA, said.

Michele Boddewyn

BAY SHORE, NY Racanelli Construc-tion 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 en-trance, 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 to Vincent Barone, proj-ect manager at Racanelli Construc-tion, 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

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 orig-inal historic architecture and design.

nyrej.com

February 21 - March 6, 2017Section C

Quick Read

20 PagesExecutive of the Month .........3CAsk the Experts .................5-12CProfessional Profiles .......... 14C

Gene Kaufman Architect designs

200,000 s/f, 612-room DoubleTree

Adellco’s d’Orsay 11-story

condominium building tops out

SEE PAGE 4C

SEE PAGE 16C

SEE PAGE 2C

WXY contracted to design $136 million

The Made in NYC Campus


http://nyrej.com

Inside Cover C February 21 - March 6, 2017 New England Real Estate JournalDesign/Build

NEW YORK REAL ESTATE JOURNALFULL PAGE - BLACK AND WHITE

NOTE: BLACK AND WHITE AD ONLY TO BE USED WHEN COLOR NOT AVAILABLE

PLACEMENT: INSIDE FRONT COVERSECTION: DESIGN/BUILD

“NY ISSUE 2” - EVERY MONTHSTARTING: 3/15//2016

USE CUSTOMER SUPPLIED HIGH RESOLUTION PDF FILE. DO NOT ALTER.

t

CertifiedProtection

Professional®

35

NY/NJ SECURITY GUARDSNY/NJ SECURITY GUARDS

nyrej.com February 21 - March 6, 2017 1CDesign/Build

http://nyrej.com

2C February 21 - March 6, 2017 New York Real Estate JournalDesign/Build

INTERIORS BY GARCIA; FAÇADE BY GOLDSTEIN, HILL & WEST ARCHTS.

Adellco’s d’Orsay 11-story condominum building tops out

Design/BuildA section of the


P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com

Publisher Jeff Wallace x240

[email protected]

Editor Kristin Robinson x225

[email protected]

PROOF

Section: DBFrom: JWRun Date:1-19


Tel: 781-878-4540Fax: 781-871-1853


We evaluate the risks.

655 West Shore Trail • Sparta, NJ 07871Phone: 973-729-5649 • Email: [email protected]

Web site: www.ehi-inc.com

• Indoor Air Quality Testing

• Industrial Hygiene and OccupationalHealth Services

• Asbestos Consultations and Testing

• Construction Emissions Monitoring

• Phase I & II Environmental SiteInspections & Assessments

• Lead Paint Testing

• Program Development and Training Services

• Expert Witness Testimony

Environmental Health Investigations, Inc. (EHI)

CongratulatesDevelopment New Jersey’s

Inaugural Firm Of The Month

M E T R O V E S TAnd

All Its Members Who Contributed To Their Success

EHI half page ad v2 4/5/06 11:37 AM Page 1

Environmental Health Investigations, Inc. (EHI)

• Indoor Air Quality Testing• Industrial Hygiene and Occupational Health Services• Asbestos Consultations and Testing• Construction Emissions Monitoring• Phase I & II Environmental Site Inspections & Assessments• Lead Paint Testing• Program Development and Training Services• Expert Witness Testimony

655 West Shore Trail • Sparta, NJ 07871

Phone: 973-729-5649Email: [email protected]

Web site: www.ehi-inc.com

Phot

o cr

edit:

Pet

er W

ilk/W

ilk M

arke

ting

Com

mun

icat

ions

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 com-pleted 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 Gar-cia-designed interiors create a marriage between old and new, with great attention to detail. With only 21

residences, ranging from one to four bedrooms, each home was carefully curated to create a sense of symmetry,

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 dy-namic location which has transformed into a bustling high-end retail, dining, cultural and residential mecca.”

Amenities include a full-time con-cierge 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.

d’Orsay, 211 West 14th Street - Manhattan, NY

NORWICH, CT According to Flood Panel LLC, a leading manufacturer of commercial floodproof shields, Na-tional 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 cus-tomers across the country.

“As our first national corporate partner, Flood Panel will work with National Flood Protection to make our innovative flood protection sys-tems 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 busi-ness structures.”


Flood Panel names National Flood Protectiona national corp. partner

http://inc.com

http://inc.com

http://inc.com

http://inc.com

http://nyrej.com

http://www.nerej.com

http://nyrej.com

http://nyrej.com






Executive of the Month

Anthony Posa

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”

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 prac-tices. 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 secu-rity 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 chal-lenges?

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

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 rela-tionships, 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 cul-tivate 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 proj-ect. What makes a project successful is everyone’s participation which will lead to a happy client.

Q: What industries are you fo-cused on?

A: Fortunately, with the makeup of our firm, we can service all sectors from buildings out of ground, corpo-rate 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 catego-rize 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.WebMD - New York, NY

Vineyard Vines - Stamford, CT


TORDOROVA OF THE FIRM DESIGNS 4,000 S/F LOVAGE ROOFTOP

Gene Kaufman Architect designs 200,000 s/f 612-room DoubleTree

Gamco Corp. honored by Glass Magazine

SWBR Architects elects Gears as president


GAMCOManufacturing

Quality Fenestration and Architectural

Metalsfor Over 30 Years

Intricate curtain wall - multiple panel types, sizes and tintsHigh-rise curtain wall system

StorefrontSkylightsRailings

Covers and CladdingsArchitectural SunshadesShower EnclosuresFolding Door/Wall Systems

131-10 Maple AvenueFlushing, NY 11355

EntrancewaysCurtain WallCanopies

718-359-8833www.gamcocorp.com

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 Dou-bleTree is the largest hotel Gene Kaufman Architect 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-sto-ry 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 uninter-rupted western exposure to capture the illumination of the sunsets.

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 Manhat-tan 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 interi-ors group, led by Natalia Tordorova, designed Lovage, which has a cus-tom laser-cut mercury mirror brick wall, chainmail columns, walnut herringbone-and-polished cement floors, and chairs in stroke-painted velvet upholstery and Christian La-croix fabrics.

DoubleTree by Hilton New York – Times Square West, 350 West 40th Street -

Manhattan, NYSaid Gene Kaufman, founder and

principal of Gene Kaufman Architect: “We are tremendously proud of the

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, win-dows, and entranceways for the new Renaissance Tower medical office building in Queens; architectural metal fascia cladding and entrance-ways 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.

ROCHESTER, NY SWBR Architects’ board of directors has elected Thomas Gears, AIA, president of

the firm. Gears is a licensed ar-chitect, LEED Green Associate, and has served as a principal and board mem-ber since 1996. He assumes the

president and CEO role effective immediately.

Thomas Gears

http://www.gamcocorp.com

http://nyrej.com


Ask the Experts

Madison SPECS

Margaret Carey Eli Loebenberg

George Crawford

Yardi Energy

Green Partners

Steven Schleider

Metropolitan Valuation Services

http://nyrej.com


Ask the ExpertsEvery watt counts: Local Law 84

and 88 benchmarking in the Big Apple

Margaret CareyYardi Energy

On Dec. 28th, 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 Green-er, Greater Buildings Plan (GGBP), LL84, and its sister statute LL88, emphasize management through information. With the oft-repeated declaration “you can’t manage what

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 bench-marking report will help us understand where we can act most quickly to significantly reduce GHG emissions and achieve our PlaNYC goals.”

Lights, Meters, ActionOften considered the low-hanging

fruit of energy efficiency implemen-

tation, improving a building’s lighting system can dramatically reduce en-ergy 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 com-mercial 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 liter-ally 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 pro-cess for building benchmarking for energy consumption. First, property

owners must check the city’s Covered Building List to see if they are compli-ant with LL84’s compliance parame-ters. 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 BuildingsThe LL84 benchmarking reports

reveal energy usage patterns for indi-vidual buildings and allow compari-son 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 SolutionAs 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 con-trollable 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 im-proved 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. Bench-marking 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.

To learn more, call 800.899.7591 or visit www.yardi.com/energy

Maximize Energy EciencyReduce energy consumption while keeping tenants

comfortable. Achieve paperless invoice processing with

full visibility into utility costs, consumption and recovery.

Automate tenant submetering and utility billing. Leverage

easy ENERGY STAR® submissions.

YARDI® Smart Energy Suite

http://www.yardi.com/energy


PROOFSize: Full Section: NY ODMFrom: JWRun Date: 10/08/13


crop

2”


Tel: 781-878-4540

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

http://nyrej.com

http://www.alliedbuilding.com


Ask the ExpertsGuidelines to property improvements

provide tax deferral strategies

Eli LoebenbergMadison SPECS

A key component of any com-mercial 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 in-curred 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 spe-cialized tax and engineering analysis that allows owners to reclassify their real property expenditures, thereby accelerating their depreciation de-ductions. It is also possible for land-lords 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 re-pairs or capital improvements. The IRS regulations require businesses to segregate their real property building costs into eight defined building sys-tems. When the taxpayer is determin-

ing whether eligible improvements were made, the building structure and each building system can be

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 re-spect to the entire building as a whole.

The building is evaluated and broken out into units of property (UOP) according to eight enumerated

building systems:• HVAC systems, including mo-

tors, compressors, boilers, furnace,

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 wir-ing, outlets, junction boxes, lighting fixtures and associated connectors.

• Escalators.• Elevators.• Fire protections systems, in-

cluding sensing devices, computer controls, sprinkler heads, sprinkler mains, associated piping or plumb-ing, 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, re-corders, monitors, motion detectors, security lighting, alarm systems, and entry and access systems.

• Gas distribution systems.Betterment,

Restoration and AdaptationRecent 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 replac-ing 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 tax-payer’s facts and circumstances. A thorough cost segregation study can help landlords take full advantage of these tax savings.

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.

Eli Loebenberg, CPA, is the CEO of Madison SPECS, Lakewood, N.J.

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.

Accelerate Depreciation and Improve Cash Flow

GET

MORE TAX DEFERRALS OUT OF YOUR PROPERTY IMPROVEMENTS

888.773.2773 · www.madisonspecs.comSpecialized Engineering & Cost Segregation

http://www.madisonspecs.com


cginortheast.comWATCH HOW IT WORKS

718.937.2800

Members ofINTERNATIONAL CONCRETE

REPAIR INSTITUTE

CONCRETE GEL INJECTION®

Since 2004, CGI has successfully completed hundreds of below ground waterproo�ing projects in the New York Metropolitan area.

From the Interior SideFOUNDATION WALLS, FLOORS, CELLARS, GARAGES, SIDEWALK VAULTS, ELEVATOR PITS

BELOW GROUNDWATERPROOFING

WHEREDID THE

WATER GO?!?

http://nyrej.com

http://cginortheast.com


Ask the Experts

Local Law 88 compliance: January 1, 2025 deadline – Do it now or wait out the clock?

George CrawfordGreen 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 mul-tifamily 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 “com-mon areas” of multifamily buildings, including hallways, fire stairs, lob-

by areas, storerooms, boiler/mechan-ical rooms, laundries, etc. Residential units are not required to comply with LL 88 provisions.

Because there are benefits for build-ings 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 inevi-table 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. “Vol-untary” 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 “volun-tary” LED retrofits include expense reduction (combined with the currently available rebates) and improved build-ing 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. Re-placing 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 multi-family 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 fluores-cents, the average sized multifamily building with 350 lamps (including fire stair lighting) will have approx-imately fifteen lamp changes per week - in addition to the time (and

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 relat-ed to the code compliance upgrades.

In terms of the “wait until later” approach, a LED retrofit is not inex-pensive. 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 deci-sion. 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 config-uration, 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 im-portant that your Con Ed Partner have access to Con Ed computer software to accurately model the “before” and “after” scenarios of your project. Ac-curate “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.

PROOFSize: 8x8.25 Section: NY DBFrom: JWRun Date: 3-15


crop

2”


Tel: 781-878-4540

Positively impacting lives through meaningful design.

387 EAST MAIN STREET ROCHESTER NY WWW.SWBR.COM

CARRIAGE FACTORY APARTMENTS

http://www.swbr.com


Ask the ExpertsSolar in the city – New York City skyscrapers

and high rises rock and rule the world

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 emis-sions 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 con-sumed in residential and commercial buildings. All that height and density produces an Urban Heat Island Ef-fect 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 gov-ernment 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 ur-gency. The final piece of the equation is viability and not only that of install-ing 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 high-rise 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 electric-ity-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 de-veloping 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 includ-ing solar glass. To date, one of the problems with solar glass has been a

lack of clarity and transparency. But scientists at Michigan State Universi-ty 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 wide-spread 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. Tech-nology 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 pro-files and operating incomes could be huge - and the impact on property values significant.

Steven SchleiderMetropolitan

Valuation Services

Steven Schleider, MAI, LEED-AP BD + C is the president of Metropolitan Valuation Services, New York, N.Y.

www.Frey-Electric.com www.Frey-Electric.com Follow us!

University at BuffaloJacobs School of Medicine & Biomedical Sciences

http://nyrej.com

http://electric.com


New York CWSSafe. Responsible. Enviromentally Friendly.Protected by

US Patents 7118633,7121288, 7124767.

www.concretewashoutny.com445 Park Avenue, New York, NY 10022

P: 877-NYCWS88 | F: 973-956-5086 | E-mail: [email protected]

A Complete Solution - We Take Care of Everything.

• Highly economical way to remove and recycle your concrete washout water

• Eliminates costly fines and fees for non-compliance

• Containment prevents spill damage to concrete and asphalt

• Replaces outdated washout procedures which are costly and damaging to the environment

• Reduces unsightly messes on job sites


US Patents 7118633,7121288, 7124767.










US Patents 7118633,7121288, 7124767.









New York CWSSafe. Responsible. Enviromentally Friendly.

Keep Your Job Sites —And Your Bottom Line —

Looking Good

Haftek CWS’ primary product is a patented concrete washout system that controls, captures,and contains all concrete washout wastewater and material.The service that Haftek CWS offers are safe, responsible, and environmentally consciousalternatives to the old worksite concrete washouts.We utilize a cost effective and enviromentallyfriendly alternative to concrete washout sites and are on the leading edge of becoming the industrystandard in concrete washout removal and recycling.

Protected byUS Patents 7118633,7121288, 7124767.

www.concretewashoutnynj.com445 Park Avenue, New York, NY 10022








http://www.concretewashoutny.com

http://yahoo.com


http://yahoo.com

http://www.concretewashoutnynj.com

http://yahoo.com





Professional Profile

Brandon MasseyAssociateFXFOWLE

Adam PaulConsultant

Shen Milsom Wilke

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 poolFirst 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 CalvinoFavorite 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

Name: Adam Paul Title: ConsultantCompany: Shen Milsom WilkeLocation: New York CityBirthplace: Falmouth, MAEducation: B.S.E. Acoustical Engineering & Music, University of Hartford, CTFirst job outside of real estate: Dishwasher at the Landfall Restaurant in Woods HoleWhat 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 BlakeOne word to describe your work environment: TidyRules 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.

Name: John McGovernTitle: Account ExecutiveCompany: Holt Construction Corp.Location: New York, NY Birthplace: Brooklyn, NYEducation: Ocean County College, NYUFirst job outside of Construction: District facilties manager for rental car companyFirst job in real estate or allied field: Procurement of new retail offices spacesWhat 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: BraveheartLast song you purchased/downloaded? “Knee Deep” by Zac BrownRules 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

John McGovern Account Executive

Holt Construction Corp.

Corina Folts Certified Interior Designer

SWBR Architects

Name: Corina FoltsTitle: Certified Interior Designer Company: SWBR Architects Location: 387 East Main St., Rochester, NY 14604Birthplace: Corpus Christi, TXEducation: Bachelor of Science, Interior DesignFirst job in real estate or allied field: Design and administrative assistant at Ohlson Lavoie Collaborative in Orlando, FLWhat 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.


CELEBRATING

25YEARS OF

ENGINEERING SUCCESS

WE LOOK FORWARD TO CONTINUOUSLY RAISING THE BAR

AND PROVIDING THE BEST-IN-CLASS SOLUTIONS TO OUR CLIENTS

we engineer successEngineering D.P.C.

116 W. 32nd Street, New York, NY 10001 p. 212.643.9055 mgedpc.net

http://nyrej.com

http://mgedpc.net


Design/Build News BriefSUNSET PARK DISTRIC PLAN LED BY NYCEDC

WXY contracted to design $136 million The Made in NY Campus

HANEY HIRED AS SENIOR DESIGNER

TPG Archt. promotes Jacobson to design dir.

Kemper System America to showcase new acquired range of liquid-applied solutions at RCI 2017

Sumaida + Khurana tops out designer Ando’s first NYC residential building


NEW YORK, NY TPG Architecture, one of the largest architectural firms in New York City and a leader in both

workplace and retail design, has promoted and hired two senior level employees: Carly Jacobson was pro-moted 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, sub-sequently 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. cit-ies. Her boldness and sophistication as a designer have resulted in some of TPG’s most celebrated projects including: Spotify New York, Mul-lenLowe Winston-Salem, and Stuart Weitzman. In her new position, Ja-cobson 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 ar-chitecture 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, Interior Architecture, from the University of Florida.

Carly Jacobson Jennifer Haney

ANAHEIM, CA At RCI 2017, March 17-18, Kemper System America, Inc. will showcase its newly acquired range of liquid-applied solutions for protecting the full building envelope and demon-strate 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 Guard-ian Technologies elastomer-based coatings for roof recovery and other projects, 3) GreatSeal construction sealants for windows, doors, masonry, roof flashings, etc. that are 100% sol-ids and formulated for performance even in damp, dry or cold conditions down to 40oF, 4) HeatBloc ultra-radi-ant 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 portfo-lio 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, cus-tomers 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 class A 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 Kem-perol 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-cre-ating 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 ame-nities will help attract and expand businesses here.

Sunset Park is a residential com-munity and industrial hub on the waterfront. The Sunset Park District Plan, led by the New York City Economic Development Corpora-

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 indus-trial 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 reno-vations for the terminals and the new campus, with the goal of modernizing the facilities for industrial and inno-vation companies who bring quality jobs to Sunset Park.

The expansion of Bush Termi-nal follows mayor Bill de Blasio’s $115 million investment in Brook-lyn Army Terminal, which will bring 500,000 s/f of new industrial space on line in September.

MANHATTAN, NY According to Space-smith, the firm has a new principal architect and workplace expert

joining the firm – Elisabeth Post-Marner, AIA, LEED AP.

Adding to the accomplishments of Spacesmith in corporate head-quarters, office and workplace

design, Post-Marner is a registered architect with 30 years of experience. Her portfolio includes innovative works in the corporate sector, in-cluding award-winning office inte-riors 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 Space-smith. “Elisabeth has shown even the largest companies how to optimally leverage their real estate to ensure employee satisfaction while also pre-paring for the major workplace shifts that impact their future operations.”

Post-Marner’s award-winning work includes honors from the Amer-ican 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.”

Elisabeth Post-Marner

Post-Marner joins Spacesmith as principal archt./workplace expert MANHATTAN, NY Sumaida + Khurana

has topped out 152 Elizabeth, Pritz-ker Prize winner Tadao Ando’s first residential building in New York City.

“This is a major milestone for 152 Elizabeth,” said Amit Khu-rana, 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-win-ning architect and designer Michael Gabellini, of Gabellini Sheppard Associates. 152 Elizabeth will feature Ando’s hallmarks: poured-in-place concrete, burnished metal, volumi-nous glass and a living green wall.

City views throughout the resi-dences create a sense of place while embracing the urban landscape of No-lita. 152 Elizabeth St. was conceived to be an inner sanctuary in downtown Manhattan. The acoustical enhance-ment has been a key consideration, and 152 Elizabeth’s façade system and exterior glass enable an excep-tionally 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

of openness in each home, empha-sizing 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 Tadao Ando’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. Floor-to-ceiling windows bathe the room in natural light.

152 Elizabeth - Manhattan, NY

http://nyrej.com


• • • • • •• • •••• • ••• • • •JAVITS CENTER• •

BuildingsNY, the largest gathering of property owners,

managers, designers, and architects, delivers a broad

range of solutions for building and maintaining smart,

efficient buildings.

• • • • • • • • • •• • • • • • • • • • • •• • •

http://nyrej.com

Design/BuildBack Cover C February 21 - March 6, 2017 New York Real Estate Journal

E [email protected] T 914-816-0263 www.amaarch.com

Phot

ogra

ph b

y Jo

el G

ross

ARCHITECTUREDESIGN CONSULTING

We are a unique design firm that is fully involved in the project life cycle from design through construction.

Our goal is to enhance the experience by establishing strong partnerships with our clients as we meet their changing needs.

PROOFSection: From: Run Date:



Tel: 781-878-4540

http://amaarch.com

http://www.amaarch.com


Sponsored By:


Guide


SPRING/SUMMER 2017

Inside Front Cover Spring/Summer 2017Commercial Real Estate Guide

New York Real Estate Journal 1Spring/Summer 2017 Commercial Real Estate Guide

New York Commercial Real Estate Guide Sponsor

PROOFSize: Full 6x9.875 Section:NY -CREGFrom: KWRun Date: 9-6


crop

2”


Tel: 781-878-4540

1 8 9 5 W a l t W h i t m a n Ro a d , M e l v i l l e , Ne w Yo r k 1 1 7 4 7( 6 3 1 ) 4 5 4 - 1 0 1 0www.Racanelli Construction.com

Racanelli ConstructionCo. Inc.

Ou r Re p u t a t i o n Co n t i n u e s To B u i l dOv e r s i x d e c a d e s o f b u i l d i n g e x c e l l e n c e a n d a c o m m i t m e n t t o t h e h i g h e s t q u a l i t y i n t h e i n d u s t r y .

• Corporate• Industrial• Healthcare/Assisted Living• Retail• Hospitality/Restaurants• Education/Institutional• Residential• Houses of Worship• Self Storage• Interiors

RacanelliConstruction Co. Inc.

• Pre-Construction• General Contracting• Construction Management• Design/Build• Development• Pre-Engineered Buildings• Architectural & Design• Project Consulting• LEED Services

http://construction.com

2 New York Real Estate Journal Spring/Summer 2017Commercial Real Estate Guide


PROOFSize: Full 6x9.875 Section: NY SPOTFrom: KWRun Date: 02/21/17


crop

2”


Tel: 781-878-4540

Attorneys Contesting Real Estate Tax Assessments Since 1932

Peter Brandt founded the law firm of Brandt, Steinberg, Lewis & Blond LLP in 1932. In the nearly 85 years since, we have represented many thousands of properties of every size and description throughout New York City and nearly every municipality in the state. Our practice is concentrated on real estate tax appeals, exemptions, abatements and condemnations.

At the New York City law firm of Brandt, Steinberg, Lewis & Blond LLP, our client base includes land developers, entrepreneurs, prop-erty owners and net tenants who are interest-ed in assistance with real estate tax appeals and related legal issues. Our attorneys have more than 175 years of combined experience in this field. We endeavor to solve client prob-lems in a timely manner that reduces cost and meets the needs of our clients.

1430 Broadway, 6th FloorNew York, New York 10018-3308

Phone: 212-563-2200www.bsl-taxcert.com

Peter E. Blond, Hubert J. Brandt, Willa I. Lewis, Richard A. Steinberg

Practice Areas

Real Estate Tax Appeals

Co-op & Condo


Exemptions and Abatements for New Construction

Exemptions As-Of-Right

RPIE Filing Disputes

Preparation of Opinion Letters

Reclassification of Real Property

Eminent Domain Condemnation

http://taxcert.com



Architects Landscape Architects Engineers

ArchitectsLandscape ArchitectsEngineers

Architects

BBS 2 4 4 E . M A I N S T R E E T , P A T C H O G U E , N E W Y O R K 1 1 7 7 2 T . 6 3 1 . 4 7 5 . 0 3 4 9 | F . 6 3 1 . 4 7 5 . 0 3 6 1 | W W W . B B S A R C H . C O M


A SUPPLEMENT OF NEW YORK REAL ESTATE JOURNAL

P.O. Box 55, Accord, MA 02018 781-878-4540, www.nyrej.com

TABLE OF CONTENTSFeatured CompaniesSecurity ...................................Inside CoverConstruction ..............................................1 Tax Certiorari ............................................2Architect ....................................................3Accounting ................................................5Commercial Real Estate Insurance ...........61031 Exchange .........................................7Environmental Consulting ........................8 Property Management ...............................9Office Furniture .......................................10Safety & Security ....................................11Roof Raising ...........................................12Concrete Washout Removal ....................14Listing Service ........................................25Commercial Real Estate Lender ...Back Page

Directory1031 Exchange ........................................13Accountants .............................................15Appraisers ...............................................15Architects ................................................16Attorneys .................................................17Commercial Real Estate Brokers ............18Commercial Real Estate Lenders ........... 19Energy Consultants ................................. 20Engineering Consultants .......................... 21General Contractors ............................... 22Public Relations/Marketing .....................23Advertiser Index ......................................24

John Picard x250 President

[email protected]

Kristine Wolf x245 Managing Director [email protected]

Save Time…View Online Full Color Digital Edition at nyrej.com

FounderRoland Hopkins

[email protected]

EditorHeather Devaney [email protected]

PublisherKristine Wolf [email protected]

NY Commercial Real Estate GuideSponsors

Jeff Wallace x240 Publisher

[email protected]

Spring/Summer 2017 New York Commercial Real Estate Guide


http://nyrej.com

http://nyrej.com

http://nyrej.com

http://vermontel.net

http://nyrej.com

http://nyrej.com

http://nyrej.com








PROOFSize: Full 6x9.875 Section: NY CRGFrom: KWRun Date: 03/24/15


crop

2”


Tel: 781-878-4540

SS GG KK KK

CC PP AA

Are You Getting the

Shanholt Glassman Klein Kramer & Co.

CC PP AA

gPersonal Touch?

Shanholt Glassman Klein Kramer & Co. is a premierCPA firm serving the real estate community, meldingtogether the talents and substantial industryexperience common to large firms with the culture,insight and personal touch of a local firm.

At Shanholt Glassman Klein Kramer & Co., we workharder to develop a greater understanding of yourneeds and concerns, applying our real estateexpertise and taking a more proactive approach toenhancing your financial situation.

Why Not See What We Can Do for You?

Contact Sandy Klein at 212‐644‐9000575 Lexington Avenue

www shanholt comwww.shanholt.com

CPAs to the Real Estate Industry


Commercial Real Estate InsuranceThe 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 un-der 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 com-mercial 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 re-cent 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:

Herbert H. Landy Insurance Agency, John Torvi, Needham, Mass., 800-336-5433, www.landy.com

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.

PROOFSize: Half 6x4.875 Section: SINFrom: Run Date: 00/00/15


crop

2”


Tel: 781-878-4540

A+ RATED CARRIER67 YEARS EXPERIENCE

http://www.landy.com


PROOFSize: Half 6x4.875 Section: SpotFrom: KW Run Date: 3-24


crop

2”


Tel: 781-878-4540

FLORIDA NEW YORK VERMONT

77 ARKAY DRIVE, SUITE D, HAUPPAUGE, NY 11788

631-617-6200 | www.merrittec.com

All Phases of Environmental Consulting

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 turn-around time and the desire to see transactions finalized.

Merritt Environmental Consulting Corp., Chuck Merritt, Hauppauge, NY, 631-617-6200 www.merrittec.com

http://www.merrittec.com

http://www.merrittec.com


PROOFSize: Full 6x9.875 Section: Full guideFrom: KWRun Date: 2-21


crop

2”


Tel: 781-878-4540

LANGSAM PROPERTY SERVICES CORP., AMO®

A FULL SERVICE REAL ESTATE ORGANIZATION

1601 Bronxdale AvenueBronx, New York 10462

Tel: (718) 518-8000Fax: (718) 518-8585

Visit our website at www.langsampropertyservices.com

http://www.langsampropertyservices.com


Office FurnitureAbout 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 ex-perience 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 ac-tive 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

GET STARTED TODAY, CONTACT RON LANZO

646.831.1142 . RENTFURNITURE.COM

Contract HolderGS-28F-0016T

STEP UP INTO A BETTER WORKSPACE ENVIRONMENT

http://www.rentfurniture.com

http://www.rentfurniture.com

http://rentfurniture.com


Video Doorman - Safer Building Ad “SAFE”- 11.24.15 - 7.625” x 9.75”

A Safer Building is a Safer Investment

Call today for a FREE building survey and proposal.

Available through American Security Systems (718) 784-2880

www.amsecuresys.com

• higher apartment rents• reduced liability

• video analytics alert central station operators to prevent loitering• 24/7 card access control and CCTV surveillance• on-call video "escort" service to greet tenants at night• front door ajar alert• latchkey child parent notification

It's like having a guard at your entrance for $.85/hr:

®

• higher occupancy levels• less apartment turnover

Before After

Video Doorman Safe Lobby protects your residents and your investment

®

PROOFSize: Full 6x9.875 Section: NY GuideFrom: JWRun Date: 2-21


crop

2”


Tel: 781-878-4540

A Safer Building is a Safer Investment

http://www.amsecuresys.com


PROOFSize: Full 6x9.875 Section: NY CRGFrom: KWRun Date: 04/13


crop

2”


Tel: 781-878-4540

Roof Raising

Space Technology Inc. (STI) lifts the existing roof of an industrial building, intact, to two or three times its original height. By elevating the roof at the rate of one foot every hour, STI can double or triple the capacity of a warehouse quickly and inexpensively. Imagine the value and marketability gained by transforming an old, obsolete-height structure into a modern, high-cube facility, virtually overnight.The entire roof (or just a section) is lifted as a single unit. Lighting, heating, sprinkler systems, and roof-mounted equipment remain attached to the roof, and rise undisturbed. The actual roof lifting process can be completed in as little as a single day.

Roof lifting yields increased size, efficiency and building value without demolition costs, without increasing taxes based on square footage, and without increasing the facility’s parking space requirements. STI provides the real estate industry and building owners with this unique technology and service: the patented E-Z Riser® process. This unique procedure has been providing ceiling height increases, safely, successfully, and economically since 1972. It is important to note that this procedure inherently maintains complete structural stability at all times, avoid-ing the need for temporary shoring and resulting floor-anchor damage. Permanent full-height steel column sleeves are utilized, which lift the roof while continuously maintaining the original building support. This process has a 100% safety record, as proven by its implementation even in facilities that must be OCCUPIED during preparation and lifting, WITHOUT any serious work disruption. Imagine how many properties can now be purchased, leased or sold, that were previously deemed functionally obsolete. Imagine how many prospective tenants and clients can be attracted to sites that previously could not earn serious consideration.Real Estate Brokers, Industrial Developers, individual Users, and National Retailers, have been using this tool to create space, add value, upgrade marketability, and to attract and retain tenants. When they calculate the exception-ally short time for their return on investment, it becomes clear why this revolutionary concept is creating such an impact. STI offers free cost estimates, nationwide.Space Technology, Inc., Jeffrey Allen, 631-491-8500, 800-784-3150, [email protected], www.rooflift.com

Jeffrey Allen

Space Technology, Inc., Jeffrey Allen, 631-491-8500, 800-784-3150, www.rooflift.com

PROOFSize: Full 6x9.875 Section: NY CRGFrom: KWRun Date: 04/13


crop

2”


Tel: 781-878-4540

Roof Raising

Space Technology Inc. (STI) lifts the existing roof of an industrial building, intact, to two or three times its original height. By elevating the roof at the rate of one foot every hour, STI can double or triple the capacity of a warehouse quickly and inexpensively. Imagine the value and marketability gained by transforming an old, obsolete-height structure into a modern, high-cube facility, virtually overnight.The entire roof (or just a section) is lifted as a single unit. Lighting, heating, sprinkler systems, and roof-mounted equipment remain attached to the roof, and rise undisturbed. The actual roof lifting process can be completed in as little as a single day.

Roof lifting yields increased size, efficiency and building value without demolition costs, without increasing taxes based on square footage, and without increasing the facility’s parking space requirements. STI provides the real estate industry and building owners with this unique technology and service: the patented E-Z Riser® process. This unique procedure has been providing ceiling height increases, safely, successfully, and economically since 1972. It is important to note that this procedure inherently maintains complete structural stability at all times, avoid-ing the need for temporary shoring and resulting floor-anchor damage. Permanent full-height steel column sleeves are utilized, which lift the roof while continuously maintaining the original building support. This process has a 100% safety record, as proven by its implementation even in facilities that must be OCCUPIED during preparation and lifting, WITHOUT any serious work disruption. Imagine how many properties can now be purchased, leased or sold, that were previously deemed functionally obsolete. Imagine how many prospective tenants and clients can be attracted to sites that previously could not earn serious consideration.Real Estate Brokers, Industrial Developers, individual Users, and National Retailers, have been using this tool to create space, add value, upgrade marketability, and to attract and retain tenants. When they calculate the exception-ally short time for their return on investment, it becomes clear why this revolutionary concept is creating such an impact. STI offers free cost estimates, nationwide.Space Technology, Inc., Jeffrey Allen, 631-491-8500, 800-784-3150, [email protected], www.rooflift.com

Roof Raising

http://rooflift.com


http://rooflift.com






PROOFSize: 2.91x3.16 1BLOCK Section: NY CREGFrom: KWRun Date: 09/06/16



Tel: 781-878-4540

Russell J. Gullo, CCIM, CEAChief Executive Officer

Certified Exchange Advisor

Real Estate Investment SpecialistsAmerica’s Premier Qualified Intermediaries For 1031 Exchanges

Offices: Buffalo - Rochester - Syracuse - UticaBinghamton - Albany - Kingston - New York

Call 1 (866) R J GULLO(754-8556)

www.rjgullo.com

DISPOSING OF INVESTMENT PROPERTY?

PAY NO TAXQualified Intermediaries For 1031 Exchanges



Tel: 781-878-4540

Section: CREGFrom: KWRun Date: 3-24-15

Members Of The Federation of Exchange Accommodators. Bonded and Insured.

WHY WOULDN’T YOU WANT THE NORTHEAST’S LEADING QUALIFIEDINTERMEDIARY TO HANDLE YOUR

NEXT IRC 1031 EXCHANGE?

26 Years Experience

Secure Exchange Accounts

Competitive Fees

24/7 Customer Service

Definitive Answers To Your Exchange Transaction

Nationally Recognized

Certified Exchange Specialist® On Staff

AFTER ALL, YOU ARE A DISCERNING CONSUMER.

TRUST THE PROFESSIONALS

Diane Schaefer, CES® President

Kim Rincones Sr. Exchange Coordinator

Melissa Beck Exchange Coordinator

EXCHANGE SOLUTIONS, INC. 516-771-2400, Freeport, NY 11520 www.exchange-solutions.com

Certified Exchange Specialist® on staff

1031 Exchange

PROOFSize: 2.91x3.16 1B Section: NY CRGFrom: KWRun Date: 9-6-16



Tel: 781-878-4540

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

Spend Less, Get More

http://nyrej.com

http://www.rjgullo.com

http://solutions.com



PROOFSize: Full 6x9.875 Section: NY SPOTFrom: JWRun Date: 9-6


crop

2”


Tel: 781-878-4540

New York CWSSafe. Responsible. Enviromentally Friendly.

Keep Your Job Sites —And Your Bottom Line —

Looking Good

Haftek CWS’ primary product is a patented concrete washout system that controls, captures,and contains all concrete washout wastewater and material.The service that Haftek CWS offers are safe, responsible, and environmentally consciousalternatives to the old worksite concrete washouts.We utilize a cost effective and enviromentallyfriendly alternative to concrete washout sites and are on the leading edge of becoming the industrystandard in concrete washout removal and recycling.

Protected byUS Patents 7118633,7121288, 7124767.









• Highlyeconomicalway toremoveandrecycle yourconcretewashout water• Eliminatescostlyfines andfeesfornon- compliance• Containmentprevents spilldamagetoconcrete andasphalt• Replacesoutdated washoutprocedures whicharecostlyand damagingtothe environment• Reducesunsightly messesonjobsites

ACompleteSolution-WeTakeCareofEverything.

www.concretewashoutnynj.com

445ParkAvenue,NewYork,NY10022P:877-NYCWS88|F:973-956-5086E-mail:[email protected]


http://yahoo.com

http://www.concretewashoutnynj.com

http://yahoo.com




Accountants

Appraiser

PROOFSize: 6x3.16 2BLOCK Section: NY CRGFrom: KWRun Date: 03/15/16


crop

2”


Tel: 781-878-4540

# of pages:

To:

Co:

Fax:

To: � From:

� Proof Fine

� Make ChangesCo. NE Real Estate Journal

Phone # 781-878-4540Fax # 781-871-1853

FAX

RYNNE, MURPHY & ASSOCIATES, INC.Real Estate Appraisals and Consultation

Serving Upstate New York

Expert Valuation In:

• General Retail • Shopping Center/Malls • Office• Assessment Reduction • Development Rights • Apartments• Condo Projects • Industrial • Court Testimony• Special Purpose • Residential

The Chapin BuildingSuite 305, 205 St. Paul St., Rochester, N.Y. 14604

585-262-3277 Fax: 585-262-3621

RYNNE, MURPHY & ASSOCIATES, INC.Real Estate Appraisals and ConsultationSERVING UPSTATE NEW YORK

• General Retail• Shopping Center/Malls• Office• Assessment Reduction

• Development Rights• Apartments• Condo Projects• Industrial

• Court Testimony• Special Purpose• Residential

The Chapin BuildingSuite 305, 205 St. Paul St., Rochester, N.Y. 14604

585-262-3277 Fax: 585-262-3621www.rynnemurphy.com

Expert Valuation In:

Specialized Services to the Commercial& Residental Real Estate

New York | New Jersey | Connecticut | Los Angeles | London

www.pragermetis.com

Services Include- Advisory- Audit & Accoutning- International- Tax

ContactRobert O. Mayer, CPAT 516.921.8900 ext. 510E [email protected]

PROOFSize: 6x3.16 2BLOCK Section: GuideFrom: Run Date: 00/00/15


crop

2”


Tel: 781-878-4540




Please contact Kristine Wolf [email protected]

800-654-4993, ext. 245

http://pragermetis.com

http://www.pragermetis.com

http://nyrej.com

http://www.rynnemurphy.com




Architects1980

516.625.3344 www.mojostumer.comARCHITECTURE & INTERIORS

OVER YEARS OF EXPERIENCE 35

IMPROVING THE QUALITY OF OUR CLIENTS’

LIVES THROUGH BETTER AND MORE CREATIVE ARCHITECTURE AND

wwINTERIORS.

631.756.8000 | h2m.com

Building CommunitiesSince 1933

PROOFSize: 6x3.16 2BLOCK Section: NY CRGFrom: JWRun Date: 2-21


crop

2”


Tel: 781-878-4540

A n e w v i s i o n i n a r c h i t e c t u r e

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 ec o m m u n i t i e s w e s e r v e .

O f f e r i n g s e r v i c e s f o r t h e E d u c a t i o n a l ( K - 1 2 ) , M e d i c a l , C o r p o r a t e ,H o s p i t a l i t y , P A C E ( P r o g r a m s f o r A l l I n c l u s i v e C a r e f o r t h e E l d e r l y ) , H o u s i n g a n d R e t a i l M a r k e t s .

FRANK S.ZIOLKOWSKI, RAPrincipal

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 i o n R o a d , S u i t e 2 1 0 B u f f a l o , 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 6w w w . z a x i s p c . c o m

C T I N N C N J N Y O H P A V TSTATES OF LICENSURE: NEWLY LICENSED IN: G A R I T X

A n e w v i s i o n i n a r c h i t e c t u r e

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 ec o m m u n i t i e s w e s e r v e .

O f f e r i n g s e r v i c e s f o r t h e E d u c a t i o n a l ( K - 1 2 ) , M e d i c a l , C o r p o r a t e ,H o s p i t a l i t y , P A C E ( P r o g r a m s f o r A l l I n c l u s i v e C a r e f o r t h e E l d e r l y ) , H o u s i n g a n d R e t a i l M a r k e t s .

FRANK S.ZIOLKOWSKI, RAPrincipal

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 i o n R o a d , S u i t e 2 1 0 B u f f a l o , 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 6w w w . z a x i s p c . c o m

C T I N N C N J N Y O H P A V TSTATES OF LICENSURE: NEWLY LICENSED IN: G A R I T X

STATES OF LICENSURE: CT GA IN NC NJ NY OH PA RI TX VT

112-31 84th Ave., Kew Gardens, NY 11418-1321

718.805.2797 tel 718.805.2227 [email protected]

www.architecturestudio.comMember of The American Institute of Architects

William Gati, AIAArchitect

Architecture Studio Designers and Planners

c o m m e r c i a l • r e s i d e n t i a l • i n s t i t u t i o n a l • i n t e r i o r d e s i g n

http://www.mojostumer.com

http://architecturestudio.com

http://www.architecturestudio.com

http://h2m.com



PROOFSize: 6x3.16 2BLOCK Section: CREGFrom: KWRun Date: 3-24-15


crop

2”


Tel: 781-878-4540

Real Property Tax Assessment Reduction and Condemnation for Commercial Properties

Brad W. Cronin Sean M. Cronin Cara P. Cronin Raymond J. Furey

200 Old Country Road, Suite 470, Mineola, NY 11501(516) 747-2220

www.cronintaxlaw.com | [email protected]

Attorneys

PROOFSize: 6x3.16 2B Section: NY CRGFrom: KWRun Date: 09/06/16


crop

2”


Tel: 781-878-4540

Glassberg & Associates, LLC.• All types of real estate transactions (purchases/sales/leases)• Real Estate and commercial litigation• Construction litigation• Residential and Commercial L&TSteven Glassberg212-608-6726Two offices Nassau County and Manhattan421 7th Avenue, Suite 800 New York, NY 100018 Haven Ave., Suite 215 Port Washington, NY 11050

www.glassbergassociates.com





800-654-4993, ext. 245

http://www.cronintaxlaw.com

http://cronintaxlaw.com

http://www.glassbergassociates.com

http://nyrej.com




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!

WASN’T IT MAGICALWHEN YOU BELIEVED YOU COULD DO ANYTHING? WE STILL DO.

Investment SalesCapital Services

Investment Research

arielpa.nyc



crop

2”


Tel: 781-878-4540

Alliance is a full service industrial and commercial real estate fi rm, servicing Nassau and Suffolk Counties44 West Jefryn Blvd., Suite M, Deer Park, NY 11729 (631) 392-0784 Fax: 392-0785 www.alliancerecorp.com

Recent Sales

140 Broadway, 41st Floor New York, NY 10005 www.gfirealty.com P (212) 668.1444 F (212) 668.1655

it’s who you know.

$37,000,000Central Harlem Eight

Building PackageNew York, NY

127 Apts + 2 Stores

$4,000,000370 East 23rd Street

Brooklyn, NY 20 Apts

$7,750,000127 East 102nd Street

New York, NY28 Apts + 2 Stores

$7,600,0001812 East 18th Street

Brooklyn, NY34 Apts

$44,000,000825 East 141st Street

Bronx, NYIndustrial Building

$3,575,0001424 Avenue J

Brooklyn, NY 6 Apts + 4 Stores

$195,000,00023-02 49th Avenue

Queens, NYWarehouse/Office Facility

$11,000,000679 Magenta Street

Bronx, NY74 Apts

Commercial Real Estate Brokers

http://www.alliancerecorp.com

http://www.gfirealty.com


PROOFSize: 6x3.16 2BLOCK Section: SpotFrom: KWRun Date: 3-15


crop

2”


Tel: 781-878-4540

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 �e Bronx

Brick Realty Capital LLC44 East 32nd Street, 9th Floor

New York, New York  10016212-645-2432 or 646-453-5858

www.brickrealtycapital.com

Commercial Real Estate Finance Made Simple.

$21 BILLION to date.Lock rate at application.Non-recourse.Long term. Fixed rate.

United States 716.204.2200 | Canada 416.362.2122www.largocapital.com

Commercial Real Estate Lenders





800-654-4993, ext. 245

http://www.brickrealtycapital.com

http://www.largocapital.com

http://nyrej.com



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 run with Marathon Energy, and so should you.

And at Marathon, we operate our own large and modern fleet of fuel delivery trucks, each equipped with GPS tracking systems, which allows our dispatchers to ensure all our deliveries are on time and on target. You never have to rely on the third-party truckers that most of our competitors use.

• #2, #4, #6 Heating Oils and diesel fuel• Natural Gas & Electricity in NY, NJ & PA• Indexed pricing options on PLATTS or NYMEX• Heating equipment service 24/7/365• Industrial and commercial service contracts• Oil-to-gas conversions• Boiler installations & upgrades• In-house mechanical engineers, licensed plumbers

and oil burner installers• Loyalty cash back rewards earned on each transaction

HEATING OIL • NATURAL GAS • ELECTRICITY • MECHANICAL SERVICES

868 39th Street, Brooklyn, NY 11232 / 718.435.2200 / mecny.com / [email protected]

FROM START TO FINISH.

CALL TODAY!718-435-2200








CALL TODAY!718-435-2200








CALL TODAY!718-435-2200








CALL TODAY!718-435-2200



crop

2”


Tel: 781-878-4540

Energy Consultants

PROOFSize: 6x3.16 2BLOCK Section: GuideFrom: Run Date: 00/00/15


crop

2”


Tel: 781-878-4540

To Get Your Project Started, Contact Us Today For A

FREE LED RETRO-FIT FEASIBILITY STUDYCALL TOLL FREE 800-595-1094

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 life – 70,000 hours with a 7 year warranty."Incentives: Rebates for LED Retro-Fits can have a real impact in terms of improving the economics of any LED Retro-Fit. LED Retro-Fit Payback Timelines: If your LED Retro-Fit will include the replacement of both incandescents and fluorescents, the combination of the energy savings and the funding will result in a payback of about one year’s time.

Green Partners is a Con Ed Multifamily Participating Contractor and a

Con Ed Marketing Partner

For More Information Visitwww.GreenPartnersNY.com

[email protected]

Call TOLL FREE 800-595-1094For A NO COST Feasibility Study

www.GreenPartnersNY.com

Cost of LED product - $80,000.00 * Annual Savings (based on 17 cents) - $40,000.00� Estimated Rebate - $40,000.00 - $45,000.00

How Would You Like To Receive LED Energy Savings Like This?

http://www.greenpartnersny.com

http://greenpartnersny.com

http://mecny.com

http://mecny.com

http://mecny.com

http://mecny.com

http://mecny.com

http://mecny.com

http://mecny.com

http://mecny.com







Engineering Consultants

134 West 37th StreetNew York, NY 10018P: 212.792.8700www.jfkmcg.com

A Women’s Business Enterprise

COMPREHENSIVE ENGINEERING DESIGN SERVICES

Mechanical • Electrical • Plumbing • Fire Protection IT • Sustainable Design • Commissioning

Façade Restoration

Roong & Waterproong

Historic/Landmark Preservation

Parking Garage Restoration

Local Law 11/98 Inspections

Property Condition Assessments

Project Administration

Let us Restore Your Building Back to Health!

New York | (718) 767-0923

Florida | (954) 691-0009

www.merrittengineering.com [email protected]

INNOVATIVELand DevelopmentSOLUTIONS

SITE CIVIL AND CONSULTING ENGINEERINGPERMITTING SERVICESLAND SURVEYINGLANDSCAPE ARCHITECTURE

2929 Expressway Drive North, Suite 120Hauppauge, NY 11749 631-738-1200l

14 Penn Plaza, Suite 814New York, NY 10122 646-661-4200

BohlerEngineering.com

l

P: (631) 961 - 0506

Specializing in Civil Engineering and Land Development services throughout Long Island, New York City,

Westchester, and the Northeast Regions.

PrimeEngPC.com NYC & NYS Certified WBE

http://www.merrittengineering.com

http://merrittengineering.com

http://www.jfkmcg.com

http://bohlerengineering.com

http://primeengpc.com



General Contractors

PROOFSize: 6x3.16 2BLOCK Section: NY IRGFrom: KWRun Date: 02/21/17


crop

2”


Tel: 781-878-4540

5 Hanover Square 22nd Floor New York NY 10004212.265.2191 eastmancooke.com

Owner/Project Equity One - Broadway PlazaArchitect: SBLM Architects





800-654-4993, ext. 245

http://eastmancooke.com

http://nyrej.com



Public Relations / Marketing

Epoch 5 named “Best PR Firm”

755 New York Ave., Huntington, NY 11743-4240www.epoch5.com

Isn’t it time your company benefittedfrom some winning PR?

Call us today at 631-427-1713or visit www.epoch5.com and click on Services–Real Estate.

BUILDING

Award-�nningREAL ESTATE

MARKETING & PR CAMPAIGNS SINCE

1997.

NYC • WESTCHESTER • CONNECTICUT

www.cocommunications.com

18 East 41st Street, New York, NY 10017; 212.627.5766 w w w . s h e a c o m m u n i c a t i o n s . c o m

PROOFSize: 2.91x3.16 1BLOCK Section: NY CREGFrom: KWRun Date: 9-6-16



Tel: 781-878-4540

Real Estate Public RelationsWith a Purpose

[email protected]

575 Eighth AvenueNew York, NY 10018

Part of the CHR Group of Companies

C

M

Y

CM

MY

CY

CMY

K

PROOFSize: 2.91x3.16 1BLOCK Section: SINFrom: Run Date: 00/00/15



Tel: 781-878-4540

http://www.epoch5.com

http://zlokower.com

http://www.zlokower.com

http://www.epoch5.com

http://www.cocommunications.com

http://sheacommunications.com



ADVERTISER INDEXAFR Furniture Rental ....................................10

Alliance Real Estate Corp. .............................18

American Security Systems ..........................11

Architecture Studio ........................................16

Ariel Property Advisors .................................18

Asset Preservation ............................................7

BBS Architects & Engineers .........................3

Bohler Engineering, PC .................................21

Brandt, Steinberg, Lewis & Blond LLP .......2

Brick Realty Capital LLC ..............................19

Co-Communications ......................................23

Concrete Washout Systems ............................14

Cronin & Cronin Law Firm, PLLC ................17

Eastman Cooke ..............................................22

EPIC Security Corp. ......................Inside Cover

Epoch 5 Public Relations ...............................23

Exchange Solutions, Inc. ...............................13

GFI Realty Services, Inc. ...............................18

Glassberg & Associates, LLC ........................17

Green Partners ................................................20

H2M Architects + Engineers ..........................16

Herbert H. Landy Insurance Agency, Inc. .......6

JFK & M Consulting Group ..........................21

Langsam Property Services Corp. ...................9

Largo Commercial Real Estate Finance .........19

Lecce Engineering .........................................24

Marathon Energy............................................20

Meridian Capital Group, LLC ...... Back Page

Merritt Engineering Consultants, P.C. ...........21

Merritt Environmental Consulting Corp. .........8

Mojo Stumer Associates ................................16

Paladino Construction Ent., Inc. ....................22

Perlmutter Properties......................................25

PragerMetis ....................................................15

Prime Engineering .........................................21

QuantumListing.com .....................................25

Racanelli Construction Co., Inc. ..................1

R.J. Gullo & Co., Inc. .....................................13

Rubenstein Media Relations ..........................23

Rynne Murphy & Associates, Inc. .................15

Shanholt Glassman Klein Kramer & Co. .........5

Shea Communications ...................................23

Space Technology, Inc. ...................................12

Zaxis Architectural, P.C. ................................16

Zlokower Company Public Relations .............23

PROOFSize: Half 6x4.875 Section: NY GBFrom: JWRun Date: 02/25/14


crop

2”


Tel: 781-878-4540

LECCEengineering

MEP & Technology Engineering

Joseph A. Lecce P.E.,P.C.547 Bedford Road, Mt. Kisco, New York 10549

(914) 419-4663




crop

2”


Tel: 781-878-4540

Size: Full 6x9.875 Section: GuideFrom: AdamRun Date: 9-6-16

Use your existing PDFs or photos as the centerpiece of your listingAdd and edit your listings from anywhere with your phoneTenants and agents call, email or visit your website with a clickPost an unlimited number of listings for one low price*Store your listing PDFs in the app to send them anywhereShare your listings via email, text or social mediaSearch listings anywhere in the country for free

POST SHARESEARCH

QuantumListing is the new mobile crowd-sourced commercial real estate listing app for commercial real estate agents, owners and tenants.

quantumlisting.com

DOWNLOAD THE APP TODAY - FREE FOR A LIMITED TIME*

[email protected](914) 686-8900

New York / New Jersey / Connecticut

QuantumListing is the new mobile-first crowd-sourced commercial real estate listing platform for agents, owners and tenants.

Use your existing PDFs or photos as the centerpiece of your listing Add and edit your listings from anywhere with your phone or from

our responsive website Tenants and agents call, email or visit your website with a clickPost an unlimited number of listings for one low price*Store your listing PDFs in the app to send them anywhereShare your listings via email, text or social mediaSearch listings anywhere in the country for free


http://perlmutterproperties.com


Back Cover Spring/Summer 2017Commercial Real Estate Guide

Shouldn’t you be working with NYC’s most active debt broker?

AMERICA’S MOST ACTIVE DEBT BROKER212.972.3600 | MeridianCapital.com

▼

MANHATTAN

$12.7BILLION

BRONX

$1.6BILLION

▼

▼

BROOKLYN

$3.7BILLION

CLOSING

WE WEREBUSY

IN 2016LOANS NYC

QUEENS

$1.8BILLION

▼

http://meridiancapital.com

February 21-March 6, 2017 Inside Back Covernyrej.com New York Real Estate Journal

http://nyrej.com

Back Cover February 21-March 6, 2017 nyrej.comNew York Real Estate Journal

A BREAKOUTINAUGURAL YEAR

$2 BILLION SOLD

61 Properties Sold26 Talented Professionals

200+ Years of Combined Experience

212.468.5900 | MIS.Meridiancapital.com | 800 Third Avenue, 38th Floor New York, NY 10022

NYREJ – MIS Inaugural Year – February 2017.indd 1 2/13/17 2:55 PM

http://nyrej.com

http://meridiancapital.com

Monthly Spotlight Calendar - Rackcdn.com

Documents

Transcript of Monthly Spotlight Calendar - Rackcdn.com