New York Real Estate Journal - Rackcdn.com
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Back Cover October 20-November 2, 2020 New York Real Estate Journal nyrej.com
USA $4.95
Oct. 20-Nov. 2, 2020
Westchester County NYC COVER PAGE 15
Town of the Month:
Cortlandt
NY PAGE 4A
Newmark Knight Frank arranges
Cortlandt...Where life works,
the economy is evolving, and the $483 million loan for Sotheby’s
future is bright with opportunities
NY COVER A
Lantern
Real Estate
arranges
$41 million
in bridge Product of Executive of the Month
financing the Month NY PAGE 12A
DB PAGE 5B
Johnny Din, CEO of Cycamore
Klövern AB and GDS Development Mike Sharkey, Capital, balances his business
top out Manhattan founder
Shark Byte platform with giving back
office building Systems, Inc.
D/B COVER B Shark Byte Systems Executive of the Month
launches GarageNet: D/B PAGE 3B
AI & machine Yale Stogel is helping to connect
learning transform clients with premier engineering,
NYC parking inspection, and testing in NYC
nyrej.com This Week’s Sections Women in
Front Section
Sign up for Daily RE Cap! SAVE THE Building Services
Visit nyrej.com/newsletter
New York City
Featuring Finance & Retail
Columnist DATE!
DEC. 15! Spotlight
Ori Goldring YEAR IN
Volume 32 • Issue 20 Design/Build REVIEW SECTION C
Inside Front Cover October 20-November 2, 2020 New York Real Estate Journal nyrej.com
Certified
Protection
® Professional
40
NY/NJ SECURITY GUARDS
October 20 - Nov. 2, 2020
Volume 32 • Issue 20
Quick Read
Doshi, Schechtman
and Mehra of
Meridian sell 72
units for $9.825m
SEE PAGE 8A
Newmark Knight PLACED ON BEHALF OF DOUBLE U REALTY FOR MIXED-USE PROPERTY IN BROOKLYN
Frank arranges
$483 million loan
for Sotheby’s
Lantern Real Estate arranges
$41 million in bridge financing
BROOKLYN, NY Lantern Real Estate bike storage, and parking. Units
arranged $41 million in bridge feature high ceilings, floor-to-ceiling
financing for 56 North 9th St., also windows, stainless steel appliances,
known as 87 Kent and private balconies.
Ave., a mixed- Lantern Real Estate’s co-founder
use multifamily Tal Bar-Or said, “We were able to
and commercial leverage our expertise and deep indus-
SEE NEW YORK CITY, PAGE 13A property in the try relationships to tailor a financing
Williamsburg package in light of the damage caused
neighborhood on by the main retail tenant. The tenant’s
Klövern AB and Tal Bar-Or
behalf of Double
U Realty.
abrupt exit not only created credit
issues around the property cash flow
GDS Development Located at the corner of Kent Ave. but also resulted in contractor liens
top out Manhattan and North 9th St., the six-story build-
ing is home to a total of 45 residential
being filed during the loan closing.
Regardless of COVID-19, the 2020
office building units and 35,000 s/f of commercial
space as well as a parking garage.
election, market factors or specific
transaction circumstances, we are
SEE COVER, DESIGN/BUILD The building was redeveloped in 2018
56 North 9th Street (aka 87 Kent Avenue) - Brooklyn, NY committed to our clients’ success.”
and features amenities including a
residents’ lounge, finished common
Women in Real roof deck, in-unit washer dryer, JOINTLY OWNED WITH BENENSON CAPITAL PARTNERS
children’s playroom, gym, storage,
Estate Spotlight Marx Realty signs Target and H&M
October 20-November 2, 2020
Enterprise Grade Energy & Sustainability
Suffolk IDA preliminarily
approves Koala Optics
to Cross County Center in Yonkers
Management Solution
YONKERS, NY According to Marx
Women in by
relocation and expansion Realty, a New York-based owner,
Building Services
A Deeper Level of Analytics for Today’s Energy HAUPPAUGE, NY The Suffolk County developer and manager of office,
Spotlight
Management Requirements
Automate Utility Bill Management Industrial Development Agency retail and multifamily property across
Benchmark Properties
Manage Peak Load & Energy Risk (SCIDA) has preliminarily approved the U.S. and division of Merchants
a transaction for Koala Optics, LLC National Properites,Target and H&M
Streamline Sustainability Reporting
Generate Budgets and Variance Reports
andYoleez Snacks for the acquisition have signed new retail leases at the
Measure & Verify Energy Conservation Measures
Join us for our webinar on October
27th, “Local Law 97 - Energy Data
Management for Continuous
Reporting & Penalty Trending”
of a 33,540 s/f manufacturing facility rebranded Cross County Center
Sponsored by:
Learn more at: energywatch-inc.com / 212.616.5100 / 1261 Broadway, Suite 510 New York, NY
located at 10 Commerce Dr. With (formerly Cross County Shopping
the Suffolk IDA’s assistance, the
155 FIRST STREET | MINEOLA | NY 11501 | 516.284.0400
Center).
SEE SECTION C CONGRATULATIONS KRISTEN! WE’RE PROUD OF YOU
AND ARE EXCITED TO SEE ALL THAT YOU ACCOMPLISH.
WE PROUDLY SUPPORT ALL WOMEN IN BUSINESS.
principals of Koala Optics, LLC and Target signed a 40-year retail lease
FROM YOUR TEAM AT
Yoleez Snacks will be merging the two to occupy 130,000 s/f of retail space
24 Pages
ACC REAL ESTATE SERVICES, INC.
businesses under one roof in a move at what was once home to the most
that represents a nearly $8 million successful Sears store in the nation. SWBR and PARKlets for the People of Syracuse
investment to improve capacity and H&M signed a 10-year renewal to
O. Goldring............................................2A
efficiencies while creating 23 jobs occupy 28,000 s/f where the retailer partner to celebrate National PARK(ing) Day
within the first two years. will incorporate its SOHO concept. SYRACUSE, NY SWBR and PARKlets
Town of Cortlandt................................4A With the IDA’s approval, Koala Marx Realty was represented in- for the People of Syracuse partnered
Executive of the Month...................12A Optics, LLC and Yoleez Snacks house by Mark Utreras, Target was to mark National PARK(ing) Day on
NEW YORK CITY........................ 13-21A will convert the new location into a represented by Jeffrey Howard of Friday, Sept. 18th. This is the third year
Billboard.............................BackPage A fully functional site to house both of Ripco, and H&M did not use a broker. SWBR has turned parking spaces on
DESIGN/BUILD........................... SEC. B the companies’ operations. Yoleez The news comes shortly after South Franklin St. into a “sustainable
Snacks will make an investment Marx Realty took over leasing and hangout area.” While the annual event
Executive of the Month.....................3B encourages community members,
in new machinery including food management of the historic shopping
Product of the Month........................5B packaging lines, ovens, mixers, and center earlier in the year. The 1.15 students and designers to transform
SPOTLIGHT................................... SEC. C dry packaging goods. For Koala million s/f Cross County Center is metered parking spaces into tempo- Syracuse sustain businesses during
Optics, the new site will serve four jointly owned by Marx Realty and rary PARKlets for the day, SWBR and COVID-19.
New York key functions, including research Benenson Capital Partners and was Parklets for the People of Syracuse The PARKlets are public seating
Real Estate Journal and development of new products.
The new facility will also serve as a
one of the first open-air shopping
centers to open in the U.S.
have worked together over the past
three months to make the initiative
platforms that convert curbside park-
ing spaces into vibrant community
nyrej.com manufacturing, warehouse, distribu- To comment on this story more long-term by creating additional spaces.
tion and office space. visit nyrej.com outdoor seating to help downtown For full story visit nyrej.com
Inside Cover A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
1524 Ocean Avenue, Brooklyn, NY 11230
1524 Ocean Avenue, Brooklyn, NY 11230
718-951-0090
718-951-0090
moneytobuy@gmail.com
moneytobuy@gmail.com
Having
Looking
Looking to
to buy trouble
apartment
buy1524
apartment collecting
buildings
buildings in
inrent?
the
the 5
5 Boros
Boros
Ocean Avenue, Brooklyn, NY 11230
Sickand
ofapartment
and the rent
apartment buildings
buildings or
regulations.
718-951-0090 or
complexes anywhere in
COVID 19 has created many problems.
complexes anywhere in the
moneytobuy@gmail.com
the USA
USA
preferably
preferably class
class bb or
or better
better 300
300 to
to 3000
3000 units
units
GET RID
Looking OFapartment
to buy ALL YOUR HEADACHES!
buildings in the 5 Boros
and Brokers
apartment Welcome
buildings or
WE’LL BUY YOUR
Brokers WelcomeBUILDING
PAYcomplexes
Looking toCASH
buy anywhere
AND
office CLOSE
buildings inthe
in thetristate
USA area
FAST!
Looking to buy office buildings in the tristate area
preferably class b or better 300 to 3000 units
Looking
Looking to buy
Looking to
to buy Industrial
apartment
buy buildings
buildingsinany
buildings
Industrial thesize
any 5 Boros
size
in the Brokers
Tri-State Welcome
area and Florida
inand
the apartment
Tri-State area and Florida
buildings or
Please Contact Nathan Blatter
Looking tocomplexes
buy office
Please buildings
anywhere
Contact Nathan ininthe
theUSA
Blatter tristate area
preferably classloans
We do hard Money
We do hard Money b orsame
loans better
same 300 to great
day approval
day approval 3000rates
great units
rates
Looking
If you needto buy
money
If you need money
forIndustrial
for
a deal cal us;buildings
Brokers Welcome
a deal cal us; we”ll put up any
we”ll put up the
the size
money
money
in the Tri-State
Whitestone areatoand
is aggressively looking Florida
purchase additional
Whitestone is aggressively looking to purchase additional
off market properties in the five boros and Tristate area.
off market properties in the five boros and Tristate area.
Please Contact
Brokers welcome.Nathan Blatter
Top dollar paid.
Brokers welcome. Top dollar paid.
We do hard Money loans same day approval great rates
1524 Ocean Avenue, Brooklyn, NY 11230
1524 Ocean Avenue, Brooklyn, NY 11230
If you need money 718-951-0090
for a deal cal us; we”ll put up the money
718-951-0090
Whitestone is aggressively looking to purchase additional
1A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
Open up to new opportunities
As you reimagine how to meet the needs of your tenants
today—and for years to come—our door is always open.
Together, we can discuss new ways to do business, especially how to lower your
tenants’ energy payments, make their spaces more comfortable—and increase
the value of your property. So, when the time is right, let’s talk about how a tailored
energy-efficiency plan can help meet your unique needs.
Open up to new possibilities at
ngrid.com/biz
Incentive offers vary by service territory. These programs are funded by the
energy efficiency charge on all customers’ gas and electric bills, in New York
and Massachusetts per state regulatory guidance and in accordance with
Rhode Island law.
2A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
WHAT DO THESE C OMPANIES Ori
Goldring
Investment Sales
HAVE IN COMMON... BROOME COUNTY NY
Size matters:
The smaller the better?
RELOCATE TO BROOME NY
Kristine Wolf, x245 John Picard, x250
In the early months of the pandemic
Publishing Director President
transaction velocity of investment
kwolf@nyrej.com jpicard@nyrej.com
sales in NYC nearly ground to a
halt. One market segment that has
David Sullivan, x210 David Denelle, x283
remained relatively resilient has been
Chief Financial Officer General Manager
that of multifamily assets priced $5
dsullivan@nerej.com ddenelle@nyrej.com
million and under, particularly in
Brooklyn. With $5 million and under Roland Hopkins, Founder
WE
sales making up nearly 50% of all
real estate transactions across all asset Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993
CAN
classes throughout NYC, coupled with
Brooklyn controlling nearly 34.5% of Section Publishers
HELP all transactions in the COVID-19 world
thus far, it becomes the question in
our current climate: Is smaller better?
New York State............................................John Picard, x250, jpicard@nyrej.com
Design/Build.............................................Jeff Wallace, x240, jwallace@nyrej.com
The push towards smaller assets Long Island .....................................................Kristine Wolf, x245, kwolf@nyrej.com
START YOUR CONVERSATION TODAY. was a logical response to the Housing New York City...............................................John Picard, x250, jpicard@nyrej.com
6O7.584.9OOO theagency-ny.com Stability and Tenant Protection Act Owners, Developers & Managers.....Jeff Wallace, x240, jwallace@nyrej.com
of 2019, and was further accelerated
by the pandemic. With fewer than Billboard, Auctions & Classified.............John Picard, x250, jpicard@nyrej.com
six units, many properties in the
nyrej.com New York Real Estate Journal October 20 - November 2, 2020 3A
4A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
Westchester County Town of the Month
COMPLETED AWARD-WINNING SUSTAINABLE MASTER PLAN FOCUSED ON ECONOMIC DEVELOPMENT
Cortlandt…Where life works, the economy is
evolving, and the future is bright with opportunities
CORTLANDT, NY There is a hidden gem 16,000 cars per day to various retail, hoods. It is within a 35 minute drive of
nestled against the eastern banks of office and service businesses; and two commercial airports (Westchester
the Hudson River, less than an hour the Waterfront Sustainability Dis- County Airport and Stewart Airport),
train ride from Midtown Manhattan. trict where multiple opportunities has two Metro North stations and is
It is the Town of Cortlandt, where life exist to create a recreational/cultural one of two Amtrak stations between
works at home, work and play, and it presence. Each of these districts has New York City and Albany. There are
is prime for investment. Commercial a magnet present yet plenty of oppor- miles of highways, getting to, from
space is often available with twice tunity in surrounding undeveloped or and through Cortlandt, or if you prefer
the space at half the cost. A willing, under-developed properties—some it is served by Westchester County’s
educated and diverse workforce is owned by the town which is seeking Bee Line bus or even ride your bike on
there to staff and operate a business. public/private partnerships. many of the wide, smooth roadways.
Cortlandt has a lifestyle second to Perhaps most important to investors Cortlandt too is noted for its his-
none and a location that provides and developers is the welcoming torical record, cultural events and its
great transportation. The average attitude. Cortlandt wants you to do recreational outlets. Surrounding the
household income, within a ten-mile business here and its leadership will City of Peekskill and with New York
radius, is $113,830. Couple that with do all it can to make the approval pro- City a short train ride away, Cortlandt
the towns population’s average age of cess easy and expeditious. Depending provides that touch of urban life when
41.4 years and there is a ripe market upon the proposed project, the Town desired, while giving your business,
for all types of goods and services. Board may act as lead agency, thus Opening last year is the striking “Cortlandt Crossing.” This shopping hub won swift employees and customers the benefits
Cortlandt completed an award-win- reducing a second round of public approval as the Town Board served as lead agency eliminating duplicate approvals and of open space and outdoor entertain-
ning Sustainable Master Plan three hearings and approval votes. The shorten the permitting process. ment and activities, even at home.
years ago that focused on economic town is revising sections of its code Cortlandt truly is where life works.
development. It helped the town to eliminate prior bottlenecks to the feasibility of the project before the its reserve fund over the past 30 years What works for you? Let Cortlandt
to focus on trends for the future adaptation of certain buildings that expenditure of time and money for and property taxes have increased on know and our team will help turn
of employment, which even today have outlived their original purpose development costs. average at 1% over the past 29 years. your vision into reality. We want your
continue to evolve. It targeted four but are well suited for today’s chang- A prime consideration for business It has committed over $160 million business here.
strategic areas for economic growth. ing landscape. Under the direction of is the town’s stable leadership, fiscal to capital projects to enhance infra- For more information on how the
These four “districts” are: Tran- town supervisor Linda Puglisi, the certainty and commitment to econom- structure, while protecting open space Town of Cortlandt can help bring your
sit-oriented District centered around Town Board staff have been directed ic growth. The supervisor and Town (over 3,000 acres in the past decade). business and investment here contact
one of Cortlandt’s two Metro North to coordinate meetings so that an Board have served together for over Cortlandt is 40 square miles with 15 George Oros, Town of Cortlandt
stations; Medical-oriented District investor or developer can meet at one a decade, so a developer can feel at miles of riverfront, over 40 recreation- economic development coordinator.
encompassing NewYork Presbyterian time with all the key stakeholders. ease that a project that is green lighted al sites, a major shopping corridor and Visit the town’s economic devel-
- Hudson Valley Hospital; Cortlandt This affords the investor instant and one year isn’t derailed after the next smaller enclaves of small businesses opment microsite at https://where-
Blvd., a major corridor that carries complete feedback and indicates the local election. The town has tripled and friendly residential neighbor- lifeworkscortlandt.com/
Four Strategic Areas for Growth
In all, there are four strategic areas of potential economic growth, based
on Cortlandt’s award winning Sustainable Master Plan completed in 2016:
Transit-Oriented District, (TOD) l Medical Oriented District, (MOD)
Cortlandt Boulevard Area, (CBA) l Waterfront Sustainability District, (WSD)
The Master plan focuses on trends for the
future of employment, such as work from
Orange
Putnam County home options and co-work spaces in order
County
THE TOWN OF CORTLANDT IS WHERE to reduce commute times, reduce negative
impacts on the environment and attract
TOWN OF
LIFE WORKS AT HOME, WORK AND PLAY... Rockland
County
CORTLANDT a new talented workforce.
Westchester
AND IT IS PRIME FOR INVESTMENT! County For more information on how the
Town of Cortlandt can help bring your
Commercial space is often available with twice the space for half the business and investment here contact:
cost with access to a highly educated and diverse workforce of all ages. Long Island
George Oros, Town of Cortlandt,
Plus, the town is committed to aiding investors and entrepreneurs Economic Development Coordinator
through streamlined approval processes. at goros@townofcortlandt.com
Town_of_Cortlandt-New-Rochelle-Magazine-10X6.indd 1 10/8/20 9:28 AM
nyrej.com New York Real Estate Journal October 20 - November 2, 2020 5A
Excellent Visibility Retail Buildings
1273/1275 Central Ave., Albany, NY 12205
$2,400,00 $1,699,000
PROPERTY
HIGHLIGHTS
• Two retail
retail buildings,
buildings,each
each5000
5000sqsqft ft
•• One
One building
building was used used
currently as a restaurant.
as a restaurant,
Will
otherbeasold vacant
retail market
•• 2.53
2.53 acres
acres DEMOGRAPHIC
• 224 feet of road frontage
• 224 feet of road frontage
• Selling buildings, land, and equipment
SNAPSHOT
• Selling buildings, land, and equipment 1 Miles 3 Miles 5 Miles
• Excellent visibility, on the bus line Population 7,483 76,019 188,492
• Excellent visibility, on the bus line Households 3,492 29,575 78,052
• Parking for over 50-75 cars, and with leasing
Median HH Income $63,722 $66,863 $59,350
• adjacent
Room tolot additional
expand 75 -100
parking cars75 cars
by 50-
Average HH Income $78,130 $87,741 $83,180
•• Possibility
Possibilityof
ofsome
someowner
ownerfinancing
financing Daytime Population 9,839 98,705 244,433
Anthony Sabatino Philip Sabatino
Licensed Associate Real Estate Broker Licensed Real Estate Salesperson
20 Aviation Road, Albany, New York 12205
The information submitted herein is not guaranteed. Although obtained from reliable resources, it
is subject to errors, omissions, prior sale and withdrawal from the market without notice. Broker
518.857.6999 518.376.2717
has made no investigation and makes no representation of the property. tonysabatino@hannacre.com PhilipSabatino@hannacre.com6A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
Post-pandemic future of the U.S. hotel industry
to the industry, the recovery seems a For business travelers, projections of assets, operating costs (fixed vs. backed funds may find opportuni-
long way off. are that there will be lesser future variable, debt servicing), and agility ties to be more attractive as many
Vikash Jha There is a growing consensus travels due to acceptance of virtual to adapt. have expertise in turnaround and
Synzen among experts that the recovery curve meetings, online conferences, and As a result, we will start seeing a value-creation through centralized de-
Ventures and challenges will be quite different fast adoption of remote working stream of distressed assets in market- cision-making, leveraging technology
for each segment and hence, the need technologies across the board. Leisure place starting Q1 2021, once these to make decisions, openness to digiti-
for unique strategies. For instance, travel may recover faster, although it re-organizations are complete or when zation and operational optimization.
Over the last six months, since most lower and some mid-segment will depend on the operators’ atten- the debt deferments run out. Build Resiliency: During restruc-
COVID-19 induced a gigantic shock hotels may see swifter recovery, with tion to quality and hygiene issues Restructure: The restructuring of ture and consolidation, it’s imperative
to the overall economy, particularly projections to returning to end-2019 as clients demand elevated safety this industry is poised to happen with to take a long-term view (15-, 30- and
to the hotel industry, expert assess- levels around summer or fall of 2021 measures. To differentiate, this may only the players who strategize and even more) and visualize the impact
ments and speculations on recovery (depending on the vaccine release, require structural changes (HVAC execute on long-term sustainable op- of supply and demand, potential
have ranged from a catastrophic availability and adoption). While design changes, touch-less systems erational models destined to survive. post-pandemic regulatory changes,
short-selling of distressed assets to other segments may take longer throughout the facility, leveraging The asset valuations for many of these operational trends, interplay with
a gradual multi-year recovery to a (even two-to-five years) to recover technology in room service, food market segments (primarily luxury, other industries, and impact of tech-
sharp V-shaped recovery. The true completely (e.g. cruise, luxury). delivery, etc.), agile operations and boutiques and higher-end) may take nology advancements. While building
projection however, may somewhat According to STR, the average ho- improved financial management. years to return to pre-pandemic levels a futuristic and robust hotel industry,
be segment-specific and driven by tel occupancy rate during the week of The key questions that the operators and with high operational costs, many it’d be critical to keep the preferences
multiple extraneous economic and Sept. 13-19, 2020 (percentage change need to ask themselves—are they of these will be unsustainable. In ad- and values of the millennials in mind
behavioral factors. from comparable week in 2019) willing to think and act out-of-box dition, many of the unprofessionally (including environmental sustainabil-
Since end-March 2020, the U.S. hit 48.6% (down 31.9%), average to create new business models, do managed assets in lower value-seg- ity), as they gain further foothold in
hotel industry has seen near zero to daily rate (ADR) was $95.94 (down they clearly understand their path of ments may even need to change hands the post-pandemic workforce and
early teens occupancy rates in the 28.9%) and, revenue per available recovery and sustainability, and are for needed capital infusion to adopt decision-making.
most hard hit markets. These rates room (RevPAR) was $46.54 (down they equipped to follow that path in to new consumer demands, efficient Overall, I’m confident about the
have been in twenties through early 51.6%). These numbers may sound terms of gun powder and skill-sets. operations and restructured product great future of the hotel industry.
forties elsewhere since Mid-June. encouraging, but the deeper review Reorganize: Like any major dis- offerings.
This demand decline has been wit- points to geographical and causal ruption, this presents great opportuni- Private equity, family offices, niche Vikash Jha is the president of Synzen
nessed across all hotel segments– factors influencing demand e.g. ty. The operators need to consider all operators and large institutionally Ventures, New York, N.Y.
budget and value, inns and B&Bs, wildfires in western states, hurricane options on the table with goals to not
mid-range leisure and business, in Southern and Gulf states and uptick only ride this wave of uncertainty in
boutiques and independents, beach in some summer travels, that may not the near- and medium-term, but also Global One RE Fund II acquires Queens multifamily
and vacation resorts, luxury, cruise, be so during Fall and Winter. to create a long-term self-sustainable QUEENS, NY Global One Real Estate to upgrade the building’s amenities
among others. Some relief came in For operators and holding entities model. Fund II, through its management arm, for its tenants, with the addition of
subsequent months with governments (collectively, operators), a careful Some of the strategies being Nelson Management Group complet- laundry and storage rooms, which
and other relief agencies using hotels and prudent analysis is needed on considered are conversions into ed its second acquisition of the year, a the building currently does not have.
for lodging emergency staff, provid- an individual basis to determine their multifamily, mixed-use or business six-story residential building at 25-98 According to Mark Finn, head
ing shelters, and quarantine facilities future course of action, if they have condos, addition of revenue-gen- 36th St. in the Astoria neighborhood of acquisitions at Global One In-
for recovering COVID-19 patients. to come out as winners. erating streams (e.g. quick-service for $15.6 million. vestments. “25-98 36th St. makes an
Although the federal government’s restaurants), among others. Built in 1931, the 50,910 s/f ele- excellent addition to our portfolio
stimulus measures including Payment Applying the 4-R Framework Undoubtedly, there will be winners vator building features 59 residential of high-standard apartments, and as
Protection Plan (PPP) and SBA loans Reassess: Pandemic is changing and losers depending on individual units, with a blend of both market rate always, we will strive to provide our
as well as debt-servicing deferment industries and consumer preferences circumstances of operators and assets as well as rent regulated apartments. tenants with high-quality amenities
facilities have offered some breather that will impact long-term demand. like, localized demand, cost-basis Nelson Management Group plans and great value.”
®
FOR SALE
by Online Auction
U.S. Government Real Property
3.0 +/- ACRES
7972 Jackman Hill Rd. A Full Service Law Firm
Ellicottville, NY
516.248.1700
www.realestatesales.gov
For bidding information call: www.forchellilaw.com
617-565-5700 info@forchellilaw.com
NE NY Tel: 781-878-4540 NE NY Tel: 781-878-4540nyrej.com New York Real Estate Journal October 20 - November 2, 2020 7A
CB-Emmanuel Rlty. and its
PROJECT TEAM INCLUDES DBOX AND ENNEAD ARCHITECTS
Longfellow RE Partners and NYBC partners begin construction
reveal new Center East renderings of 70-unit development
NEW YORK, NY NewYork Blood Center BROOKLYN, NY CB-Emmanuel Realty,
(NYBC), one of the nation’s largest LLC joined development partners
independent blood centers and a Services for the UnderServed (S:US)
non-profit institution which supports and Richman Housing Resources
life science startups through ground- LLC to celebrate the construction
breaking research, unveiled plans for closing of Alabama Ave. Apartments,
Center East. The applied life sciences a 100% affordable residential de-
hub will replace NYBC’s existing velopment that will bring 70 units
facility with a center that will serve of housing to the East New York
the city’s life science innovation eco- neighborhood.
system and will continue to be a key In partnership with The New York
part of the city’s pandemic response City Department of Housing Preser- as general contractor. Stemming
infrastructure. NYBC has selected vation and Development (HPD), the from a Request for Proposal (RFP)
mission-driven life science developer development team of CB-Emmanuel, issued by HPD in 2015,AlabamaAve.
Longfellow Real Estate Partners as its S:US, and Richman Housing have Apartments fulfills a long-term goal
strategic development partner. begun construction on the $28.9 of repurposing this under-utilized site
NYBC plays a critical role in the million project, which will ultimately into a community asset.
city’s, region’s and nation’s health, Rendering, New York Blood Center include 70 units of deeply affordable Predevelopment financing was pro-
supplying life-saving blood products (Courtesy of Ennead Architects, Rendering by DBOX) housing–studios to two-bedroom vided by Corporation for Supportive
and services to nearly every hospital units–for extremely low-, very low-, Housing. Hirshen Singer & Epstein
across the five boroughs. It serves a and low-income New Yorkers. 43 of LLP represented CB-Emmanuel and
key function within the global health
care ecosystem, delivering stem
Herrick, Feinstein LLP acted as counsel to the units will be set aside for formerly
homeless individuals.
S:US, JDF LLC represented Richman
Housing LLC, Cassin & Cassin LLP
cell products to over 45 countries the Wainland family in $26.7 million transaction Construction is expected to be represented Bellwether Enterprise,
worldwide. Center East will not only MANHATTAN, NY Law firm Herrick, spring of 2020, and the consequent completed in 2022. and Phillips Lytle LLP represented
provide space for NYBC to expand its Feinstein LLP, representing the Wain- shutdown of the seller’s nightclub The site, 461 Alabama Ave., was JPMorgan Chase.
life-saving research, but its presence land family as sellers, has acted as tenant (Avenue Nightclub) at 116 included in HPD’s 2015 Building “CBE is honored to have been
as a tenant within the new building counsel in a $26.7 million real estate 10th Ave., the parties were able to Opportunity RFP for MWBE de- designated MBE developer on this
will be an advantage for the growth transaction that closed on September restructure and expand the deal to also velopers. In addition to low income project and are excited to have closed
and development of promising life 21st, 2020. As part of this transaction, include the fee title to 116 10th Ave. housing tax credit equity, the project this project with our partners at S:US
science startups. the Wainland family has sold the fee is being financed with a construction under extraordinary circumstances,”
“Life science innovation has never title for 116 10th Ave., as well as the The Herrick, Feinstein team repre- loan provided by Chase and a Fred- said Chris Bramwell, managing part-
been more important as we are grap- unused development rights for 453 senting the sellers is led by Michael die Mac permanent mortgage loan ner of CB-Emmanuel Realty, LLC.
pling with a global pandemic that is W 17th St., to GDS Development and Smith, a partner in the Real Estate originated by Bellwether Enterprise. “We would like to thank mayor de-
requiring us to research in real time, Klövern AB. Department. The Herrick team also The land is being conveyed to new Blasio for providing this opportunity
and simultaneously develop vaccines, The deal for the development rights includes Mitch Korbey, chair of its ownership under a Land Disposition under the MWBE RFP process and for
therapeutics and much needed tests,” for 453 W 17th St. had been in progress Land Use & Zoning Group, andTravis Agreement with the city. The project consistently advocating for MWBE
said Christopher Hillyer, president for several years. Following the onset Allen, an associate in the Real Estate was designed by Newman Design and involvement in development.”
of NYBC. of the COVID-19 pandemic in the Department. The Penta Group has been engaged For full story visit nyrej.com
EXCLUSIVE PROPERTIES
EXCLUSIVE PROPERTIES
FOR SALE
FOR SALE
Paterson,
Paterson, NJ NJ Passaic,
Passaic, NJ NJ Jersey
Jersey City,City,
NJ NJ Belleville,
Belleville, NJ NJ Chatham,
Chatham, NJ NJ Roxbury,
Roxbury, NJ NJ
47 Unit-Portfolio
47 Unit-Portfolio 18 Unit-Portfolio
18 Unit-Portfolio 9
9 UnitsUnits 7 Units + 3 Garages
7 Units + 3 Garages 2 Units and 2
2 Units and 2 Retail Retail 14,000 SF Retail
14,000 SF Retail + +
DavisDavis Briones
Briones ext 370
ext 370 Robert
Robert Squires
Squires ext 287
ext 287 Scott Scott Davidovic
Davidovic ext 290 Tom Scatuorchio
ext 290 Tom Scatuorchio ext 255Tom Scatuorchio
ext 255 Tom Scatuorchio ext 255
ext 255 Warehouse
Warehouse
Tom Scatuorchio
Tom Scatuorchio ext 255
ext 255
The The Kislak
Kislak Company,
Company, Inc. Inc. | kislakrealty.com
| kislakrealty.com | 732
| 732 750 750
300030008A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
EW Howell tops out Far CRANE OF ROSEDALE MGMT. SELLS TO HERMAN OF PRANA INV.
Rockaway Library in Queens Doshi, Schechtman and Mehra of
Meridian sell 72 units for $9.825m
BRONX, NYMeridian’s Amit Doshi,
David Schechtman, and Shallini
Mehra team up again to sell their
QUEENS, NY EW Howell Construc- an areas. The fritting will provide
tion Group celebrated the topping a combination of transparency and
out milestone for the Far Rockaway translucency that will give passersby a Amit Doshi Shallini Mehra
Branch of the Queens Public Library. sense of the activity within the library, exclusive assign-
The firm was contracted by the New while giving a degree of privacy for ment, 1738 Uni-
York City Department of Design and library occupants. A tall transparent versity Ave. in the
Construction to build the two-story, glass pyramidal entryway welcomes Morris Heights 1738 University Avenue - Bronx, NY
17,500 s/f project, which broke patrons at the corner of Mott and neighborhood.
ground in Fall 2018. Central Aves. The six-story el-
Designed by Snøhetta, the new The Far Rockaway Branch Library evator building
library will replace the existing 8,000 is heavily used and plays an import- sold for $9.825 Bestreich Realty Group facilitates $1.7 million sale
s/f building at 1637 Central Ave. and ant role in the community. The new David Schechtman million, yielding BROOKLYN, NY Bestreich Realty
double the area of library. The branch library will be sited at an elevation a capitalization rate of 6%, $147 per Group (BRG) closed the sale of
library will be clad in fritted glass, exceeding the new FEMA flood zone s/f, $136,400 per unit, and a gross rent 660 Fulton St. in the Fort Greene
colored in a light shade that will offer guidelines and will seek to achieve multiplier of 8.1 times. The property neighborhood. The property sold for
contrast to the hustle and bustle of LEED Gold certification. Completion features 150 ft. of frontage and con- $1.7 million.
the surrounding retail and pedestri- is expected in Summer 2021. tains 72 apartments within 67,000 s/f. This property is located between
The team represented the seller, Fort Greene Pl. and South Elliott Pl.
Elizabeth Crane of Rosedale Manage- and is built 19 ft. x 70 ft., offering
Stavsky of VCPRE arranges 24,000 s/f storage lease ment, and the purchaser, Rick Herman 2,660 existing s/f. The irregular lot
B R O O K LY N , N Y Park Pro Systems plan on utilizing of Prana Investments.Anthony Simari is 19 ft. x 91.60 ft. offering 1,605 s/f.
Jacob Stavsky of this property to store its vehicles. of Holm & O’Hara LLP represented This property was delivered vacant.
Venture Capital The site is currently in the midst of the seller, while Matthew Mandell of Derek Bestreich, Luke Sproviero,
Properties nego- a rezoning as developers believe the Mandell Mandell LLP represented Adam Lobel, Toby Waring, Gabriel
tiated a 24,000 s/f rezoning will bring new jobs, while the purchaser. Kates, and Daniel Shawah of BRG fa-
lease on a vacant local residents are nervous those new 70% of tenants are enrolled in the cilitated both sides of the transaction.
parcel of land lo- opportunities will attract wealthier Enhanced Voucher program, which Estate of Ruby Perkins was the seller
cated at 5200 1st households and ultimately price out provides stability of housing for the and Davean Holdings purchased the
Jacob Stavsky Ave. The tenant current tenants from their community. tenant and higher rents to the landlord. property.
FOR SALE
Village Center Student Housing Apartment Complex, Alfred, NY
69 beds in 33 apartments; fully leased for Fall 2020 semester
Alfred is home to Alfred University and Alfred State College
Brian Heine
$4,700,000 (877) 884-4437
Exclusive Broker (716) 884-4437
www.brianheine.com b.heine@verizon.net
NE NY Tel: 781-878-4540nyrej.com New York Real Estate Journal October 20 - November 2, 2020 9A
AUCTIONS
BANKRUPTCY, LIQUIDATION, TOWN DIRECTED & REO
OCT 20th - through -
NOV 19th
Online-Only
Bidding
#20-710 #20-711 #20-712
BAY SHORE, NY COPIAGUE, NY COPIAGUE, NY
SURPLUS & ABANDONED NNN LEASED CORNER BUILDING SHOP EQUIPMENT, PARTS &
VEHICLES & EQUIPMENT AT TRAIN STATION SCHOOL BUSES/VANS
Town of Islip Directed Auction Immediate Sale Directed via Public Auction US Bankruptcy Court Eastern District of New York
In Re: Baumann & Sons Buses, Inc., et al. • Case # 20-72121 (REG) (Jointly Administered)
100+ Cars, Trucks, Sweepers, 695 Marconi Blvd, Copiague, NY
Heavy Equipment & More 300+ Lots - See Web for Details
• 100% Occupied by the USPS
Klestadt Winters Jureller Southard & Stevens, LLP,
• Opening Bid: $925,000 Attorneys for the Chapter 11 Debtors and Debtors-in-Possession
#20-713 #20-714 #20-715
PRODUCTION/R&D LAB EQUIP NEW YORK, NY
LASER MARKING SYSTEM, 5,800+ SQ FT
DESKTOP ROBOTS & MORE CENTRAL ISLIP, NY BROWNSTONE BUILDING
US Bankruptcy Court Southern District of New York US Bankruptcy Court Southern District of New York
In Re: AMERICAN DIAMOND MINT LLC • Case No. 19-22780-rdd
JEWELRY, GOLD COINS & MORE In Re: 60 91st Street Corp. • Case # 20-10338 (SCC)
Laser Marking System, Desktop Robots, 60 West 91st Street, Manhattan, NY
Dispensing System, Ventilation & More Public Administrator, Consignment & Estate Auction
• 6 of 9 Units are Vacant (More Anticipated)
Kenneth P. Silverman, Chapter 7 Trustee 500+ Lots - See Web for Details Heidi J. Sorvino, Chapter 11 Trustee
#20-716 #20-717
Advance Notice
1 BR W/ TERRACE APARTMENT
Kips Bay, NYC
NEW YORK, NY LOCUST VALLEY, NY
DUPLEX STUDIO APARTMENT
5 NYC TAXI MEDALLIONS 10,000+ SQ FT DEVELOPMENT SITE
Murray Hill, NYC
US Bankruptcy Court Eastern District of New York Foreclosed Property Auction
In Re: Corsi Cab Corp., et al. • Case # 18-47204-nhl
Too New for 398 Forest Ave & 13 13th St, Locust Valley, NY
Photo 3-Medallion & 2-Medallion Mini Fleets
Offering #1: 3 New York City Medallions • Approved Plans & Permits – 8 Units (7 Res/1 Com'l)
4,000+ SQ FT HOME
ON 1.5+ ACRES Offering #2: 2 New York City Medallions • Previously Listed at $899,000
Katonah, NY
Rosenberg, Musso & Weiner, LLP, Attorneys for the Chapter 11 Debtor • $499,000 Minimum Bid
516.349.7022 | MaltzAuctions.com | AUCTIONS.. .Your Liquidity Solution ®10A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
Colucci joins NELSON + POPE
NEW YORK, NY According to NEL- Department at NELSON + POPE and
Hepler and Robin launch
SON + POPE, Joseph Colucci has
joined the firm as
a senior associate
he will lead the efforts in expanding
the firm’s diverse services and mar-
kets. Colucci has over 33 years of
new firm, Envoie Projects LLC
NEW YORK, NY According to Adrienne
and director of expertise in business development, Hepler and Allison Robin, they have
business devel- design, permitting, construction, proj- founded their new firm, Envoie Proj-
opment for land ect implementation and operations ects LLC. Hepler and Robin will build
development. related to site development projects on their shared experience at Levien
Inhismulti-fac- in all markets. His experience spans & Co. to create a new women-led
eted role, Colucci from Long Island to the five boroughs owner’s representative firm. Envoie
Joseph Colucci will provide tech- to Westchester County. Colucci has Projects provides project manage-
nical oversight and project manage- a Bachelor of Science in Civil Engi- ment services for property owners
ment for the Land Development neering from Pratt Institute. and organizations who are embarking
on major capital projects ranging
from conditions assessments, new
REBNY adds Spokony as Eastern Union promotes construction, renovations, expansions
VP of media and content Rotstein to recruitment dir. and historic restorations. The firm is
committed to clients and projects that
NEW YORK, NY The Real Estate Board BROOKLYN, NY Eastern Union has pro-
serve and improve the communities
Adrienne Hepler Allison Robin
of NewYork (REBNY) has hired Sam moted Estie Rotstein to the position
Spokony as vice president of media of director of recruitment. in which they live.
and content. In this role, a
In this new- newly created
position at the
Manhattan Skyline Management appoints Bloom
ly created role,
Spokony will company, Rot- NY Law Journal votes SVP of marketing and hires Vredjian as dir. of leasing
oversee all REB- stein will oversee TitleVest best title agency NEW YORK, NY According to Man- two decades. Additionally, current
NY media rela- outreach for job hattan Skyline Management Corp., team members Josh Roth and Tom
tions activities, candidates to fur- for 8th consecutive year Carole Bloom has rejoined the firm Eschmann have been promoted to
create engaging ther expand the NEW YORK, NY TitleVest, a leading title as senior vice president of marketing, senior vice president of retail and
Sam Spokony and timely con- Estie Rotstein growing number insurance agency and member of the leasing and sales. Bloom has more senior vice president of management
tent to elevate key issues impacting of new Eastern Union brokers. First American family of companies, than 20 years of industry experience and operations, respectively.
REBNY members and the industry, Rotstein started as the company’s has earned first place in the New York and has sold and leased over $2 billion Bloom will oversee both onsite
and direct the organization’s social executive hiring assistant. She rose to Law Journal’s reader survey for the in residential properties. leasing and tenant retention in
media strategy. her present title after taking on a range 8th consecutive year. The firm has also reorganized addition to public relations and
Spokony has nearly a decade of of added responsibilities. Rotstein According to Brian Tormey, pres- and bolstered their team with the marketing responsibilities. Her ex-
experience spanning journalism, has a total of more than 17 years of ident of TitleVest, “This recognition addition of Mariana Vredjian, who perience is multi-faceted, spanning
government and consulting. Prior experience as a certified life coach is a testament to the innovative tech- joins the firm as director of leasing, from pre-development sales, design
to joining REBNY, he was a senior and teacher. nology, outstanding service and rich bringing with her an accomplished consultation, marketing and existing
vice president at Marathon Strategies. For full story visit nyrej.com expertise that we offer our clients.” industry record spanning more than rental properties.
Proptech trends in a Coronavirus world
change its colors, modify the lighting, Zillow also reported positive sec- munity in Israel with more than pany is also known for tokenizing the
Oded and even choose their own kitchen. ond quarter numbers “in part be- 1,400 apartments, MyTower oper- St. Regis Resort in Aspen, Colorado,
Eliashiv This allows developers to engage with
their clients more effectively, as well
cause virtual tours have become so
effective,” according to a recent
ates a shared platform for building
management and tenants, offering
the first commercial property in the
world financed this way.
BuiltUp as gives real estate professionals the CNBC.com article. the ability to communicate via email, 4. Real Estate Crowdfunding 2.0
Ventures ability to offer a unique experience 2. Automated Building Services push notifications, and SMS to owners As the need for remote investing
and perspective to potential buyers “No touch” automated building ser- and tenants in a quick and easy way. continues to grow due to the impact
With COVID-19 continuing to from anywhere in the world. vices now being employed in residen- With COVID-19, Gindi was able of COVID-19, sophisticated investors
change how people live and work, per- Virtual building tools have also tial and office buildings throughout the to utilize the platform to effectively are increasingly looking online for
haps permanently, innovative Israeli become very popular, and in some world include property management communicate with tenants and quickly vetted opportunities. Pioneers in this
proptech companies are stepping up cases the only way, to view existing platforms that can anticipate building adapt to the changing landscape, area include OurCrowd, an equity
to serve the evolving needs of building homes for sale or rent during the occupants’ needs and remotely adapt while continuing to safely operate crowdfunding platform that enables
owners, managers and developers. pandemic. Leading residential real to changing circumstances, such as common facilities and public spaces people to invest in global startups and
According to IVC Research Center, estate companies that have embraced reduced air quality and rapid tempera- such as gyms, tenant clubs and more. receive the same terms as VCs and
there are approximately 8,300 active this method include Compass, Brown ture fluctuations. With the MyTower platform, Gindi institutional co-investors.
startups in Israel. These include a Harris Stevens, Keller Williams and One Israeli company spearheading was also able to offer new at-home Established real estate crowdfund-
growing number of proptech compa- Corcoran. this technology is MyTower, which concierge services, deliveries from ing platforms include Fundrise, Realty
nies, some of which are already active “Technology is a tool for agents uses artificial and business intelligence local suppliers, and more. Mogul and CrowdStreet.A majority of
in the U.S. market. and brokerage companies. It helps tools to analyze a property’s data and 3. Blockchain Financing these types of platforms provide infor-
Below are four emerging trends, enhance what we’re doing every day, develop better maintenance systems, On the fundraising side, several mation on their investment properties,
and the Israeli-based startups that are and the services and value we bring to as well as improve the management of companies are now digitally raising but most do not have such increasingly
helping lead the way: our clients and customers,” Corcoran people and their experiences within a financing for building projects through sought-after online tools as video-
1. Virtual Building Tools president and CEO Pamela Liebman building. The platform can monitor blockchain-based securities. Solid- conferences, webinars with company
In the U.S. and elsewhere, virtual recently told a virtual audience at visitors, vehicles, deliveries, and other Block, which has offices in Jerusalem leaders, and in-depth research on
building tools are increasingly be- PropTech Nation. Sponsored by Tel services, as well as remotely facilitate and NewYork, utilizes real estate asset where the market may be headed.
ing used to market properties when Aviv- and New York-based venture tenant communication and report tokenization to transform real estate However, a new Israel-based equity
prospective clients are unable to visit capital firm BuiltUp Ventures, the maintenance issues. into a tradable financial product, giv- crowdfunding platform scheduled to
showrooms or meet with brokers. One virtual event focused on rebuilding the MyTower’s platform was able to ing investors the opportunity to buy launch soon will provide exclusive
startup that is focusing on enhancing property sector in a new COVID-19 quickly adapt to COVID-19 and shares in a property without owning access to the country’s most promising
virtual marketing for new develop- reality. provide new amenities, services and the entire asset. proptech startups, combined with in-
ments is Tel Aviv-based Augmind, Liebman said, “There aren’t too ways of communication during Israel’s Recently, the company partnered depth research and market knowledge.
which developed its own proprietary many people who want to buy quarantine period. This enabled prop- with UK investment firm London Now more than ever, technology
technology for creating realistic and multi-million dollar apartments erty owners such as Gindi Capital to Chelsea Limited to raise financing for is becoming essential to real estate
dynamic Augmented Reality (AR), without being able to see them (due maintain efficient and cost effective London Digital Bond, a new property owners, managers and investors, and
Virtual Reality (VR), and Mixed to COVID-19), but deals did get done. facility and tenant management amid company that invests in prime residen- cutting-edge Israeli companies are at
Reality (MR) applications. Because of the new camera and virtual new government laws and public fear, tial real estate in London. This was the forefront of this disruption.
TheAugmind platform also enables reality technology that was available, while upgrading the experience of SolidBlock’s first tokenized project
users to design their own virtual room. we were able to pivot quickly to online residents and the way they live in more in the UK, and the first time a sin-
Oded Eliashiv is principal and founding
For example, they can choose which showings.” than 200 buildings in Israel. gle-family fund was financed through managing partner of BuiltUp Ventures,
couch to place in the living room and Online listing sites Redfin and For GindiTLV, a residential com- blockchain-based securities.The com- New York, N.Y.nyrej.com New York Real Estate Journal October 20 - November 2, 2020 11A
Financing for the
38,038 sq. ft.
building was
arranged by the
undersigned
with Genworth
Life Insurance
Company, whom
we represent as
mortgage loan
correspondent.
$4,850,000 PR O U D TO B E
C E L E B R AT I N G
25 Newton Place
Hauppauge, New York
Reminder to wear masks and socially distance whenever possible.
M. Robert Goldman & Co., Inc.
100 Jericho Quadrangle, Suite 336
Jonathan Goldman
Robert Gladitsch
M. Robert Goldman & Co.
Mortgage Bankers
YEARS
Jericho, New York 11753-2702 John Robustello Correspondent to the
Tel 516 487-5100 Louis Bolkovic World’s Financial Institutions
www.mrg-co.com AS A FULLY INTEGRATED
PRIVATE REAL ESTATE
INVESTMENT AND
ADVISORY FIRM
Redi-Dock® Provides Instant
Drive-In Access to Your Facility
MRA is back in the NYC
office, and excited to be in
the heart of the greatest real
estate market in the world!
“Let’s invest in New York City
together again.”
– Joseph Farkas, CEO
Call for an immediate consultation.
• Modular • Lengths to 50’
• Minimal site prep • Infinite widths
• Low maintenance • Heavy duty rating
• Delivered & set • No future demolition
• Easily relocated • ADA ramps available
Redi-Dock Provides Instant
555 Madison Ave., New York, NY 10022 212.350.3701
®
Call for an immediate consultation.
metropolitanra.com
m
Drive-In Access to Your Facility
• Call: 800-724-4881
Modular
www.ReadingPrecast.com
• Minimal site prep
anthony@readingprecast.com
• Low maintenance
• Delivered & set
NE NY Tel: 781-878-454012A October 20 - November 2, 2020 New York Real Estate Journal nyrej.com
Executive of the Month
SUPPORTS CREATIVE COMMUNITIES THROUGH CYCAMORE ARTS RESIDENCY PROGRAM
Johnny Din, CEO of Cycamore Capital,
balances his business platform with giving back
supporting the local communities. Din: COVID-19 has affected us
NYREJ: What are you doing to like all property owners in New York.
support the local communities in We’ve been spending a lot more time
the neighborhoods you invest in? on property management to make sure
Din: We have been investing a lot existing tenants are safe and doing
along the L Train corridor, which is what we can to help them through
full of artists, and we have been doing this time. We are also increasing our
a lot of fun projects with the local efforts on leasing by doubling our
artist community. We partnered with leasing team because there is more
DG Gallery, a local contemporary art supply than usual and new renters are
gallery and established the Cycamore looking for deals, which takes a greater
Arts Residency Program. The artist effort for showings and negotiating
residencies and exhibitions take place leases. However, our rent collections
in our buildings while the units are in have been good because we were
transition, either in-between leases or disciplined to build rental units at an
while waiting for a permit for the con- affordable price point. Despite the
Johnny Din struction project to start. Paul Cooley pandemic, we are still very focused
at DG Gallery has done a phenomenal on acquisitions as we are bullish about
NEW YORK, NY The New York Real job identifying local artists and curat- the long-term prospects of New York Din speaking at Columbia University MSRED Conference
Estate Journal (NYREJ) sat down ing shows inside our buildings. There City and feel that it is a good time to
with Johnny Din, CEO of Cycamore is always lag time between tenants, so buy. We’ve already closed on three
Capital and this month’s Executive we donate our vacant spaces during properties in the first half of this year
of the Month. Cycamore Capital is this time. The artists create great and have several properties under
a vertically integrated “Live-Work- content and working with Paul also contract that should close by the end
Play-Create” real estate platform with makes my job a lot of fun! of the year.
a mission to curate spaces for artists, NYREJ: Are you involved in any
entrepreneurs, millennials, and global real estate organizations or groups?
citizens. Din: Yes, I am involved in several
NYREJ: Can you tell us a little bit real estate groups in the city. Industry
about yourself and what led you to groups are a great way to network and
your current role? stay up to date on what’s going on
Din: Thanks for having me as this in the real estate market. One group
month’s Executive of the Month. I am that I am extremely proud of is the
a west coast transplant having moved Mortgage Bankers Association of
to New York City in 2012. I moved New York Scholarship Foundation,
around a lot all my life and have now where I am a board member. The
lived in New York City longer than foundation gifts scholarships every
any other city, so I guess New York year to students studying real estate
is my home. I went to UCLA for in New York City, and we were able to
undergrad and started my career at award five scholarship this fall despite
Lehman Brothers in the Investment the pandemic. In addition to awarding
Banking Group and have been in scholarships, the foundation also has
various investment roles throughout a mentoring program to help young
my career. I was fortunate to meet my people to succeed in the industry. As a
investors three years ago who wanted Art Installation by Hunter Potter benefactor of numerous scholarships
to build a real estate company here in and mentors throughout my studies
New York, and that was the founding NYREJ: The Cycamore Arts and my career, I am grateful to be part
of Cycamore Capital. Residency Program is so interesting. of this organization. I am also an ad-
NYREJ: Can you introduce Cyca- Do you have a favorite? junct real estate professor at Columbia
more Capital to the NYREJ? Din: It is hard to pinpoint my favor- University, New York University, and
Din: Cycamore Capital is a verti- ite because everything was carefully Fordham University and it was quite
cally integrated real estate platform curated and unique. However, one rewarding to see some of my students
specializing in value-add multifamily artist residency that just blew my mind receiving the scholarship. Cycamore Capital property in Williamsburg, Brooklyn
investments in New York City. Our was a residency last year where a local NYREJ:As a CEO, professor, and
goal is to bring affordability in a city Brooklyn artist, Hunter Potter, decid- a leader in the community, you have
that is not affordable and to solve New ed to paint the whole inside surface an extremely busy schedule. Who or
York City’s housing crisis. We do this area of a building yellow and painted what inspire you to wake up every day
by building apartments with efficient thousands of smiley faces. The show and keep going?
layouts to maximize space. Our in- was inspired by the studio drop cloth Din: My parents are social workers
house capabilities include acquisi- Hunter has been known to spray and and they inspire me every day. In a
tions, financing, project management, smear happy faces on while cleaning tough and competitive environment
property management, and leasing. his work tools. The experience was such as New York City real estate, it
We also service third-party clients surreal and one-of-a-kind. After the is easy to lose track of your values. I
through our sister company Brookline show, Hunter stretched and framed often speak to my parents to keep me
Management which handles leasing the studio drop cloth and sent it to us grounded especially during difficult
and property management. We have as a gift. It is now up in our office and times. They are extremely selfless and
acquired more than 20 properties I see it every day. Hunter named the are always helping others through their
over the past three years and have a show “Happy to be Here” and we’re work. These acts also remind me to
disciplined value-add business plan happy to have had the opportunity give back to my community, includ-
for each of our buildings. Ultimately, to work with Hunter on this project! ing the real estate industry. There is a
we are an owner-operator, but we NYREJ: How is your business saying that you are born with nothing
also make an effort to be a part of changing with the COVID-19 pan- and you leave with nothing, so best to
the neighborhoods we invest in by demic? give as much as you can while you can! Furnished rentals by Brookline LivingYou can also read
