News

March 24, 2016 | Real Estate Weekly

New York City’s commercial brokers competed for the Real Estate Board of New York’s (REBNY) 2015 Most Promising Commercial Salesperson of the Year (Rookie Award), which culminated at the REBNY Members’ Luncheon at the New York Hilton Midtown on Tuesday, March 22nd.

REBNY’s Commercial Brokerage Board of Directors presented the award to Morris Betesh, a Managing Director in Cushman & Wakefield’s New York Capital Markets group. As the nineteenth winner of this award, Betesh receives a one-year seat on REBNY’s Board of Governors and will become a lifetime member of REBNY’s selective “Circle of Winners” group, which convenes four times a year for a private dinner with some of the real estate industry’s top leaders.

The Most Promising Commercial Salesperson of the Year Award was created by the directors of the Board’s Commercial Brokerage Division to recognize the achievements of commercial members who embody excellence, professionalism and unwavering ethical fortitude...

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March 18, 2016 | Commercial Observer | Liam LaGuerre

Dime Community Bancshares, the parent company of Dime Savings Bank of Williamsburgh, has completed the $80 million sale of its Williamsburg portfolio, Cushman & Wakefield announced in a release today.

Tavros Development Partners, Charney Construction & Development and 1 Oak Development purchased the properties, 263-277 South 5th Street, 262-272 South 4th Street and 205 Havemeyer Street. The site allows for 230,000 buildable square feet, according to C&W.

A C&W team of James Nelson, Brendan Maddigan and Matt Nickerson represented Dime in the transaction, while the buyers did not have a broker...

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan

Two buildings on one tax lot located at 760-764 Manhattan Avenue in Brooklyn’s Greenpoint neighborhood were sold in an all-cash transaction valued at $11,000,000. The sale price equates to approximately $709 per square foot and an in-place 4.3% capitalization rate.

764 Manhattan Avenue is a mixed-use building divided into four retail units and nine residential units, of which, three are rent stabilized. 760 Manhattan Avenue, adjacent to 764 Manhattan, is occupied by RadioShack on the ground floor with a vacant commercial space on the second floor. Combined, the buildings offer approximately 15,500 square feet with 100 feet of frontage along Manhattan Avenue.

760-764 Manhattan Avenue is ideally located along one of Greenpoint’s main retail corridors and benefits from close proximity to the neighborhood’s premier dining and shopping options. A number of transportation hubs are easily accessible including the G Train Station at both Nassau Avenue and Greenpoint Avenue and the East River Ferry at India Street.

“The in-place income for 760-764 Manhattan Avenue was at half of market and offered significant growth potential. The low 4% capitalization rate highlights the demand for space along key retail corridors like Manhattan Avenue and Franklin Street which will support the droves of new residents slated for arrival in the next few years,” said Brendan Maddigan of Cushman & Wakefield who exclusively handled the transaction on behalf of the Hazelwood family. The buyer was AGMINE CORP.  

Click here for press release.

Neighborhoods: Greenpoint/ Agents: Brendan Maddigan

March 9, 2016 | Commercial Observer | Liam LaGuerre

Two years ago, when Massey Knakal Realty Services Founders Robert Knakal and Paul Massey were looking for someone to manage their Brooklyn and Queens offices, the executives wanted a seasoned organizer with expert knowledge of how a sales floor operates…but someone who wasn’t a broker.

They didn’t want a “player-coach,” someone who’d be influenced by their personal compensation. They wanted someone who would be focused solely on the team. 

So they turned to Betty Castro, who wasn’t a broker. In fact, she wasn’t even in the real estate business at the time.

As a vice president of sales and marketing at brokerage First Empire Securities, which sells bonds to banks and other investors, Ms. Castro handled recruiting, helped First Empire grow into new markets and spearheaded the development of the company’s website.

She was perfect...

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Corporates/Agents: Betty Castro, Brendan Maddigan, Paul Massey Jr., Stephen Palmese

March 4, 2016 | Wall Street Journal | Derek Kravitz

Brownsville, the Brooklyn neighborhood that has battled crime and poverty for a long time, is in need of a few wins—and a nascent network of community groups and investors is working to provide just that.

Once home to poor Jewish immigrants and offering refuge to a ragtag collection of radicals and socialists at the turn of the 20th century, Brownsville has the largest concentration of public housing in New York City and the U.S. Some 60% of its housing stock is owned by the city.

Parts of Brownsville are slated for rezoning under Mayor Bill de Blasio’s affordable-housing plan for the broader East New York area, approved by the city Planning Commission.

But change won’t come easy...

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Neighborhoods: Brownsville

February 29, 2016 | New York Post | Lois Weiss

An unidentified investor has forked over $10 million to buy the small building housing the iconic Rao’s Italian restaurant, The Post has learned — and didn’t even get a reservation for one of its closely guarded tables.

The sale of the 22-unit rental property and leaseback of its 1,200-square-foot space by the extended Rao’s family will ensure the beloved restaurant remains at 455 E. 114 St. on the northeast corner of Pleasant Avenue in East Harlem for decades to come.

Most folks will never get to savor the fare of the always fully reserved eatery, where an exclusive group of mostly New Yorkers have “table rights” for each of the 10 tables for every day of the week...

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Neighborhoods: Harlem