Market Information

Wong of KDA and Schwartzberg and Miller of Premier handle $3.5 million sale

Linda Wong, Kalmon Dolgin Jason Miller, Premier Commercial Real Estate Jeff Schwartzberg, Premier Commercial Real Estate Old Bethpage, NY According to Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, Inc. (KDA), the firm has arranged the sale of a one-story, 42,500 s/f property at 195 Sweet Hollow Rd., for $3.5 million. Linda Wong of KDA, along with Jason Miller and Jeff Schwartzberg of Premier Commercial Real Estate, represented the buyer Long Guang Lin, while William Becker of Racanelli, Becker and Associates LLC represented the seller, 195 Sweet Hollow Road Corp. The buyer will use the warehouse space for its kitchen cabinet and marble business, New Star Kitchen. The property was formerly used by Advance [..]
READ MORE

Suffolk IDA assists Huntington Station project

The Suffolk County Industrial Development Agency voted to provide economic incentives to Plainview-based Renaissance Downtowns’ redevelopment project that officials say would foster revitalization, spurring economic development in Huntington Station. Renaissance Downtowns is working in partnership with RXR on this $5.12 million project. It would include in its first phase the construction of a 22,599 square-foot mixed-use building featuring 16 rental apartments and 6,200 square feet of retail and commercial space on the ground floor. The project is expected to be completed in July of 2017. The Northridge Project, as its called, would be situated at New York Avenue and Northridge Street, a busy location that is also a five-minute walk from a [..]
READ MORE

Sleepy’s to lay off 28 in Hicksville in wake of mergers

Sleepy’s issued a WARN notice that it will lay off 28 employees at its Hicksville headquarters. (Credit: Howard Schnapp) Sleepy’s, the Long Island mattress retailer that was bought by Mattress Firm, which was in turn gobbled up by a South African company, says in a regulatory notice that it will lay off 28 employees at its Hicksville headquarters. The layoffs, in the company’s finance and accounting unit, could begin as early as Dec. 31 and extend to April, according to the WARN notice posted Friday. The reductions come in the aftermath of Sleepy’s being purchased in February by its competitor Mattress Firm Holding Corp. in Houston. And last month, South African retail giant Steinhoff announced it was buying Mattress Firm. “The [..]
READ MORE

Bidding for benefits

In its ongoing efforts to bring its largest office building up to full occupancy, Sterling Equities is seeking tax breaksfrom the Nassau County Industrial Development Agency. Sterling, the owner of the 200,000squarefoot building at 999 Stewart Ave., has been investing in upgrades at the property recently, including transforming an industrial elevator into a passenger lift. But to help with further renovations and attract a tenant to the building’s 27,000squarefeet of vacant space, the company wants assistance from the IDA that would freeze taxes for prospective businesses that may want to relocate there. A public hearing on the application for “exemptions or partial exemptions from real property taxes” is set for next week. Philip Wachtler, [..]
READ MORE

Record occupancy for LI’s largest commercial landlord

Plainview-based Rechler Equity Partners, the largest owner of commercial real estate on Long Island, reported a mid-year occupancy rate of 99.6 percent for its portfolio of more than 5 million square feet. The occupancy rate is the highest in Rechler Equity’s 55-year history, according to a company statement. The firm’s principals credit the high occupancy on one of the tightest industrial real estate markets in recent memory, spurred on by companies migrating from high-priced properties in Brooklyn and Queens. Rechler Equity has capitalized on the low supply and high demand for industrial space by selling three of its properties this year, including a 140,000 square-foot warehouse and distribution facility at [..]
READ MORE