The New York Real Estate Journal provides the latest commercial real estate news for the entire state of New York. Read profiles of the most influential companies and people involved in the NY commercial real estate market.
Issue link: http://digital.turn-page.com/i/69519
facebook.com/nyrej twitter.com/nyrej http://nyrej.com/gplus nyrej.com Quick Read two first mortgages totaling $6 million Houlihan-Parnes Realtors places Greenburgh Shopping Center and $2 million for the Ardsley Shopping Center. Smith of Goldbeg Weprin Finkel Goldstein and Maloney of Chicago Title assist. SEE PAGE 16A The firm placed a $4 million for NorthMarq arrange $5m refinancing Cotsalas and DesRochers of Martin Racanelli, Jr. Michelle Bremen center located at 385-425 Bay St. SEE PAGE 18A The $5 million first mortgage refinancing was placed for Bay Street Shopping Center, a 45,500 s/f neighborhood retail held for 780,000 s/f Mall at Bay Plaza Groundbreaking eran Harry Janson and the Wakefern Food Corp. The company served as general contractor (GC) in the con- struction of a new, 70,000 s/f ShopRite supermarket located at 95 Sunrise Hwy. Martin Racanelli, Jr. served as the project executive supported by a project management team led by Mike Marshall and Michelle Bremen. What made this project unique was that it involved the complete exterior and interior renovation of an existing and previously condemned building. It required Racanelli to apply sound engineering and quality craftsman- ship to restore the building into a fully-functional supermarket. The company also had to address the proj- ect schedule's compressed timeframe which complicated the coordination Exterior, ShopRite, 95 Sunrise Hwy., Patchogue and installation of extensive under- ground plumbing. As general contractor, Racanelli Constr. provided comprehensive services including demolition, ex- cavation, carpentry, HVAC, electric, plumbing, EIFS, masonry, roofing, flooring, painting, steelwork, fire suppression, as well as full project management and supervision. The finished project featured cold-rolled formed steel construction over struc- tural steel with a wood bow-truss roofing system. The new ShopRite of Patchogue recently joined Prestige Properties at the groundbreaking. SEE PAGE 19A Mayor Michael Bloomberg, Bronx borough president Ruben Diaz Jr. and other local elected officials 12 Pages Faith Hope Consolo ...................12 Retailer Space.............................20 Space Available ..........................21 Digital Edition nyrej.com Printed on recycled paper Hakimian of HPNY negotiates 13,760 s/f off-market transaction: $11.15 million MANHATTAN, NY According to public records, 450 Broadway, a five- story elevator retail building lo- cated in the Soho neighborhood, between Grand and Howard Sts., has traded hands for $11.15 mil- lion to Sitt Asset Management. The building Ivan Hakimian contains 13,760 s/f with one retail tenant and four floor thru lofts on top. The ground floor retail space is currently home to a beauty supply shop. The building is zoned as a loft building with retail stores. Industry sources said the deal was negotiated in an off market transaction by Ivan Hakimian, founder of HPNY. brought 400 jobs to the community in addition to a supermarket that gives local residents a great shopping experience. •for full story visit nyrej.com• Interior, ShopRite, 95 Sunrise Hwy., Patchogue Kinsey of ERG reps Icon Realty for $7.75m MANHATTAN, NY Icon Realty Manage- ment's Terrence Lowenberg and Todd Cohen have made another acquisition, this time in the borough's Meat- packing District. Icon was repre- James Kinsey sented by James Kinsey, CEO and partner of ERG Property Advisors, in their purchase of two adjacent mixed-use buildings at 58-60 9th Ave. The retail space is occupied by fast food estab- lishment Pop Burger. The buildings, which have over 11,000 s/f of combined retail on the ground floor with apartments above, were sold for $7.75 million, or $696 per s/f. "Representing the buyer and seller in a transaction can always present challenges, but working with Ter- rence and Todd makes the process easier and the end result was a great buy for them both in terms of price and location," said Kinsey. Icon Realty Mgmt. is owned by 450 Broadway, Manhattan Lowenberg and Cohen. Pop Burger is a late night establish- ment that attracts many of the district's 58-60 9th Ave., Manhattan club-goers to its bar and lounge. "Google was a game-changer for office space in the Meatpacking Dis- trict," said Kinsey. "By committing to being a major growing presence in the area through the acquisition of their office building, they ensure an inflow of highly skilled workers as well as tech firms, especially startups, to the neighborhood. This will naturally increase the demand for retail services, restaurants and high quality housing." •to comment on this story visit nyrej.com• MARSHALL AND BREMEN OF RACANELLI LEAD TEAM; M. RACANELLI IS PROJ. EXEC. 70,000 s/f ShopRite for Wakefern Food Corp. New York Real Estate Journal June 12 - 25, 2012 Racanelli Construction completes fast-track PATCHOGUE, NY Racanelli Construc- tion recently completed a fast-track project on behalf of supermarket vet- Interior, ShopRite, 95 Sunrise Hwy., Patchogue Shopping Centers