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.
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Visit the paper online nyrej.com Upstate New England Real Estate Journal Spotlight / Capital Region Title insurance = Low cost peace of mind Graig Zappia Tully Rinckey PLLC With mounting foreclosures and a down economy, conditions are ripe for title claims to rise as they usually do during a cloudy economic climate. If you never thought too much about title insurance, now is a good time espe- cially if you are looking into making a real estate purchase. And think about it this way: title insurance is a low-cost insurance policy that gives you peace of mind throughout your ownership of the property. While some potential purchasers worry about the already high expense of closing costs, title insurance is the one closing cost that gives you a return on your investment. If a problem arises with your title after the closing, you simply file a claim with your title insurance company and they take care of it on your behalf, at no cost to you, so long it is an insur- able event. It will be hard to find an attorney to fight the title defect at a rate lower than the cost of your title insurance policy. What Does Title Insurance Protect You From? Before you arrive at the closing, the title insurance company has already searched the county clerk's office for matters affecting the title to the real estate you are purchasing. If any is- sues arise, the title professional takes care of these issues and remedies any problems that could prevent the seller from passing on clear title to you as the purchaser. Even the best title search, performed by the most highly skilled and trained professionals cannot guarantee error free titles. Therefore, the Owner's Title Insurance Policy protects you as the new owner against such things as: • A forged signature on the deed, which would mean no transfer of ownership to you; • Mistakes in the public records; • Deeds by persons of unsound mind or executed by minors; or • Fraud. While we are already operating in a risky business environment, title insurance will afford you additional protection at a fraction of the cost of going at it alone should the need to defend a title claim arise. Graig Zappia, Esq., is a partner with Tully Rinckey PLLC, Albany, N.Y. ARRANGED BY FEINMAN, BROWNELL, HEEPS, FARRELL AND KUTIKOV Vanguard-Fine, LLC brokers 6 transactions totaling 99,172 s/f ALBANY, NY Barry Feinman, Ken Brownell, Gordon Heeps and Alex Kutikov of Vanguard-Fine, LLC brokered the 10 year lease between Russell Road Associates, LLC and 3 Stone Dental PLLC . The 2,900 s/f Dental Office will be located in Westgate Plaza – 911 Central Ave. Kutikov and Heeps of Vanguard- Fine and John MacAffer of CB Richard Ellis co-brokered the 7 year lease between Martin Food's Of South Burlington, Inc. and Fantastic Sams. The 1,770 s/f hair salon will be located in Hannaford Plaza – 900 Central Ave. Brownell and Feinman of Van- ALBANY, NY Brian Sheldrick, manag- ing director for the Largo Group of Companies, arranged a permanent mortgage in the amount of $696,000 for four 8 unit apartment buildings. The properties are situated in an urban setting with access to Interstate 787. The New York State Capitol and New York State Supreme Court are located less than a half mile west of all four properties. The apartments feature 32 units (5-studios, 19-one bedrooms, 7-two bedrooms, and 1-three bedrooms) and are currently 100% occupied. The subject features wood floors, new windows, and coin operated laundry. Sheldrick secured a 5 year fixed rate loan with a 25 year amortization schedule. guard-Fine, and Brian Donovan of Donovan Realty Services co-brokered the 5 year lease between Redstone In- vestments and Big Lots Stores, Inc. The 33,118 s/f store will be located in Dansville Shopping Center. Brownell and Feinman of Van- guard-Fine and Donovan of Donovan Realty Services co-brokered the 5 year lease between Kamin Realty Company and Big Lots Stores, Inc. The 32,969 s/f store will be located in Yorkshire Plaza, Yorkshire. Brownell and Feinman of Van- guard-Fine and Donovan of Donovan Realty Service and David Landes of Royal Properties co-brokered the 7 year lease between Big Lots Stores, Inc and ACP Monroe Associates, LLC. The 27,105 s/f store will be lo- cated in Rockland Center, Nanuet. Christopher Farrell of Vanguard- Fine brokered the lease between Albany Management and New-ish. The 1,310 s/f store will be located at 2568 Western Ave., Guilderland. Feinman and Brownell of Van- guard-Fine brokered a 15 year ground lease between GBR Plattsburgh, LLC and Texas Roadhouse. The restaurant will be located on two acres of land on at Rte. 3, Plattsburgh. Sheldrick of The Largo Group of Companies arranges $696,000 permanent mortgage EYP partners with Long Point Capital ALBANY, NY According to EYP Archi- tecture & Engineering, Long Point Capital, a New York-based private equity group, acquired a minority interest in the privately held firm. With 325 professionals located in six offices across the country, EYP is one of the world's leading AE firms, pro- viding both stand alone and integrated architecture and engineering design, master planning, and energy services to a wide variety of prominent public and private clients. EYP delivers expertise-driven design through a strategic, collabora- tive process, creating exceptional and innovative environments to advance each client's vision. The firm's com- mitment to energy efficiency and sustainability inspires every design, while at the same time, influences its own workplace culture and over- all corporate strategy. Consistently ranked as one of the nation's top firms and recently named 15th overall and 2nd in the education sector on Engi- neering News Record's list of the Top 100 Green Design Firms, EYP excels in thought, leadership, research, and a unique ability to anticipate client needs. "This relationship fulfills a number of our key strategic goals," said Tom Birdsey, AIA, EYP's president and chief executive officer. "It not only aids the expansion of our presence in critical geographies, allowing us to attract additional world-class clients and world-class talent, but it gives us the resources to exercise the next generation of our growing global architecture and engineering practice. Our clients seek comprehensive, holistic solutions that demand vi- sion, expertise-driven design, talent, and proactive partners that enable their mission. Now, as part of Long Point Capital's portfolio, we can ALBANY, NY CresaPartners' Albany office (formerly Conley Associates) has completed lease negotiations for Roemer Wallens Gold & Mineaux LLP (RWGM). RWGM is a law firm with offices in Albany, the state capital of New York. RWGM has a reputation for providing its clients with responsive, thoughtful, creative, efficient and effective legal services. CresaPartners assisted RWGM in the negotiations of their lease renewal at 13 Columbia Circle. They are in 9,277 rentable s/f. The landlord is Columbia Circle Associates, LLC. CresaPartners also completed lease negotiations for ICF Consulting Group, Inc. ICF International was founded in 1969 as the Inner City Fund, a venture capital firm whose offer comprehensive and integrated professional services and expect fast-paced strategic expansion. We are thrilled to have Long Point Capital as a partner." Long Point Capital is a private equity fund with offices in New York and Michigan. With $315 million of capital under management, its focus is partnering with successful entrepreneurs of middle market businesses to help them achieve their strategic goals. Long Point Capital's managing di- rector Ira Starr said, "Our investment in EYP is a milestone for Long Point Capital; the practice will add high quality expertise-driven design to our portfolio of professional service investments. Their integrated ap- proach has long been recognized as providing distinctive, energy efficient, and sustainable solutions to premier clients. This merger will enable us to build a design leadership position in the facilities building segment and to increase our participation in private and public sector projects across the United States and strategic locations around the world. Together with our other portfolio companies CHA and Cumming Group, we offer a full range of horizontal and vertical services: planning, design, program and cost management and consulting - separately or as an integrated pack- age. Finally, EYP's world-class brand, based on consistent quality and highly charged intellectual design solutions, will substantially enhance Long Point Capital's reputation and visibility. EYP will serve as a keystone and lead the development of our growing design and construction offering. We are proud that EYP has joined Long Point Capital's expanding portfolio of design and construction related companies." CresaPartners completes two leases totaling 11,285 s/f mission was to finance inner-city businesses. CresaPartners assisted ICF in the negotiations of their lease renewal at 215 Washington Avenue Extension. They are in 2,008 rentable s/f and the landlord is B.A.B. Enterprises, L.L.C CresaPartners LLC, headquartered in Boston, is one of North America's largest corporate real estate advisory firms that exclusively represents ten- ants and specializes in the delivery of fully integrated services. Through an alliance with Savills, CresaPartners covers more than 255 locations in 40 countries and more than 55 North American locations. For more information visit www.cresapartners.com. October 25 - November 7, 2011 13B