The shopping center, which is anchored by grocer Stop & Shop, is located on 14.4 acres at 1600 Perrineville Road.
“We don’t see a big economic downturn in 2020. The CRE market will hold its own,” says Mitti Liebersohn, president and managing director of New York operations at Avison Young.
The Altman Family, who disposed of the real estate from its portfolio, had a 75,000-square-foot warehouse on the land. B6 Real Estate Advisors and Cushman & Wakefield represented on behalf of the seller.
The $71.28 million permanent FHA financing enables the borrower to exit an initial bridge loan used for the purchase in November 2017 and to continue with large scale renovations.
The firm’s emphasis on relationship development and network of repeat borrowers bolsters its execution of the national transactions—which accounted for more than half of total dollar volume in 2019.
Whether a renter is considered a Baby Boomer, Millennial and Gen Zer, the common denominator is the desire to have inexpensive and flexible living accommodations within short distances to resources and transportation.
Thor Equities Group, a real estate development, leasing and management firm has appointed Danny Sachnowitz, formerly of the Texas Treasury Safekeeping Trust Company, a municipal investment arm, as president of the company.
Inspection requirements and penalties for building exteriors in New York City could grow stricter and cost big fines for property owners under an update to Local Law 11 beginning this February, which requires hands-on inspections of all facades for buildings six stories or taller.
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