News:
Brokerage
Posted: March 14, 2023
Cushman & Wakefield arranges $12.1 million sale of The Whitestone Assemblage
Whitestone, NY Cushman & Wakefield has arranged the sale of The Whitestone Assemblage for $12.1 million. Whitestone Assemblage is located at 151-11 6th Rd., the site is an industrial outdoor storage (IOS) asset with a total lot footprint of 4.6 acres, including 1.5 acres of riparian water rights.
Cushman & Wakefield’s Daniel Abbondandolo, Robert Kuppersmith and Joegy Raju represented the seller in the transaction. Brian Sarath, also of Cushman & Wakefield, represented the buyer, Top Rock Holdings. Donna-Marie Korth, Esq, of Certilman Balin Adler & Hyman, LLP, acted as court appointed receiver.
Comprised of six individual tax lots, the site is zoned M1-1 permitting an industrial development opportunity of 121,882 buildable s/f. The property is leased to 12 separate tenants all on a short-term basis.
“This unique industrial outdoor storage asset offers tremendous upside with the ability to capitalize on the unprecedented growth of IOS assets throughout the New York City market,” said Abbondandolo. “The asset is strategically located around major transportation corridors, with the ability to also utilize New York City waterways for freight deliveries.”
The property’s strategic location offers easy access to JFK and LGA airports, expressways and bridges for truck routes and the East River by freightliner for seamless commuting to all five New York City boroughs and Long Island.
Tags:
Brokerage
MORE FROM Brokerage
Horizon Kinetics relocates new headquarters to Tishman Speyer’s Rockefeller Center
Manhattan, NY According to Tishman Speyer investment boutique Horizon Kinetics Asset Management LLC will relocate its current New York office to 18,713 s/f on the 27th floor of 1270 Avenue of the Americas at
.jpg)
Quick Hits
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
.gif)