News: Long Island

New York Commercial Real Estate, Ltd. closes two sales totaling $4.1 million and leases 3,000 s/f

Smithtown, NY According to New York Commercial Real Estate, Ltd., the firm closed two sales totaling $4.1 million, and leased 3,000 s/f.

15 S. Jersey Avenue and 128, 130, and 132 Old Town Road - East Setauket, NY

New York Commercial Real Estate handled the sale of a four-building portfolio. The buildings, located at 128, 130, and 132 Old Town Rd. and 15 S. Jersey Ave. in East Setauket, total 20,000 s/f. The sale price was $2.65 million. The seller was Barry Salzberg, Setauket Investors and the buyer was a private investor.

2 E. Main Street - Smithtown, NY

New York Commercial Real Estate handled the sale of an 8,600 s/f property at 2 E. Main St. in Smithtown. The property traded for $1.45 million. The seller was Ken Washington, Smithtown Theatre Holding Company, LLC and the buyer was Smithtown Center for The Performing Arts Board of Directors. Smithtown Center For The Performing Arts is the tenant.

620 Waverly Avenue - Patchogue, NY

New York Commercial Real Estate handled a 3,000 s/f lease at 620 Waverly Ave. in Patchogue. The space was leased to the Huntington Learning Center for a lease price of $22 per s/f, NNN. Pride Funding, LLC is the landlord.

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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.