A joint venture of Goldman Sachs Asset Management and Blumenfeld Development Group is buying an industrial property in the Bronx for $38.5 million. . . .Read more
Himmel + Meringoff Properties, which made early bets on Long Island City in the 1980s, has turned its attention to the Bronx and acquired a mixed-use Bronx warehouse for $89 million. A Pinnacle Realty team led by Fred Stein, Decio Baio and George Margaronis represented both sides of the deal. . . .Read more
Owner and developer Himmel + Meringoff (H+M) and financier Square Mile Capital Management together have acquired a mixed-use industrial site in the Bronx for $89 million from Sackman Enterprises, according to information from the buyers.
Pinnacle Realty represented the seller in the transaction. Sackman had owned the asset for around 30 years, sources said.. . . Read more
The New York City Department of Transportation is nearing a deal to lease a vacant 92,000-square-foot building at 101 Varick Avenue in East Williamsburg,
Brooklyn, Commercial Observer has learned.
David Junik and Abraham Lowy of Pinnacle Realty are handling the transaction for the landlord and declined to comment. . . .
Steel Equities – the Long Island-based investor that focuses on industrial and warehouse projects – picked up a Bushwick property for $53 million.
. . .
A new charter school is coming to the South Bronx under a 45-year lease deal that will let it avoid paying both conversion costs and property taxes.
Neighborhood Charter School, based in Harlem, will open its new Bronx location at 411 Wales Avenue in Mott Haven, according to Crain’s. Pinnacle Realty of New York’s Decio Baio, Fred Stein and Ariel Castellanos brokered the deal. . . .
Storage company Madison Development has purchased two sites in East New York for $25.3 million, according to property records filed with the city Friday. . . .Read more
Turnover among New York City’s commercial real estate brokerages is rarely labeled a “game changer.”
. . .
The $78 million sale of Jamaica’s Ideal Business Center topped the list. It was followed by Home Depot’s $63 million purchase of a Coca-Cola bottling plant
in Maspeth. And a pair of industrial sites near JFK Airport that Deutsche Bank’s real estate arm bought for $43.1 million and $33.6 million occupied
numbers three and four on the list.
. . .
Home Depot pick up a 7.3 acre site that houses a Coca-Cola bottling plant in Queens' Maspeth neighborhood for $63 million, sources told the Real Deal. Kaymac had hired a Pinnacle Realty team led by David Junik, Decio Baio and James Tack to market the sale in March, when sources had pegged it to sell north of $70 million.The site, located near the Long Island Expressway, offers 316,200 buildable square feet. . . .Read more