ReportWire

Tag: Commercial Real Estate

  • Battle over sites near future San Jose BART station may go to trial

    SAN JOSE — A fight over sites near a BART station east of downtown San Jose might be headed to a jury trial that would pit small business owners against the Santa Clara Valley Transportation Authority.

    The VTA is attempting to seize properties it says are needed to construct the 28th Street/Little Portugal BART Station near the interchange of U.S. Highway 101 and East Santa Clara Street. The site is bounded by North 28th Street, East St. James Street, North 30th Street, and Five Wounds Lane.

    Properties bounded by Five Wounds Lane, North 28th Street, East St. James Street, and North 30th Street, that are the site of a future BART station east of downtown San Jose, marked by the lines. Boundaries are approximate. ( Google Maps )

    A business already ousted from the BART site, Monarch Truck Center, moved in 2024 to a new location at 1015 Timothy Drive in San Jose because it was forced to swiftly decamp from its longtime spot at 195 North 30th St. at the request of VTA officials, according to Monarch Truck Center Chief Executive Officer Nicole Guetersloh.

    “We were told we needed to leave so construction could start, but it has been almost two years, and nothing has happened,” Guetersloh told this news organization. “The building is still standing. They haven’t even taken down our signs. The extra time could have made a huge difference for us in terms of finding a new location.”

    Monarch Truck Center headquarters at 1015 Timothy Road in east San Jose, seen in November 2024.(Google Maps)
    Monarch Truck Center headquarters at 1015 Timothy Road in east San Jose, seen in November 2024. (Google Maps)

    In 2021, the VTA filed a lawsuit against the owner of the site as well as Monarch and other businesses at the location as part of an eminent domain proceeding to seize control of the property so the BART station could be constructed.

    The transit agency at one point even asked a Santa Clara County judge to order the businesses to vacate the site before a judgment was issued authorizing VTA to take ownership of the property.

    “To meet the current construction completion schedule and ensure critical path activities are not compromised, the subject property is needed by April 2023,” Gary Griggs, the VTA’s chief program officer for the BART extension in the South Bay, stated in court papers filed in 2022. “Securing possession by this date will allow the contractor(s) to begin building demolition work and site preparation, followed by archaeological testing.”

    The VTA has yet to begin any meaningful work on the site in the face of worsening delays that haunt the BART extension in the South Bay.

    Following the VTA filing, it has been disclosed that massive funding shortfalls have engulfed BART’s extension to three San Jose train stops and one in Santa Clara.

    For Monarch Truck Center, finding a new site and setting up shop wasn’t straightforward.

    “Moving a company like Monarch Truck Center isn’t easy,” Guetersloh said. “There were very few available properties that fell within the boundaries we must adhere to. Even fewer were properly zoned and capable of supporting a full-service truck dealership like ours. Every time I drive by our old location, I can’t help but wonder what was the rush.”

    The VTA’s lawsuit is now headed for a jury trial within the next few weeks, absent an out-of-court settlement of the case, court papers show.

    “After VTA condemned the property, Monarch was forced to relocate to a subpar site with significant limitations,” Monarch Truck stated in a background document regarding the case. “The business has suffered a measurable loss of goodwill and is seeking just compensation. VTA has valued the company’s losses at $0, and the case is headed to trial.”

    George Avalos

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  • Great Neck retail property trades for $3.15M | Long Island Business News

    A vacant auto dealership property on Northern Boulevard in Great Neck sold for $3.15M.

    David Winzelberg

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  • Inked: Long Island commercial real estate transactions | Long Island Business News

    22 Industrial Blvd., Medford

    Facema New York Inc. leased 3,000 square feet of industrial space at 22 Industrial Blvd. in Medford. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, TDS Realty Inc., in the lease transaction.

     

    1087-1099 Smithtown Ave., Bohemia

    Seaford-based Petrakis Properties purchased the 6,160-square-foot building on .73 acres at 1087-1099 Smithtown Ave. in Bohemia for $1.82 million. The seven-store property is fully occupied by a variety of neighborhood retail tenants. The sale price equates to a 7.3 percent cap rate. Adam Silber, principal of Silber Investment Properties, represented the buyer, while his Silber Investment Properties colleague Abraham Adjmi represented the seller, Bohemia Shopping Center LLC, an affiliate of Robert Ferrara, in the sales transaction.

     

    1707 Middle Country Road, Centereach

    ARF Group leased a 2,500-square-foot retail space in the New Village Plaza shopping center at 1707 Middle Country Road in Centereach. Expected to open this spring, the Centereach store will join the ARF Group’s Pizza Hut locations in Patchogue, Shirley, Middle Island and Huntington Station. All of the franchisee’s Pizza Hut restaurants on Long Island are the chain’s new model called DELCO, which stands for delivery + carryout, as the company pivots from the traditional red-roofed, standalone dine-in restaurants. Rachel Butiu of Mason Asset Management represented ARF Group, while Peter Dilis of Olympic Property Management represented the landlord, MVC Properties, in the Centereach lease transaction.

     

    707 Walt Whitman Road, Melville

    Meinergy LLC, an affiliate of a Long Island-based commercial real estate investor, purchased the two-story, 4,100-square-foot mixed-use building on .09 acres at 707 Walt Whitman Road in Melville for $1.125 million. The 2,060-square-foot retail space on the building’s ground floor is occupied by Signature Carpet & Flooring, while the second-floor office space is currently vacant. The buyer plans to lease the available office space and possibly occupy a portion, according to a broker on the deal. Viola Deng of Go Go International Realty represented the buyer, while Marissa Cosentino and Juliana Chiarelli of Scout Realty Group represented the seller, BJAMD LLC, in the sales transaction.

     

    611 Sunrise Highway, Patchogue

    611 Sunrise Highway LLC, an affiliate of Steven Gomes, owner of Long Island automobile dealerships, purchased a 10,000-square-foot building on .87 acres at 611 Sunrise Highway in Patchogue for $2.85 million. The sale price equates to $285 per square foot. The property, once home to a Harrow’s store, was last occupied by an irrigation supply firm. The buyer plans on using the building as an auto parts warehouse. Jason Merrell of Island Associates Real Estate represented the buyer, as well as the seller, GEJAC Properties LLC, in the sales transaction.

     

    675 Hempstead Turnpike, Franklin Square

    Hermes Management LLC, whose principal resides in Muttontown, purchased a 2,456-square-foot building on .28 acres at 675 Hempstead Turnpike in Franklin Square for $3.75 million. The property is leased to Citizens Bank. The sale price equates to a 5.28 percent cap rate. Hermes Management also acquired a 2,500-square-foot building on .80 acres at 820 Bloomfield Ave. in West Caldwell, N.J. for $3.5 million. That property is also leased to Citizens Bank and the sale price equates to a 5 percent cap rate. Anne Chang of JadeStone Real Estate Consulting represented the buyer, while Dylan Silber of Silber Investment Properties represented the seller, Manzo-Doren Organization LLC, in the Franklin Square and West Caldwell sales transactions.

     

    50 Montauk Highway, East Islip

    50 E. Main LLC, an affiliate of Bellmore-based restaurateur Dimitrios Sourgoutsis, purchased the 3,000-square-foot building on .80 acres at 50 Montauk Highway in East Islip for $1.8 million. The property is triple net leased to Friendly’s through May 31, 2037, with four additional five-year options to renew. The sale price equates to a 5.87 percent cap rate. The Friendly’s in East Islip is one of nine of the chain’s Long Island locations, including East Meadow, Massapequa Park, Commack, Sayville, Stony Brook, Medford, Coram and Shirley. Dylan Silber of Silber Investment Properties represented the buyer, as well as the Dix Hills-based seller, 50 Montauk Highway LLC, in the East Islip sales transaction.


    David Winzelberg

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  • Long-held Bethpage mixed-use asset has changed hands | Long Island Business News

    A mixed-use property in Bethpage that’s had the same ownership for nearly three decades has been sold. 

    Pervez Kahn, principal of Kahn Capital Group, purchased the two-story, 6,137-square-foot building on .15 acres at 10-12 Railroad Ave. for $2.1 million. The fully occupied building has nine rental apartments, and a ground-floor commercial space leased to Susan’s Pub, a popular local watering hole. 

    The sale price equates to a 6.1 percent cap rate. 

    Kahn Capital Group, which focuses on the acquisition and long-term ownership of multifamily and mixed-use assets throughout Long Island, plans significant investment in renovations and improvements to the property, according to a broker on the deal. 

    Carle Place-based ERG Commercial Real Estate provided a $1.444 million acquisition loan to Kahn Capital Group for the Bethpage purchase. 

    “The owner’s goal was to purchase the property with good leverage to then invest back into the property to add value,” ERG’s Ryan Lewis announced on Instagram. “We were able to arrange a five-year fixed traditional mortgage with an interest only component for the first year which would then convert to an amortizing loan for the remaining years. We were also able to arrange that for the first year the borrower would have the option to cash out/refinance without penalty after adding value to recapitalize his investment further accomplishing the borrower’s goals.” 

    The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, MMC 2 Inc., in the sales transaction. 

    “Demand for mixed-use assets with durable residential income remains extremely strong,” Bigansky of North Village Realty told LIBN. “This transaction reflects both the depth of qualified buyers in the market and the appetite for properties that offer long-term upside through strategic capital investment. Executing an accepted offer within 30 days—while generating many qualified backup offers—is a clear indication of how competitive this segment remains and the depth of investor demand for well-located mixed-use properties.” 


    David Winzelberg

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  • Uptown Charlotte land global debt collector’s second location in the US

    A global debt collector is expanding its U.S. operations, and chose Charlotte for its new office space.

    PRA Group, which acquires and collects on nonperforming loans, will move into uptown’s One South building in February, according to a news release. The firm has international offices in London, Oslo and Warsaw, Poland, and it’s headquartered in Virginia. The expansion to Charlotte marks the second U.S. location for the firm.

    The move, as PRA puts it, marks an “expansion into one of the nation’s fastest-growing financial markets.”

    The Charlotte office will be a talent hub and focus on recruiting employees to the firm, the release said. It’s unclear how many people the firm will hire. A PRA spokesperson also declined to share what type of positions or salary ranges will be available in the future.

    But, like many other companies expanding and relocating to Charlotte, PRA Group believes the city has “large pools of skilled professionals,” PRA Group President and CEO Martin Sjolund said in the release.

    The firm also said it chose Charlotte because of the quality of life , the city’s long-term economic growth and easy access to an international airport with Charlotte Douglas.

    About PRA Group

    PRA Group opened 30 years ago with four employees in Norfolk, Virginia, according to the firm’s website.

    Now it employs over 1,000 people worldwide.

    About One South

    PRA Group is the latest tenant for One South at 101 S. Tryon St., taking up about 4,300 square feet.

    In October, Proskauer, a global firm specializing in business, financial and individual legal services, signed a lease at One South for over 8,300 square feet. Trimont, a commercial real estate loan services provider, became the tower’s largest tenant in June when it signed a lease for 67,935 square feet, which spans three floors.

    Other move-ins include Dole Food Company, Deriva Energy and Coquette, a French-inspired restaurant.

    PRA Group brings One South’s occupancy to well over 75%.

    Related Stories from Charlotte Observer

    Desiree Mathurin

    The Charlotte Observer

    Desiree Mathurin covers growth and development for The Charlotte Observer. The native New Yorker returned to the East Coast after covering neighborhood news in Denver at Denverite and Colorado Public Radio. She’s also reported on high school sports at Newsday and southern-regional news for AP. Desiree is exploring Charlotte and the Carolinas, and is looking forward to taking readers along for the ride. Send tips and coffee shop recommendations.

    Desiree Mathurin

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  • Babylon Village mixed-use property sells for $4.625M | Long Island Business News

    A fully occupied mixed-use property near the Babylon LIRR station sold for $4.625M, highlighting strong investor demand in Babylon Village.

    David Winzelberg

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  • Long Island-based REIT reports $123M in acquisitions | Long Island Business News

    THE BLUEPRINT:

    • Postal Realty Trust invested $123 million to acquire 216 USPS-leased properties in 2025

    • Acquisitions totaled about 642,000 square feet with an average cap rate of 7.7%

    • The REIT’s portfolio grew about 20% year over year while maintaining a strong balance sheet

    • Owned properties were 99.8% occupied across 1,917 locations in 49 states

     

    Postal Realty Trust, a real estate investment trust headquartered in Cedarhurst, reported it invested $123 million in property acquisitions last year, according to its latest financial filing. 

    The REIT, which as its name implies, owns and manages more than 2,200 properties leased primarily to the United States Postal Service. Its property portfolio consists of last-mile post offices and distribution facilities throughout the U.S., including several on Long Island. 

    In 2025, Postal Realty Trust acquired 216 properties leased to the USPS. The properties totaled about 642,000 net leasable interior square feet and had a weighted average rental rate of $16.24 per square foot as of Dec. 31, 2025. The acquisitions had an average cap rate of about 7.7 percent, according to a company statement. 

    “The acquisition volume we achieved in 2025 reflects the strength of our long-standing relationships, our differentiated sourcing strategy, and our specialized expertise in postal real estate,” Andrew Spodek, the REIT’s CEO, said in the statement. “Last year’s acquisitions represent approximately 20 percent growth in our asset base from year-end 2024. Importantly, we drove this growth while maintaining a strong balance sheet. This growth builds on the results we’ve delivered since our IPO in 2019—expanding our asset base by approximately 1,095 percent. Over that time, we have delivered compound annual AFFO per share growth of approximately 5.5 percent from 2020 through 2025, based on the midpoint of guidance.”  

    Postal Realty Trust’s owned portfolio was 99.8 percent occupied with 1,917 properties across 49 states and one territory with about 7.1 million net leasable interior square feet and a weighted average rental rate of $11.88 per leasable square foot as of Dec. 31, 2025. The weighted average rental rate consisted of $14.09 per leasable square foot on last-mile and flex properties, and $4.23 per leasable square foot on industrial properties, the company reported. 

    At the end of 2025, 89 percent of Postal Realty Trust’s outstanding debt was set to fixed rates and $39 million was outstanding on the REIT’s senior unsecured revolving credit facility. The weighted average interest rate of the company’s total debt outstanding was 4.38 percent, according to the statement. 


    David Winzelberg

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  • Inked: Long Island commercial real estate sales and leases | Long Island Business News

    130 Eileen Way, Syosset

    Total Restoration Industries purchased the 30,500-square-foot building on 1.5 acres at 130 Eileen Way in Syosset for $9.093 million. The company, in business for more than 30 years, specializes in restoring property damaged by fire and smoke, water and flooding and mold remediation. It will be relocating from its current location down the street at 160 Eileen Way. The Syosset property at 130 Eileen Way had been the home of Big Blue Products, a global provider of IT products, computers, laptops, tablets and related parts and accessories. Max Omstrom of JLL represented the buyer, while Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate represented the seller, Alnwick Castle LLC, in the sales transaction.

     

    4250 Veterans Memorial Highway, Holbrook

    MDJ Realty Services, an entity owned and controlled by Michael Broxmeyer and his brother Daniel Broxmeyer, purchased the four-story 145,000-square-foot building on 6 acres at 4250 Veterans Memorial Highway in Holbrook for $13 million. The office building, located at the corner of Veterans Memorial Highway and Johnson Avenue and known as MacArthur Plaza, is 78 percent occupied. The sale price equates to $89 a square foot an in-place cap rate of about 12 percent. Though the Broxmeyers are also executives with Melville-based Fairfield Properties, the Holbrook deal has nothing to do with Fairfield, and the property will be managed by MDJ. Financing for the acquisition was provided by Joseph Fingerman at Peapack Private Bank & Trust. The buyer was self-represented, while Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield’s Long Island Investment Sales and Capital Markets team were assisted by C&W’s David Pennetta and Steve Cadorette in representing the seller, CAF Vets LLC, in the Holbrook sales transaction.

     

    60-70 Cleveland Ave., Bay Shore

    ZNM LLC purchased a 41,419-square-foot industrial building on 2.9 acres at 60-70 Cleveland Ave. in Bay Shore for $6.35 million. The building has a 13,000-square-foot mezzanine and 22-foot-high ceilings. Luca Perinuzzi and Ralph Perna of Schacker Realty represented the buyer, while Reid Berch and Joseph Lagano of Avison Young represented the seller, SLMP Facility LLC, in the sales transaction.

     

    21-23 S. Park Ave., Rockville Centre

    Eager Realty LLC, an affiliate of a family-owned real estate investment group, purchased a 2,640-square-foot restaurant building at 21-23 S. Park Ave. in Rockville Centre for $1.675 million. The building is triple-net-leased to The Ivy Kitchen & Bar, which also has a location in Huntington. The sale price equates to $634 per square foot and a 7 percent cap rate. The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, CSK Realty Inc., in the sales transaction.

     

    1821 Broadhollow Road, East Farmingdale

    Value Outlet leased a 20,000-square-foot building on 1.13 acres at 1821 Broadhollow Road in East Farmingdale, where it plans to open its first store. The property was the former long-time home of Ashley Furniture.

    The newly minted Value Outlet is an off-price retailer of apparel, footwear, home goods and accessories. The East Farmingdale building is currently undergoing renovations, and the new store is expected to open in the next few months. Luciano Oliverio of Summit Commercial Real Estate represented Value Outlet, while the landlord JSP Realty Group was self-represented in the lease transaction.

     

    48 West Main St., Patchogue

    Tapster, a self-pour tasting room franchise, leased a 4,200-square-foot retail space at 48 West Main St. in Patchogue. The space was formerly occupied by Pinball Long Island. This will be the first Long Island location for Tapster, a growing franchise that has other locations open in Seattle and Bellevue, Wash., Cleveland, Ohio, Chicago, Philadelphia and Lexington, Ky. Tapster offers a self-serve tasting room model, allowing guests to explore a wide selection of craft beers, wines, cocktails, ciders, kombucha, and non-alcoholic beverages purchased by the ounce. The Patchogue Tapster, owned and operated by franchisee Allison Dee, is expected to open this spring. John Pacifico of NAI Long Island represented the tenant in the Patchogue lease transaction.

     

    365 Oser Ave., Hauppauge

    Boduo International Trade LLC, an affiliate of a supplier of bubble tea ingredients and products, leased a 20,000-square-foot industrial building on 1.14 acres at 365 Oser Ave. in Hauppauge. The company is relocating from its current facility in Farmingdale. Founded in 2014, Boduo International is a subsidiary of Boduo Holding Group, one of the largest milk tea suppliers in China since 2000, according to its website. The company’s product offerings include tea, non-dairy creamer, popping boba, toppings, powder, jam and syrup. Desmond Mullins of Premier Commercial Real Estate represented the tenant, as well as the landlord, Heartland Associates, in the lease transaction.

     

    301 Walt Whitman Road, Huntington Station

    Seven Hearts Realty LLC, an affiliate of a family-owned commercial real estate investment group, purchased the 19,530-square-foot building on 1.2 acres at 301 Walt Whitman Road in Huntington Station for $14.2 million. The acquisition was completed to satisfy the buyer’s 1031 exchange requirement. The Huntington Station property is fully occupied by Barnes & Noble, which leases 14,330 square feet and a T-Mobile store that leases 5,200 square feet. There is parking for 16 vehicles in front and another 50 parking spaces behind the building. The sale price equates to $727 a square foot and a 6.45 percent cap rate. Daniel Abbondandolo, Joegy Raju, Victor Little and Chris Sheldon of Cushman & Wakefield procured the buyer and represented the seller, 301 Route 110 LLC, in the sales transaction.

     

    445 Winding Road, Old Bethpage

    Daniels Real Estate Acquisition Inc., an affiliate of Daniels Health, purchased the 23,159-square-foot industrial building on 1.5 acres at 445 Winding Road in Old Bethpage for $6.69 million. Paul Leone of CBRE represented the buyer, while Gary Chimeri and Michael Berndt of Paramount Properties Group represented the seller, Quarter to Five Inc., in the sales transaction.

     

    41 Howard Place, Ronkonkoma

    ISP Millwork Inc. leased 9,000 square feet of industrial space at 41 Howard Place in Ronkonkoma. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, 41 Howard Place LLC, in the lease transaction.


    David Winzelberg

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  • Value Outlet discount retailer to open its first Long Island store | Long Island Business News

    Value Outlet, an off-price discount retailer, leased a 20,000-square-foot former Ashley Furniture site on Broadhollow Road in East Farmingdale, opening next year.

    David Winzelberg

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  • Finding balance when the holidays arrive

    Well, the holidays are upon us, and I always relish this time of year.

    The pace slows, if only a little, and I find myself with more moments to spend with family, reflect on the year that was and imagine the year that is coming.

    It is a season that encourages gratitude and perspective, something that can be hard to maintain during the other 11 months when deals stack up, deadlines tighten and our calendars appear to have a life of their own.

    Looking back on my career, especially those early decades when I was brokering full time while also husbanding and parenting three amazing kids, I am often asked how I kept any semblance of balance.

    Let me be clear. It was not easy. There were sleepless nights, missed cues and more than a few days when I felt stretched too thin. But I made it through, and more importantly, I grew through it.

    As you wrap gifts, close year end transactions, or simply catch your breath, I want to offer three lessons that helped me navigate the overlapping worlds of work and family. These are not theories. These are practices that held me together.

    Focus on what’s important

    In commercial real estate, deals can feel monumental. They demand our attention, our creativity and often our weekends.

    But here is the truth I learned, sometimes the hard way: Your family will not remember that deal you made. They will, however, remember your absence from the dance recital, the league championship or the Scout outing.

    Those moments do not get replayed. You do not get a second chance at your child’s childhood.

    As brokers, we pride ourselves on being present for our clients. Being present at home, truly present, is what builds a life. Deals close and commissions fade. Memories linger.

    Spend your working time working

    Over the years, I have had the privilege of observing many top producers. They come in all styles and personalities, but they share one trait: They have a laser-like focus during their most productive hours.

    When it is time to work, they work. They are not polishing paper clips, reorganizing desk drawers or scrolling their way into distraction. They use their productive hours with intention.

    Because of that discipline, they earn the right to unplug without guilt.

    That discipline gave me margin. It allowed me to coach, to carpool, and to sit at the dinner table without my phone buzzing like a brain stem. If you want balance, you cannot waste the hours that are meant for production.

    Keep perspective. We are brokers

    Let me say something that may sound a little bold. We are brokers. We are not performing heart surgery, saving souls or sending astronauts into space.

    What we do is important. We help businesses grow, communities evolve and owners invest in their future. But what we do is not a matter of life and death. Once I accepted that truth, an enormous weight lifted.

    The pressure I placed on myself did not always match the stakes.

    Keeping perspective helped me show up at home as a calmer and steadier version of myself. It allowed me to step away when needed, without the world collapsing or without me imagining that it might.

    As this year comes to a close, I hope you find space to pause and consider how you balance the roles you play as a broker, a spouse, a parent, a friend, and sometimes a mentor. Our profession asks much of us. Our lives ask more.

    The deals will still be there in January. The people you love are here right now.

    Take care of them. Take care of yourself. And enjoy this season of slowing down.

    Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.

    Allen Buchanan

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  • Long Island real estate leader Ted Sasso dies at 81 | Long Island Business News

    THE BLUEPRINT:

    • Ted Sasso, longtime real estate leader, died Dec. 13 at age 81

    • A respected executive in Long Island and New York real estate

    • Played a key role in launching Cushman & Wakefield‘s first Long Island office

    • Served in civic leadership roles including chair of the Hempstead Industrial Development Agency

    Ted Sasso, a real estate leader and a friend to many in the business and nonprofit communities on Long Island and beyond, died on Dec. 13. He was 81.

    A “warm, kind and gentle man,” Sasso will be missed, his colleagues at the Commercial Industrial Brokers Society of Long Island (CIBS) said in an email shared with members and friends. The cause of death was a heart attack.

    Sasso was working on a book about New York real estate with this reporter. He shared insights about some of New York’s most iconic properties, from the World Trade Center and Rockefeller Center in Manhattan to what is now RXR Plaza in Uniondale, and more. He spoke of the relationships he built with the some of the biggest names in real estate, from developer Larry Silverstein to CBRE‘s Steve Siegel. Over the course of his long career, he dealt with the Trumps, Rechlers and Dubbs, as well as Leona Helmsley, and even Lee Radziwill (Jackie Onasis’ sister) and Walter Cronkite.

    The president of Sasso Commercial Real Estate Services, Sasso served earlier at various Fortune 500 companies, including as director of real estate for Macmillan and manager of worldwide real estate for CBS. He had also served as a leasing agent for Rockefeller Center.

    Sasso began his real estate career in 1963, working for Port of Authority of New York and New Jersey as a real estate representative, according to his online bio.

    He first joined the Long Island Business Development Council in 1976, serving as its co-chairman, according to CIBS. By 1980, he was instrumental in launching Cushman & Wakefield’s first Long Island office, and served as its manager. He went on to found Sasso & Fitzsimons, a firm that evolved into the Edward S. Gordon Company of Long Island and ultimately CB Richard Ellis, according to CIBS.

    A community leader, Sasso chaired the Hempstead Industrial Development Agency. He served as a trustee of the Incorporated Village of Brookville and served as its police commissioner, according to his bio. His civic engagement included serving as a trustee of the Henry Viscardi School, according to his bio.

    A funeral wake will be planned by the Sasso family in January. No additional details were immediately available.


    Adina Genn

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  • Local investors acquire retail properties in Virginia and Florida | Long Island Business News

    Two area investors have acquired retail properties in Virginia and Florida in deals brokered by a Long Island firm. 

    Seaford-based Petrakis Properties, a commercial real estate investment firm headed by Peter Petrakis, acquired a retail strip center in Norfolk, Va. 

    Petrakis purchased the 5,400-square-foot building on .67 acres at 1877 E. Ocean View Ave. for $1.3 million. 

    The three-store strip is anchored by a 7-Eleven, with a lease that expires in Aug. 2026. The other tenants are East Tide CBD and Ocean Coin Laundry. 

    The sale price equates to a 6.75 percent cap rate. 

    Adam Silber, principal of Plainview-based Silber Investment Properties represented the buyer, while his Silber Investment Properties colleague Chris Madlon represented the Norfolk-based seller, G&G Cape View LLC, in the sales transaction. 

    Chili’s restaurant at 940 U.S. Highway 1 in Vero Beach. / Courtesy of Silber Investment Properties

    In the second deal, FMJ Properties LLC, an affiliate of a New York-based commercial real estate investor, acquired a restaurant property in Florida. 

    FMJ purchased the 5,688-square-foot restaurant building on 1.91 acres at 940 U.S. Highway 1 in Vero Beach for $2.55 million. 

    The property is triple-net leased to a Chili’s restaurant, which recently extended its lease for 10 years. The lease is backed by publicly traded Chili’s owner Brinker International, which has over 1,600 locations, according to a broker on the deal. 

    The sale price equates to a 5.7 percent cap rate. 

    Nicolas Anzalone of Silber Investment Properties represented the buyer, while his Silber Investment Properties colleague Madlon represented the seller, 940 US 1 LLC, in the Vero Beach sales transaction. 


    David Winzelberg

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  • Madison Mortgage relocates with Garden City sublease | Long Island Business News

    Madison Mortgage Services, a real estate and mortgage services firm, is relocating to Garden City. 

    The mortgage firm subleased 16,414 square feet of office space at 900 Stewart Ave. from Flagstar Bank. The company will be moving from 3 Dakota Drive in Lake Success. 

    “While we truly enjoyed our many years in Lake Success, we felt that Garden City offered the best long-term fit for the future of Madison Mortgage Services,” Shah Tehrany, the company’s founder and CEO told LIBN. “Garden City is one of Long Island’s most dynamic business hubs, centrally located, vibrant, and full of energy. The community is growing, new restaurants and businesses are opening, and the environment is incredibly supportive for companies looking to scale. We’re thrilled to be in 900 Stewart Avenue, and we believe this move positions us to better serve our clients, our partners, and our team for years to come.” 

    Founded in 2019, Madison Mortgage is licensed in 44 states and Washington D.C. The firm provides a variety of mortgage services involving home purchases and refinancing and offers nearly instant rate quotes on its website at madisonmortgage.com. 

    The Long Island office market continues to gradually improve, though large amounts of sublease space remain. The overall vacancy rate in the third quarter was 13 percent, down from 13.9 percent in the previous quarter, according to a report from Cushman & Wakefield. However, there was still 870,492 square feet of sublease space available at the end of Q3, about two-thirds of which is Class A, with 494,705 square feet of the available sublease space in Nassau County. 

    Daniel Oliver and Scott Berfas of Newmark represented Madison Mortgage, while Phil D’Avanzo of Cushman & Wakefield represented main tenant Flagstar Bank in the Garden City sublease transaction. 


    David Winzelberg

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  • Upscale coworking hub opens at renovated Garden City office building | Long Island Business News

    THE BLUEPRINT:

    • Former 1950s Garden City office building transformed into The Franklin coworking hub

    • $4.5M renovation adds modern private offices, meeting rooms, lounges, and amenities

    • NY Space Finders created the concept amid rising demand for suburban workspaces

    • Spaces range from 100–2,050 sq. ft., with monthly rates from $1,900 to $3,800

     

    A formerly vacant three-story office building in Garden City has been reimagined and transformed into an upscale coworking concept. 

    Dubbed The Franklin, the 19,160-square-foot building on .14 acres at 1051 Franklin Ave. was originally built in the 1950s and went through a recently completed $4.5 million renovation. 

    Originally placed on the market for sale, the property drew significant interest from investors and businesses. However, Giuseppe Gregorio and Luca DiCiero of NY Space Finders, who brokered the listing, received feedback about the property’s location and the increasing demand from professionals seeking office environments outside of Manhattan. 

    A conference room at The Franklin coworking facility in Garden City. / Courtesy of NY Space Finders

    “People were coming back to the office—just not necessarily to the city,” said Gregorio. “We saw a real opportunity to create something unique right here in Garden City.” 

    The brokers advised the Queens-based owners not to sell the building, but to renovate it instead. Assisted by underwriting and consulting led by their NY Space Finders colleague Nick Evangelista, they created the coworking office concept. 

    The shared-office model offers furnished private offices, conference rooms and lounge areas. Featured amenities include high-speed internet, kitchen, mail handling, printing and scanning facilities, on-site parking and 24-7 access. 

    “We designed The Franklin to feel like a piece of Manhattan in Garden City—clean, modern, and built for how people work today,” Evangelista said. “It’s not just another office building; it’s a workspace experience.” 

    The brokerage firm liked it so much; they leased 1,200 square feet at the building for their newest office. 

    The coworking industry has been growing. As of the third quarter, there were 8,420 coworking locations across the U.S., that includes 64 coworking locations on Long Island totaling about 960,000 square feet, according to CoworkingCafe.com. Despite reaching 150 million square feet across the U.S., shared office space facilities make up just 2.1 percent of all office space nationwide. 

    The available spaces at The Franklin range from as small as 100 square feet to as much as 2,050 square feet. Monthly rates range from $1,900 to $3,800. NY Space Finders is handling the leasing of the offices. 

    “With state-of-the-art amenities, convenient access, and a prime location that supports both employees and clients, this building provides an ideal environment for productivity and growth,” Gregorio told LIBN. “Companies moving here can benefit from a professional workspace that fosters collaboration while positioning themselves in one of Long Island’s most desirable business hubs. 1051 Franklin Avenue is not just an office—it’s a strategic move for the future of your business.” 


    David Winzelberg

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  • What can Pittsburgh’s river valley teach California about real estate?

    My wife and I have been on a mission since 2017 to visit all 50 states. After this weekend, we’ve now reached 44, including Alaska and Hawaii.

    The only ones left are the great plains states, Virginia and Vermont.

    This past weekend found us in the Steel City, also known as “The Burgh”- Pittsburgh, Pa. When we drove in from the airport and emerged from the Interstate 376 tunnel, an incredible panorama of skyscrapers opened before us.

    Framed by three rivers, the Pittsburgh skyline is one of the most impressive I’ve ever seen. From our base there, we were able to visit Steubenville, Ohio; Cumberland, Maryland; and Weirton, West Virginia — all within a short drive.

    You may be wondering what any of this has to do with commercial real estate. If you’ve followed my column for any length of time, you know I can’t help but look for real estate lessons in everything I experience. This weekend was no exception. Let’s take a look at a few takeaways from the Allegheny River Valley.

    Steubenville, Ohio

    Protecting the Foundation. Just across the Ohio River from West Virginia sits the historic town of Steubenville. It began as a frontier fort designed to protect surveyors mapping new land. Without those early surveyors, the land could not have been divided, titled, or developed. In many ways, they laid the groundwork – literally and figuratively – for the future economy.

    The lesson for commercial real estate is clear. Before any deal can progress, the groundwork must be done properly. That means understanding zoning, confirming ownership, verifying building conditions, and doing your due diligence before you commit. Much like those surveyors, we protect our clients by defining the boundaries and identifying the hazards. Skipping this step can leave you exposed, just as the early pioneers would have been without a fort to retreat to.

    Pittsburgh

    Once the beating heart of America’s steel industry, Pittsburgh suffered a severe economic collapse in the late 1970s and early 1980s. But instead of fading away, the city reinvented itself. It invested in education, technology, and healthcare. Today, Pittsburgh is home to world-class universities, robotics startups, and medical research centers. Its economy no longer depends on steel, it depends on innovation.

    This kind of reinvention is something we often see in commercial real estate. Properties, like cities, go through life cycles. A building once used for heavy manufacturing may find new life as a logistics hub or a research lab. An outdated office building might become a mixed-use creative space. The key is seeing potential where others see decline. Pittsburgh teaches us that reinvention, when paired with vision and investment, can lead to thriving new opportunities.

    Cumberland, Maryland

    Traveling south from Pittsburgh, we stopped in Cumberland, a small mountain town with big character. Decades ago, its downtown looked tired and forgotten. But today, it’s been completely transformed. Streets have been repaved, buildings repainted, and storefronts refilled. There’s energy, color, and commerce where there once was blight.

    In our world, downtown revival projects often start with one bold investor or a city initiative that reimagines what’s possible. When one property owner takes the leap to remodel, others follow. Before long, momentum builds. Cumberland shows us that with vision and collaboration, even a struggling location can experience a renaissance.

    If you’ve ever driven through an older industrial corridor that suddenly seems alive again – with breweries, boutique manufacturers, and adaptive reuse projects – you’ve seen this same story play out closer to home.

    The North Shore

    One of the most striking parts of Pittsburgh is its North Shore, home to the Steelers, Pirates and Pitt Panthers. Decades ago, this area was primarily industrial. Today, it’s a bustling entertainment district filled with stadiums, restaurants, a casino and hotels. What was once a manufacturing zone is now a center of experience and energy.

    Commercial real estate increasingly revolves around creating experiences. Whether it’s a retail development designed around community gathering spaces or an industrial project that prioritizes employee amenities, success depends on understanding how people want to use the space. The North Shore redevelopment shows how powerful it can be when cities – and property owners – think beyond square footage and focus on what draws people in.

    Lessons from the Allegheny

    Traveling through the Allegheny River Valley, I was reminded that markets evolve, industries adapt, and places reinvent themselves. From Steubenville’s early foundations to Pittsburgh’s transformation and Cumberland’s revival, the story is the same: progress requires vision, courage, and a willingness to build something new from what once was.

    Commercial real estate is about much more than bricks and mortar. It’s about understanding cycles, reading signs of change, and helping clients navigate transitions. Whether you’re developing a warehouse, repositioning an office, or reimagining a neighborhood, the principles are the same as those found in the river valleys of the east – prepare well, adapt quickly, and invest with vision.

    Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.

    Allen Buchanan

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  • Emergency lighting supplier expanding with Holbrook acquisition | Long Island Business News

    THE BLUEPRINT:

    • Ultra Bright Lightz purchases 12,000-sq-ft Holbrook industrial building.

    • Company relocates from Hauppauge to support growing emergency lighting demand.

    • Business founded in a West Islip backyard now employs 12 and expands product lines.

     

    When a teenaged Justin Tomney began his business in a wooden shed in his parents’ West Islip backyard, he couldn’t have imagined what his real estate needs would eventually become. 

    Now, Tomney’s company, Ultra Bright Lightz, a supplier of emergency lighting, is the new owner of a Holbrook industrial property, where it has plenty of room to grow. 

    Light bars for construction and emergency vehicles are featured in Ultra Bright Lightz product line. / Courtesy of Ultra Bright Lightz

    The lighting firm purchased a 12,000-square-foot building on 1 acre at 1401 Lincoln Ave. for $3 million. The company is relocating from about 8,000 square feet it had been leasing at 40 Oser Ave. in Hauppauge. 

    Ultra Bright had a humble beginning. After dabbling in sales of assorted products on E-bay, Tomney turned on to the lighting business when he was still a student at West Islip High School, making his own LED light strips with parts sourced from hardware and home improvement stores. 

    Though he had set out to become a CPA and graduated from Dowling College, Tomney had his lightbulb moment, deciding to concentrate on his fledgling business. 

    “It started growing,” he told LIBN, “and I saw its potential.” 

    Ultra Bright Lightz left the backyard shed for leased space in Deer Park before moving to Hauppauge in 2019. This month, he’s setting up shop in his new Holbrook digs. The company founder and CEO sees the expansion as an opportunity. 

    “We can keep up with demand, expand our product line and have some room to grow,” Tomney said. 

    Ultra Bright Lightz, which has been in business since 2006, supplies emergency lighting equipment for first responders and the public safety sector. The company, which has grown to 12 employees, offers a wide range of LED warning lights, police sirens, speakers, controllers and its best-selling plug-and-play vehicle flasher modules, which Tomney helped create. 

    Ultra Bright Lightz sells its products directly to consumers, as well as to fire departments and government agencies.  

    Alberto Fiorini and Niko Khetaguri of Alliance Real Estate represented Ultra Bright Lightz, while Andrew Blumenthal of Metro Realty Services represented the seller, Ellenwood Realty Company LLC, in the Holbrook sales transaction. 


    David Winzelberg

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  • Inked: Long Island commercial property sales total $12.5 million | Long Island Business News

    55 2nd Ave., Brentwood

    Queens-based TempWork Staffing Solutions Inc. purchased the 15,000-square-foot office building on 1.9 acres at 55 2nd Ave. in Brentwood for $5.3 million. The building is about 65 percent occupied, and TempWork plans to occupy about 5,000 square feet of the available space. The company, which also has offices in Elmhurst, Queens, is relocating its Suffolk County office from 2000 Brentwood Road. The sale price equates to a 5.5 percent cap rate. Founded in 2011, TempWork Staffing Solutions offers a variety of services, including seasonal staffing, contingent staffing, payroll services and more. Giuseppe Gregorio, Luca DiCiero and Nick Evangelista of NY Space Finders represented the buyer, while Mario Vigliotta of NAI Long Island represented the seller, 157 Cliff Road Partners LLC, in the Brentwood sales transaction.

     

    47 and 57 Hillside Ave.,  28 Locust St., Manhasset

    A three-building office portfolio in Manhasset has sold for $3.9 million.

    Mark Udell, the owner of London Jewelers, purchased a three-building office portfolio that totals 11,900 square feet, as well as a 5,000-square-foot parking lot. The properties in the portfolio include a two-story, 7,000-square-foot office building at 47 Hillside Ave.; a 4,000-square-foot office building at 57 Hillside Ave.; and a 900-square-foot office building at 28 Locust St. The building at 57 Hillside Ave. is fully occupied by three tenants and 28 Locust St. is occupied by a single tenant. The second floor of the building at 47 Hillside Ave. is occupied, and the currently vacant first floor will be used by London Jewelers for its jewelry repair operations, according to a broker on the deal. Kyle Crennan, Joe Lopresti and Brian Weigold of JLL represented the buyer, as well as the sellers, MAG Hillside LLC, RJG Hillside LLC, JVG Hillside LLC and DAG Hillside LLC, in the sales transaction.

     

    116-118 Broadway, Lynbrook

    118 Broadway LLC, an affiliate of a Long Island commercial real estate investor, purchased a 5,220-square-foot commercial building on .22 acres at 116-118 Broadway in Lynbrook for $1.75 million. The building, which has office space above three retail stores, is currently occupied by one tenant, Philly Pretzel Factory. Ron Koenigsberg and Dawn Gingold of American Investment Properties represented the buyer, as well as the seller, Phil Civello, in the sales transaction.

     

    3944-3954 Merrick Road, Seaford

    Local commercial real estate investor John DeCrescenzo purchased a 6,576-square-foot retail building on .32 acres at 3944-3954 Merrick Road in Seaford for $1.53 million. The building has two stores that are occupied by a hair salon and a chiropractic office. Ron Koenigsberg and Dawn Gingold of American Investment Properties represented the buyer, as well as the seller, Ryan Crest Corp., in the sales transaction.


    David Winzelberg

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  • Northwell expands at Stony Brook Technology Center | Long Island Business News

    Northwell Health Physician Partners has expanded its presence within Tritec’s Stony Brook Technology Center in East Setauket. 

    The Northwell affiliate, which currently occupies 6,240 square feet at 3 Technology Drive, expanded its space in the building with an additional 6,717 square feet, bringing their offices to a total of 12,957 square feet, according to a Tritec Real Estate statement. 

    Northwell Primary Care provides comprehensive healthcare focused on preventive medicine, chronic disease management and wellness. Its physicians offer services including annual checkups, health screenings, immunizations, and coordinated care for conditions such as diabetes, heart disease, and high blood pressure. Northwell is expected to take occupancy of the expanded space in the first quarter of 2026. 

    “This expansion reflects Tritec’s dedication to supporting the growth of leading healthcare providers like Northwell,” Karen Shelhorse, vice president of Tritec Asset Management, said in the statement. “With space available in the park and a location less than four miles from three major hospitals, Mather, Stony Brook and St. Charles, the Stony Brook Technology Center offers unmatched convenience and opportunity for healthcare institutions.” 

    Darren Leiderman of Colliers represented Northwell Primary Care, while his Colliers colleagues Maria Valanzano and Steve D’Orazio represented landlord Tritec in the East Setauket lease transaction. 

    “We’re proud to facilitate Northwell’s expansion at Stony Brook Technology Center,” Valanzano said. “This transaction highlights the ongoing demand for top-tier medical office space in the region.” 


    David Winzelberg

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  • Daifa Food buys Deer Park industrial property | Long Island Business News

    Daifa Food Inc. expands on Long Island with a $7.4M purchase of a 29,500-sq-ft Deer Park industrial property at 28 Brandywine Drive.

    David Winzelberg

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  • Inked: Long Island commercial property sales and leases update | Long Island Business News

    2441 Jericho Turnpike, Garden City Park

    ATL Wings leased an 1,805-square-foot retail space in the City Park Plaza shopping center at 2441 Jericho Turnpike in Garden City Park. The space was formerly occupied by Brooklyn Wing House. Melissa Naeder of Cushman & Wakefield represented the tenant, while John Tannenbaum served as in-house representative for the landlord, Garden City Park Associates, in the lease transaction.

     

    65 East Old Country Road, Hicksville

    Fidelis Care, a health insurance company, leased 2,000 square feet of retail space in the Delco Plaza shopping center at 65 East Old Country Road in Hicksville. The space was the long-time home of Jenny Craig. Melissa Naeder of Cushman & Wakefield represented the tenant, while Neil Schorr of Realty Insight Group represented the landlord, Rush Properties, in the lease transaction.

     

    8 Grant Ave., Bay Shore

    Su Family 8 Grant LLC purchased .68 acres of industrial property at 8 Grant Ave. In Bay Shore for $2.1 million. Jeremy Hackett of Metro Realty Services represented the buyer, while Rich Pino and Dave Blanc of R&R Commercial Realty Group represented the seller, RJS Trucking, in the sales transaction.

     

    2052 Route 112, Medford

    PBBSNYC Medford LLC, an affiliate of Pallet Kings Liquidators, leased 25,000 square feet of commercial space at 2052 Route 112 in Medford. The space was formerly occupied by Angela’s House Home Store. Michael Murphy of Douglas Elliman Commercial represented the tenant, as well as the landlord, Lucky Daughters Realty, Inc., in the lease transaction.

     

    1235 Grand Ave., Baldwin

    Hermes Management LLC, a New York City-based commercial real estate investment firm, purchased a 4,500-square-foot building on 1.09 acres at 1235 Grand Ave. in Baldwin for $3.6 million. The property is triple net leased to Chase Bank. The sale price equates to a 5.36 percent cap rate. Anne Chang of JadeStone Real Estate Consulting represented the buyer, while Dylan Silber of Silber Investment Properties represented the seller, RDC Baldwin LLC, in the sales transaction.

     

    68-70 East Jefryn Blvd., Deer Park

    Bob Wu, a Brooklyn-based commercial real estate investor, purchased the 18,000-square-foot building on .93 acres at 68 East Jefryn Blvd. in Deer Park and the adjacent 18,000-square-foot building on .94 acres at 70 East Jefryn Blvd. for $7.4 million. The multi-tenant properties are 100 percent occupied by a total of 13 tenants. The sale price equates to a 6.5 percent cap rate. Michael Gronenthal of Douglas Elliman Commercial represented the buyer, while Desmond Mullins of Premier Commercial Real Estate represented the seller, DP Industrial Holdings LLC, an affiliate of Manhattan-based Anchor Capital Group, in the sales transaction.

     

    2-20 Larkfield Road, East Northport

    Jay Collins purchased a 9,975-square-foot mixed-use building on .37 acres at 2-20 Larkfield Road in East Northport for $2 million. The property has one rental apartment and four commercial spaces. The buyer plans to occupy a currently vacant 2,500-square-foot retail space. The sale price equates to a 6.6 percent cap rate. Stefanie Cosentino of Cosentino Realty Group represented the buyer, as well as the seller, Brave Tornado LLC, in the sales transaction.


    David Winzelberg

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