Long Island Real Estate Briefs: August 15, 2003

Long Island Business News, Aug 15, 2003 by Nick Anastasi

Halfway through the third quarter, Reckson Associates Realty Corp. has reported brisk leasing activity in its industrial portfolio. It announced the completion of six transactions in the commercial sector in western and central Suffolk County, with lease agreements totaling 88,841 square feet.

Properties in Hauppauge dominated the list. The transactions reflect steady economic activity within the REIT's industrial core markets.

In Hauppauge, Multax Corp., a machine shop and metal fabricator, leased 24,000 square feet at 933 Motor Parkway. Richard Cohen of Ashlind Properties represented Multax in the negotiations.

Audiovox Corp., the marketer of cellular telephones, mobile security, entertainment systems and consumer electronics products, has leased 23,000 square feet at 65 Engineers Road.

In that transaction, Ted Trias of Sutton & Edwards and Jack O'Connor, formerly of Grubb & Ellis and now with CB Richard Ellis, co- represented Audiovox.

The Joint Apprenticeship & Training Committee, an electrical union, has leased 20,400 square feet of space at 85 Engineers Road. Tony Gerrato of Newmark of Long Island negotiated the transaction.

And Sensory Lighting and Sound Inc. renewed its 7,500-square-foot lease at 651 Old Willets Path.

In Melville, AKR Corp. has leased 11,900 square feet at 10 Hub Drive. The company will use the combined office and warehouse space for the storage and distribution of health and beauty products. Larry Schusheim of Nassau Suffolk Realty represented AKR in negotiations.

And in Farmingdale, Starbucks Food Corp. has renewed its lease at 110 Bi-County Blvd. for 2,041 square feet of industrial space.

AHRC adds space in Ronkonkoma region

The Association for the Help of Retarded Children, which last month leased 20,000 square feet of space at 330 Knickerbocker Ave. in Bohemia, has leased an additional 10,000 square feet of the 40,000- square-foot facility at 2111 Lakeland Ave.

Much like the lease of the space in Bohemia, the Ronkonkoma space will be used as a day treatment and habilitation center. It was also chosen because of its proximity to AHRC's base of operations at 2900 Veterans Memorial Highway in Bohemia.

In the transaction, Grubb &Ellis' Nick Romano represented AHRC in the lease negotiations, while Jack McGann, also of Grubb & Ellis, represented the owner of the 2111 Lakeland site, Blinn & Mazzucca.

AHRC officials said the new space would be used as part of a relocation of AHRC programs from East Northport and the Commack School District.

Three new courses being offered by REPI at Post

The Real Estate Practitioners Institute at the C.W. Post campus of Long Island University has introduced three new electives to keep pace with the growth of the real estate market on Long Island.

Those courses are Introduction to Residential Real Estate Transactions, which concentrates of pre-qualification for mortgages, binders, property conditions and closings; Introduction to Commercial and Investment Real Estate: Tools of the Trade, which will teach students how to gather basic information about different types of commercial properties and how to market the information; and Residential Lending, which will review lending procedures and look at various types of mortgages and their uses by borrowers.

These courses were added because we wanted to create a balance and bring diversity to the curriculum , said Barry Stein, education chair for REPI. Stein noted that all of the courses offered by REPI reflect the current climate of today's real estate market.

Arbor closes $2M mezzanine loan

Arbor Commercial Mortgage has funded a $2 million loan under its mezzanine product line on a multi-family complex known as The Crossings Apartments, a 328-unit property located in Glassboro, N.J.

The loan will carry an initial term of 36-months, with two 12- month extension options.

The key principals on the transaction acquired the property with plans to renovate it through substantial capital improvement and effective management and marketing.

The loan was originated by Fred Weber, Arbor's executive vice president and managing director of Structured Finance and Principal Transactions. It was underwritten in Arbor's Uniondale lending office.

Pliskin brokers six deals for Eckerd's

The Carle Place-based real estate services firm Pliskin Realty & Development has announced several transactions on behalf of Clearwater, Fla.-based drug store chain Eckerd Corp., a subsidiary of J.C. Penney Company Inc.

The deals were brokered by Pliskin's director of real estate, Marvin Hartman, and were located in the New York-Metropolitan area. The six transactions amounted to 97,000 square feet of retail space and included a 12,000-square-foot lease in Shirley and the sale of a 13,000-square-foot facility in Farmingdale.