Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
PrimeSource, which is a leading manufacturer of proprietary brands and a distributor of premier third-party brands, will utilize the location to service New York, New Jersey, Connecticut and Pennsylvania.
CHESTER—Keller Williams Realty First in New York reported that two of its commercial agents with KW Commercial—Joseph Distelburger and Silvio Perez—recently received the New York State Commercial Association of Realtors Hudson Valley Chapter’s Creative Dealmaker Award for 2024
The award was cited by the Hudson Valley Chapter of NYSCAR for the agents’ work in facilitating the sale of Eastgate Business Park in Goshen, which is comprised of seven buildings totaling 83,000 square feet of space on 21 acres right off exit 124 of Route 17. The 1031 exchange transaction closed for $11.2 million to an undisclosed investor with a large portfolio.
Distelburger said that KW Commercial was first retained to bolster leasing at the property. The firm eventually brought Eastgate Business Park from 50% leased to 75% leased. The sales deal was complicated by the seller’s considerable bank debt, along with a slowdown in the office market due to the Covid pandemic.
“Suffice it to say, this was a very tricky deal to put together on all sides,” Distelburger said. “The seller needed to get out. The buyer did not have all the cash he needed in his 1031 and the bank did not want to allow anything but a full payoff of the loan.” He added, “After much consideration and back and forth between the seller, buyer and bank we were able to effectuate the sale.”
Keller Williams Realty First in New York Market Center, located at 69 Brookside Ave. in Chester was established in 2003, marking the beginning of the Keller Williams franchise in the State of New York. The firm currently operates more than five offices and has 350 associates, Chris Scibelli, Broker, Operating Principal stated. The firm’s commercial division has made its own mark in the region with its growth over the last several years, he added.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
PrimeSource, which is a leading manufacturer of proprietary brands and a distributor of premier third-party brands, will utilize the location to service New York, New Jersey, Connecticut and Pennsylvania.
City and State honored 100 “New Yorkers who are on the front lines, creating jobs and spurring economic growth on the local, state and national levels.”
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