August 2010 Vol. 1 Issue 12
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Harnessing
the Brokerage Community
I have vacant space available in an office building
that I want to lease out. What is the
best way to work with brokers? Should I
be hiring an exclusive agent?
While
no one broker makes a substantial percentage of the real estate deals on Long Island, the brokerage community, as a whole, is
responsible for nearly all commercial sale and leasing activity. So, any successful marketing plan must be
designed to harness the tremendous power of hundreds of experienced and
knowledgeable sales people. ....(MORE)
Maintaining
Your Property Like a Professional
Our law firm just purchased a small
professional office building, but we are not large enough to employ a property
manager. What is the best way to
maintain the property?
You
do not have to have a full-time property manager to maintain your property, but
you, or whoever will be responsible for day-to-day maintenance, should think
like one. Since you will not have an
in-house maintenance staff, you will be depending on outsourced work. Your maintenance manager must have sufficient
knowledge of maintenance operations ....(MORE)
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Nassau & Suffolk Assessment Errors Can Be Corrected
By Richard G. Fromewick, Meyer, Suozzi, English & Klein, P.C.
On Sunday March 21, 2010, Newsday featured a lengthy article about Nassau County's substandard real estate tax assessment system. It was an extremely unflattering story and, regrettably for Nassau County real estate taxpayers, it was all true. Nassau's assessment system is broken and has been in disarray for many years. There are over 420,000 individual parcels in Nassau County, yet the County does not have the infrastructure to value them correctly. There are several different computer systems used in the assessor's office, unfortunately the programs frequently contain different information due to human errors made while inputting data from one system to another.
Examples of assessor's office mistakes over the years include the assessment of a half-acre parcel as a two-acre parcel, the assessment of a three bedroom split-level house as a five bedroom colonial house. Some mistakes will have no affect on the real estate taxpayer because the assessment, despite erroneous descriptions, can still be based on the correct market value. However, some mistakes can result in unrealistic market values and inflated real estate tax bills. For example, a converted residence containing a small medical office being assessed as a commercial property with commercial tax rates was reversed back to a residential property tax rate, resulting in a 75% reduction of the taxes.
Assessments have to be protested every year, with a very small window of time in which to do so. The tentative Nassau assessment roll is released on January 2nd and protests must be filed by March 1st. The good news is that assessor mistakes are in a category of their own and can be corrected, even if a protest was not filed prior to the years March 1st deadline.
Everyone paying real estate taxes for property in Nassau County should go to....(MORE)
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Companies on the Move
| Rume Corp is moving to 565 Broadhollow Road, Farmingdale... TD Bank is moving to 324 South Service Road, Melville... Michael James Industries is moving to 11 Drew Court, Ronkonkoma... Cambridge Kitchens Mfg Inc. is moving to 280 Duffy Avenue, Hicksville... H&H Technologies, Inc. is moving to 10 Colt Court, Ronkonkoma... Advisors Asset Management is moving to 48 South Service Road, Melville...
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Financing File
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Current Market Rates and Programs for the Long Island Commercial Marketplace
The SBA 504 loan program offers long term (10 or 20 years) fixed rate
subordinate mortgage financing for the purchase and renovations of
existing buildings or new buildings and equipment. Loans are up to 40%
of the project cost, maximum of $4,000,000 for manufacturers and
$1,500,000 for all other businesses.... (MORE)
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Our Corporate Headquarters
5 Aerial Way, Suite 100 Syosset, NY 11791
516-937-1000 www.huntcorp.com |
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COMPARABLE SALES IN THE LAST 12 MONTHS
City
| Address
| Property Type
| Size SF
| Office SF
| Acres Total | Sold Price/SF
| Sold Date
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|---|
Hauppauge
| 55 Arkay Drive
| Industrial
| 93,000
| 3,000
| 5.1
| $86.02 | 7/22/2010
| Melville
| 1700 Walt Whitman Road
| Office Industrial
| 54,772
|
| 5.9
| $75.11
| 7/14/2010 | Melville
| 536 Broadhollow Road
| Office Industrial
| 61,109
|
| 6 | $75.11 | 7/14/2010 | Bohemia
| 2000 Arctic Avenue
| Industrial
| 12,000
| 2,040
| .87
| $105.00 | 7/13/2010 | Ronkonkoma
| 10 Colt Court
| Industrial
| 12,400 | 3,000
| .81
| $88.71 | 7/13/2010
| Melville
| 140 Republic Road
| Industrial
| 13,300
| 6,700
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| $135.34 | 6/29/2010 |
MORE |
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©Copyright 2010, All Rights Reserved. The content of this web site may not be reproduced without the written permission of HUNT Corporate Services, Inc. All information is from sources deemed reliable and is subject to prior rental or sale, errors, omissions, change of price and withdrawal without notice.
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