March 2012 Vol. 3 Issue 7
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Cashing in Your Chips
By David G. Hunt
We have owned a 50,000 square foot warehouse building that houses our distribution business for many years. What is the best way to unlock the equity in the building in this real estate market?
Your problem is a common one. I assume that the building is at least close to being fully depreciated. Your building may be worth more than $100 a square foot, or 5 million dollars today, but has been depreciated down to close to the land value many years ago! How do you "cash in your chips" and tap the true value of the real estate?
There are three major methods, none of which is the "right" decision. There are advantages and disadvantages to all three.
The first, and probably most obvious choice, is to refinance the building. The major advantage of refinancing is that there is no tax consequence, since loan proceeds are not considered income. The major disadvantage is that only a portion of the property's value can be tapped. This is governed by the loan to value ratio of the lending institution that is making the loan. As an example... (MORE)
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Chuck Syage joins Hunt Corporate Services
March 12, 2012 - Plainview - Hunt Corporate Services, Inc. announced today that Chuck Syage has joined the firm as Senior Director. Mr. Syage has 23 years experience in the commercial real estate industry, helping customers align their real estate needs to business strategy. He has completed transactions in all fields of real estate including office, industrial, retail, investment and development.
Mr. Syage has represented national firms for retail site locations on both Long Island and New Jersey.
He also specializes in representing professional organizations, such as law firms and accounting groups, acquires real estate for their own needs.
Mr. Syage is looking forward to putting his skills to work for Hunt Corporate Services. "I've always admired David and his team," said Mr. Syage, "I have spent last five years clipping David's articles in the New York Real Estate Journal. I'm very excited to be part of this organization!"
"Chuck is a great fit for our office" said David G. Hunt, president of the company. "He brings many years of commercial real estate experience to our firm, and is well respected in the industry. In particular, his retail experience with national firms will be invaluable."
Mr. Syage received his Bachelors Degree from Ithaca College in NY.
Hunt Corporate Services, Inc. specializes in exclusively representing Long Island firms for the acquisition and disposition of commercial real estate. For further information, contact Christa Cherney at (516) 937-1000 or ccherney@huntcorp.com. Full information on the firm and their clients can be found at www.huntcorp.com.
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Your Construction and Maintenance Department
A Single Point of Contact for All Your Commerical Construction & Maintenance Needs.
(Click on Hunt logo for more information about
Hunt Construction Services, Inc. or visit www.huntcsi.com)
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| Companies on the Move | |
Giannini Guitars is moving to 87 North Industry Court, Deer Park... Raffert Capital Markets is moving to 1010 Franklin Avenue, Garden City... Computer Add Ons is moving to 90 Denton Avenue, New Hyde Park... Rejuvenol Laboratories is moving to 130 Lincoln Street, Copiague... Ascent Pharmaceuticals is moving to 550 South Research Place, Central Islip... Rockmore Contracting is moving to 80 Remington Boulevard, Ronkonkoma... Ace Marketing & Promotions is moving to 600 Old Country Road, Garden City... Barren Financial is moving to 3920 Veterans Memorial Highway, Bohemia... Cohen & Lynn, LLP is moving to 225 Broadhollow Road, Melville...
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Financing File
| 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..... (MORE) |
Our Corporate Headquarters 17 Dupont Street, Suite 4 Plainview, NY 11803 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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Copiague
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130 Lincoln Street
| Industrial | 33,000 | 6,000 | 1.88 | $57.58 | 2/20/2012 | | New Hyde Park |
90 Denton Avenue
| Industrial | 15,500 | 3,000 | .80 | $90.32 | 1/27/2012 | | Central Islip |
550 South Research Place
| Industrial | 248,000 | 70,000 | 16 | $58.47 | 1/25/2012 | | Freeport |
20 Maple Place
| Industrial | 8,000 |
| .40 | $68.94 | 1/20/2012 | | Ronkonkoma |
1755 Julia Goldbach Ave
| Industrial | 6,500 |
| .30 | $91.54 | 1/18/2011 | | Hicksville |
100 Frank Road
| Industrial | 20,000 | 2,000 | 1.50 | $62.00 | 1/17/2011 | | | | | | | | |
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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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