Peter Von Der Ahe, vice president at Marcus & Millichap, and 680 Saint Nicholas Avenue

A 117-unit apartment building has sold for $23.65 million in the largest sale of a single building in Harlem so far this year, according to one of the co-brokers in the deal. The eight-story property, at 680 Saint Nicholas Avenue, between 145th and 141st streets, has studios and one-, two- and three-bedroom apartments and five retail tenants, according to the listing. [more]

The record rainfall in March followed by the rain showers in April will provide beautiful flowers this month. The same seems to be the case when it comes to the appetite of local financial institutions to offer very attractive multi-family financing, primarily in the Garden State.

Well-capitalized and smaller institutions, including Investors Savings Bank, NVE Bank, Kearney Federal, North Jersey Community Bank and Oritani Bank, are actively sourcing new transactions.

In April, Investors Bancorp, the parent company of Investors Savings Bank, purchased $575 million of deposits and 17 branches of Millennium bcpbank. The bank, which has been quite active in providing multi-family financing over the past 18 months, continues to be bullish for these loans. [more]

From the October issue: As if today’s leasing market wasn’t challenging enough, New York’s
commercial real estate brokers have one more thing to contend with:
demanding landlords. Whether it is an increase in the number of phone calls, requests for
weekly face-to-face meetings, or a sudden mandate of updated daily
reports on individual properties, all over town there are more stories
of landlords who now want up-to-the-minute information on what their
respective brokers are doing to fill their space. And in some quarters, this newfound neediness is starting to grate. “It’s a pain in the ass,” said a broker at one of the top firms who
asked to remain anonymous. “Landlords are micromanaging the process and
you need a lot of handholding and a lot of paper.