May 2020 Vol.12 Issue 8
 
Dear Friends,

In our company-wide Zoom meeting yesterday, I talked about the opportunities that arise with great change. Make no mistake about it, we are witnessing significant change emerging from our present pandemic, and our new Zoom way-of-life is just the beginning. Having said that, I doubt my crystal ball is better than most. But that does not mean that we should not be alert to the opportunities! What are those things that we are doing today that are providing only marginal results? What are those things that we could be doing that could reap extraordinary benefits? At the speed we are going now, we should probably be asking ourselves these two questions every day!  

When I began my career in commercial real estate in 1973, the value we offered to our customers was our ability to amass a large inventory of available properties. Today, that inventory is simply a commodity, which can be easily purchased. Slowly but surely, over the years, my industry thrived by adding value to the proposition with our clients, not simply showing space. Another huge change was the technological innovations that allowed smaller boutique firms to more easily compete with competitors who had marketing and infrastructure budgets in the millions. 

So instead of prognostication, I just offer you this simple advice: Keep your eyes open. There is opportunity right in front of all of us.  

This month's article is about dual agency, an awkward situation wherein a real estate agent represents the interests of both sides of a transaction. Did you know that in New York State, unless there is a written contract to the contrary, a real estate agent always has a fiduciary responsibility to ensure the sale price or rent is as high as possible? The bottom-line is that you should think long and hard about signing a dual-agency agreement, and this article will tell you why! 

Stay safe my friends, and, "Oh, the possibilities!"
 
David G. Hunt
Dual Agency
           by David G. Hunt
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Q: We are in the process of hiring an exclusive broker to represent us in leasing office space for our new corporate headquarters. He mentioned the possibility of dual agency in handling this assignment. What is dual agency and how would it affect us?
   
A:  Quoting from the New York Department of State, "Dual agency arises when...  

Click here for full article
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Property Highlight 

10,000 Square Feet
FOR LEASE
 
245 Newtown Road, Plainview ,  NY

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Companies on the Move
    
Teri Nicols Institutional Food Merchants has purchased 250 Wireless Blvd, Hauppauge.
Pharmapacks has leased at 80 Wilshire Boulevard, Edgewood.
Sight Growth has leased at 220 Maple Avenue, Rockville Centre.
Eagle Home Products has leased at 255 Pinelawn Road, Melville.
Cabot Industrial Value has purchased 400 & 500 Prime Place, Hauppauge.
Prime Technology has purchased 96 Lakeville Road, New Hyde Park.
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Comparable Sales in the Past 12 Months

City  Address               Property Type  Size SF   Office SF Acres Total  Sold Price/SF  Sold Date 
Rockville Centre

 220 Maple Avenue Office 16,577

 .80 $96.52 4/17/2020
Huntington
 175 E. Main Street Office 25,000 2.57 $320.00 3/12/2020
Ronkonkoma
 909 Marconi Avenue Office 10,260 1.05 $170.57 3/10/2020
West Babylon 8 Lamar Street Industrial 13,227 .87 $181.45 3/5/2020
Uniondale 635 Nassau Road Industrial 14,510 2,190 .67 $122.33 3/3/2020
Deer Park 145 Brook Avenue Industrial 11,340 1,134 1.54 $149.91 2/28/2020


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