Recent Transactions

ERG Commercial Real Estate is proud to announce the closing of a construction loan on 166-11 91^St Avenue in Jamaica, NY.

The owner plans to build 16 story building consisting of 28 units under HPD’s Mandatory inclusionary housing and 421A tax abatement.  The property sits in between Jamaica Avenue and Hillside Avenue, a short distance away from Jamaica’s Transportation hub.

ERG Commercial Real Estate is proud to announce the sale of a non performing note secured by a 16,600 SF mixed use retail office building located in the heart of Hempstead, NY in Nassau county, Long Island. We were able to close this sale from start to finish in 2 weeks.

ERG Commercial Real Estate is proud to announce the sale of a Non-Performing Note secured by a fully Stabilized 16 unit multifamily building located in the Crown Heights Neighborhood of Brooklyn.

ERG Commercial Real Estate, through an affiliate, delivered a $4.65 million refinance loan on a midtown office building at 150 W 36th Street.

The five-story, 13,000 sq. ft. building, with ground floor retail, is located between Sixth and Seventh Avenues in the heart of the Garment District. The lender, a local bank, offered a five-year term on the new loan with four, five-year extension options on the self-liquidating loan. The local building owner needed to refinance out of his private loan into a new loan with a lower rate.

“In a market where most lenders are reluctant to finance office buildings, we broke through and secured the deal,” said Guarino.”Despite the challenges, we found the right lender and locked in the terms. Persistence pays off!”

ERG Commercial Real Estate is proud to announce the closing of a $7,500,000 bridge loan on 120-124 Lexington Avenue, New York, NY.

The three consecutive lots totaling 4,647 sf,  sit on the corner of E 28th St and Lexington Ave in the Kips Bay neighborhood of Manhattan. The vacant development site allows for roughly 32,000 buildable sf, with tentative plans to construct a mixed-use condominium building. The primary focus of the borrower was to secure enough proceeds and refinance his existing debt. We were able to structure a one year interest only mortgage to give the borrower the ample time he needs to move forward with the property and accomplish his goals.

ERG Commercial Real Estate is proud to announce the $600,000 line of credit of 347-341 Merrick Road, Lynbrook, NY. The loan was a five-year interest only floating rate with the flexibility to access funds as needed.

The owner, who occupies part of the 11-unit office property, needed access to funding to invest in his other portfolio. Due to our relationships with regional lenders, we were able to arrange for the proceeds amount he was looking for as well advocate for competitive terms. Securing financing for office properties is challenging in today’s lending market, our expertise and strategic approach made it possible. It is the persistence and meticulous attention to detail that ultimately led to the successful closing of this line of credit.

ERG Commercial Real Estate is proud to announce the refinance of 65 & 67 Greene Street, New York, NY.

The two adjacent mixed use properties are located on one of SoHo premier retail corridors. The buildings, totaling 21,321 sf, were fully occupied at the time of closing with strong tenancy. We were able to secure a 5 year fixed mortgage with 2 years of interest only. The primary focus of the loan was proceeds amount. We were able to structure a first position mortgage as well as a 2nd position line of credit to meet the proceeds goal of the borrower.

ERG Commercial Real Estate is proud to announce the recent sale of 3037-3039 Roberts Avenue, Bronx, NY.

Two building package, totaling 6 free market apartments located in the heart of the Pelham Bay neighborhood of the Bronx. Two blocks from the 6 train with easy access to both the Bruckner and Hutchinson Parkway. Property was delivered vacant at closing.

ERG Commercial Real Estate is proud to announce the recent finance of 42-36 235th Street Douglaston, NY.

We were able to obtain financing for this property, it is a mixed use containing one commercial and one residential unit sitting on a retail strip of Douglaston steps away from the LIRR.

The client wanted to pay off his existing private mortgage balance and cash out.

ERG Commercial Real Estate is proud to announce the recent short sale of 54 East 182nd Street Bronx, NY.

Short Sale of distressed fully stabilized 26 unit on the corner of Walton Avenue and E 182nd Street in the Bronx. Totaling 20,400sf consisting of 13 one bedrooms, 12 two bedrooms and 1 three bedroom. The property sits right between Jerome Ave and Grand Concourse within walking distance of the B, D, and 4 train.

9.9% Cap rate 83k per unit. At the time of closing there was 104 violations and multiple non paying tenants.

ERG Commercial Real Estate is proud to announce the recent finance of 358 Deer Park Avenue, Babylon NY.

This  property, currently occupied by a Dairy Barn, sits on the corner of  the main retail corridor of Deer Park Avenue and Park Avenue in the heart of Babylon Village.  The property see over 17,000 vehicles pass per day and is within a short walking distance of the busy Babylon Train Station. The acquisition loan was used to purchase the Dairy Barn  to the owner-occupied tenant.

ERG Commercial Real Estate, through an affiliate, delivered a $7.5 million bridge loan on a vacant industrial building on a nine acre site in the Staten Island.

We were able to secure private Bridge financing for 501 Industry Road, Staten Island, NY. This property is a 9 acre parcel with a 40,000sf vacant industrial building on site. The property is located in the heart of the premier industrial section of Staten Island with easy access to major transportation routes.

This deal had a hard year end closing deadline. From term sheet signing, we were able to close this deal through the holidays in 2 and half weeks.

ERG Commercial Real Estate is pleased to announce the $1.22 million sale of a vacant lot in  Huntington, Long Island on West Jericho Turnpike.

The buyer was Connection Auto Sales which is planning to move the business from its present location (529 E Jericho Turnpike, Huntington, NY) to this location at 681 West Jericho Turnpike. Ryan Lewis represented both the buyer and the seller.

The 40,000 sq. ft. vacant lot consists of four adjoining lots with almost 200 ft. of frontage. The property is located just west of one of L.I’s premier retail corners of Jericho Turnpike and Route 110 as well as a short distance to Huntington Village.

ERG Commercial Real Estate is pleased to announce the sale of a four-story fully rent stabilized building at 15 Locust Hill Avenue, is 12,544 sq. feet. It was built in 1927.

The building sold for $138,235 per unit and $187 per sq. ft.

Mary Guarino of ERG Commercial Real Estate represented the local buyer and the seller, an active real estate investor.

ERG Commercial Real Estate is pleased to announce the sale of a 6-unit multi-family building in Crown Heights, Brooklyn for $800,000.

The 7,308 SF three-story  building at 1251 Lincoln Place is a fully rent stabilized building built in 1908.

It sold for a cap rate of 7.9%; $133,333 price per unit and $109 price per SF

ERG’s Ryan Lewis represented both the buyer, an active Crown heights investor who purchased this building to add to his portfolio and the seller, a local owner in the area.

“Due to the rising interest rates and issues surrounding rent stabilized buildings, we successfully executed a short sale to allow all parties to move forward during this tumultuous time,” said Lewis, who added that the property also has a tax abatement for another seven years.

ERG Commercial Real Estate sold two adjacent  multifamily buildings in Yonkers for $4.55 million.

The four story buildings, at 502 and 508 Van Cortlandt Park Avenue in the McLean Heights neighborhood, has 46 units,  totaling 38,948 sq. ft.  The buildings were built in 1927 and 1922.

ERG’s Managing Director Ryan Lewis represented both the undisclosed buyer, a local investor who owns several multifamily properties in Yonkers and the undisclosed seller.

The property was fully rent stabilized and had 14 vacant units at the time of the closing.

Given properties of this size do not come up for sale in Yonkers too often, the deal appealed to the buyer who already has a substantial Multifamily portfolio in the area.

ERG Commercial Real Estate, through an affiliate, delivered a $2.5 million cash out refinance loan to the owner of a mixed-use property containing 13 apartments and two retail units in West Hempstead, Long Island.

The 13,526 sq. ft., two-story brick property located at 102-110 Hempstead Turnpike was recently gut renovated.

“The client needed to pay off his existing mortgage balance and wanted to cash out additional proceeds to recoup capital put into the property,” said ERG’s Finance Director Mary Guarino, who along with ERG’s Anthony Flaccomio negotiated the loan for the borrower. “We were able to close despite both retail tenants not occupying the spaces and awaiting town approvals for their build-outs.”

ERG Commercial Real Estate, through an affiliate, delivered a $425K cash out loan to the owner of a fully leased mixed-use property consisting of a deli, garage and one residential unit.

ERG Commercial Real Estate, through an affiliate, delivered a $5 million cash out refinance loan to the owner of a fully leased commercial cash flowing property containing five tenants in Bushwick, Brooklyn.

The 13,300 sq. ft. property at 29 Wyckoff Avenue and Troutman Street that was built in 1931, is located in one of Bushwick’s busiest retail intersections.

The loan features a 4.0% fixed rate for five years with a five year option to renew and a 25-year amortization rate.

The borrower has owned the property for over 20 years operating his business out of the warehouse. However, as the area has seen massive change over the last few years, prime retail tenants began to show interest in the site.  Over the last year, the owner converted the property from a large warehouse to 5 retail units, adding significant value to the property

“This was a great deal for all the parties involved. Through strong relationships and the quality of the deal, the bank was able to hold the 4% rate through the market changes while the owner finalized the buildout of the retail spaces ” said ERG’s Managing Director Ryan Lewis who, along with Mary Guarino negotiated the loan for the borrower.

ERG Commercial Real Estate delivered a $2.25 million traditional bank loan for a borrower who purchased an industrial warehouse building in the Bloomfield section of Staten Island for $3.8 million.

ERG was able to provide the difference in proceeds needed in the 1031 exchange.  The five-year fixed acquisition loan featured a 6.5% interest rate for the borrower who purchased the 19,125 sq. ft. multi-tenant industrial building at 3475 Victory Blvd.

“Our client’s priorities were speed and confidence in closing in the timeframe required”. said ERG’s Managing Director Ryan Lewis who negotiated the loan, along with ERG’s Finance Director Mary Guarino. “Given our knowledge of the market in this shifting finance environment, we knew what bank to go to as well as we were able to anticipate the items the bank needed to streamline the process.”

The property was 100% occupied with five different tenants with its anchor tenant being, Coffee Holding Company Inc.

ERG Commercial Real Estate, through an affiliate, is proud to announce the funding of a $2.1 million refinance loan secured by two commercial strip shopping centers in Central Islip, Long Island.

The single story buildings at 861 & 889 Lowell Avenue contain eight stores that include a daycare center, meat market, liquor store, pizzeria, grill, Dominos, a deli and a cycle shop.

The borrower, who purchased 861 Lowell Ave. in 2001 and 889 Lowell Ave. in 2005, needed the capital to refinance a maturing loan.

The new loan at 70% LTV, offers a 5% fixed rate for the first five years of the 10 year loan.

This transaction was negotiated by ERG’s Mary Guarino and Anthony Flaccomio.

ERG Commercial Real Estate, through an affiliate, delivered a $2.435 million refinance loan to the owner of a fully leased commercial property, containing seven tenants, located in New Rochelle, NY.

The tenants of the property at 570-574 North Avenue and 1-15 Coligni Avenue include a Dominos Pizza, deli, spa, a Venezuelan restaurant, toy store, auto repair shop and landscaping company.

The loan features a 5.50% fixed rate for five years with a five year option to renew.

“The client sought to pay off his existing mortgage and cash out additional proceeds to expand his real estate portfolio,” said ERG’s Mary Guarino who negotiated the loan for the borrower who has owned the property since 2004.

ERG Commercial Real Estate, through an affiliate, has funded a $2.4 million refinance construction loan on a five–story mixed-use building in Corona, Queens. The 12,000 sq. ft. newly constructed building features 10 residential units and two commercial retail stores.

ERG’s Matthew Murphy negotiated the deal on the property at 4053 Junction Blvd. on behalf of the lender and the borrower, a local developer. The 10-year loan with a five-year rate reset also has a 12-month earn out option.

“The borrower was able to refinance their high interest rate private construction loan into a market rate loan that provides further racialization with an earn out clause,” said Murphy. “We had to navigate many hurdles since the building was yet to receive the certificate of occupancy, a tax abatement was not yet in place and the building was in the process of being rented as the loan was being finalized.”

ERG Commercial Real Estate is proud to present the $1.9 million sale of a 13-unit multi-family apartment building in Hempstead, Long Island.

The three-story, 7,200 sq. ft. building at 108 Grove Street, was built in 1938. The building is comprised of three one bedrooms and 10 two bedrooms. It is located just off the highly traveled retail corridor of Peninsula Blvd. and walking distance to many retail shopping centers.

ERG’s Managing Director, Ryan Lewis, represented both the buyer ARM 108 Holdings LLC and the seller, Grovston LLC.

This fully occupied stabilized building sold just over $146,000 per unit and around a 9% cap rate.

“The buyers are active investors in the area who were looking for cash flow building opportunities,” said Lewis.

ERG Commercial Real Estate is proud to announce the $1.85 million sale of a 4.1 acre development site in Dix Hills, Long Island. The buyers purchase the property “As Is”.

ERG’s Managing Director Ryan Lewis and ERG’s Anthony Flaccomio represented a local developer who plans to build several condo units on the site at 343 Deer Park Road.

“This property was the ideal location the buyers were looking for being that it is located on Deer Park Avenue at the heart of the premier town of Dix Hills with easy access to both the LIE and Northern State Parkway,” said Lewis, who said the property sold for about $450,000 per acre.

ERG Commercial Real Estate is proud to announce the recent $6-million refinance loan on two three-story brick mixed-use buildings along one of the premier corridors within Brooklyn’s Greenpoint neighborhood. The properties, at 23 and 27 Greenpoint Ave., feature four apartments and two ground-floor restaurants.

Managing director Ryan Lewis and finance director Mary Guarino closed the deal on the five-year refinance loan at 4.625% with five-year option at 30 years amortization. This was a cash-out refinance after the owner completed a gut renovation that included renovating the apartments into luxury units and adding ground-floor restaurants.

ERG Commercial Real Estate is proud to announce the recent refinance of a three-story mixed-use building in the Van Nest neighborhood. The seven-unit building contains a total of 5,192 SF with 4 residential units and 3 commercial units.

ERG Commercial Real Estate is proud to announce the recent sale of a three-story brick multifamily building in the Corona neighborhood. The six-unit rent stabilized building contains a total of 4,350 SF.

It sold for a cap rate of 5.5% and $163,333 price per unit. The building features five, two-bedroom apartments and one, one-bedroom.

ERG’s Managing Director, Ryan Lewis, represented both the seller and buyer.

ERG Commercial Real Estate is proud to announce the recent refinance of a small multi-family building located in The Bronx. The building consists of 6 apartments. The client was able to refinance the current debt and cash out additional proceeds to furthers his development company.

ERG Commercial Real Estate to announce the recent sale of a small mixed-use property located in East Moriches, NY. The building consists of 4 apartments and a Deli on the ground floor. The property is located on the towns  main thoroughfare that leads to the Eastern end of Long Island.

ERG provided private financing to the buyer allowing all parties to close rapidly.

ERG Commercial Real Estate is proud to announce the recent sale of  an industrial flex building located in Bohemia, NY. The property sold for the asking price of $1.5 million.

The 5,688 sq. ft. building sold for $263 per square foot. The site sits on a 1.1 acre lot with an outside parking lot with 30 spaces.  It is zoned for both office or industrial business use.

Ryan Lewis of ERG, represented both the seller, Parco Gas, one of Suffolk County’s largest natural gas distributors and the buyer,  All County Block, a local investor and business in the area.

The building was delivered vacant. “Given its prime retail office location with its industrial building setup, large storage lot and ingress/egress on two streets, the property offers so many different use opportunities that is rare to see in one location” said Lewis.

The building has easy access to major transportation highways such as the LIE and Sunrise highway. It is also located around the corner from Macarthur airport and the Ronkonkoma Train Station Hub.

ERG Commercial Real Estate is proud to announce the refinance a $9 million loan to the owners of 176 Bowery Street on the Lower East Side of Manhattan.

The property is located on one of the busiest corners in Manhattan, at the intersection of Bowery and Delancey.  The property is a three story, 5,855 sq. ft. commercial building on a 25 x 100 lot that was built in 1900. The building also has a large advertising billboard on the roof.

ERG’s Managing Director, Ryan Lewis, negotiated the loan at 4.25% for five years. “Because of the building’s location, the billboard can be seen all the way down Delancey facing the Williamsburg Bridge giving significant value to the building,” said Lewis. “This deal was unique given majority of the income was coming in from the building’s premier billboard on top of the building and advertising leases which is not the norm for banks to see.”

ERG Commercial Real Estate is proud to announce the refinance of 255 Glen Cove Rd, Carle Place, NY. The two story, 9,429 sq. ft. commercial building houses our company headquarters and a medical marijuana dispensary.

Due to the ground floor tenant being a medical marijuana dispensary, most banks shied away from it because it’s not yet federally legal. ERG’s Mary Guarino was not only able to find a lender but also locked in a rate of 3.625%.

ERG Commercial Real Estate is proud to announce the refinance of 75 W 118th Street, New York, NY. The 5,200 SF multifamily building contains 8 apartments that underwent a full gut renovation.

ERG’s Mary Guarino negotiated a $1.5 million refinance loan. The 10-year loan with a rate adjustment after year five, carries a 3.5% interest rate.

ERG Commercial Real Estate is proud to announce the sale of 13 Glen Cove Road, Greenvale, NY. This 4,300 SF mixed use building is located just off one of Long Island’s premier retail intersection of Glen Cove Road and Northern Boulevard, directly across from the infamous Wheatley Plaza.

ERG’s Ryan Lewis was able to negotiate a sit down contract closing on December 30^th to allow the seller and buyer to close before year end.

ERG Commercial Real Estate is proud to announce the recent finance closing of a $1,000,000 cash out secured by an owner occupied industrial property in New Rochelle, NY. The subject property is a 7,200 SF.

ERG Commercial Real Estate has secured a $1,250,000 refinance loan on a one-story strip shopping center that includes a Dunkin Donuts, laundromat and a shoe store.

The five-year loan has a 30-year amortization and 5% interest rate. The borrower, who is an investor in over 20 strip malls in Long Island, refinanced his private loan at a much lower interest rate.

ERG Commercial Real Estate has arranged a $3,000,000 refinance/cash out loan to the owner of a prime Gowanus warehouse that is presently leased to Brooklyn Gin, a gin distillery/restaurant coming to the neighborhood that borders Park Slope.

The owner/developer plans to use the loan from a Long Island bank to refinance two earlier loans on the 8,280 sq. ft. two-story warehouse at 316 Douglass Street the borrower purchased in 2004. They will also use the remainder of the loan to buy new properties in the tristate area to add to a collection of small mixed-use buildings in Brooklyn and Queens owned by the borrower.

Due to having a strong relationship with the bank and having a strong borrower, we were able to find a bank willing to lend on this single tenant/triple net property.

The broker on this transaction, Michal Walma, is actively originating loans throughout Brooklyn, NY.

ERG Commercial Real Estate is proud to announce the sale of 98 S Main Street Freeport, NY 11520. This Mixed use property was located on the main retail corridor of S Main Street between West Merrick Road and Sunrise Highway in Freeport, NY. This 5,200 SF property consisted of 3 retail units and 2 residential units. Ryan Lewis of ERG was able to negotiate an all cash, non-contingent deal with a 7 day closing timeframe. At the time of the closing, one retail tenant was not paying rent and in the process of being evicted.

Ryan Lewis is actively transacting commercial sales throughout the five boroughs, Long Island and Westchester.

ERG Commercial Real Estate is proud to announce the recent sale closing of 70-03 Myrtle Ave, Ridgewood, NY. This property was in foreclosure and the owner had little time to save the equity that was left. A deal was negotiated by ERG’s John Bachas to SAVE the owner from Foreclosure, SAVE the seller from exponential future tax consequences and SAVE the seller from a personal guaranteed loan that would have come after his personal assets. This transaction was done in 30 days and had a contract-closing same day.

If you are in foreclosure or having hardships due to Covid-19 and would like a consultation on Foreclosures, Private/Traditional Financing or Government-Tenant Financial Assistance please contact John Bachas.

ERG Commercial Real Estate is proud to announce the recent finance closing for 202 Irving Avenue and 448 Herzl Street in Brooklyn, NY. 202 Irving Avenue is a three story mixed-use building that contains six apartments and two retail units. 448 Herzl Street is a three story mixed-use building containing four apartments and two retail units, one of which is occupied by a Laundromat. Mary Guarino of ERG Commercial Real Estate was able to secure a 10 year mortgage fixed at 3.5% for the first 5 years and resets for the remaining 5 years. In addition, was able to get the client cash out proceeds to expand his real estate portfolio.

The brokers on this transaction, Michal Walma and Ryan Lewis, are actively originating loans throughout Brooklyn and Long Island, NY.

ERG Commercial Real Estate is proud to announce the recent finance closing of 1721 Melville Street, which is located in the Van Nest neighborhood of the Bronx. This 3 story building contains five 2 bedroom apartments and one 1 bedroom apartment. Mary Guarino of ERG Commercial Real Estate was able to secure a 10 year mortgage, fixed for the first 5 years at 3.625%, and resets for the remaining 5 years. In addition, we were able to get the client a cash out of over $400,000 to go towards his next real estate investment. The brokers on this transaction, Jared Friedman and Matthew Murphy, are actively originating loans throughout the five boroughs, Long Island and Westchester.

ERG Commercial Real Estate is proud to announce the recent finance closing for 2076 Daly Avenue in The Bronx. Matthew Murphy of ERG secured this $1,300,000 loan for a valued client. Due to strong cash flow, Matthew was able to secure a 5 year fixed rate with a 30 year amortization, and minimal COVID P&I reserves that will be released in a timely manner. The challenge was with a number of old DOB/ECB violations on the building. Matthew was able to find a lender that would finance with these violations in place as NYC Department of Buildings is backlogged on violation removal due to COVID.

ERG Commercial Real Estate is proud to announce the funding of a $700,000 bridge loan secured by two commercial properties on Long Island, NY, consisting of a Laundromat and a Deli. This deal was originated by ERG’s Anthony Flaccomio who was able to advise his client through the loan process and take on the challenges that come with financing these asset types. Through Anthonys’ relationship with the borrower, he was able to secure this transaction while assisting in a conventional loan on another one his clients properties. This client has an extensive portfolio of very profitable laundromats throughout the New York Metro area.

ERG commercial real estate is proud to announce the recent sale closing of 28-30 Sintsink Drive East located in Port Washington, NY. 28-30 Sintsink Drive East is a 4,200 square foot auto body shop. After merely two showings within a month, Jared Friedman of ERG commercial real estate was able to find an all cash deal to get an accepted offer. Part of this transaction was to do a sale and lease back half the space for $30 a foot. The buyer was in a 1031 and after receiving clear title, they signed contract and closed the same day. Broker Jared Friedman is actively transacting commercial sales throughout the five boroughs, Long Island and Westchester.

ERG Commercial real estate is proud to announce the recent loan closing of a $2,400,000 18-month construction loan secured by a development site in Woodside, Queens. The borrower of this 9,800 SF site plans on developing a mixed-use property, consisting of 9 residential units and 4 commercial units. This project had been stalled for 2 years due to the borrower having difficulty finding competitive funding in the marketplace. This is a prime example of how our clients successfully acquired a competitive term sheet within one day and closed within 3 weeks.

ERG Commercial real estate is proud to announce the recent sale of 1508 Stillwell Avenue located in the Morris Park section of the Bronx. 1508 Stillwell Avenue is a 4,000 square foot, two story vacant industrial building. This property was previously in contract during the height of the Covid-19 pandemic. Due to associated unforeseen circumstances, that buyer was unable to move forward with the purchase. Jared Friedman of ERG Commercial Real Estate succeeded in finding the perfect owner user for this property, despite the challenge of selling a vacant commercial property which had additional underlying issues during a pandemic. The Brokers on this transaction, Jared Friedman and Matthew Murphy, are actively transacting commercial sales throughout the Bronx.

ERG Commercial Real Estate is proud to present the recent sale of 2250-2258 Aqueduct Avenue in The University Heights section of The Bronx. The sale consisted of 4 consecutive lots with a total residential buildable of 39,531 SF and an additional 15,628 SF of community facility. The sale price totaled roughly $2,490,000, which is equivalent to $63 per buildable square foot. The transaction involved separate sellers with a number of open and unsettled violations and unpaid taxes. Brokers Anthony Yacovone, Michael Panvini and Matthew Murphy navigated numerous deal obstacles and Covid-19 market uncertainty to facilitate the sale at a premium price.

ERG Commercial Real Estate is proud to announce the recent closing of a three story, 6 unit multifamily building located at 42-04 78^th Street in Elmhurst, Queens.

This sale was an ALL CASH deal in which the seller had been in DEFAULT with their mortgage for well over a year and was in FORECLOSURE. This meant that the seller would have to pay out of pocket in order to sell the property.

HOWEVER, Anthony Musso SAVED the clients TIME and MONEY by negotiating a deal with the lender so that the seller could close on the property without additional costs and rid themselves of a stressful foreclosure process

In addition, the property had several issues with leases, DHCR registration, liens, and violations. Anthony Musso worked with clients, attorneys, HPD, and DHCR to clear the building of all monetary liens and violations, provide updated leases, and provide updated DHCR registrations for prior years.

ANTHONY MUSSO and ERG achieved the seller’s goal in selling the property quickly despite the numerous DHCR issues, violations, mortgage issues, AND high degree of uncertainty in the Commercial Real Estate market due to Covid-19.

ERG Commercial Real Estate is proud to present the recent financing of 1707-1759 Middle country Road in Centereach, NY. The owner of this newly developed shopping center needed to refinance out of a construction loan. ERG secured $9,800,000 for the first phase of the development. The property having strong tenants like United Health Care, Arby’s, Wingstop, AT&T, Etc and ERG’s close relationship with multiple banks allowed us to provide the best rates on the market. More important than the rate was  the proceed amount. ERG was able to push the proceeds to a higher level and close the loan and fund prior to all tenants being up and running.

ERG Commercial Real Estate is proud to announce the funding of 30-75 21st Street in Astoria, Queens. The Property sits on a 10,000 square foot lot and is Zoned R7A, C2-3. The site allows for 40,000 buildable square feet as of right. The proceeds will fund the acquisition of the property and the preliminary site preparation work for a new building construction project.

ERG is actively financing Bridge loans, Partnership financing & buyouts, and additional Private financing opportunities.  No appraisals, No environmentals and Quick Closings. ERG was the direct lender on the transaction.

ERG Commercial Real Estate is proud to announce the recent closing of 88-05 101^st avenue in Ozone Park, Queens. This two story mixed use building contains a ground floor office that is currently owner occupied and two apartments on the second floor. ERG was able to obtain a 10 year loan fixed at 4% with a 25 year amortization period as well as a line of credit that is annually renewable. Due to our strong relationships with numerous banks, ERG was able to navigate and push this deal through during the Covid-19 pandemic.  

ERG Commercial Real Estate is proud to announce the recent finance closing of 5601 and 5603 2^nd Avenue in Brooklyn, NY. ERG placed a $2,500,000 5 year fixed mortgage at 3.625% interest rate with a 25 year amortization schedule. This is a 3 building mixed-use corner property consisting of a residential component, a retail component and an automotive repair shop. We were very pleased with the rate on this deal due to the automotive component.

ERG Commercial Real Estate is proud to announce the recent closing of 102-08 Roosevelt Avenue in Corona, Queens. This property is a two story mixed-use building with retail on the ground floor and one apartment on the second floor. Upon sale, the ground floor was delivered vacant as the previous tenant had issues paying the rent due to the Covid-19 Pandemic.

Anthony Musso of ERG was able to market this property during the peak months of Covid-19 and quickly find a buyer that paid ALL CASH and closed in less than 30 days with no contingencies. Anthony Musso and ERG achieved the seller’s goal in selling the property quickly and for a premium price, despite the high degree of uncertainty in the Commercial Real Estate market.

ERG Commercial Real Estate is proud to present the recent finance closing of a mixed-use property in Park Slope, Brooklyn. The building consists of two apartments over one store, with 70% of the gross income coming from the commercial tenant. ERG Commercial Real Estate persevered and closed this deal in the midst of the Covid-19 pandemic. We provided our client with a low interest rate, despite the fact that banks were hesitant to lend on properties with retail tenants. Michal Walma and Ryan Lewis secured this deal with the bank without any changes in terms from start to finish.

ERG Commercial Real Estate is proud to announce the recent Construction loan closing for 86-15 Rockaway Blvd in Queens, NY. The proposed building will feature 20 apartments and a Community Facility space in the up and coming Queens neighborhood. ERG’s Anthony Yacovone operated as the deal originator and advisor while Matthew Murphy acted as ERG’s Financing specialist. This deal withstood several alterations in loan terms during the COVID 19 Pandemic. ERG ensured the process was as smooth as possible given the challenging market and exceeded the client’s expectations.

ERG Commercial Real Estate is proud to announce the sale of 17-21 Glen Street, Glen Cove, NY. This two story 12,000 SF mixed use property is located in the heart of the main retail corridor of Glen Cove.  It is just a half a block away from the New RXR development site consisting of 146 apartments and 17,500 SF of new retail space.  At the time of closing, the entire first floor was delivered vacant and the second floor tenant had only about a year left on their lease. ERG was able to navigate and close the transaction through the Covid pandemic.

ERG Commercial Real Estate is proud to announce the recent sale and financing of 2 Overhill Place, Yonkers, NY. Our Senior Investment Associate Irene Uy represented the seller in the sale of the property as well as represented the buyer in securing acquisition financing to close the deal. We successfully navigated the tumultuous market even as retail properties have been particularly hit by the COVID-19 pandemic. We secured loan proceeds that were committed prior to the pandemic despite uncertainties in property appraisals. Maintaining banking relationships and effective communication with all parties involved was key in closing this deal.

ERG Commercial Real Estate is proud to announce the recent finance closing of 186 Nassau Avenue Brooklyn, NY. ERG secured a 5 year fixed mortgage with a 30 year amortization period at 3.625% interest rate. The property is a mixed use building consisting of 4 apartments and 2 retail units on the prime retail corridor of Nassau Avenue in Greenpoint, Brooklyn.  ERG assisted the client in navigating this transaction through the COVID-19 Pandemic as banking guidelines and regulations were changing rapidly.  Through our strong relationships and hands on approach in every step of the deal, we were able to push through this new banking environment.

ERG Commercial Real Estate is proud to announce the recent financing of 29 West Sunrise Highway, Freeport, NY. ERG helped a returning customer find financing for his acquisition of a mixed use property on the very busy retail corridor of Sunrise Highway. ERG assisted the client in navigating the ups and downs of this transaction as the country, and especially New York State, found its way through the COVID-19 pandemic. We succeeded in keeping the bank engaged and interested as the market changed rapidly and lending parameters moved on a daily basis. It all came down to a great banking relationship and open communication with a client who understood the changing market.

ERG Commercial Real Estate is proud to announce the recent financing of 1243 Dean Street, Brooklyn. ERG was able to secure long term financing, fixed for 7 years with a 30 year amortization period for 3.75%. The property was an 8 unit multifamily building with one of the apartments being occupied by the owners. ERG was able to close this deal during the height of the corona virus pandemic. Because of ERG’s strong banking relationships we were able to navigate the quickly changing lending environment during the pandemic and walk the borrowers through new lending requirements and underwriting guidelines.

ERG Commercial Real Estate is proud to announce the recent closing of 380 East Main Street, Patchogue, NY. ERG secured a $1,900,000 refinance on a 5 tenant retail strip center. The rate for this loan was 4.0% with a 25 year term and rate adjustments every five years. ERG was able to close this loan during the height of the Corona Virus Pandemic due to its close relationship with the lender. ERG maintains close relationships with a large variety of National, Regional and Local Banks in order to help our clients find the right financing solution for their commercial real estate investments. It is more important than ever to have these relationships and to look out for one another during times of crisis. ERG is proud to have such long and enduring friendships and we look forward to being able to help you with your financing goals.

ERG Commercial Real Estate is proud to announce the recent loan closing of a Bronx and Brooklyn Portfolio. ERG’s Anthony Yacovone operated as the deal originator and advisor on the $925,000 partnership buyout. The underlying assets of the portfolio included several parcels of land with development potential in addition to a strip of retail stores. The financing was structured so that both partners were able to benefit from the 1-year loan. In the midst of the COVID-19 uncertainty, ERG was able to provide a reliable and efficient closing. 

ERG Commercial Real Estate is proud to announce the recent loan closing of 211-12 Northern Boulevard in Bayside, Queens. This two story mixed-use (retail and office) building is currently vacant due to structural damage caused by a neighboring development site. The borrower initially had a traditional mortgage, but was unable to refinance due to the condition of the building.  ERG’s Anthony Musso assisted in the process of obtaining a loan for the borrower through ERG’s private lending division and succeeded in helping the client given the unique circumstances. In addition, Anthony Musso and ERG were able to facilitate a safe closing adhering to social distancing guidelines, in light of the COVID-19 pandemic, to obtain the client’s requested loan amount of $1,300,000.

ERG Commercial Real Estate is proud to present the recent refinancing of 36 Bruce Avenue in Yonkers.  The borrower was looking for long term, self-liquidating financing on their 13-unit multi-family building. ERG was able to get the client a 4% fixed rate loan for a 15 year term with a 15 year amortization schedule, ensuring there was no balloon payment at the end of the loan. Despite the recent COVID-19 Pandemic, Irene Uy  was able to close the deal remotely while navigating new lending guidelines.

ERG Commercial Real Estate is proud to announce the recent closing of 201-03 Northern Boulevard in Bayside, Queens. This building is a two story mixed-use retail/office building that was owner occupied on the ground floor and leased on the second floor. Upon sale, the seller would have to deliver the ground floor vacant and violation free despite the property having several open work permits and ECB Violations.  Anthony Musso of ERG was able to reconnect the seller with the architect of 30 years ago as well as expeditors to clear all violations and begin the process of closing out the work permits. In addition to handling the property’s violations, Anthony Musso and ERG were able to facilitate a safe closing adhering to social distancing protocols, in light of the COVID-19 pandemic. The final sale price of the property was $1,175,000, which calculates to $653 per square foot, a premium for this location

ERG Commercial Real Estate is proud to present the recent refinancing of 20 Bonnefoy Place in New Rochelle, NY.  This was a traditional refinance on a 10-unit multi-family building. We were able to get our client a fixed rate of 3.675% for 5-years. Due to ERG’s close relationships with our banking partners, we exceeded our client’s goals and fulfilled his financial needs.

ERG Commercial Real Estate is proud to announce the recent closing of 1146 White Plains Road and 681 Van Nest Avenue in the Bronx. ERG facilitated a $630,000 private loan on the acquisition of the mixed use property located on 681 Van Nest Avenue with additional collateral of a three family building located at 1146 White Plains Road. ERG understood the borrowers needs and created a loan and structure that was beneficial to the borrower. The term of this loan is for one year with an option for a second year. ERG Commercial Real Estate is already working with the borrower to replace this private debt with traditional financing.

ERG Commercial Real Estate is proud to announce the recent closing of 922 Barretto Street in the Bronx, NY and 2 Church Tavern Road in South Salem, NY. ERG facilitated a $775,000 private loan on the acquisition of 2 Church Tavern Road in South Salem, with additional collateral of a 31 unit mixed-use building located at 922 Barretto Street in the Bronx. ERG understood the borrowers needs and created a loan and structure that was beneficial to the borrower. The term of this loan is for one year with an option for a second year. ERG Commercial Real Estate was able to close the deal quickly, with no appraisal or environmental report needed.

ERG Commercial Real Estate is proud to present the recent financing of 98 Bay Ridge Avenue in Brooklyn, NY. The owner of this 6 unit multifamily property needed a quick refinance during the holiday season. Given the  time constraints during the first week of the New Year, ERG was able to close the loan in under a 2 month time period from term sheet to closing. ERG was able to secure a loan for the borrower that met her criteria at a low interest rate for a 15 year term and a rate reset every 5 years. Due to ERG’s close relationships with numerous banks, we exceeded our client’s goals and expectations.

ERG Commercial Real Estate is proud to present the recent refinancing of 225 Clifton Avenue in Newark NJ. ERG procured a  second position mortgage. Creating this opportunity for the sponsor, gave him the time and space needed to resolve some financial issues he had on another property. The deal was closed quickly, with no appraisal or environmental report needed. The subject property is an 17 unit multi-family building.

ERG Commercial Real Estate is proud to present the recent closing of 158 Main Street, Huntington, NY 11743. ERG secured a loan for the borrower at a fixed rate for a 10 year fixed loan, renewable for another 10 years with a 25 year amortization period. ERG was also able to negotiate a custom prepayment option to allow the borrower to prepay the loan with minimum penalty. The borrower, an owner occupant, was concerned about transferring accounts to a new lender, which is customary for commercial and industrial loans at other institutions. Due to ERG’s network, the bank we worked with not only took on the loan, but also met with the client numerous times to ease their concerns. ERG ensured the process was as smooth as possible and exceeded the client’s expectations.

ERG Commercial Real Estate is proud to present the recent sale of of 70-17 Cooper Avenue in Glendale, Queens. This building is a funeral home that had been vacant for two years and was previously owner occupied. The seller had sold his business along with the right to sell the property to another funeral home director. In addition, the seller was in the process of being foreclosed on and had limited time to sell before the property would be auctioned off. Despite these circumstances, ERG was able to market the property efficiently and facilitate this sale for a market premium to owner user with future intentions to develop. The final sale price of the property was $2,600,000, which equates to $115 per buildable square foot and $270 per existing square foot.

ERG Commercial Real Estate is proud to present the recent closing of 3766 Boston Road, Bronx, NY. ERG secured a loan for the borrower at a fixed rate for a 5 year fixed loan, renewable for another 5 years with a 25 year amortization period. The borrower, an owner occupant, was concerned about qualifying for a loan due to being turned down at other institutions. Due to ERG’s network, the bank we worked with not only took on the loan, but also met with the client numerous times to ease their concerns. ERG ensured the process was as smooth as possible and exceeded the client’s expectations.

ERG Commercial Real Estate is proud to present the recent Private Financing of 235 W Sunrise Highway in Freeport, NY.  This single tenant 2,100 square foot property sits on the corner of McKinley Place and the highly traveled retail corridor of Sunrise Highway. The owner was able to secure this short term financing to complete the final work needed on a different property he has been constructing. ERG looks to continue the relationship by helping the borrower obtain long term financing once the said project is completed.

ERG Commercial Real Estate is proud to announce the recent closing of 2108-2110 2^nd Avenue in East Harlem, New York. The marketing of this property, whose rent roll is entirely comprised of stabilized rents, began before the recent rent regulation changes. With the proper insight and guidance, ERG was able to facilitate this sale through the turbulent market conditions after these changes. The final sale price of the property was $1,950,000 and at an effective cap rate of 3.8%, achieving a market premium.

ERG Commercial Real Estate is proud to announce the recent sale of 2416 Chestnut Avenue, Ronkonkoma, NY. The property is a 16,000 square foot industrial/warehouse building that is fully occupied by two tenants. The property came with two heavy duty cranes and multiple overhead doors. ERG was able to guide the sellers through the process of the sale which took a substantial amount of time due to Certificate of Occupancy issues. With ERG having the market knowledge and wherewithal to be able to complete such a complicated transaction, the client was left in a good position. If you have a property that may have some issues but are still looking to sell, ERG Commercial Real Estate is the right company to represent you on your deal.

ERG Commercial Real Estate is proud to announce the recent closing of 266 Jericho Turnpike in Floral Park, NY and 414-420 Hillside Avenue in New Hyde Park, NY. This was a traditional Cash out/ Acquisition loan on a mixed-use multi tenanted office/retail building on Jericho Turnpike and a multi tenanted strip center on Hillside Avenue. We were able to get the client a total of $1,400,000 in proceeds for 5 years with an additional 5 year option on a 30 year amortization schedule. This deal had a number of issues arise throughout the process in regards to leases, estoppels, and disagreements between purchaser and seller. Despite these challenges, ERG was able to navigate the client through the loan process resolving all matters to satisfy the client’s needs

ERG Commercial Real Estate is proud to announce the recent closing of 1895-1897 Wantagh Avenue in Wantagh, NY. This was a traditional Cash out/ Refinance on a multi tenanted/ owner occupied strip center on Wantagh Avenue, just off of Sunrise Highway. We were able to get the client $1,035,000 at 4.25% for 5 years with an additional 5 year option. Due to our strong banking relationships, we were able to expedite the loan process as well as obtain much stronger terms than he was seeing in the market place.

ERG Commercial Real Estate is proud to announce the recent closing of 40-37 76^th Street and 39-18 61^st Street in Woodside, Queens. ERG facilitated a $2,000,000 private loan on the acquisition of the mixed use property located on 40-37 76^th Street with additional collateral of a three family building located at 39-18 61^st Street. ERG understood the borrowers needs and created a loan and structure that was beneficial to the borrower. The term of this loan is for one year with an option for a second year. ERG Commercial Real Estate is already working with the borrower to replace this private debt with traditional financing.

ERG Commercial real Estate is proud to announce the recent finance closing of 3839 Bronxwood Avenue Bronx, NY. The owner of this newly constructed multifamily building in the Bronx was looking to recoup capital from the project to deploy elsewhere. The borrower decided to start the financing process before obtaining a TCO for the property. Due to ERG’s close relationship with our banking partners we were able to close shortly after the client obtained a TCO and prior to the building being included in the affordable New York housing program. (formerly 421A).

ERG Commercial Real Estate is proud to present the recent financing of 450 78^th Street in Brooklyn, NY. The owner of this 20 unit multifamily building wanted to take out a loan to do capital improvements on his property. The borrower also had the special condition of wanting to have this loan be self-liquidating over a 10 year period. ERG was able to secure a loan for the borrower that met his criteria at a rate of 4.0% for a 10 year fixed loan with a 10 year amortization period. Due to ERG’s close relationships with our banking partners, we exceeded our client’s goals and fulfilled his financial needs.

ERG Commercial Real Estate is proud to present the recent closing of 140 Frost Street in Brooklyn, NY. ERG was able to help the owner obtain financing for his mixed use property. The borrower was looking to replace his current private financing, as well as cash out some additional funds for future projects. ERG was able to get hold of a high leverage loan at a very low rate to fulfill the borrowers request. Through ERG’s excellent banking relationships we are able to get the most competitive financing deal for our clients. No deal is too small or too big or too difficult. Please feel free to give ERG Commercial Real Estate a call for any of your financing needs.

ERG Commercial Real Estate is proud to present the recent closing of 74-30 Woodside Avenue. ERG was able to obtain financing for this mixed use property through relentless effort. The property needed a new Certificate of Occupancy, Renovation and Repair work as well as the clearing of multiple violations. ERG was able to guide the borrower through this process while also working with the lender to make sure they stayed on board throughout the progression. The borrower was so pleased with the work ERG did, he has returned for his next financing project. If you have a difficult financing project please feel free to reach out to ERG Commercial Real Estate.

ERG Commercial Real Estate is proud to present the recent financing of 150 Hale Avenue, Brooklyn, NY. 150 Hale Avenue is a small three story multifamily building in Brooklyn, NY that was leased out on a NNN basis to a New York City Agency. The deal had a number of issues that ERG was able to resolve to get it closed, the least of which was that the building was nonconforming to its current C/O. Due to ERG’s strong banking relationships ERG was able to navigate through these issues and resolve the banks concerns to be able to close the deal.

ERG Commercial Real Estate is Proud to present the recent financing of 57 Congers Road, New City, NY. The subject property is a 29 unit multifamily garden style apartment complex. The property had been in estate court for the past 10 years with a dispute between the heirs to the estate. When an agreement was finally reached, ERG was able to step in and find the new purchaser a loan that covered the full cost to buyout the other parties and cover closing costs. This deal closed in one and a half weeks from start to finish.

ERG Commercial Real Estate is proud to present the recent financing of 469 South 9^th Street and 138 Mount Vernon Avenue in Mount Vernon, NY. The borrower was in contract to buy a portfolio of properties he won at auction, he needed quick financing in order to close on the transaction. ERG Commercial Real Estate was able to provide him with the financing he needed very quickly and without any headaches. Due to our ability to lend in house without appraisal reports or environmental reports we met all of our client’s needs of a quick closing with no burden of paperwork.

ERG Commercial Real Estate is proud to present the recent private financing of 460 Halsey Street in Brooklyn, NY. The 9,500 square foot, 8 family building is located between Marcus Garvey Boulevard and Lewis Avenue in the heart of Bedford Stuyvesant. The owner was seeking private financing to replace his current loan, while cashing out to finance a gut renovation of said property. There was a recent fire, which caused a vacate order and a need for the renovation. ERG was able to secure the loan and close within two weeks.

ERG Commercial Real Estate is proud to present the recent refinance of the Sherwood Diner in Lawrence NY. The Principal came to us looking to lower his debt service while locking in a long fixed term. We helped the owner reach his goals and help him have a substantial savings on his monthly payments. Though our hands on approach we were able to understand the business and borrowers needs and help advert any potential problems during the refinancing process.

ERG Commercial Real Estate is Proud to present the recent financing of a mixed use building on 126^th Street in College Point, Queens. The borrower was interested in refinancing his current private mortgage and taking out additional proceeds the use towards improvements to his property as well improvements to other real estate he owned. We were able to secure this loan and close in two weeks. The private loan we provided to the borrower satisfied his needs and gave him the time he needs to complete his goals with the property.

ERG Commercial Real Estate is Proud to present the recent financing of a 52 unit multi-family building on McLean Avenue in Yonkers. The borrower was interested in refinancing his current mortgage and taking out additional proceeds to use towards the investment in additional commercial real estate. ERG was able to help the owner navigate the refinancing process and get him over and beyond the proceeds any other bank would offer him.

ERG Commercial Real Estate is proud to present the recent refinancing of 75 West 118th Street in Manhattan, NY. ERG provided the borrower with a $2,100,000 bridge loan to take out his defaulted traditional financing. By creating this opportunity for the sponsor, ERG was able to give him the time and space needed to resolve some financial issues he had due to a legal fight with a tenant. In addition, ERG facilitated an assignment of mortgage from his current lender. The deal was closed quickly, with no appraisal or environmental report needed. The subject property is an 8 unit multi-family building that was recently gut renovated.

ERG Commercial Real Estate is proud to present the recent financing of a three story mixed-use building on Jamaica Avenue in between 173rd and 175th Street in Queens, NY.  The borrower had just completed fully renovating the property and wanted to recoup the investment he made in Capital improvements as well as cash out some additional proceeds for future real estate investments. ERG was able to help the owner successfully navigate the process to clear the building of all violations and Certificate of Occupancy issues, allowing the deal to close in a timely fashion.