In the Press

In the press sub title

12/12 1960
Letter of Intent – Construction Costs

One aspect of the current cycle of recovery in the commercial real estate market is the continual increase in the cost of construction, a facet of the process that most do not think of when deliberating their next project in the midst of the development boom. The costs of materials and labor have increased as

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02/07 1960
Mann Report – Berko Closes LIC Paper Factory Hotel Financing

Joe Berko and Michael Korine of Berko & Associates recently completed a $27 million first mortgage loan to recapitalize on the Paper Factory Hotel al 37-06 36th Street in Long Island City, The borrower purchased the six-story 103,000-square-foot Long Island City warehouse in 2012 and turned the former paper factory and industrial property into a

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04/01 1950
Madison Realty Capital closing in on $31M Woodside assemblage

The Real Deal – Madison Realty Capital continues to make moves in Queens, with the real estate investment firm on the verge of closing on a five-parcel assemblage in Woodside for around $31 million, sources told The Real Deal. The assemblage — located on a block bound by Queens Boulevard, 47th Avenue and 69th and

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11/07 1949
How Israeli bonds are bankrolling NYC skyscrapers

There are multiple billions worth of new developments on one Manhattan block alone, each setting new, unique records and each requiring new, creative ways to finance them. Before the crash, CMBS was a popular source of debt, totaling $230 billion in activity in 2007. Those days are gone. In the past two years, EB-5 has

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Are Retail’s Biggest Lenders Too Exposed?

After a run-up in pricing that even some of the industry’s most bullish observers find head spinning, Manhattan’s luxury retail market is starting to show cracks, and that could put its most active lenders on the line. Big banks such as Wells Fargo, Bank of America, Deutsche Bank and France’s Crédit Agricole, as well as

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Peña and Borshch of Berko handle two building sale: $15.5 million

NYREJ – Berko & Associates has closed on the sale of two connected four-story, loft office buildings located at 201-209 46th St. on the corner of 2nd Ave. in the Sunset Park neighborhood. The property sold for $15.5 million, at $290 per s/f above grade, a record for the area, suggesting a still-healthy appetite within

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New York Yankees Plan $1 Billion Refinancing of Stadium Bonds

The New York Yankees are seeking to become the latest professional sports club in the region to take advantage of record-low interest rates to lower borrowing costs by refinancing about $1 billion of bonds issued to build the team’s new stadium. The refinancing by the Yankees, who are second-to-last place in their division, was disclosed

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Q&A with Joe Berko: Big Deals, Israeli Bonds, and Why They Could Be the Next EB-5

A reigning CoStar Power Broker of the Year award winner, Joe Berko’s an up-and-comer in New York’s investment sales circuit. Despite setting a personal best with a $182M deal lat year, Joe’s biggest play has been his foray into Israeli bonds, a popular source of capital for New York’s biggest players. By partnering with two

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Industry Game Changer: How The Tel Aviv Stock Exchange Is Changing US Real Estate

A decline in CMBS markets have led to new ways of raising capital for US real estate players — and opening doors of opportunity for new waves of capital. The EB-5 visa program has been a popular source of capital but concerns of fraud have put the program under a microscope and could end this

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Real Estate Financing Craze: Will Israeli Bonds Oust EB-5 Visas?

Since the 2008 crash, domestic capital has been scarce, sitting at just $3 billion in 2009 after hitting a whopping $230 billion in 2007. Naturally, EB-5, an investment program allowing foreigners to essentially buy green cards in exchange for a $500,000 investment, along with the creation of 10 U.S. jobs, became a goldmine for real

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