NEWMARK NEW HIRES CREATE BANNER FIRST TWO QUARTERS
Cedar Knolls, N.J., June 23, 2022 – Overcoming the hurdles of a recent pandemic-challenged market and economic climate, Newmark Associates CRE, LLC, announced banner sales and lease transactions at 1 Carol Street, Clifton, Passaic County; 505 South Livingston Avenue, Livingston and 6-12 Anthony Street, Newark, both in Essex County; and 645 Speedwell Avenue, Morris Plains, and 19 Route 10 East, Succasunna, both in Morris County.
Nancy Glick, Chief Operating Officer, and Vijay Solanki, Sales Associate and one of Newmark’s newest hires, acted as exclusive agents for the 15,000 SF Clifton industrial property, representing both the seller and buyer.
Mr. Solanki, attributing his success in this first sale to the comprehensive training received under Ms. Glick’s mentorship, commented: “Newmark has given me the tools to understand and execute transactions and allowed me to close the sale of the Clifton property for $3,000,000.” Ms. Glick remarked on a value-added turnaround in the negotiations: “The seller intended to lease the building and after receiving a creative, above-market offer, chose to sell instead.”
The sale of a retail property — a rare, free-standing building in Livingston, vacant for a long time with abandoned vehicles in the back lot — was managed by Senior Sales Associate Jay Zeitchik, representing the seller; and Judith Feldman, Director of Newmark’s Healthcare Division, along with Ebony Parham, Broker-Associate, representing the buyer.
Ms. Parham, “impressed with the support, training, and mentorship offered by the leadership at Newmark,” emphasized that “their attention to detail, information gathering, and follow-up practices ensure that transactions stay viable. Creating workable solutions is what the Newmark team does with candor and transparency.”
Defining Ms. Parham as “the consummate professional who was able to sustain the buyer’s interest as he continued to search for a property suitable for his medical practice,” Ms. Feldman expressed their mutual satisfaction with enabling both buyer and seller in obtaining their respective goals: “for the buyer, an expansion of their dental practice and building out a state-of-the-art office to serve client needs and for the seller, to relieve a distressed situation and obtain a fair price of $750,000 for the property.”
At the Morris Plains location, another vacant building where daily, heavy foot and car traffic along with proximity to Morristown eventually made this property very attractive to the new restauranteur tenants, Sales Associates Jeannette Melillo and David Yoon represented both the landlord and tenant.
Mr. Yoon, another of Newmark’s new talents, coordinating tenant communications, showing the property and putting together all the necessary documents, acclaimed training at Newmark with leaders COO Nancy Glick, EVP Helene Elbaum, and CEO Susanne Newmark as key to the ease and “proper work ethic” with which he managed his end of the transaction.
Ms. Melillo commented on a challenge common in the pandemic market and not unique to this transaction: “When the first wave of Omicron came along, we had a deal fall through, and it took another five months before restaurant owners felt less risky opening up a dine-in restaurant.”
Additionally, Ms. Melillo, along with recent hire and Sales Associate Dennis Giammetta, represented the tenant in the Succasunna lease transaction – the first bungee fitness location in New Jersey. The open floor plan of the existing space; roof joist spacing; ease of access and exit; abundant parking and convenient location made this “the perfect space for our client” and the lease process were an “opportunity for on-the-job training which aligned seamlessly with our current ‘textbook’ training” remarked Mr. Giammetta. “Ideal for both recreational and therapeutic fitness use,” Ms. Melillo expressed excitement that “bringing this unique and seemingly very exciting type of exercise opportunity to Succasunna will offer the community a thrilling escape from mundane routine exercise.”
In Essex County, representing the owner of a 12,000 SF vacant warehouse with a gated lot on Anthony Street in Newark, Sales Associate James Davenport managed the lease transaction for this repeat Newmark client, finding the landlord a tenant who operates an established, successful, industrial linen cleaning business which services over 120 New York City hotels. The location of the facility affords the lessee and his workers easy access in the heart of Newark to abundant public transportation options and distribution hubs within a short distance to New York City.
Mr. Davenport commented that “Many factors were appealing to both parties in this transaction: including long term stability for both landlord and tenant with a 10-year lease and the potential opportunity for collaboration by both parties to build apartments in upstairs units which would increase the property’s revenue stream. Executing this deal went above and beyond the landlord’s hopes for the property, exceeding any and all expectations.”
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