New York

The board of the Nassau County Industrial Development Agency has given preliminary approval for a package of development incentives to renovate 96,867 square feet of new office space in Long Island.

The Brooklyn Brokers United fund has exceeded its $20,000 goal at a current level of $23,016.

Due to the coronavirus pandemic, Manhattan office leasing tenants have pressed pause on contracts for new space, according to a recent Avison Young report.

Silverback Development, a New York-based real estate owner, developer and investor, is slated to welcome its first tenants to move into its luxury condominium at 24-16 Queens Plaza South, in Long Island City. The property, dubbed the HERO LIC, features 109 luxury condominiums with views of Manhattan.

Investors are poised to take precaution on portfolio decisions amid frozen market supply and demand because of the coronavirus pandemic, which has left businesses shuttered and a large number of tenants short on rent payments. As a result, borrowers are strained to make loan payments, which they fear could go into default.

The 32,184-square-foot multifamily property closed at $4.7 million, or approximately $149 per square foot.