Northeast

Gemini Rosemont Commercial Real Estate has acquired 167 North 1st St., a mixed-use development site situated midblock between Bedford and Driggs avenues in Williamsburg, Brooklyn, for $18.2 million.

This new offering prevents the touching of building hardware as landlords look for ways to curb the spread of the coronavirus to their properties.

The new space will house Imperial Dade's executive team as well as office operations, including finance, human resources and customer service. The firm's current Jersey City facility will serve as its largest distribution center.

The order also mandated specific protections and policies for all essential retail, manufacturing, and warehousing businesses, as well as businesses engaged in essential construction projects.

While early rent relief requests have come from restaurants, it is likely most retailers forced to closed will eventually submit requests.

Prior commitments are still being honored, however, new loans are effectively not available to all, only a few preferred customers and the private lending market is active, but pricing has increased substantially.

While the direct non-bank lender is still entertaining deals, it plans to hold off until the end of the month.

Currently, there is a brief pause in site acquisitions, but the trend for more medical tenants looking for opportunities to re-position previous outparcel locations should continue.