15,000 SF Leased to Retro Fitness

Brokers Al Centrella and Dennis McCoy leased 15,000 SF of retail space to Retro Fitness in the DSW Shopping Center at 1815 E. Jericho Turnpike, Dix Hills, NY. Retro Fitness is scheduled to open on December 1, 2009.

Expanding Partnership

NAI Long Island is pleased to announce that Brian A. Pinnola and John A. La Ruffa, SIOR have both been named principals at our firm. They join current principals Carmine Inserra, John Simone, Albert Centrella and Frank Socci, Jr. CPM©.

Sale Completed in Malverne, NY

NAI Long Island has successfully completed the sale of 269 Hempstead Avenue in Malverne, NY, a 9,800 square foot retail/office building. The entire first floor of the property is leased long term by Bank of America. The purchaser, who was represented by Paul Schneider of Real Estate Strategies, is a local user. NAI Long Island was represented by John Simone, Carmine Inserra and Brett Rosenthal.

Long Island Business News: Who's Who in Commercial Real Estate

Carmine Inserra, a Principal at NAI Long Island in Melville, NY, has been servicing the industrial and office needs of clients since 1978. He has represented tenants and landlords in sales and lease transactions. His expertise in the market combined with his integrity has developed relationships with many clients including Scandinavian Airline Systems, Sweet-n-Low Confectionery, Avent, G-tech Corp., Griffon Corp, Allied Waste Services, Inc., Wright Risk Management and Stantec.

As a result of the economic conditions and the lack of credit, there is no question that commercial property values are down, Inserra said.

"However, there currently is a gap between buyer and seller expectations but there are signs of that gap closing," he said. "For buyers, the best advice is to be patient and submit offers with as few contingencies as possible to speed up the closing date. For sellers, establish a realistic price based on today's economic conditions, not what the property was woth last year or what you paid for it."

If the buyer needs a finance contingency, sellers should investigate where the desired financing is achievable before going into contract, he added.

"I feel the market will stabilize in the later part of 2009 and slowly recover in the next few years," Inserra said.

Prior to joining NAI, Inserra formed Bagnato Realty with Pasquale Bagnato. The company served the commercial and industrial needs of clients in Nassau and Suffolk counties and NY metropolitan area. As its managing partner, Inserra closed more than 500 deals including several monumental sales and lease transactions.

Inserra earned a bachelor's degree in environmental design from the University of Oklahoma.

He was also the recipient of Reckson Associates' 2003 Broker of the Year award.

Inserra is the current leadership board member of NAI Global and chair of Education and Assistance Corporation. He is a past president of the Commercial Industrial Brokers Society and past board member of the American Red Cross.