May 4, 2023 9:00 AM
Newmark announces the addition of three industrial sales and leasing experts to the firm’s Long Island office. Representing institutional investment firms and Fortune 500 companies, Executive Managing Director Kyle Burkhardt, Managing Director Joshua Cohen and Associate Director Patrick Ciancimino have completed over 10 million square feet of transactions with an aggregate value exceeding $1 billion.
“Kyle, Josh and Patrick make up one of the top industrial teams on Long Island. They are well-regarded by their peers and work devotedly on behalf of their clients,” said Chuck Tabone, Executive Vice President and Managing Director of Newmark’s Long Island office. “Having them join our talented group of real estate professionals will build upon our reputation of stewarding best-in-class client services.”
Prior to Newmark, Burkhardt, Cohen and Ciancimino served as a top-producing industrial team on Long Island while at Cushman & Wakefield. Their move to Newmark reinforces the firm’s commitment to a forward trajectory as it continues to attract industry top talent, and in Long Island will further secure the firm’s industrial business alongside its well-known office leasing services.
“Over the past few years, the industrial sector on Long Island has changed dramatically with many institutional investors entering the market. Our decision to join Newmark was rooted in believing that the platform will help us better serve these clients,” said Burkhard. “Newmark provides all the services we need to facilitate major institutional deals and allows us to cross-collaborate with the firm’s other business lines, including capital markets, office leasing and the national industrial teams.”
According to Newmark Research, average asking rents again reached an all-time high to close out strong in 2022. For the second consecutive quarter, the 166.7 million-square-foot Long Island industrial market set an average asking rent record. In Q1 2023, asking rents for industrial assets on Long Island have increased by 47%% since the pandemic, with rents at $18.32 per square foot.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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