A Broker With a Golden Handshake

As Seen in Newsday Monday February 3, 2003. By Alan J. Wax

Richard Cohen became a commercial real estate broker on Long Island 21 years ago so he could be close to his then-dying mother.

He’s never looked back.

Last year, Cohen, who operates solo at his Hauppauge firm, Ashlind Properties, was one of the hottest industrial brokers on the Island, negotiating leases for more than 1.2 million square feet in what had been a difficult year at best for the commercial real estate industry. Moreover, Reckson Associates Realty Corp., the region’s largest commercial landlord, awarded him its prize for top industrial leasing broker for 2002. Cohen’s deals with the big landlord totaled more than 335,500 square feet.

“He’s managed to be one of a handful of dominant industrial brokers on Long Island,” said Reckson co-president Mitchell Rechler.

Among Cohen’s biggest deals were Elm Freight’s lease of 104,000 square feet at 85 Nicon Ct. in Hauppauge, the Techsmart Inc. lease at Airport International Plaza in Bohemia of 106,515 square feet, and a South Shore Packaging lease of 125,000 square feet at 110 Plant Ave. in Farmingdale. Cohen, a 49-year-old native of Hewlett, earned a degree in real estate and finance from Ohio State University. He had owned and managed apartment buildings in the city when he took a job in 1982 as a broker with the Lake Success commercial real estate brokerage Sutton & Edwards Inc.

He remained with the firm until lean times hit the industry. Then he struck out on his own in 1990, sharing space in a trailer operated by Reckson co-founder Walter Gross. Cohen christened his new firm Ashlind after his two daughters, Ashley and Lindsey.

His forte, Cohen said, is working with family-owned businesses, where he can deal directly with the ultimate decision-makers and maintain one-on-one relationships. That’s meant a steady stream of repeat business and, he said, an ability to think of himself as a partner in his clients’ business.

Cohen said another strength is his ability to choreograph a deal.

Cohen “has been able to bring both sides to a mutually beneficial relationship,” said Bill Conboy, president of ELM Logistics, which Cohen has represented in several deals. Cohen, he said, has been able to balance landlords’ rent demands with the rents business owners feel they can afford to pay. “It’s hard sometimes, unless you’re working with someone who can bring that to a deal,” Conboy said, adding that Cohen “has the skills to keep both parties talking.”

And, he said he has a different operating philosophy from competing brokers who are concerned about earning commissions for their brokerage firms. Cohen said he does not focus on commissions until a deal is concluded. “I don’t consider which building pays me a bigger commission” in showing properties to clients, he said. “I’ve always believed, don’t worry about the commissions. . . The commissions will follow.”

A resident of Hewlett Harbor, Cohen works out every morning on his way to work at a gym in Edgewood. Then, “I’m out everyday knocking on doors, seeing people, talking to lawyers and accountants,” Cohen said.

TRANSACTIONS
In Brentwood:
Air Plus Ltd., a logistical services company formerly in Deer Park, leased the entire 40,000-square-foot warehouse at 91 Rodeo Dr. from Heartland Business Center. Mort Glick and Jeremy Hackett of Grubb & Ellis Co. negotiated the lease on behalf of Air Plus.

In Hauppauge:
S.S. Sarna Inc. subleased 22,000 square feet from Gemcoware Inc. at 600 Old Willets Path. Jeff Schwartzberg, Joe Bosco and Ted Trias represented Gemcoware; Richard Cohen of Ashlind Properties represented Sarna in the lease valued at about $750,000.

Janco Distributors paid $1.8 million for a 30,000-square-foot industrial building on about 2 acres at 901 Motor Pkwy. from Bank of New York. Schwartzberg and Bosco of Sutton & Edwards represented the bank; Ralph Perna of Grubb & Ellis Co. represented Janco.

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