Commercial

Orange County Partnership Hands Out Honors

December 2018

NEW WINDSOR—A record crowd attended the 32nd annual Orange County Partnership awards event held on Dec. 4 at Anthony’s Pier 9 here. The partnership handed out its top awards at the event, that also featured a special tribute to outgoing New York State Senators John Bonaccic and Bill Larkin. From left, New York State Senators…

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HGAR’s CID Showcases New Tech Marketing, Research Products

December 2018

WHITE PLAINS—Technology is exploding in commercial real estate. The Hudson Gateway Association of Realtors’ Commercial Investment Division recently reviewed some of the tools to help commercial licensees in marketing their properties and doing property research. The CID at its Nov. 29th meeting featured two products—biproxi and RPR. biproxi is a one-stop shop for commercial real…

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Yonkers IDA Approves Adaptive Reuse ‘Mill’ Project

December 2018

YONKERS—The Board of Directors of the Yonkers Industrial Development Agency has approved a resolution of intent earlier this month with the developer of a former loft warehouse in the Carpet Mills Art District. The project by Momentum Realty Associates of Yonkers will convert the light-industrial building at 222 & 252C Lake Street into an office…

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Westchester IDA Approves Half a Billion Dollars in New Projects

December 2018

WHITE PLAINS—The Westchester County Industrial Development Agency has granted preliminary and final approvals for more than $531 million in new development projects in White Plains, Harrison and Pelham. On Nov. 29, the Westchester County IDA granted a resolution of intent to provide financial incentives for AvalonBay Communities’ $76.8-million transit-oriented, mixed-use residential project to be built…

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Lakeview Plaza Shopping Center Trades for $12 Million

December 2018

SOUTHEAST, NY—The grocery-anchored Lakeview Plaza Shopping Center here has been acquired by Greenwich, CT-based Urstadt Biddle Properties of Greenwich, CT in what the new owner calls a “deep discount” at $12 million. The retail REIT has added the 177,000-square-foot shopping center on Route 22 to its portfolio of more than 5 million square feet. The…

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Ginsburg Unveils Plans for City Square in Downtown White Plains

November 2018

WHITE PLAINS—Ginsburg Development Companies LLC recently unveiled its transformative plan for the Westchester Financial Center in Downtown White Plains to the White Plains City Council. The City Square project calls for the renovation of the existing office complex and the conversion of a portion of the office space into multifamily housing and retail and community…

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NYC Firm to Acquire Macy’s Store in Rockland; Major Lease Signed with New Retailer

November 2018

NANUET, NY—New York City-based Metropolitan Realty Associates has signed a contract to acquire the 218,000-square-foot Macy’s store at The Shops at Nanuet here. Metropolitan Realty Associates, headed by founder and CEO Joe Farkas, is partnering with equity partner Angelo Gordon & Co. LP of New York City in a sale/ leaseback agreement with Macy’s that…

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Survey Suggests Strong Black Friday Sales Expected

November 2018

NEW YORK CITY—A survey released recently by the International Council of Shopping Centers reports that retailers are gearing up for another successful Thanksgiving Weekend as consumers plan to spend an average of $554.90 with $207.30 dedicated to holiday gifts. Omnichannel retailers stand to benefit the most, with 93% of shoppers planning to spend with retailers…

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Serendipity Labs to Open New Location in Downtown White Plains

November 2018

WHITE PLAINS—Co-working firm Serendipity Labs continues to expand its suburban and secondary market offerings and has announced plans to open new locations at properties in White Plains and Buffalo, NY, in a suburb of Milwaukee and in Downtown Cincinnati. The Rye-based company announced three new management contracts and a letter of intent in a fourth…

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Amazon Makes it Official, Picks NYC and Arlington, VA for HQ2

November 2018

SEATTLE—Amazon confirmed press reports that it decided to split its massive second headquarters requirement (HQ2) and has chosen Long Island City, Queens and Arlington, VA to house those operations that will house 25,000 workers each. Amazon announced on Nov. 13 it will invest $5 billion and create more than 50,000 jobs across the two new…

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Realtors Express Confidence in CRE in 2019

November 2018

BOSTON—While challenges face many of America’s commercial real estate markets, Realtors specializing in the sector should have confidence for growth to remain steady in the coming year. That’s according to the sentiments of two economists who spoke at a commercial economic issues and trends forum at the recent 2018 Realtors Conference & Expo in Boston.…

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Guest Viewpoint: Why are Commercial Construction Loans Inherently Risky?

November 2018

Too often, developers can’t secure permanent financing upon a project’s completion. If it’s a condominium project will the condo project sell out? Then, there is construction gamble, as cost overruns, accidents, delays and other problems tend to occur on every job. Imagine, for example, a crane falling or dropping an expensive beam. Further, good labor…

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Yonkers Once Again Looks to Develop Chicken Island

October 2018

YONKERS—City officials hope to end more than four decades of frustration and failed attempts to develop the Chicken Island property in Downtown Yonkers. In what city officials termed as a “game changer” for the downtown district, the City of Yonkers announced on Oct. 29 it had signed a letter of intent to sell the six-acre…

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The Bronx: NYC’s ‘Last Frontier’ for Investment

October 2018

The Bronx is booming! Real Estate In-Depth talked with local real estate experts Sarah Jones-Maturo, president, RM Friedland and Kathy Zamechansky, president, KZA Realty Group, who recently announced a new alliance, to find out why investment has been picking up in the borough. Real Estate In-Depth: What main factors contribute to the borough's commercial property boom?…

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MA. Developer Withdraws $4.51M Offer To Buy Vacant Sain Building in New City

October 2018

NEW CITY—A noticeably agitated Rockland County Executive Ed Day stood in front of the vacant Sain Building here on Oct. 9 and announced that National Development, the developer who had offered to pay $4.51 million to acquire the property and convert it into a senior residence, had withdrawn its purchase offer. National Development, a real…

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Latimer Appoints Gibbons as Director of Office of Economic Development

October 2018

WHITE PLAINS— Westchester County Executive George Latimer has decided to hire from within county government’s ranks and appointed Bridget Gibbons as the new Director of the Office of Economic Development. Gibbons had served as the county’s Deputy Director of Economic Development since Latimer took office in January 2018. She was the guest speaker at the…

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New Rochelle Wins $10M Downtown Revitalization Grant

October 2018

NEW ROCHELLE— Gov. Andrew Cuomo announced Sept. 27 that New Rochelle's Lincoln Avenue Corridor will receive $10 million in funding as the Mid-Hudson region’s winner of the third round of the state’s Downtown Revitalization Initiative competition. "New Rochelle's Lincoln Avenue Corridor is an area ripe with potential to appeal to a new generation of residents,…

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HVEDC Announces New Partnership With Westchester County Association

October 2018

GOSHEN—The Hudson Valley Economic Development Corp. and the Westchester County Association announced on Oct. 8 the launch of what they term as a “strategic partnership to grow specific industry sectors such as healthcare and real estate, expand on each other’s workforce development initiatives and close the digital divide through programs that promote gigabit-speed broadband connectivity.”…

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NYC Developer Says Westchester Performing Better than Fairfield

October 2018

WHITE PLAINS—Peter Duncan, president and CEO of New York City-development firm George Comfort & Sons, told more than 80 attendees of the Hudson Gateway Association of Realtors Commercial Investment Division, that the firm is bullish on Westchester and is seeking to redevelop a number of properties in the county. The firm, recently acquired the former…

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