Commercial

BREAKING NEWS: Empire State Development Deems Some Facets of Residential, Commercial Real Estate as ‘Essential’

April 2020

ALBANY—Commercial and residential real estate brokers and agents received some welcome if not surprising news on April 1 when the Empire State Development Corp. clarified existing regulations, put in place in response to the Novel Coronavirus Pandemic, and deemed residential and commercial showings and back office real estate work as “essential.” The clarification therefore allows…

Gov. Orders All Non-Essential Construction Shut Down

April 2020

NEW YORK—Most private construction in New York State, including major development projects in New Rochelle, Yonkers and White Plains, have been temporarily shut down as a means to prevent the spread of the Coronavirus Pandemic. At a press briefing at the Javits Center in New York City on March 27, New York Gov. Andrew Cuomo…

The Louis R. Cappelli Foundation Pledges $200,000 To RXR’s COVID Relief Efforts in New Rochelle

April 2020

NEW ROCHELLE—RXR Realty announced on March 31 that the Louis R. Cappelli Foundation has pledged $200,000 to RXR’s COVID relief efforts in New Rochelle, for a total of $1.2 million to support organizations helping New Rochelle residents impacted by the COVID-19 public health crisis. Funding will go towards programs to address both immediate needs, as…

Coronavirus Restrictions Cause LEGOLAND New York to Postpone July 4th Opening Till 2021

March 2020

GOSHEN—Days after Gov. Andrew Cuomo announced new restrictions on construction that all but shut down private construction in New York State, LEGOLAND New York Resort announced it was postponing its planned theme park opening on July 4th until sometime in 2021. On March 27, Gov. Andrew Cuomo announced modifications to an existing executive order that…

Element 46 Incubator Program Finds Home for Second Cohort at Robert Martin Offices

March 2020

ELMSFORD—Westchester County’s Element 46 incubator program has a new home for its latest cohort of budding entrepreneurs at new workspace at Robert Martin Company’s headquarters building at 100 Clearbrook Drive in Elmsford. Robert Martin announced earlier this month it is leasing to Westchester County 1,500 square feet of fully furnished, wi-fi equipped space for the…

Pre-Coronavirus—Commercial Brokers Bullish on Hudson Valley Market in 2020

March 2020

WHITE PLAINS—A panel of veteran Hudson Valley commercial real estate brokers agreed that the commercial office and industrial markets were strong entering 2020 and were prime for continued brisk activity. Editor’s Note: The meeting of the Hudson Gateway Association of Realtors Commercial Investment Division’s Broker Roundtable was held in late January, before the onset of…

NAR Helps Secure Key Provisions in Coronavirus Bill for Realtors

March 2020

WASHINGTON—The U.S. Senate unanimously passed a $2-trillion COVID-19 compromise economic relief package on March 25. The bill now goes to the U.S. House, where it is expected to pass, and President Trump has said he will sign the much-needed measure into law. The National Association of Realtors reports the bill includes $350 billion for the…

RXR Realty Commits $1 Million To Support COVID-19 Relief

March 2020

NEW YORK—RXR Realty announced on March 20 it was contributing $1 million to support organizations and New Rochelle residents impacted by the COVID-19 public health crisis. Funding will go towards programs to address both immediate needs, as well as the long-term recovery of New Rochelle. RXR’s commitment to New Rochelle, is in collaboration with the…

White Plains-Based Reich Brothers JV Acquires 4 Million SF Caterpillar Campus

March 2020

MONTGOMERY, IL—Reich Brothers, which is headquartered in White Plains, and partner HFZ Capital Group of New York City, have purchased the four-million-square-foot Caterpillar manufacturing and distribution complex here for $68.5 million. The deal for the 350-acre campus also features a sale-leaseback component with Deerfield, IL-based Caterpillar Inc. The construction equipment manufacturer plans to keep approximately…

Westchester Issues RFP for Consulting Services To Help Develop Economic Development Strategy

March 2020

WHITE PLAINS—The Westchester County Office of Economic Development recently issued a Request for Proposals for consultants to help the county develop a county-wide or area-wide economic development strategy and implementation plan. According to the RFP, which was released in February, the county is looking for a qualified consultant or team of consultants to assist in…

State Comptroller Pegs Coronavirus Impact Between $4 Billion to More Than $7 Billion

March 2020

ALBANY—New York State Comptroller Thomas P. DiNapoli issued a revised revenue projection for the 2020-2021 state budget that estimates tax revenue will be at least $4 billion below the projections in the Executive Budget of $87.9 billion if a mild recession results from the novel coronavirus pandemic. He also offered one alternative scenario if a…

Modell’s Files Bankruptcy; 137 Store Leases Available

March 2020

MELVILLE, NY—Days after sporting goods retailer Modell’s Sporting Goods filed for Chapter 11 bankruptcy, Melville, NY-based A&G Real Estate Partners is marketing 137 Modell’s store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia. The retailer, founded in 1889, operates 153 stores located in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island,…

Medline Looks to Start Construction Soon on $120M Project

March 2020

MONTGOMERY—One of the more controversial commercial projects in Orange County secured a key approval on March 8 that will likely facilitate groundbreaking on the $120-million distribution facility later this spring if building restrictions related to the Coronavirus are lifted. The Montgomery Planning Board approved Medline Industries’ Final Environmental Impact Statement on its proposed 1.3-million-square-foot distribution…

Westmed Medical Group Moving HQ to 800 Westchester Ave.

March 2020

RYE BROOK—Health care services provider Westmed Medical Group will be relocating its corporate headquarters to the RPW Group’s 800 Westchester Ave. office building here. Westmed signed a 15-year lease for 23,524 square feet on the seventh floor of the complex and will take occupancy in August. Westmed will be relocating operations from 2700 Westchester Ave.…

White Plains Office Buildings Sold to NYC-Based Investment Firm for Nearly $43 Million

March 2020

WHITE PLAINS—The office complex at 140 and 150 Grand Street has been sold by Westport Capital Partners to a joint venture between New York City-based Jack Sitt Real Estate LLC and GII, LLC, a United Arab Emirates-based financial services firm for $42.5 million. The properties, known as Grand Street Plaza, consist of two adjacent office…

Turnbridge Equities Proposes 1.24M SF Distribution Center in the South Bronx

March 2020

NEW YORK—Real estate investment firm Turnbridge Equities reported on March 2 it had completed a 14.2-acre assemblage in the South Bronx, where it will build the four-story, 1.24-million-square-foot Class-A, Bronx Logistics Center. The New York City-based firm states the last-mile distribution facility will offer direct tractor-trailer ramp access to three levels, van access to the…

Evolving Coronavirus Crisis Will Impact CRE, Lending Markets

March 2020

WHITE PLAINS—As governments across the globe deal with the spread of the Novel Coronavirus—or COVID-19—the crisis hit home earlier this week when it was learned that an attorney from New Rochelle tested positive for the virus. On March 4, Gov. Andrew Cuomo confirmed reports that in addition to the 50-year-old attorney, three members of his…

Robert Martin Inks 10,000 SF Lease with Child Care Center in Elmsford

February 2020

ELMSFORD—Locally-based Robert Martin Company LLC announced on Feb. 25 it had signed a 10,000-square-foot lease for a new child care center at The Elm, a new luxury rental mixed-use building located adjacent to the Saw Mill Parkway in Elmsford. The new child care center, which is expected to have its grand opening this summer, will…

RXR Secures $131M in Construction Financing for New Rochelle High-Rise

February 2020

NEW ROCHELLE—Designated developer for the City of New Rochelle RXR Realty has secured a $131.2-million construction loan for its 28-story, mixed-use apartment tower at 26 South Division St. here. Capital One reported on Feb. 20 that it served as the lead bank for the construction loan for the ground-up development of 26 South Division. The…

Westchester County Looks to Spend $25M to Restore Memorial Field

February 2020

MOUNT VERNON—Westchester County Executive George Latimer is hoping to move forward with a $25-million plan to make significant improvements to the once iconic Memorial Field here. The County Executive briefed members of the Mount Vernon City Council earlier this month on plans for the project that have been forwarded to the Westchester County Board of…