Commercial

Westchester Office Market Posted Strong Leasing in First Quarter

April 2017

WHITE PLAINS—The Westchester office market posted strong leasing activity in the first quarter and the removal of some properties from the inventory helped dramatically reduce the county’s office vacancy rate. In a recently released report on Westchester and Fairfield County’s office markets, brokerage firm Colliers International Group Inc. reported Westchester exhibited strengthening fundamentals, while neighboring…

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Legoland Hopes to Begin Construction This Year on $500M Theme Park Project

April 2017

GOSHEN—The developer of LEGOLAND New York hopes to secure approvals for its much anticipated, but somewhat controversial, $500-million theme park here by sometime this summer, which would allow the firm to begin construction before the end of this year. Phil Royle, head of community & project relations for LEGOLAND New York, speaking before about 70…

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Hudson Valley Region Banking on Future Biotech Growth

April 2017

WHITE PLAINS—The recent approval by the Westchester County Legislature of a planned $1.2-billion biotechnology park on mostly county-owned land in Valhalla is a clear sign that political and business leaders are counting on the biotechnology and healthcare sectors to be economic engines for the region in coming years. Earlier this month, the Westchester County Board…

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County Issues RFP to Privatize Management, Operations at Westchester County Airport

April 2017

WHITE PLAINS—After a proposal to sign a long-term lease with a private investment firm to manage and operate Westchester County Airport met with resistance from county legislators, the Public-Private Partnership initiative is moving forward after all. Westchester County issued a Request for Proposals (RFP) for a Public-Private Partnership for the “Lease, Management Operation, Maintenance and…

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Astorino’s Plan to Sue State Over Indian Point Closure Appears Short Circuited

April 2017

BUCHANAN—Westchester County Executive Robert Astorino is seeking permission from the Westchester County Board of Legislators to file an Article 78 proceeding to require New York State to conduct an environmental review of the impacts of the Indian Point closure deal with Entergy Corp. At press time, however, it appears the county executive may not be…

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U.S. Office Tenant Demand Cools in Face of Rising Supply

April 2017

CHICAGO—Tenant demand for U.S. office space continued to cool off in the first quarter of 2017. Brokerage firm Cushman & Wakefield reports that overall occupancy levels remained stable, while rents continued to rise in most major markets. Neighboring Fairfield County, CT had the highest first quarter office vacancy rate in the nation at 23.1%, followed…

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$1.2B Bioscience Project Clears Major Regulatory Hurdle

April 2017

WHITE PLAINS—In what county officials say is the largest public-private partnership in Westchester County history, County Executive Robert P. Astorino and Board of Legislators Chairman Michael Kaplowitz announced the approval of the $1.2-billion Westchester Bioscience & Technology Center project on 80 acres of vacant land in Valhalla. The two county leaders staged a press conference…

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White Plains to Move Forward With Train Station Initiative

March 2017

WHITE PLAINS—White Plains Mayor Thomas Roach says the city will soon be issuing a solicitation for interested developers on plans to develop what will likely be highly sought after city-owned property around the White Plains Metro North train station. Mayor Roach, who was the guest speaker at the March 23rd meeting of the Hudson Gateway…

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Report: Hudson Valley Cities Will Power Region’s Growth

March 2017

SPARKILL—The not-for-profit regional think tank Hudson Valley Pattern for Progress released a report earlier this month entitled “Urban Action Agenda-A Program in Motion” that theorizes the Hudson Valley region can attract new residents, including Millennials, into urban and downtown districts if proper planning and development takes place. The report included extensive research on 25 urban…

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Court Dismisses Rye Playland Lawsuit; $60M Public-Private Partnership Begins

March 2017

WHITE PLAINS—In what Westchester County officials describe as an “across the board victory,” New York State Supreme Court Justice Gretchen Walsh has dismissed the City of Rye’s court case against Westchester County’s plans to revitalize the storied Rye Playland amusement park. County officials stated on Tuesday (March 21) that the ruling allows the county to…

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Oros Named New Director Of Economic Development

March 2017

WHITE PLAINS—Westchester County Executive Robert P. Astorino announced recently the appointment of George Oros as the new Director of Economic Development. Phil Oliva, the Deputy Director of Communications, succeeded Oros as Chief of Staff. Both appointments were effective March 13. William Mooney III, the current director of Economic Development, announced last month that he was…

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Tarrytown Office Building Trades for $30 Million

March 2017

TARRYTOWN—GHP Office Realty of White Plains has increased its regional office portfolio with the $30-million acquisition of a Class A office building here. Commercial brokerage firm Cushman & Wakefield reports that GHP Office Realty acquired the 279,000-square-foot office property from RA 660 White Plains Road LLC, an entity controlled by RNY Property Trust, an Australia-based…

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Merlin Seeks 20-Year PILOT Deal For LEGOLAND New York Project

March 2017

GOSHEN—The proposed developer and operator of the $500-million LEGOLAND New York theme park here announced on March 1 that it will seek a 20-year Payment in Lieu of Taxes deal from the Orange County Industrial Development Agency. Merlin had originally proposed a 30-year PILOT deal, but now is looking to finalize the 20-year accord after…

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Astorino, Local Officials Blindsided by Indian Point Closure Deal

March 2017

PEEKSKILL—The overwhelming takeaway from a recent state legislative committee public hearing on the Indian Point closure deal between New York State and plant operator Entergy Corp. was that state officials failed to forewarn key local stakeholders that a deal was in the works. County and local officials also were in unison expressing concern that a…

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Urstadt Biddle Sells Westchester Pavilion for Nearly $57 Million

March 2017

WHITE PLAINS—The former home of the Hudson Gateway Association of Realtors—the Westchester Pavilion Mall—has changed hands and is expected to be demolished shortly for a new high-rise mixed-use development. Greenwich, CT-based Urstadt Biddle Properties sold the vacant existing 185,000-square-foot Westchester Pavilion mall to Maple and Broadway Holdings, LLC, a subsidiary of Lennar Corp. through its…

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Houlihan Lawrence Commercial Expands Brokerage Operations Into Connecticut

March 2017

RYE BROOK— Houlihan Lawrence Commercial Group, the commercial arm of leading real estate firm Houlihan Lawrence, reported on Feb. 28th that it expanded operations into Connecticut. Agent Michael Rackenberg has been named the team leader for the office that will service the communities throughout Fairfield County, including New Canaan, Greenwich and Stamford. He will be…

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Gov. Cuomo Forms Task Force as Hearings Convene on Indian Point Closure

March 2017

ALBANY—Gov. Andrew Cuomo announced the formation of an Indian Point Closure Task Force the same day as a joint meeting of committees of the State Assembly and Senate convened on the business and economic impacts the planned closure of the nuclear facility in Buchanan might have on the state and local economies. The newly formed…

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Gov. Cuomo Touts Initiative to Accelerate $150M Project by Woodbury Common Exit

February 2017

WOODBURY—Gov. Andrew Cuomo made a stop at the New York State Thruway Authority Harriman Maintenance facility in Orange County on Feb. 26th to tout his expedited $150-million reconstruction of the Route 17 Exit 131 and adjacent New York State Thruway Harriman exit. The first dirt on the long-delayed project, which will greatly improve traffic to…

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Norwegian to Offer Flights to Ireland, Scotland From Stewart Airport

February 2017

NEW WINDSOR—The word “international” finally means something again at Stewart International Airport. On Feb. 23, Gov. Andrew Cuomo announced a partnership with Norwegian that will have the airline carrier offer low-cost transatlantic flights from Stewart International Airport in Orange County to Belfast, Northern Ireland, Dublin and Shannon in Ireland and Edinburgh, Scotland beginning this June.…

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State Lawmakers to Convene Hearing on Indian Point Closure

February 2017

ALBANY—A joint meeting of state lawmakers from the Assembly and Senate will convene a hearing here Tuesday, February 28th at 10 a.m. to discuss and seek answers surrounding the planned shutdown of the Indian Point nuclear reactors in Buchanan by 2021. In January, Gov. Andrew Cuomo announced an agreement with Indian Point operator Entergy Corp.…

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