Commercial

Robert Martin Execs Discuss Growth Plans After $487.5 Million Mega Purchase Deal

August 2019

(Part two of two) ELMSFORD— Real Estate In-Depth recently sat down with Robert Martin Co. CEO Timothy Jones and Managing Director Greg Berger, to discuss the particulars of the firm’s $487.5-million purchase of a 56-building portfolio, most of which was originally developed by Robert Martin and later sold to the predecessor of Mack-Cali in the…

Read More

More than Two Million SF of Industrial Projects Seeking Approvals in the Town of Montgomery

August 2019

MONTGOMERY—This Orange County community is currently reviewing plans that would add nearly 2.4 million square feet of warehouse distribution space to its commercial tax base. At present, global healthcare products firm Medline Industries, Inc. is seeking approval from the Montgomery Town Planning Board for a $120-million, 1.3-million-square-foot distribution facility. The firm is moving operations from…

Read More

Construction Begins on Union Square Tech Training Center

August 2019

NEW YORK—A host of dignitaries and city officials including Deputy Mayor Vicki Been, Council Member Carlina Rivera, Manhattan Borough President Gale Brewer, the New York City Economic Development Corp., community stakeholders and RAL Development Services broke ground on Aug. 5 on the new 21-story building that will house the Union Square Tech Training Center. The…

Read More

Courtyard by Marriott Hudson Yards Secures $199M Refi Deal

August 2019

NEW YORK—An affiliate of Mack Real Estate Credit Strategies reported on Aug. 16 it provided a $199-million loan to refinance the Courtyard by Marriott Hudson Yards hotel, recently built by companies affiliated with hotelier David Marx. The loan proceeds will be used to take out a construction loan and other previous financing ahead of the…

Read More

Three New Retailers Sign on at Cross County

August 2019

YONKERS—Although the Sears department store shut down there recently, the Cross County Shopping Center continues to draw new tenants. The ownership of the storied shopping center announced recently that it will add three new retailers to its tenant roster in 2019. New to the complex will be Mito Asian Fusion, Invicta Watches and Carvel Ice…

Read More

Peekskill Scores $10 Million to Improve Downtown

August 2019

PEEKSKILL—New York Gov. Andrew Cuomo traveled from Albany down to Peekskill on Aug. 13 to announce that the city had been selected as the Mid-Hudson winner of the fourth round of the governor’s Downtown Revitalization Initiative. As this year’s winner, Peekskill be awarded $10 million in state funding and investments to revitalize its downtown neighborhoods…

Read More

Experts Decry Rent Laws’ ‘Disastrous’ Impacts

August 2019

NEW YORK—More than 100 commercial and residential real estate professionals heard a rather sobering outlook of what the recently enacted new rent control regulations enacted by the State Legislature and signed into law by Gov. Andrew Cuomo will have on the region’s real estate market. The morning session was held on Aug. 7 at the…

Read More

New York Times to Move Some Staff to Long Island City

August 2019

NEW YORK—The New York Times Co., which has been expanding its workforce recently, will be relocating approximately 350 workers from its headquarters building at 620 Eighth Ave. in Manhattan to Court Square Place in Long Island City, Queens. The media organization signed a lease for 57,846 square feet of space at 24-01 44th Road. Court…

Read More

Construction to Begin in 2020 on Senior Housing Development at Purchase College

July 2019

PURCHASE— Broadview – Senior Living at Purchase College is moving forward with its development of 220 independent living homes for ages 62 and older. When built, the project will be the first senior housing development to be located on a college campus in Westchester County. The firm expects to begin construction on the development project…

Read More

Robert Martin Makes Historical Investment That Brings Firm Back to its Roots

July 2019

“Our assets are coming home.” Greg Berger, partner, Robert Martin Co. (Part one of two) ELMSFORD—Earlier this year Robert Martin Co. reached back to its storied past to reshape its future when it acquired a 3.1-million-square-foot industrial/flex portfolio its company founders had originally developed from the 1970s through the 1990s. The $487.5-million purchase of the…

Read More

George Comfort Acquires Avon Building in Rye

July 2019

RYE—New York City-based real estate investment firm George Comfort & Sons, in partnership with the Feil Organization and O’Connor Capital Partners, has added the former Avon Global Data Center here to its Westchester office portfolio. The 176,000-square-foot multi-purpose facility situated on 18.13 acres at 601 and 621 Midland Ave. was sold by Avon Capital Corp.…

Read More

Robert Martin Hosts Broker Events In Westchester, Fairfield Counties

July 2019

ELMSFORD—Robert Martin Company LLC recently held a pair of broker events in both Westchester and Fairfield counties, sharing information about the firm’s recently-acquired 3.1 million-square-foot industrial/flex portfolio. In March, Robert Martin Co. completed its acquisition of Mack-Cali Realty Corporation’s 56-building industrial/flex portfolio for $487.5 million, marking the largest commercial real estate transaction in Westchester County…

Read More

Kathleen Abels Named New President of Putnam EDC

July 2019

CARMEL—The Putnam County Economic Development Corp. (EDC) announced on July 9 that Kathleen Dennehy Abels was named president of the agency. Abels began working at PEDC effective July 1. Abels has decades of experience in public relations, customer service, marketing, construction and project management. She recently completed a career at New York State Electric &…

Read More

NY Developers Acquire Troubled United Hospital Property

July 2019

PORT CHESTER—Starwood Capital Group, which acquired the shuttered United Hospital property here 13 years ago and proposed a $450-million redevelopment at the site, has sold the complex to partners Rose Associates and BedRock Real Estate Partners of New York City. No financial details of the transaction were disclosed. The sale of the 15.45-acre site that…

Read More

Aurochemicals Opens New $2.5M Warehouse At its Headquarters Complex in Washingtonville

July 2019

WASHINGTONVILLE—Aurochemicals, a manufacturer of natural aroma ingredients for the flavor and fragrance industry, marked the official opening of a brand-new, $2.5-million warehouse facility with a ribbon cutting ceremony on July 9. Local dignitaries, including Orange County Executive Steven Neuhaus; Village of Washingtonville Mayor Joseph Bucco and Orange County Chamber of Commerce President and CEO Lynn…

Read More