INDIANAPOLIS—Retail giant Simon Property Group reported on Feb. 10 its intent to acquire retail shopping mall owner Taubman Centers, Inc. in a deal valued at $3.6 billion. Terms of the deal would have Simon acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership. Simon, through its operating partnership, Simon Property Group, L.P.,…
Read MoreWEST NYACK—Arena STEM, a newly established retail center offering a combination of entertainment, education and retail, will open its flagship store at Palisades Center this spring. The new 12,200-square-foot store will be located on Level 3 near the Food Court. Arena STEM, founded by Sergei and Julia Manevich of New Jersey, is a new and…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency announced recently it provided financial incentives for a wide range of new commercial developments that accounted for approximately $1.6 billion in new investment in Westchester County. The projects incentivized in 2019 involved more than 2,800 in new proposed residential units. Some of the projects involved repurposing vacant office…
Read MoreNEW YORK—Acadia Realty Trust of Rye has closed on the purchase of a retail condo in the SoHo section of Manhattan for $15.4 million from Premier Equities. The transaction is part of a string of recent and pending purchases by Acadia in SoHo and along Greene Street totaling more than $100 million. The latest deal…
Read MoreELMSFORD—The Rebuild NY Now coalition is asking Gov. Andrew Cuomo, state lawmakers and officials with the New York State Department of Transportation to significantly increase capital spending for the maintenance, repair and replacement of the state’s road and bridge network. At a press conference held on Jan. 17, construction industry executives, organized labor officials, state,…
Read MoreYONKERS—In what is believed to be one of the largest commercial lease transactions in Westchester County in decades, United Parcel Service has signed a long-term lease for a new state-of-the-art distribution center at 555 Tuckahoe Road in Yonkers with building owner Alfred Weissman Real Estate. The 435,000-square-foot building was formerly occupied by POP Displays, a…
Read MoreALBANY—New York paid $26.6 billion more in taxes to the federal government in federal fiscal year (FFY) 2018 than it got back in federal spending, ranking it last among the states, according to a report released on Jan. 14 by New York State Comptroller Thomas P. DiNapoli. “For every dollar New York generates in tax…
Read MoreCHESTER—Orange County Executive Steven Neuhaus told a group of construction and organized labor leaders earlier this month that the county will put out a Request for Proposals for future development at the county-owned former Camp LaGuardia property in Chester and Blooming Grove, NY in coming weeks. Neuhaus, who appeared at the Jan. 14th meeting of…
Read MoreRYE—Locally-based workspace provider Serendipity Labs has announced its entry into six new markets. The deals will add more than 130,000 square feet to the company’s US network and are all scheduled to open this year. Serendipity Labs is opening two of its flexible shared offices in January, Wauwatosa, WI and Westport, CT. It has also…
Read MorePURCHASE—Three new lease deals have been signed at the RiverView at Purchase office building here, including a 13,000-square-foot transaction with the law firm Marshall Dennehey Warner Coleman & Goggin, P.C. The law firm, which is headquartered in Philadelphia, signed a seven year-lease deal with building owner Phoenix Capital Partrers, LLC, according to CBRE, which represented…
Read MoreWHITE PLAINS—For the approximately 150 real estate and building executives assembled at the Building Owners and Managers Association luncheon on Jan. 9, many are now hoping that Westchester developer Robert Weisz is as wise a prognosticator as he has been a real estate investor. Weisz, a principal of RPW Group of Rye Brook, near the…
Read MoreNEW ROCHELLE—RXR Realty announced on Jan. 7 that the RXR Building Community Fund at the Westchester Community Foundation is now accepting applications for grants up to $50,000 to enrich the lives of young people in the city of New Rochelle. Tax-exempt organizations serving New Rochelle youth can apply for grants of no less than $2,500…
Read MoreNEW YORK—A portfolio of eight Mitchell-Lama apartment buildings in the Bronx totaling 1,275 units has changed hands in a deal valued at $166 million. A partnership of LIHC Investment Group, Belveron Partners and Camber Property Group announced the acquisition on Jan. 3 of the Bronx Park portfolio from Cammeby’s International Group. The deal includes the…
Read MoreSCARSDALE—Emilce (Emi) Cacace, HGAR’s Global Business Council Chair, recently participated in the International Real Estate Federation’s (FIABCI) annual Global Business Summit in Ghent, Belgium. Cacace also serves as FIABCI’s Vice President of the World Council of Brokers. The summit, held in early December, featured guest speakers from the United Kingdom, France, Switzerland, Belgium, Finland, Nigeria,…
Read MoreGOSHEN—The Hudson Valley Economic Development Corporation and the Hudson Valley Chapter of the New York State Commercial Association of Realtors Inc. reported on Jan. 3 they had launched a strategic partnership to formalize and deepen the relationship between the organizations. As part of the partnership, HVEDC states it will expand communication of key economic development…
Read MoreALBANY—The Mid-Hudson Regional Economic Development Council’s string of consecutive designations as a “Top Performer” in the annual Consolidated Funding Application program was halted at three years. On Dec. 19, Gov. Andrew Cuomo announced that the Mid-Hudson was not among “Top Performers” for 2019, but would still receive $65.8 million that would support a total of…
Read MoreJERSEY CITY, NJ—The Board of Directors of Mack-Cali Realty Corp. has voted to sell the company’s 6.6-million-square-foot suburban office portfolio located in New York, New Jersey and Connecticut. The company’s sole office holding outside of New York City in New York State is the firm’s 1 Water St. office building in White Plains. The four-story…
Read MoreGOSHEN—In what has been a protracted and at times contentious battle that threatened its very existence, a New York State Supreme Court Judge recently sided with the Orange County Partnership in its legal dispute with the State Authority Budget Office. On Nov. 20, Orange County Supreme Court Judge Robert A. Onofry ruled that the Orange…
Read MoreNEW YORK—Some of the real estate industry’s biggest names gathered for a night of cocktails and conversation when Fordham Real Estate Institute and MaryAnne Gilmartin, co-founder and CEO of L&L MAG, presented Heroes and Champions (+ One). The intimate, invite-only event, which was held at the University’s Lincoln Center campus last month, celebrated the third…
Read MoreWASHINGTON—The Mortgage Bankers Association released a new white paper, “Where From Here?” on Dec. 10, which examined current economic trends and commercial/multifamily real estate market conditions, and summarized recent comprehensive data. According to the white paper, low interest rates, steady economic growth and stable market conditions have served as positive tailwinds for the commercial real…
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