Commercial

New Rochelle Picks Developer for $110M High-Rise Project

June 2017

NEW ROCHELLE—The New Rochelle City Council on Tuesday selected MacQuesten Development, LLC of Pelham as the winning bidder to develop a 27-story $110-million mixed-use building at the current site of the city’s Fire Station #1 at 45 Harrison St. New Rochelle Mayor Noam Bramson at a meeting of the Empire Chapter of the Women’s Council…

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Developer Pinpoints Westchester’s Challenges and Opportunities

June 2017

WHITE PLAINS—Seth Pinsky, executive vice president with RXR Realty, which is building major multifamily projects in New Rochelle and Yonkers, believes that Westchester County is at a crossroads where it can either take advantage or miss out on the current investment climate. Pinsky, who was the guest speaker at the Hudson Gateway Association of Realtors’…

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White Plains Begins Competition for Transit Center Project

June 2017

WHITE PLAINS—While developers have stepped up and broken ground on huge projects downtown and have ambitious mixed-use plans in all corners of the city, the City of White Plains has begun seeking investor interest in what will likely be the most attractive and strategically located transit-oriented parcels anywhere in the city. The development to be…

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NAR Survey: Led By China, Foreign Investment In U.S. Commercial Real Estate on the Rise

June 2017

WASHINGTON—One-fifth of surveyed Realtors practicing in commercial real estate closed a sale with an international client in 2016, and as foreign investors flock to smaller-sized commercial properties in secondary and tertiary markets, many Realtors are confident that increased sales and leasing activity will occur in 2017. This finding is according to the 2017 Commercial Real…

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Bricks and Mortar Retail—Not Dead, but Challenged

June 2017

WHITE PLAINS—Reports of the demise of bricks and mortar retail are premature, so says a panel of retail executives that appeared at the June 1st meeting of the Hudson Gateway Association of Realtors’ Commercial Investment Division. The panel participants also agreed that while bricks and mortar retail faces many challenges today and in the future,…

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Former Legoland Project Site in Rockland County on Market for Sale

June 2017

HAVERSTRAW—The Letchworth Village site here, once coveted by Legoland developer Merlin Entertainments for a major theme park, is back on the market for sale. The Town of Haverstraw has hired Cushman & Wakefield’s Capital Markets Group to market and eventually sell the 173-acre Letchworth Village development parcel. Developer Merlin Entertainments had considered the Letchworth Village…

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Sumitomo Bank Signs Major Lease in Downtown White Plains

May 2017

WHITE PLAINS—Sumitomo Mitsui Banking Corp., which had been in the market for some time looking for approximately 100,000 square feet of available space in White Plains, has finally picked its new office location—the Gateway Building in Downtown White Plains. CBRE reports it has brokered a 101,000-square-foot lease with Tokyo-based Sumitomo Mitsui Banking Corp. at the…

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Simone Development Cuts Ribbon on $35M Boyce Thompson Center Redevelopment

May 2017

YONKERS—A decade’s old historic building turned eyesore has been transformed into a modern mixed-use center of commerce in Yonkers. On May 24th, Simone Development officials were joined by county and city officials to cut the ribbon on the new Boyce Thompson Center, formerly the Boyce Thompson Institute plant research center that sat vacant with graffiti-strewn…

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RBA Honors The Lynmark Group With Excellence in Contracting Award

May 2017

SUFFERN—On Thursday, May 4th, The Rockland Business Association (RBA) held its 13th annual Pinnacle Awards and recognition dinner. The Lynmark Group, which was formed 58 years ago, was this year’s recipient of the Award for Excellence in Contracting & Development. The Lynmark Group is currently developing The Sheldon at Suffern Station, located on Orange Avenue…

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Orange County Partnership Stages 2017 Commercial R.E. Summit

May 2017

NEWBURGH—Approximately 270 commercial brokers and business executives attended the Orange County Partnership’s 2017 Commercial Real Estate Summit held on May 10th at the Atlantic Aviation Hanger at Stewart International Airport. The nearly full-day event featured remarks by Orange County Executive Steve Neuhaus, Stewart Airport General Manager Ed Harrison and Michael Cary, general manager, Atlantic Aviation,…

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Astorino Defies County Board in Filing Indian Point Suit

May 2017

WHITE PLAINS—If the Westchester County Board of Legislators wouldn’t take on Governor Andrew Cuomo and Entergy on the deal reached earlier this year to close Indian Point, Westchester County Executive Robert Astorino decided he would do it on his own. Astorino announced on May 9th that he had filed suit against New York State, Entergy…

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County Executive Neuhaus Snares Partnership’s MVP Award

May 2017

GOSHEN—The Orange County Partnership announced on May 1st that Orange County Executive Steve Neuhaus is the economic development agency’s MVP (Most Valuable Partner) Award winner for 2017. Orange County Partnership President and CEO Maureen Halahan announced Neuhaus’ selection by a unanimous vote of its Board of Directors at a press conference staged earlier this month…

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Danone Exec. Talks Westchester and Evolving Food Industry

May 2017

TARRYTOWN—Danone’s US operations headquartered in Westchester County have been making national as well as local news of late that has involved a multi-billion dollar acquisition that more than doubled its size and an impending move of its corporate headquarters from Greenburgh to Downtown White Plains. Danone President, USA Yogurt Sergio Fuster detailed the latest news…

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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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