Commercial

Orange County Issues RFPs for Camp LaGuardia and Newburgh Historic Properties

June 2020

GOSHEN—Orange County announced on June 24 it had issued separate Request for Proposals to developers and investors for the purchase of the massive Camp LaGuardia property in Chester and Blooming Grove and three iconic properties in Downtown Newburgh. Both the Camp LaGuardia and Grand Street properties are county-owned. The Camp LaGuardia property, a former New…

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My 90-Day Payment Deferment is Up, Now What?

June 2020

Each commercial real estate asset class has been impacted by the COVID-19 pandemic in one way or another. Many commercial lenders extended 90-day payment deferments to their borrowers as a way to help relieve immediate financial hardship in case the tenants (sometimes the borrowers themselves) were unable to pay rent. These deferments are ending in…

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Stark Office Suites Expands Flagship White Plains Location

June 2020

WHITE PLAINS—Stark Office Suites reported on June 16th it has increased its Westchester executive office suite footprint and now occupies the entire 11th floor at 445 Hamilton Avenue, the company’s flagship site in the heart of Downtown White Plains. Offering more than 26,000 square feet, this location is the largest suburban space in the Stark…

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Bronx Office Condo Project Secures $29M Mortgage

June 2020

A large office condominium on the Grand Concourse in the Bronx that has been turned around by a partnership of Sam Jemal of JJ Operating, Inc. of New York City and members of his family together with James J. Houlihan and members of Houlihan-Parnes Realtors, LLC of White Plains, secured a $29-million first mortgage on…

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Westchester County Mulls Launching COVID Aid Fund

June 2020

WHITE PLAINS—The Westchester County Industrial Development Agency could be establishing in the near future a fund that would provide grants and loans to county businesses hurt by the coronavirus pandemic. Westchester County Director of Operations Joan McDonald reported this morning that the program could total $500,000 in financing. The county would be moving forward on…

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Is this the Trough? Unprecedented Drop in Growth, Large Job Losses, But Purchase Applications Signal a Rebound

June 2020

By Mike Fratantoni and Joel Kan The extraordinary impact from COVID‐19 social distancing measures and business closings is impacting the economy and job market in unprecedented ways. While April economic data has been uniformly awful, more recent data on purchase applications indicate significant pent up demand for housing. Housing demand is strengthening as more states…

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Work Progresses on $300M Hudson Heritage Mixed-Use Project in Town of Poughkeepsie

June 2020

TOWN OF POUGHKEEPSIE—Developers are undertaking substantial demolition and renovation work as they move forward with the Hudson Heritage mixed-use community being developed on 156 acres on Route 9 across from Marist College. The $300-million project will include housing, a hotel and conference center, retail, a supermarket, restaurants, entertainment, and medical and office space. The site…

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New Westchester Builders Group Begins Operations

June 2020

ARMONK – The Building and Allied Construction Industries of Westchester, the newest chapter of the New York State Builders Association and the National Association of Home Builders, announced on June 2 that it was officially open for business and accepting new members. The announcement came one week after Westchester County and the Mid-Hudson Region achieved…

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Mid-Hudson Region Begins Phase One; Real Estate Industry Awaits Phase Two

May 2020

ALBANY—On Tuesday, May 26th, segments of the construction and manufacturing sectors of the Mid-Hudson regional economy were allowed to go back to work after being shut down under Gov. Andrew Cuomo’s “New York on Pause” restrictions imposed in March to prevent the spread of the Novel Coronavirus. Gov. Andrew Cuomo first announced on May 22…

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Two Major Westchester Shopping Centers Partially Reopen

May 2020

WHITE PLAINS—Now that the Mid-Hudson region has begun phase one of its reopening process, two major Westchester shopping centers have opened for business for merchandise pick up only. Officials with the Galleria at White Plains outlined their plan on Wednesday, May 27 for merchandise pick-up under phase one of Westchester County’s gradual reopening of businesses.…

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BREAKING NEWS: Gov. Cuomo Says Mid-Hudson Economy to Reopen on Tuesday

May 2020

ALBANY—Gov. Andrew Cuomo announced today that pending the required training of contact tracers over the Memorial Day weekend, the Mid-Hudson regional economy will begin phase one of its economy’s reopening on Tuesday, May 26. The governor in his daily COVID-19 briefing on Saturday said the Mid-Hudson region had met the metric in terms of COVID…

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Greenburgh Town Board Approves Shoprite Project at Former Movie Site

May 2020

ELMSFORD—Earlier this month, the Greenburgh Town Board unanimously approved a site plan application to demolish the shuttered multiplex cinema at 320 Saw Mill River Road in Elmsford (across from Sam's Club) and to replace the building with a 75,711-square-foot Shoprite grocery store. The project, which was approved with a host of conditions, also includes an…

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Yorktown Approves Nestle Waters Distribution Site

May 2020

YORKTOWN—The Yorktown Planning Board has approved a distribution center for Nestle Waters. The Planning Board’s approval earlier this month will allow Nestle Waters to bring an estimated 60 jobs to Yorktown, as well as end a longtime vacancy at the former Verizon building at 3775 Crompond Road. Nestle Waters has proposed renovating the 1.9-acre property’s…

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EXCLUSIVE: County Executives Believe Mid-Hudson Economy on Cusp of Reopening

May 2020

WHITE PLAINS—It appears the reopening of the Mid-Hudson economy, which was all but shut down back on March 22 when Gov. Andrew Cuomo put “New York on Pause” to prevent the spread of the Novel Coronavirus, is finally at hand. After a setback earlier this week, Westchester County Executive George Latimer and Orange County Executive…

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