Commercial

County Executive-Elect Latimer Will Review Merits of $1.1B Airport Privatization Deal

December 2017

TARRYTOWN—Westchester County Executive-Elect George Latimer met with county business leaders on Dec. 12th and said that Republicans and Democrats in county government must work together to face new business and political realities. He also said that because the county budget for 2018 has yet to be finalized, he feels somewhat “hamstrung” in trying to implement…

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Work to Start Soon on $150M Road Project by Woodbury Common

November 2017

HARRIMAN—New York Gov. Andrew Cuomo traveled to Orange County on Wednesday to announce the impending start of construction on the long-awaited Exit 131 project adjacent to Woodbury Common Premium Outlets. New York State officials announced that Yonkers Contracting Co. Inc. and subcontractor design firm HNTB were awarded the Design-Build contract. A spokesman for Yonkers Contracting,…

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Scarsdale Retail Condo Trades for $17M

November 2017

SCARSDALE, NY—Ginsburg Development Companies has sold the retail condominium component of its Christie Place mixed-use project across from the Scarsdale Metro North train station. Knowledgeable sources have informed Real Estate In-Depth that the deal was valued at $17 million. The sale to an unidentified private investor was announced by brokerage firm Holliday Fenoglio Fowler, L.P.,…

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White Plains Hospital Opens New Hospital Expansion

November 2017

WHITE PLAINS— White Plains Hospital unveiled its recently completed addition to its Central Clinical Services operations totaling 20,300 square feet of space at a ribbon-cutting ceremony held on Nov. 20th. The new space at the center of the hospital, from floors three to six, was designed by Perkins Eastman Architects and complements the hospital’s ongoing…

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Project Update: Resorts World Catskills Readies for March 2018 Opening

November 2017

THOMPSON, NY—The tourism industry in the Hudson Valley will likely never be the same in just a few months because on or about March 1st a new player in the casino gaming industry in the Northeast will arrive—the $1.3 billion Resorts World Catskills casino resort. The first delivery of what will eventually be 2,157 high-tech…

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Public, Private Institutional Construction Booming in New York City

November 2017

NEW YORK—Public and private institutional construction starts in New York City through the third quarter of this year totaled approximately $4.2 billion, well above the $3.7 billion this sector produced all of last year. Paced by major projects, such as the $1.2-billion Jacob K. Javits Convention Center expansion and other major initiatives, the total for…

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Health Care, Communications, Tech Sectors Key Drivers of Commercial Real Estate Market in Westchester

November 2017

WHITE PLAINS—Tenant demand by health care, technology and communications concerns, particularly along the I-287 corridor, are helping bolster Westchester County’s commercial office market. Commercial brokerage firms Houlihan Lawrence and JLL recently released respective third quarter 2017 market reports for Westchester County. For the most part the two firms agreed on a number of positive prevailing…

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Empire City Casino at Yonkers Exploring Partnership or Sale

November 2017

YONKERS—Empire City at Yonkers Raceway has retained J.P. Morgan Securities LLC to identify a strategic partner or perhaps explore a possible sale as it looks transform the highly successful racing and casino venue into a global gaming and entertainment destination. In its announcement released on Nov. 15, Empire City Casino officials said that JP Morgan…

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Commercial Real Estate Outlook Remains Strong, Prices at a Standstill

November 2017

CHICAGO—Commercial prices will plateau and may fall in large markets, but secondary markets will experience sustained demand and stable real estate prices, according to Lawrence Yun, National Association of Realtors chief economist. During a commercial real estate forecast session held on Nov. 3rd at the 2017 Realtors Conference & Expo here in Chicago, Yun and…

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Brokerage Firm Predicts Continued Growth Despite Changing Face of Retail

November 2017

HARRISON—In recent months, industry experts and media outlets have claimed the same thing: retail is dead. Brick and mortar has seemingly been replaced by omni-channel shopping, with many industry cornerstones and “Mom and Pop” shops shuttering doors across the country. While many in the industry have started to pull away from the retail sector, commercial…

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PEDC’s Alliance for Balanced Growth Delves Into Issues Impacting Economic Development

October 2017

CARMEL—The Alliance for Balanced Growth, a standing committee of the Putnam County Economic Development Corp., has been engaged in tackling key issues affecting economic development in Putnam County. The ABG celebrated its one-year anniversary on May 12th. Since its inception it has been holding regularly scheduled informative sessions on key business trends and topics that…

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Century 21 Opens First Hudson Valley Store in Yonkers

October 2017

YONKERS—Fashion retailer Century 21 Stores has entered the Westchester County market with the opening of a new store at the Mall at Cross County here. The department store chain held a ribbon cutting ceremony on Oct. 24th for the more than 70,000-square-foot store. The store at 750 Central Park Ave. occupies two floors and features…

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Putnam County Visitors Bureau Launches New Website

October 2017

CARMEL—The Putnam County Visitors Bureau went live in September with a re-launched and much improved website at visitputnam.org that features a host of new tools for visitors to take advantage of to plug into the many destinations and events taking place year-round in Putnam County. Bruce Conklin, executive director of the Putnam County Visitors Bureau,…

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Ace Endico to Expand Thanks to Putnam County IDA Help

October 2017

BREWSTER—Last month, the Putnam County economy and business community got two shots in the arm that will provide significant benefits for years to come. On Sept 11, the newly reorganized Putnam County Industrial Development Agency approved granting incentives in the form of a Payment in Lieu of Taxes agreement, as well as sales tax and…

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Work Begins on Putnam Hospital Emergency Room Project

October 2017

CARMEL—Putnam Hospital Center recently broken ground on a major capital project—the expansion and refurbishment of its emergency department. The project, which will take about two years to complete, was necessary due to the increased patient load at the emergency room. Putnam Hospital Center President Peter Kelly, in an interview with Real Estate In-Depth, said that…

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A Conversation with Putnam County Executive MaryEllen Odell

October 2017

Updates on Tilly Foster, Envision Brewster and How Sewer, Water Projects Could Foster Growth CARMEL—Prior to MaryEllen Odell taking office in November 2011, the economic development efforts in Putnam County were to put it politely outdated and were in fact close to non-existent. Since taking office Odell has made business attraction and retention, as well…

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