Commercial

Two New Medical Lease Deals Signed At Boyce Thompson Center Property

August 2017

YONKERS—Simone Development Companies reported two new leases totaling approximately 9,500 square feet of medical space at the Boyce Thompson Center, a recently completed 85,000-square-foot mixed-use center located in Northeast Yonkers. ColumbiaDoctors, a multi-specialty medical practice affiliated with Columbia University and New York-Presbyterian Hospital, has signed a long-term lease for 6,839 square feet of space on…

White Plains Leads the Way for County’s Office Market

August 2017

WHITE PLAINS—The City of White Plains saw most of the major office leasing transactions in the second quarter, which paced overall activity in Westchester County, according to market reports released recently by a number of major commercial brokerage firms. Colliers International Group reports the City of White Plains followed a strong first-quarter performance with another…

New York Building Congress Report Details Future Power Supply Concerns

July 2017

NEW YORK—The impending closure of the Indian Point nuclear power plants in Buchanan and other market forces could pose significant risks to the future energy supply of New York City and the Lower Hudson Valley, a recently released report warns. The New York Building Congress released a report earlier this week entitled “Electricity Outlook: Powering…

RM Friedland Closes Nearly 105K in Deals in Second Quarter

July 2017

HARRISON—Commercial brokerage firm RM Friedland reports that in the second quarter it closed deals valued at more than $15.1 million totaling 104,806 square feet of space in its market area in Westchester County and the Bronx. The firm reported that its second quarter activity totals included four sales with an aggregate value of more than…

Legoland Project Clears Key Environmental Hurdle

July 2017

GOSHEN—The controversial $500-million LEGOLAND New York project secured a key approval on July 20th of its Final Environmental Impact Statement, a significant hurdle in its bid to win municipal approvals for the project so it can move forward later this year with construction of the theme park. Approximately 200 people packed the Orange County Emergency…

Tech Firm Decides to Expand in Connecticut

July 2017

STAMFORD, CT—Reversing a troubling trend of high profile companies announcing headquarters moves outside of the state, the State of Connecticut got some welcome news recently that a growing technology company has decided to grow its headquarters operations in the Nutmeg State. Connecticut, which has seen high profile companies like GE and Aetna announce plans to…

State Looks to Redevelop Former Correctional Facility in Beacon

July 2017

BEACON—Another shuttered correctional facility in the Hudson Valley is being marketed for alternative uses. The Empire State Development Corp. announced on July 7th it had issued a Request for Expressions of Interest to developers and investors to formulate plans for the reuse and redevelopment of the shuttered Beacon Correctional Facility in Dutchess County. A former…

Nearly $1.6 Billion Energy Project Breaks Ground in Dutchess County

June 2017

DOVER, NY—A massive energy project, which began its approval process nearly eight years ago, finally broke ground on Wednesday, June 28th on a 193-acre parcel of land on Route 22 here. Described as one of Dutchess County’s largest infrastructure projects in its history, Cricket Valley Energy, an affiliate of Advanced Power Services Inc. of Boston,…

Brooklyn Grocer to Open New Store in Dobbs Ferry

June 2017

DOBBS FERRY, NY—Grocer Brooklyn Market is coming to Westchester County. The specialty retailer has filed for building permits and plans to open a new location at the new Rivertowns Square development off the Saw Mill River Parkway in Dobbs Ferry. The Williamsburg, Brooklyn-based retailer plans to open a new 18,000-square-foot store at the Rivertowns Square…

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…

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’…

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…

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…

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,…

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…

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…

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…

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…

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,…

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…