WHITE PLAINS—Real Estate In-Depth has learned exclusively that the New York Power Authority is currently reviewing proposals for a brand new 250,000-square-foot Class A state-of-the-art corporate headquarters in Downtown White Plains and a decision on the utility’s new site requirement could come in three to four months. One of the options the New York Power…
Read MoreYONKERS—MGM Resorts International unveiled its vision yesterday to transition Empire City Casino by MGM Resorts into a world-class entertainment destination, MGM Empire City, if awarded a commercial casino license for its Yonkers site. Key elements of the phase one design include a comprehensive casino floor redevelopment and expansion, 5,000-capacity entertainment venue, state-of-the-art “BetMGM sportsbook,” food…
Read MoreALBANY—New York Gov. Kathy Hochul requested on Wednesday a Major Disaster Declaration from President Biden to support the ongoing recovery of downstate communities impacted by the significant flooding occurring during a two-day period in late September. If granted by the federal government, this declaration would provide federal funding for the boroughs of Brooklyn and Manhattan,…
Read MoreALBANY—The COVID-19 pandemic hit the South Bronx especially hard, but the area’s economy has shown resiliency, according to a report released recently by New York State Comptroller Thomas P. DiNapoli. “The South Bronx was hard hit by the COVID-19 pandemic but was resilient because of dedicated and hardworking neighborhood groups and advocates, and the strength…
Read MoreWHITE PLAINS—The Westchester County Local Development Corp. recently approved $52 million in bond financing for the $ 108-million redevelopment of the former Avon headquarters in Rye into a 187,000-square-foot facility for the New York Blood Center. In addition, the county’s Industrial Development Agency granted final approval of financial incentives for the construction of a $44.5-million…
Read MoreNEW YORK—New York City Mayor Eric Adams, New York Gov. Kathy Hochul, the New York City Economic Development Corporation and The City University of New York unveiled on Nov. 17 the Science Park and Research Campus (SPARC) Kips Bay Master Plan for what city officials say will be a first-of-its-kind life sciences career and education…
Read MoreNEW YORK—Brookfield Properties announced on Nov. 20 that global financial services firm BBVA will relocate its New York City headquarters to Two Manhattan West, the recently completed trophy office skyscraper located within the Manhattan West development. BBVA plans to relocate to its new headquarters at Two Manhattan West by the end of 2024. The firm…
Read MoreNEW YORK—Bronx Borough President Vanessa L. Gibson and the Bronx Economic Development Corporation announced on Nov. 14 that Bronx Community College has won the inaugural Bronx Green Action Challenge, a first-of-its-kind environmental sustainability challenge. BCC will receive a $1-million award, funded by the New York Power Authority (NYPA), to develop and implement a plan to…
Read MoreBALDWIN PLACE—Keller Williams Realty Partners, Inc., a real estate brokerage firm serving Westchester, Putnam and Dutchess counties, announced on Nov. 13 the appointment of Don Minichino as its new Commercial Real Estate Director. In his four years of focusing solely in the commercial real estate sector, Minichino has established himself with more than $55 million…
Read MoreYONKERS—Mediapro North America, a leader in the world of media and entertainment held a groundbreaking ceremony on Nov. 6 for the Mediapro Studios at Great Point Studios project. The event took place at 1500 North Broadway in Yonkers with Yonkers Mayor Mike Spano in attendance as well as key executives and stakeholders from Mediapro and…
Read MoreALBANY—In light of some criticism being leveled against Industrial Development Agencies in New York State, particularly the need and financial returns of incentives granted to development projects by IDAs, a newly released report commissioned by The New York State Economic Development Council calculates the benefits of IDA incentives in 2021 in the billions of dollars…
Read MoreWASHINGTON—U.S. Senate Majority Leader Charles Schumer and U.S. Rep. Adriano Espaillat (NY-13) announced on Oct. 24 that the Federal Transit Administration is poised to approve a full funding grant agreement for the Second Avenue Subway Phase 2 (SAS II) project, totaling $3.4-billion. The funding will allow the SAS II project to proceed to extend the…
Read MoreNEW YORK—New York City officials, Vornado Realty Trust, developers Hudson Pacific Properties and Blackstone were joined by community leaders to break ground on Oct. 24 on Sunset Pier 94 Studios—a first-of-its-kind film and TV campus now under construction on Manhattan’s West Side. Leveraging $350 million in private investment, the project is expected to create more…
Read MoreNEW YORK—Real estate is a driving economic force in New York State, and politics and policy can have a significant impact on the industry. The Hudson Gateway Association of Realtors, Inc. and OneKey MLS hosted an Oct. 12 virtual panel that featured experts who surveyed New York’s political landscape, looked at laws and regulations, and…
Read MoreWHITE PLAINS—The Westchester County’s Local Development Corporation announced on Oct. 24 it had voted preliminary approval of $52 million in tax-exempt bond financing for the $108-million redevelopment of the former Avon headquarters in Rye into a 187,000-square-foot facility to be leased to the New York Blood Center Inc. New York Blood Center will occupy the…
Read MoreThe Hudson Gateway Association of Realtors regrets to inform its membership of the passing of James F. Walker of Fishkill on Oct. 16 at the age of 60. Walker was an Associate Broker with Keller-Williams Hudson Valley United in Middletown and a member of the brokerage’s firm’s Commercial Real Estate Team. He passed away after…
Read MorePURCHASE—Atlas Air Worldwide, a leading global provider of outsourced aircraft and aviation operating services, announced on Oct. 19 that its new corporate headquarters will be located in 60,000 square feet of space at the Gateway Building at 1 North Lexington, Ave. in White Plains. Atlas commits to retaining 400 existing, full-time permanent jobs in New…
Read MoreNEW YORK—The New York Building Congress released its “2023-2025 New York City Construction Outlook Report” on Oct. 18 where it projects that total construction spending in New York City will reach $83 billion in 2023, up $13 billion from last year, adjusting for inflation. The updated spending figure is projected to reach $261 billion over…
Read MoreWEST NYACK— The Palisades Center mall in West Nyack recently announced the grand opening of real estate brokerage firm RE/MAX Opulent on Level One near Best Buy. RE/MAX Opulent is headed by Broker Zulma Valnetin and Vice President of Operations Jian Gonzalez. The brokerage features an experienced and dedicated team of real estate professionals that…
Read MoreALBANY—Wall Street’s 2023 first half profits of $13 billion were down 4.3% from the same period last year but tracked the industry’s return to pre-pandemic levels of revenue after record profits in 2020 and 2021, according to State Comptroller Thomas P. DiNapoli’s recently released annual report on the performance of New York City’s securities industry.…
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