Commercial

Westchester County IDA Supported $1.6 Billion in New Investment in 2019

January 29, 2020

WHITE PLAINS—The Westchester County Industrial Development Agency announced recently it provided financial incentives for a wide range of new commercial developments that accounted for approximately $1.6 billion in new investment in Westchester County. The projects incentivized in 2019 involved more than 2,800 in new proposed residential units. Some of the projects involved repurposing vacant office…

Rye-Based Acadia Realty Making More Than $100M Play in SoHo

January 29, 2020

NEW YORK—Acadia Realty Trust of Rye has closed on the purchase of a retail condo in the SoHo section of Manhattan for $15.4 million from Premier Equities. The transaction is part of a string of recent and pending purchases by Acadia in SoHo and along Greene Street totaling more than $100 million. The latest deal…

Coalition Urges Gov. Cuomo, State Lawmakers To Increase NYDOT Capital Plan to $35 Billion

January 22, 2020

ELMSFORD—The Rebuild NY Now coalition is asking Gov. Andrew Cuomo, state lawmakers and officials with the New York State Department of Transportation to significantly increase capital spending for the maintenance, repair and replacement of the state’s road and bridge network. At a press conference held on Jan. 17, construction industry executives, organized labor officials, state,…

UPS Signs Major Lease Deal For Yonkers Distribution Center

January 22, 2020

YONKERS—In what is believed to be one of the largest commercial lease transactions in Westchester County in decades, United Parcel Service has signed a long-term lease for a new state-of-the-art distribution center at 555 Tuckahoe Road in Yonkers with building owner Alfred Weissman Real Estate. The 435,000-square-foot building was formerly occupied by POP Displays, a…

NY Continues to Send More Federal Tax Dollars To Washington Than It Gets in Return: Report

January 22, 2020

ALBANY—New York paid $26.6 billion more in taxes to the federal government in federal fiscal year (FFY) 2018 than it got back in federal spending, ranking it last among the states, according to a report released on Jan. 14 by New York State Comptroller Thomas P. DiNapoli. “For every dollar New York generates in tax…

CE Neuhaus Says County Will Issue RFP For Development at Camp LaGuardia

January 22, 2020

CHESTER—Orange County Executive Steven Neuhaus told a group of construction and organized labor leaders earlier this month that the county will put out a Request for Proposals for future development at the county-owned former Camp LaGuardia property in Chester and Blooming Grove, NY in coming weeks. Neuhaus, who appeared at the Jan. 14th meeting of…

Serendipity Labs Announces Expansion into New U.S. Markets

January 16, 2020

RYE—Locally-based workspace provider Serendipity Labs has announced its entry into six new markets. The deals will add more than 130,000 square feet to the company’s US network and are all scheduled to open this year. Serendipity Labs is opening two of its flexible shared offices in January, Wauwatosa, WI and Westport, CT. It has also…

Law Firm to Relocate to Riverview at Purchase

January 15, 2020

PURCHASE—Three new lease deals have been signed at the RiverView at Purchase office building here, including a 13,000-square-foot transaction with the law firm Marshall Dennehey Warner Coleman & Goggin, P.C. The law firm, which is headquartered in Philadelphia, signed a seven year-lease deal with building owner Phoenix Capital Partrers, LLC, according to CBRE, which represented…

Westchester Developer Predicts Booming County Economy in 2020’s

January 15, 2020

WHITE PLAINS—For the approximately 150 real estate and building executives assembled at the Building Owners and Managers Association luncheon on Jan. 9, many are now hoping that Westchester developer Robert Weisz is as wise a prognosticator as he has been a real estate investor. Weisz, a principal of RPW Group of Rye Brook, near the…

RXR Building Community Fund Opens Applications for Grants to Benefit New Rochelle Youth

January 9, 2020

NEW ROCHELLE—RXR Realty announced on Jan. 7 that the RXR Building Community Fund at the Westchester Community Foundation is now accepting applications for grants up to $50,000 to enrich the lives of young people in the city of New Rochelle. Tax-exempt organizations serving New Rochelle youth can apply for grants of no less than $2,500…

Bronx Park Mitchell-Lama Portfolio Trades for $166 Million

January 3, 2020

NEW YORK—A portfolio of eight Mitchell-Lama apartment buildings in the Bronx totaling 1,275 units has changed hands in a deal valued at $166 million. A partnership of LIHC Investment Group, Belveron Partners and Camber Property Group announced the acquisition on Jan. 3 of the Bronx Park portfolio from Cammeby’s International Group. The deal includes the…

HGAR’S Global Business Council Chair Participates in Global Business Summit in Belgium

January 3, 2020

SCARSDALE—Emilce (Emi) Cacace, HGAR’s Global Business Council Chair, recently participated in the International Real Estate Federation’s (FIABCI) annual Global Business Summit in Ghent, Belgium. Cacace also serves as FIABCI’s Vice President of the World Council of Brokers. The summit, held in early December, featured guest speakers from the United Kingdom, France, Switzerland, Belgium, Finland, Nigeria,…

HVEDC and Hudson Valley Chapter of NYSCAR Form Strategic Partnership

January 3, 2020

GOSHEN—The Hudson Valley Economic Development Corporation and the Hudson Valley Chapter of the New York State Commercial Association of Realtors Inc. reported on Jan. 3 they had launched a strategic partnership to formalize and deepen the relationship between the organizations. As part of the partnership, HVEDC states it will expand communication of key economic development…

Mid-Hudson Region Secures Nearly $66M in Regional Council Awards

December 26, 2019

ALBANY—The Mid-Hudson Regional Economic Development Council’s string of consecutive designations as a “Top Performer” in the annual Consolidated Funding Application program was halted at three years. On Dec. 19, Gov. Andrew Cuomo announced that the Mid-Hudson was not among “Top Performers” for 2019, but would still receive $65.8 million that would support a total of…

Mack-Cali to Sell Remaining Suburban NY/NJ Office Portfolio

December 26, 2019

JERSEY CITY, NJ—The Board of Directors of Mack-Cali Realty Corp. has voted to sell the company’s 6.6-million-square-foot suburban office portfolio located in New York, New Jersey and Connecticut. The company’s sole office holding outside of New York City in New York State is the firm’s 1 Water St. office building in White Plains. The four-story…

Orange County Partnership Wins Critical Court Ruling

December 18, 2019

GOSHEN—In what has been a protracted and at times contentious battle that threatened its very existence, a New York State Supreme Court Judge recently sided with the Orange County Partnership in its legal dispute with the State Authority Budget Office. On Nov. 20, Orange County Supreme Court Judge Robert A. Onofry ruled that the Orange…

Fordham RE Institute Holds Fireside Chat With Alum and Industry Veteran Gilmartin

December 18, 2019

NEW YORK—Some of the real estate industry’s biggest names gathered for a night of cocktails and conversation when Fordham Real Estate Institute and MaryAnne Gilmartin, co-founder and CEO of L&L MAG, presented Heroes and Champions (+ One). The intimate, invite-only event, which was held at the University’s Lincoln Center campus last month, celebrated the third…

New MBA White Paper Predicts Both Challenges, Opportunities for Commercial RE Market in 2020

December 17, 2019

WASHINGTON—The Mortgage Bankers Association released a new white paper, “Where From Here?” on Dec. 10, which examined current economic trends and commercial/multifamily real estate market conditions, and summarized recent comprehensive data. According to the white paper, low interest rates, steady economic growth and stable market conditions have served as positive tailwinds for the commercial real…

Westchester IDA Board Supports BioMed Realty’s Expansion Plan

December 17, 2019

WHITE PLAINS—The Westchester County Industrial Development Agency granted approval to provide incentives for BioMed Realty to expand its Ardsley Park biotech campus in the Town of Greenburg with the renovation of 97,000 square feet of new state-of-the-art life sciences space in two buildings. The IDA Board voted on the BioMed Realty proposal at its Dec.…

Amazon Signs Major Lease Deal in New York City

December 17, 2019

NEW YORK—While the transaction pales in comparison to the failed Amazon HQ2 deal that was slated for Long Island City, Queens, the e-commerce giant did ink a major lease earlier this month in Manhattan. SL Green Realty Corp. reported on Dec. 9 Amazon had signed a new 335,408-square-foot lease at 410 Tenth Ave., previously known…