WHITE PLAINS—Westchester County Executive George Latimer, along with a number of state and local officials, are scheduled to meet with Con Ed officials sometime today regarding the impending new natural gas connection moratorium set to begin in March that could impact a host of major projects in the pipeline in the county’s major cities. The…
Read MoreWHITE PLAINS—The storied Westchester County Association, which has been one of the county’s leading business advocacy organizations for nearly 70 years, says it intends to merge operations with regional economic development agency the Hudson Valley Economic Development Corp. The deal between the two organizations is intended to create a regional economic development and business advocacy…
Read MoreRYE BROOK—Strong economic fundamentals in the U.S., the greater New York City area, and in Westchester County continue to drive a healthy commercial real estate market, according to a new fourth quarter report released recently by Houlihan Lawrence’s Commercial Group. “Widespread fears about the health of the economy have proven unfounded in the face of…
Read MoreYONKERS—The era of the Rooney family at Yonkers Raceway came to an end on Jan. 29 with the closing of the $850-million sale of Empire City Casino and Yonkers Raceway to MGM Resorts International. The Rooney family acquired the storied Yonkers Raceway property in 1972 and opened the highly successful Empire City Casino in October…
Read MoreNEW YORK—It looks as if the much sought after first phase of the Penn Station Access project may finally be arriving at the station. Gov. Andrew Cuomo announced on Jan. 22 that Metro North and Amtrak signed a memorandum of understanding concerning scheduling on an underutilized rail line in the east Bronx to allow the…
Read MoreGOSHEN—The developer who earlier this month signed a contract with Westchester County to build a more than $1-billion bioscience park in Valhalla, has proposed a$60-million plan to rid the Village of Goshen of a mostly vacant and blighted property. Fareri Associates of Greenwich, CT presented the Goshen Planning Board on Jan.22 a plan to redevelop…
Read MoreOn Jan. 15, Tappan Zee Constructors, the contractor for the new Tappan Zee Bridge (Mario M. Cuomo Bridge), lowered the 672-foot section of steel, using charges to deliberately fail vertical members supporting the span. Portions of the old east anchor span, currently above the water line, will remain visible as it is removed from the…
Read MoreWHITE PLAINS—Westchester County political and business leaders are scrambling to gauge the potential economic impact of a moratorium on new natural gas connections for a majority of the county by utility Con Edison. Some fear the moratorium, to begin March 15, could all but halt several billion dollars’ worth of new development projects in the…
Read MorePEARL RIVER—A Piscataway, NJ-based pharmaceutical firm has signed a major lease for approximately 83,000 square feet at the former Pfizer complex in Pearl River that is now known as the New York Center for Innovation. Los Angeles-based Industrial Realty Group, which purchased 207 acres of the campus in late 2015 from Pfizer, announced the lease…
Read MoreYONKERS—The Yonkers Industrial Development Agency reports it has approved more than $13.6 million in incentives for three major development projects in the city. The IDA’s Board of Directors approved at its meeting last Friday resolutions of intent to provide financial incentives for two mixed-use developments and one strictly residential project totaling more than $391 million…
Read MoreWHITE PLAINS—At a meeting of the Building Owners and Managers Association of Westchester last week, a panel of development executives said conditions are still ripe for both commercial and multifamily development in the suburbs of New York City, despite the tumult taking place in Washington, DC and Wall Street. The BOMA panel at the Jan.…
Read MoreTARRYTOWN—The long sought-after development of a major bioscience project at the Grasslands campus in Valhalla cleared a major milestone on Jan. 10 when a lease deal was signed between the developer and Westchester County. At a meeting of the Westchester County Association, Westchester County Executive George Latimer announced the county had signed a 99-year lease…
Read MoreYONKERS—Howard E. Greenberg, president of Howard Properties Ltd. based in White Plains, recently announced that the firm has been named exclusive leasing agent for the SoYo Tower on the Hudson in Yonkers. The classic Art Deco office building, dating back to 1931, contains approximately 148,000 square feet of space, and is located in the Yonkers…
Read MoreWHITE PLAINS—Rick Rakow, founder of Rakow Commercial Realty Group reported that David Richman, long time senior broker at the firm, has acquired the company and is the brokerage firm’s new CEO. Richman will run the day-to-day operations of the firm, with Rakow stepping into his new role as co-chairman, working side-by-side with Richman to further…
Read MoreWHITE PLAINS— Newmark Knight Frank recently announced the closing of multiple leasing transactions over the past five months at White Plains Plaza for a total of 79,301 square feet, with an additional 20,000 square feet out for lease. The owner Ivy Realty is represented exclusively at the property by Executive Managing Director Glenn Walsh and…
Read MoreBRIDGEPORT, CT—New York City real estate investment firm Time Equities Inc. has purchased three mixed-use properties here in a deal with Valhalla-based Ginsburg Development Companies for approximately $21.7 million. The deal involves the addition of 176 rental apartments and approximately 100,000 square feet of mostly retail space. The transaction was announced by brokerage firm HFF,…
Read MoreELMSFORD, NY—Mack-Cali Realty Corp. in a deal that continues its exit from the flex-industrial warehouse business, has sold the six-building Elmsford Distribution Center here. The Jersey City, NJ-based REIT sold the more than 386,000-square-foot industrial park complex to Realterm Logistics of Annapolis, MD for $70.25 million. Mack-Cali noted that the disposition deal represents the next…
Read MoreWHITE PLAINS—While I do not profess to possess the prognostication skills of the “Amazing Kreskin” or “Carnac the Magnificent,” I thought I would share my thoughts with the Real Estate In-Depth readership on the top stories/issues I believe could have an impact on the commercial, residential real estate and capital finance markets in the Hudson…
Read MoreCENTRAL VALLEY—The highly successful Woodbury Common Premium Outlets here reports it has added five new retailers while it has submitted plans to the Town of Woodbury on another major expansion project at the property that intersects Route 17 and the New York State Thruway in Orange County. Golden Goose Deluxe Brand, a high fashion sneaker…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency released its full-year 2018 activity report on Jan. 2 which showed that its $48.8 million in incentives are projected to create $881.4 million in future private investment capital in the county’s economy. The report noted that the approved projects will create 2,680 construction jobs, 222 permanent jobs and…
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