Commercial

Westchester County Picking First Entrepreneurs For New Element 46 Incubator Initiative

May 15, 2019

WHITE PLAINS—In coming weeks, the Westchester Office of Economic Development will be putting the finishing touches on its groundbreaking new Element 46 incubator initiative. Westchester County Executive George Latimer recently announced the launch of the Westchester Element 46 incubator program designed to inspire and support entrepreneurial talent and the development of new businesses in Westchester.…

Westchester County IDA Set to Grant Approvals For $1.3 Billion in New Development Projects

May 15, 2019

WHITE PLAINS—The Westchester County Industrial Development Agency recently granted preliminary approvals for incentives for four major projects in Downtown White Plains and along the I-287 corridor that combined will involve more than $1.3 billion in new development. The four projects approved at IDA sessions in March and April will create an estimated more than 3,100…

IDA Supported Projects in 2018 Expected to Generate $881 Million in Private Investment in County’s Economy

May 15, 2019

WHITE PLAINS—The Westchester County Industrial Development Agency announced earlier this year that projects it supported in 2018 will result in $881.4 million in private investment in the county’s economy. The projects will create 2,680 construction jobs, 222 permanent jobs and 1,756 units of new rental apartments of which 97 will be affordable at 60% of…

Woodbury Common Reveals Significant Expansion Plans

May 14, 2019

CENTRAL VALLEY—On May 9, Woodbury Common Premium Outlets outlined new details of its proposed expansion that will bolster tourism and job creation for the region. The center’s plans were unveiled at the Orange County Chamber of Commerce monthly breakfast held at Woodbury Common’s Market Hall. Woodbury Common has proposed plans that include: approximately 165,000 square…

HGAR Lobbies NYC/Hudson Valley Lawmakers On Eight Key Priorities at Annual Lobby Day

May 8, 2019

ALBANY—Approximately 60 members of the Hudson Gateway Association of Realtors traveled to Albany on Tuesday, May 7 to join hundreds of Realtors from across the state and present the real estate association’s 2019 legislative priorities to state lawmakers that represent Assembly and Senate districts in the Hudson Valley and New York City. Tops on the…

Westchester Terminates Rye Playland Contract with Standard Amusements

April 30, 2019

WHITE PLAINS—Westchester County notified Standard Amusements, LLC, which was scheduled to take over operation of the storied Rye Playland amusement park in November, that it was terminating the 30-year lease agreement reached in mid-2016. Late last month, Westchester County Executive George Latimer reported he had reached the decision to terminate the Rye Playland 30-year lease…

Con Ed Reaches Deal to Expand Pipeline That Could Lift Westchester Natural Gas Moratorium in Four Years

April 25, 2019

NEW YORK CITY—Con Edison has proposed a major project that could bring sufficient natural gas to sections of Westchester County impacted by the utility’s moratorium imposed last month. The only problem is the remedy won’t be online for four-and-a-half years at the earliest. Utility Con Edison reported on April 24 that it reached an agreement…

GlobalFoundries to Sell Dutchess County Semiconductor Plant for $430M

April 24, 2019

EAST FISHKILL, NY—In a blockbuster deal that will save about 1,000 jobs in Dutchess County, GlobalFoundries of Santa Clara, CA has reached an agreement to sell its 300mm chip fab plant in East Fishkill to Phoenix-based ON Semiconductor for $430 million. The two firms announced on April 22 they had reached a definitive agreement on…

White Plains Hospital Breaks Ground on $272M Expansion Project

April 24, 2019

WHITE PLAINS—White Plains Hospital officials and other county and local dignitaries were on hand on April 22 to celebrate the groundbreaking of a new 252,000-square-foot outpatient center being built at the corner of Maple and Longview avenues here. The $272-million project is being built on the site of a former vacant apartment building, a hospital…

Retail is Alive and Well in the Hudson Valley

April 16, 2019

It’s 10:00 pm on a rainy Tuesday night, but you feel like shopping. So, you just pop open your laptop and start ordering everything from new home décor to sporting goods, and maybe even some jumper cables for the car. And all around the globe, millions of other people are doing the same thing. Is…

Mayors Say Natural Gas Moratorium Impact Not as Severe as First Thought

April 11, 2019

WHITE PLAINS—The mayors of White Plains and New Rochelle agree that the impacts thus far from the natural gas connection moratorium imposed by utility Con Edison on March 15 has not been severe. White Plains Mayor Thomas Roach and New Rochelle Mayor Noam Bramson agreed that real estate developers are attempting to adapt to the…

Redevelopment of Goshen Retail Eyesore to Move Forward

April 8, 2019

GOSHEN—The Goshen Planning Board on March 26 voted unanimously to give Greenwich, CT-based development firm Fareri Associates, LP, conditional site plan approval to move forward with its proposal for the new Goshen Plaza. “We’d like to thank the Village of Goshen Planning Board for its confidence in, and enthusiasm for, this project, as well as…

Westchester IDA Grants Preliminary Approvals to Three Major Downtown White Plains Projects

April 3, 2019

WHITE PLAINS—The Westchester County Industrial Development Agency recently granted preliminary approvals for incentives for three major projects in Downtown White Plains that combined will involve more than $1.2 billion in new development. The three projects would create an estimated more than 3,000 construction jobs and more than 500 full- and part-time jobs in the City…

$1.2B North 60 Bioscience Center Project Now Before Town of Mount Pleasant for Approval

April 3, 2019

VALHALLA—After securing key approvals from the County of Westchester in January, Fareri Associate’s planned $1.2-billion mixed-use bioscience park to be developed on 60 acres of the Grasslands Campus here has now progressed to the municipal approval stage. The concept of building a bioscience, technology and lifestyle campus on mostly county-owned property in Valhalla has been…

$175.5 Billion NY State Budget Makes 2% Property Tax Permanent, Includes Controversial Revenue Raisers

April 2, 2019

ALBANY—Gov. Andrew Cuomo and the State Legislature reached an agreement over the weekend on a $175.5-billion FY 2020 state budget that makes the 2% property tax cap permanent and enacts a number of revenue raisers, including congestion pricing for sections of Manhattan, for the beleaguered Metropolitan Transportation Authority to fund capital upgrades to New York…

Westchester IDA to Consider Incentives for More than $1 Billion in New Projects in White Plains

March 28, 2019

WHITE PLAINS—On Friday morning (March 29), the Westchester County Industrial Development Agency will consider granting incentives for three major projects in Downtown White Plains that will involve more than $1.2 billion in new development. Two projects will create 1,674 multifamily units and another will offer 132 independent living units; all in the Downtown district. On…

Yonkers Firm Will Relocate Headquarters to Rye Brook; Manufacturing to Shift to Georgia

March 27, 2019

RYE BROOK—Custom merchandising design and development firm POP Displays USA LLC, which is based on Tuckahoe Road in Yonkers, will be relocating its corporate headquarters from Yonkers to George Comfort & Sons, Inc.’s Kingsbrook office complex here within the next three months. POP Displays, which is currently headquartered at 555 Tuckahoe Road in Yonkers, has…

Yonkers IDA Provides Incentives for Four Projects

March 27, 2019

YONKERS—The Yonkers Industrial Development Agency reported on March 25 it had approved four projects for incentives that will create 100 new housing units and finance the purchase and rehabilitation of a 301-unit apartment building in the city. The four developments amount to approximately $108.3 million in private investment and will create 156 construction jobs and…

Hudson Yards Mega Project in NYC Officially Opens

March 25, 2019

NEW YORK—History was made on March 15 in Lower Manhattan when the Hudson Yards neighborhood officially opened to the public. Beginning at noon, New Yorkers and visitors flocked to the Public Square and Gardens, a new five-acre public space; its centerpiece, an interactive landmark temporarily known as Vessel and The Shops & Restaurants, a 1-million-square-foot…

GUEST VIEWPOINT: Some Advice for Commercial Tenants in 2019 and Beyond

March 20, 2019

The Westchester commercial real estate market is in the midst of a significant transition in 2019. Individual buildings and large portfolios are being sold to new owners, and the availability of certain types of spaces is extremely low. Tenants need to understand today’s market dynamics and what is happening in terms of pricing to properly…