Commercial brokers fared well in the recently passed “tax reform bill”. Specifically, 1031 like kind exchanges were kept intact and middle-income housing tax credits were kept that encourages developers to build affordable housing in expensive housing markets. Still on the drawing board is the ADA Education and Reform Act (2018). The original Americans with Disabilities…
Read MoreNEW ROCHELLE—In his State of the City address on March 1, New Rochelle Mayor Noam Bramson announced that one $200-million downtown high-rise project is moving forward, and also revealed for the first time another three major high-rise mixed-use high-rise developments for the downtown district. The four developments, when completed, will add well in excess of…
Read MoreNEW ROCHELLE—Another major mixed-use high-rise residential project is moving forward here. New Rochelle Mayor Noam Bramson announced at a business conference on Wednesday that RXR Realty will soon be presenting plans to the city for the long-anticipated development at Church and Division streets. Mayor Bramson and officials with RXR Realty, the master developer for the…
Read MoreGOSHEN—The Orange County Partnership reports that it is leading a coalition that includes the Orange County Citizens Foundation and the Sullivan County Partnership for Economic Development in trying to have New York State fund necessary traffic improvements on Route 17 to alleviate congestion and facilitate economic development and growth. The three organizations are promoting an…
Read MoreNEW YORK—The tremendous success of international air service by Norwegian Airlines at Stewart International Airport in Orange County has prompted the Port Authority to expand services at the airport based in New Windsor in Orange County. Stewart International Airport will undergo a major expansion with the addition of a $30-million permanent U.S. Customs inspection area…
Read MoreNEW YORK—JPMorgan Chase announced plans on Feb. 21 to build a new 2.5-million-square-foot headquarters building at the site of its current headquarters location at 270 Park Ave. in Midtown Manhattan. The plan, if approved, would be the first major project to be developed under the city’s Midtown East Rezoning plan that was approved last year.…
Read MoreWHITE PLAINS—WNBA team the New York Liberty has announced its new home for the 2018 season will be the Westchester County Center in White Plains. This is the first time in more than two decades that a professional sports league has called the Westchester County home. Westchester County Executive George Latimer said, “I am excited…
Read MoreWHITE PLAINS—Asian Legend, a modern Asian-inspired restaurant is coming to the City Center in downtown White Plains. The restaurant is expected to open in September 2018. The new 2,919-square foot restaurant at 23 Mamaroneck Ave. is the site of the former Asian Temptation space. The lease deal was announced by RHYS, a Stamford, CT-based commercial…
Read MoreNEW YORK CITY—Nasdaq reports it is relocating its global headquarters from Downtown Manhattan at One Liberty Plaza to its current Nasdaq MarketSite location at 4 Times Square. The stock exchange operator signed a 15-year, 145,000-square-foot lease at the 48-story, 1.8-million-square-foot tower building owned by the Durst Organization. The 10th floor will be home to a…
Read MoreMONTICELLO—The more than 40-year gamble by Sullivan County to bring casino gaming to the former storied Borscht Belt came to a successful conclusion with the opening of the $1.2-billion Resorts World Catskills casino resort here today. The casino opening, which was a few weeks ahead of schedule, saw thousands of guests flock to the expansive…
Read MoreRYE BROOK—The real estate industry is well represented in this year’s Business Hall of Fame honorees of the Business Council of Westchester. Real estate firms Houlihan Lawrence and RXR Realty were among the six overall Hall of Fame selections. The winners will be honored at the 2018 Business Hall of Fame Awards Dinner on Tuesday,…
Read MoreMIDDLETOWN—The Playtogs Shopping Plaza, a troubled retail and office property on Dolson Avenue here, has been acquired by Rockland County-based Concord Capital New York. The investment firm acquired the 800,000-square-foot mixed-use site last month for approximately $4 million from CIII Asset Management, a loan servicer that foreclosed on the previous owner. Concord Capital reports that…
Read MoreNEW YORK—The Brooklyn Navy Yard announced on Jan. 31st ambitious plans to significantly grow manufacturing operations at the complex that would add 10,000 new middle-class jobs there. The plan, valued at $2.5 billion, would increase employment at the Brooklyn Navy Yard to 30,000 workers. The plan is the culmination of a two-year process that examined…
Read MoreWHITE PLAINS—A single-tenant retail building on Mamaroneck Avenue here has been sold for $2.1 million. Brokerage firm Marcus & Millichap represented the seller, a private investor, in the sale of 75 Mamaroneck Ave., according to John Krueger, regional manager of the firm’s Manhattan office. P.M. Gillen Tutoring Service acquired the 5,300-square-foot single-tenant retail building. Paul…
Read MoreNEW YORK—A comprehensive report issued today by the National Association of Realtors, Deloitte and Situs RERC predicts the residential and commercial real estate property markets will remain strong this year, despite continued political instability in our nation’s capital, as well as other market specific negative influencers. Situs RERC, Deloitte and the National Association of Realtors…
Read MoreSEATTLE—The multi-billion dollar sweepstakes for Amazon’s second North American headquarters (HQ2) is now down to 20 locations. Although some New York City suburban locations submitted bids for Amazon’s HQ2 including Westchester County, 19 mostly urban cities and Toronto, Canada made the final 20 cut. Amazon considered a total of 238 proposals. Amazon’s corporate headquarters is…
Read MoreMONTICELLO—Camelback Resorts announced on Jan. 16 its The Kartrite Hotel & Indoor Waterpark project is under construction at the Resorts World Catskills campus located in the Town of Thompson in Sullivan County. Set to open in early 2019, The Kartrite will feature two acres of four-season indoor waterpark space and a luxury hotel with 324…
Read MoreWHITE PLAINS—Commercial brokers believe that the commercial office market in Westchester County is strong enough that if conditions continue over the next few years the county could see the first new commercial office development project in decades. Approximately 80 real estate professionals attended the annual Commercial Broker Roundtable program staged by the Hudson Gateway Association…
Read MoreNEW ROCHELLE—RM Friedland has been named the exclusive retail leasing agent for 587 Main St., the first phase of RXR’s master redevelopment of Downtown New Rochelle. RM Friedland is responsible for all professional services surrounding the leasing of the retail opportunities at the location, including but not limited to: in-depth market analysis, marketing of the…
Read MoreALBANY—New York State Gov. Andrew Cuomo citing the legislation’s potential costs, reached an agreement on Dec. 18 with the State Legislature to have three state agencies study the fiscal impacts of establishing the New York State First-Time Homebuyer Savings Program. The governor signed the New York First Time Homebuyer Savings Program (NY First Home) bill…
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