Commercial

Is this the Trough? Unprecedented Drop in Growth, Large Job Losses, But Purchase Applications Signal a Rebound

June 2020

By Mike Fratantoni and Joel Kan The extraordinary impact from COVID‐19 social distancing measures and business closings is impacting the economy and job market in unprecedented ways. While April economic data has been uniformly awful, more recent data on purchase applications indicate significant pent up demand for housing. Housing demand is strengthening as more states…

Read More

Work Progresses on $300M Hudson Heritage Mixed-Use Project in Town of Poughkeepsie

June 2020

TOWN OF POUGHKEEPSIE—Developers are undertaking substantial demolition and renovation work as they move forward with the Hudson Heritage mixed-use community being developed on 156 acres on Route 9 across from Marist College. The $300-million project will include housing, a hotel and conference center, retail, a supermarket, restaurants, entertainment, and medical and office space. The site…

Read More

New Westchester Builders Group Begins Operations

June 2020

ARMONK – The Building and Allied Construction Industries of Westchester, the newest chapter of the New York State Builders Association and the National Association of Home Builders, announced on June 2 that it was officially open for business and accepting new members. The announcement came one week after Westchester County and the Mid-Hudson Region achieved…

Read More

Mid-Hudson Region Begins Phase One; Real Estate Industry Awaits Phase Two

May 2020

ALBANY—On Tuesday, May 26th, segments of the construction and manufacturing sectors of the Mid-Hudson regional economy were allowed to go back to work after being shut down under Gov. Andrew Cuomo’s “New York on Pause” restrictions imposed in March to prevent the spread of the Novel Coronavirus. Gov. Andrew Cuomo first announced on May 22…

Read More

Two Major Westchester Shopping Centers Partially Reopen

May 2020

WHITE PLAINS—Now that the Mid-Hudson region has begun phase one of its reopening process, two major Westchester shopping centers have opened for business for merchandise pick up only. Officials with the Galleria at White Plains outlined their plan on Wednesday, May 27 for merchandise pick-up under phase one of Westchester County’s gradual reopening of businesses.…

Read More

BREAKING NEWS: Gov. Cuomo Says Mid-Hudson Economy to Reopen on Tuesday

May 2020

ALBANY—Gov. Andrew Cuomo announced today that pending the required training of contact tracers over the Memorial Day weekend, the Mid-Hudson regional economy will begin phase one of its economy’s reopening on Tuesday, May 26. The governor in his daily COVID-19 briefing on Saturday said the Mid-Hudson region had met the metric in terms of COVID…

Read More

Greenburgh Town Board Approves Shoprite Project at Former Movie Site

May 2020

ELMSFORD—Earlier this month, the Greenburgh Town Board unanimously approved a site plan application to demolish the shuttered multiplex cinema at 320 Saw Mill River Road in Elmsford (across from Sam's Club) and to replace the building with a 75,711-square-foot Shoprite grocery store. The project, which was approved with a host of conditions, also includes an…

Read More

Yorktown Approves Nestle Waters Distribution Site

May 2020

YORKTOWN—The Yorktown Planning Board has approved a distribution center for Nestle Waters. The Planning Board’s approval earlier this month will allow Nestle Waters to bring an estimated 60 jobs to Yorktown, as well as end a longtime vacancy at the former Verizon building at 3775 Crompond Road. Nestle Waters has proposed renovating the 1.9-acre property’s…

Read More

EXCLUSIVE: County Executives Believe Mid-Hudson Economy on Cusp of Reopening

May 2020

WHITE PLAINS—It appears the reopening of the Mid-Hudson economy, which was all but shut down back on March 22 when Gov. Andrew Cuomo put “New York on Pause” to prevent the spread of the Novel Coronavirus, is finally at hand. After a setback earlier this week, Westchester County Executive George Latimer and Orange County Executive…

Read More

CoStar Group Agrees to Acquire Ten-X Commercial for $190M

May 2020

WASHINGTON— CoStar Group, Inc., a leading provider of commercial real estate information, analytics and online marketplaces, announced today that it plans to acquire Ten-X for $190 million in cash. Ten-X was launched in 2009 with the goal of providing a digital transaction platform for effectively liquidating the large volume of distressed commercial real estate assets…

Read More

Two of the Largest Commercial Projects in Orange County History Begin Construction

May 2020

Site work has commenced on two of the largest warehouse-distribution facilities ever to be built in Orange County. The two build-to-suit developments in Montgomery for Amazon and Medline, involve nearly 2.3 million square feet of new construction totaling nearly $200 million in investment. Developer Bluewater Partners has commenced construction on the 1,015,740-square-foot distribution center for…

Read More

Working Together to Rebuild Our Workforce, Our Region

May 2020

By Maureen Halahan and Marc Baez During these uncertain times, the people of New York State have benefitted from Gov. Cuomo’s leadership and that of our federal, state and local officials while, once again, showing remarkable resilience. So, much has happened so quickly, and we applaud our elected representatives for taking decisive action to ensure…

Read More

Longtime Rockland County Clerk Piperato Dies

May 2020

THIELLS—Rockland County government has confirmed that longtime Rockland County Clerk Paul Piperato passed away on May 6 at the age of 61. At press time the cause of death was not known. Rockland County Executive Ed Day released the following statement on Piperato’s passing: “Today Rockland County mourns. The loss of County Clerk Paul Piperato…

Read More