Commercial

Commercial Brokers Optimistic About Markets, Opportunities in 2021

January 6, 2021

WHITE PLAINS—A panel consisting of brokers and affiliated professionals in the commercial real estate market were optimistic that the industry in Westchester and surrounding markets will rebound once the coronavirus pandemic has run its course. The panelists agreed that the multifamily housing sector will continue to be strong in Westchester once vaccines have been administered…

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Yonkers IDA Provided Incentives for $210M in New Projects in 2020 Despite Pandemic

January 4, 2021

YONKERS—Building on the momentum of a very active 2019, the Yonkers Industrial Development Agency reported on Jan.4 it had provided financial incentives in 2020 to residential and commercial projects representing a total private investment of approximately $210 million. The developments are projected to create 450 new residential units, 129,000 square feet of commercial and industrial…

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Governor Signs Three Indian Point-Related Bills into Law

January 4, 2021

ALBANY—New York State Senator Pete Harckham and Assemblywoman Sandy Galef announced on Jan. 1 that three bills the two legislators sponsored relating to ensuring workforce protections and financial assistance to local municipalities and taxpayers while the Indian Point Energy Center undergoes its decommissioning process, had been signed into law by Governor Andrew Cuomo. The new…

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HGAR to Celebrate 25th Anniversary of Real Estate In-Depth

December 29, 2020

WHITE PLAINS – In January 2021, the Hudson Gateway Association of Realtors will celebrate the 25th anniversary of the launch of its monthly newspaper Real Estate In-Depth with a special section in the publication’s January edition. HGAR is also acknowledging the 95th consecutive year of publishing a membership newspaper/magazine. In early 1995, based on the…

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Gotham Organization Secures $235M for Lower East Side Tower Project

December 29, 2020

NEW YORK—Gotham Organization, in partnership with Goldman Sachs Urban Investment Group, has closed on a $162.35-million loan from co-lenders, Wells Fargo Bank, N.A and U.S. Bank, N.A. In addition, Goldman Sachs Urban Investment Group, in collaboration with Gotham, is also investing more than $70 million to complete the capitalization of the 55 Suffolk St. development.…

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Nuvance Health Systems to Shift 500 NY Jobs to Connecticut

December 29, 2020

DANBURY, CT—In the largest office lease deal in Connecticut this year, Nuvance Health Systems has signed a 220,000-square-foot lease at the former 1.2-million-square-foot Union Carbide property in Danbury. The 12-year lease deal at “The Summit at Danbury” will reportedly bring 500 jobs from New York State across the border to Connecticut. In an announcement by…

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Sen. Schumer Says New York State to Get More Than $54 Billion from COVID Stimulus

December 22, 2020

WASHINGTON—With a bipartisan spending and COVID relief deal now passed by Congress, U.S. Senator Charles Schumer detailed its pending impact on Upstate New York as more than $54 billion. The deal includes direct stimulus checks, extending enhanced unemployment insurance, and secures another round of forgivable PPP for small businesses, restaurants and nonprofits across the state.…

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Five Questions with Developer Robert Weisz

December 17, 2020

As the region enters 2021 with the specter of possible further economic restrictions due to rising coronavirus hospitalizations and deaths, but with the hope of improving conditions now that COVID-19 vaccines are starting to be administered, Real Estate In-Depth turned to a well-known and longtime successful commercial investor—Robert Weisz—for some much-needed perspective. Commercial real estate…

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Real Estate Experts Predict Continued Economic Rebound in 2021

December 17, 2020

WHITE PLAINS—National and regional real estate and economic experts are in unison that the housing and some sectors of the commercial real estate markets, in spite of and in some cases due to COVID-19, will continue to rebound from the early days of the pandemic next year. Hudson Gateway Association of Realtors officials and area…

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NY County Executives Slam New COVID Stimulus For No Funding for State, Local Governments

December 17, 2020

ALBANY—Chief officials of the New York State Association of Counties and the New York State County Executives Association were highly critical of the failure of Congress in federal stimulus negotiations to include state and local government aid in the estimated $900-million package. NYSAC President Jack Marren and NYSCEA President Marcus Molinaro released a biting statement…

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MTA Adopts 2021 Budget that Assumes Billion in Federal COVID Aid

December 17, 2020

NEW YORK—As Congress continues the debate on the next COVID relief package in Washington, the Metropolitan Transportation Authority Board on Wednesday adopted a 2021 budget and 2021-2024 financial plan that assumes Congress will eventually approve the needed $4.5 billion in COVID relief funding in 2021. The MTA noted that without the billions of dollars in…

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Bronx Registered $4 Billion in Total Development in 2019

December 16, 2020

While the Bronx, and the rest of New York City has been battered by the coronavirus this year, the Bronx, prior to the pandemic, was very popular with investors, registering a very impressive $4 billion in total development in 2019. Bronx Borough President Ruben Diaz Jr. recently released the “Bronx Annual Development Report” for 2019.…

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New York City’s Brick and Mortar Retailers Battered by Pandemic

December 15, 2020

NEW YORK—The retail sector, one of New York City’s biggest employers, is having an uneven recovery from the COVID-19 pandemic, with “non-essential” retailers struggling but online sellers booming, according to a report released on Dec. 14 by New York State Comptroller Thomas P. DiNapoli. “2020 was a bleak year for brick and mortar retailers, and…

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HGAR, Bronx YMCA to Distribute Toys To Local Children on Christmas Day

December 15, 2020

NEW YORK—Staff members from HGAR’s new Bronx office and the Bronx YMCA will be out and about on Christmas Day, delivering toys to children in the local area. The toys, collected from “Operation Realtors Kids” Toy Drive, will be distributed to 21 homes with gifts for 80 children. “Our members and friends give generously during…

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Houlihan-Parnes Brokers Retail Leases At White Plains Road Strip Building

December 15, 2020

NEW YORK—David Lulgjuraj, asset manager of Houlihan-Parnes Properties, an affiliate of Houlihan-Parnes Realtors LLC, the exclusive leasing agent for 4174-4198 White Plains Road in the Bronx, announced recently the firm has completed four lease transactions totaling 6,350 square feet at the property. The transactions at the retail strip building located at the intersection of East…

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Trion to Manage Shorehaven Community in the Bronx

December 15, 2020

NEW YORK—Yonkers-based Trion Real Estate Management has been selected as the property management firm for the Shorehaven Homeowner’s Association located at 15 White Plains Road in the Bronx. The community totals 899 units spanning 40 acres, Shorehaven is comprised of seven homeowner’s associations and one umbrella association. The SHOA Board was looking for a single…

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Report: Unprecedented Growth of Multi-Family Housing is a Driving Force in Development Activity in NYC Suburbs

December 8, 2020

HARRISON—A report released on Dec. 8 by locally-based brokerage firm RM Friedland shows that over the past decade, multi-family development in the northern suburbs of Westchester and Fairfield counties has grown at an unprecedented rate. That upward trend is expected to continue due to the pandemic-driven migration from Manhattan, RM Friedland states in the report.…

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Orange County Legislature Votes to Sell Grand Street Properties for Hotel Project

December 7, 2020

GOSHEN—The Orange County Legislature in a unanimous 21-0 vote approved County Executive Steve Neuhaus’ proposal to sell three historically significant properties in Downtown Newburgh to make way for a hotel development. The three properties on Grand Street will be sold to Sullivan County-based Foster Supply Hospitality for $1.25 million. The proposed project will be developed…

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