Commercial

Health Care, Communications, Tech Sectors Key Drivers of Commercial Real Estate Market in Westchester

November 21, 2017

WHITE PLAINS—Tenant demand by health care, technology and communications concerns, particularly along the I-287 corridor, are helping bolster Westchester County’s commercial office market. Commercial brokerage firms Houlihan Lawrence and JLL recently released respective third quarter 2017 market reports for Westchester County. For the most part the two firms agreed on a number of positive prevailing…

Empire City Casino at Yonkers Exploring Partnership or Sale

November 16, 2017

YONKERS—Empire City at Yonkers Raceway has retained J.P. Morgan Securities LLC to identify a strategic partner or perhaps explore a possible sale as it looks transform the highly successful racing and casino venue into a global gaming and entertainment destination. In its announcement released on Nov. 15, Empire City Casino officials said that JP Morgan…

Commercial Real Estate Outlook Remains Strong, Prices at a Standstill

November 10, 2017

CHICAGO—Commercial prices will plateau and may fall in large markets, but secondary markets will experience sustained demand and stable real estate prices, according to Lawrence Yun, National Association of Realtors chief economist. During a commercial real estate forecast session held on Nov. 3rd at the 2017 Realtors Conference & Expo here in Chicago, Yun and…

Brokerage Firm Predicts Continued Growth Despite Changing Face of Retail

November 1, 2017

HARRISON—In recent months, industry experts and media outlets have claimed the same thing: retail is dead. Brick and mortar has seemingly been replaced by omni-channel shopping, with many industry cornerstones and “Mom and Pop” shops shuttering doors across the country. While many in the industry have started to pull away from the retail sector, commercial…

PEDC’s Alliance for Balanced Growth Delves Into Issues Impacting Economic Development

October 31, 2017

CARMEL—The Alliance for Balanced Growth, a standing committee of the Putnam County Economic Development Corp., has been engaged in tackling key issues affecting economic development in Putnam County. The ABG celebrated its one-year anniversary on May 12th. Since its inception it has been holding regularly scheduled informative sessions on key business trends and topics that…

Construction of $500M Legoland Theme Park to Begin in Early 2018 Thanks to $25M From NY State

October 26, 2017

GOSHEN, NY—On Oct. 25th Merlin Entertainments, the developer of the proposed LEGOLAND New York theme park here, and New York State announced their respective commitments to move the $500-million project forward. On the one hand, Merlin Entertainments announced it will begin construction on the project in early 2018 after recently securing site plan approval from…

Century 21 Opens First Hudson Valley Store in Yonkers

October 26, 2017

YONKERS—Fashion retailer Century 21 Stores has entered the Westchester County market with the opening of a new store at the Mall at Cross County here. The department store chain held a ribbon cutting ceremony on Oct. 24th for the more than 70,000-square-foot store. The store at 750 Central Park Ave. occupies two floors and features…

Putnam County Visitors Bureau Launches New Website

October 19, 2017

CARMEL—The Putnam County Visitors Bureau went live in September with a re-launched and much improved website at visitputnam.org that features a host of new tools for visitors to take advantage of to plug into the many destinations and events taking place year-round in Putnam County. Bruce Conklin, executive director of the Putnam County Visitors Bureau,…

Ace Endico to Expand Thanks to Putnam County IDA Help

October 19, 2017

BREWSTER—Last month, the Putnam County economy and business community got two shots in the arm that will provide significant benefits for years to come. On Sept 11, the newly reorganized Putnam County Industrial Development Agency approved granting incentives in the form of a Payment in Lieu of Taxes agreement, as well as sales tax and…

Work Begins on Putnam Hospital Emergency Room Project

October 19, 2017

CARMEL—Putnam Hospital Center recently broken ground on a major capital project—the expansion and refurbishment of its emergency department. The project, which will take about two years to complete, was necessary due to the increased patient load at the emergency room. Putnam Hospital Center President Peter Kelly, in an interview with Real Estate In-Depth, said that…

A Conversation with Putnam County Executive MaryEllen Odell

October 18, 2017

Updates on Tilly Foster, Envision Brewster and How Sewer, Water Projects Could Foster Growth CARMEL—Prior to MaryEllen Odell taking office in November 2011, the economic development efforts in Putnam County were to put it politely outdated and were in fact close to non-existent. Since taking office Odell has made business attraction and retention, as well…

Rockland County Investment Firm Proposes $175M Project to Revitalize Downtown Spring Valley

October 18, 2017

SPRING VALLEY—Rockland County-based investment firm Concord Capital NY reported on Oct. 16th that it is seeking approvals to build a $175-million transit oriented development in Downtown Spring Valley. The project, which the firm states will be modeled after successful redevelopment initiatives in Downtown Yonkers, New Rochelle and in TOD-oriented locations on Long Island, calls for…

National Resources Acquires IBM East Campus in Fishkill

October 13, 2017

EAST FISHKILL—National Resources of Greenwich, CT has acquired the former IBM East Campus in Fishkill. NRE is taking ownership of 300-acres of land with 2 million square feet of buildings from GlobalFoundries. The campus is set to become one of NRE’s signature i.Park-branded mixed-use tech/flex redevelopments with retail, hotel and residential components. National Resources is…

Work Begins on $100 Million Project in New Rochelle

October 13, 2017

NEW ROCHELLE—Earlier this month New Rochelle City officials joined with National Realty & Development Corp. to break ground on WatermarkPointe, a new $100 million, 72-unit luxury condominium waterfront residential project being built along the Long Island Sound in New Rochelle. Located on the Davenport Neck peninsula, WatermarkPointe will include nine four-story buildings of condominium residences…

Ridge Hill Shopping Center to be Acquired By Australian Real Estate Investment Firm

October 4, 2017

YONKERS—Forest City Enterprises is completing two major sale transactions that will for the most part signal its exit from the retail real estate market. Forest City is selling its interest in a host of regional malls and shopping centers, including the highly successful Ridge Hill Shopping Center in Yonkers it opened in 2011. QIC Global…

NYC Receives More Than Two Dozen Proposals For Massive Amazon Second HQ Requirement

September 27, 2017

NEW YORK—As expected, New York City will submit a sweeping proposal to land Amazon’s second headquarters requirement. City officials announced on Sept. 27th that the city has thus far received more than two-dozen proposals for possible locations for Amazon’s second headquarters. Collectively, the proposals total more than 50 million square feet of commercial space across…

Westchester County Enters Amazon Sweepstakes Vying for E-Commerce Giant’s Second Headquarters

September 27, 2017

WHITE PLAINS—Westchester County has entered a contest that promises a huge payout—thousands of high paying, new jobs and billions of dollars in investment. Westchester County Executive Robert Astorino announced on Sept. 26th that the county would be submitting a proposal to Amazon for the e-commerce giant’s second corporate headquarters, a deal that could bring 50,000…

Amazon Conducting Search for Second $5B HQ; Makes Major Investments in New York City

September 25, 2017

NEW YORK CITY—E-commerce giant Amazon has certainly garnered headlines of late for its massive real estate requirements. Earlier this month, the Seattle-based retailer announced it would be conducting a national search for a second U.S. corporate headquarters valued at approximately $5 billion. While the heady requirement has economic development officials across New York State and…

Forest City Sells Interest in 12 Retail Properties in NYC in $1-Billion Deal

September 20, 2017

NEW YORK—The ownership at 12 specialty retail properties in the New York metro area totaling more than 2 million square feet of retail space will be changing by year’s-end. Forest City Realty Trust has signed an agreement to sell its 51% stake in 12 specialty retail properties in the New York City area to partner…

Houlihan Lawrence Commercial Group Announces Formation of Klein/Lanza Sales Team

September 20, 2017

WHITE PLAINS—Houlihan Lawrence Commercial Group, a division of Houlihan Lawrence, Inc. of Rye, has announced the formation of the Klein/Lanza Sales Team to be based here. The new group is led by real estate industry veteran Garry Klein, associate broker and regional sales manager with more than 25 years of experience, and Bryan Lanza, licensed…