Commercial

ROCKLAND: IRG’s Purchase of Pfizer Campus Closes

November 2015

PEARL RIVER—The sale of the Pfizer campus here to Industrial Realty Group, LLC closed on Nov. 19, IRG announced in a press statement. The Los Angeles, CA-based company stated that the early stages of its plan for the 200 acres it acquired envision a “dynamic mixed-use, multi-tenant campus.” No financial details on the transaction were…

Read More

Chappaqua Crossing Set to Break Ground in 2016

November 2015

WHITE PLAINS—If all goes according to plan it will be more than 11 years from the time the developer of the former Reader’s Digest corporate headquarters in Chappaqua acquired the property in December 2004 until it turns its first shovel on its mixed-use project on the 114-acre campus in early 2016. The archives of Real…

Read More

Developer Chides NY’s Approval Process

November 2015

WHITE PLAINS—For the majority of his recent presentation before HGAR’s Commercial Investment Division, developer Felix Charney kept to his word and was upbeat and at times humorous about his firm’s 11-year journey to obtain approvals and build a mixed-use development at the former Reader’s Digest headquarters in Chappaqua. However, he did lash out at New…

Read More

Mack-Cali Announces Major Operational Strategy Shift

September 2015

EDISON, NJ—The new leadership of Mack-Cali Realty Corp. say the company will embark on a new direction that will focus on waterfront and transit-oriented office properties as well as luxury multi-family properties. In terms of the company’s suburban assets, which include holdings in Westchester County, the company intends to spend $20 million upgrading those properties.…

Read More

Regeneron Expands Again At Landmark at Eastview

September 2015

TARRYTOWN—The latest lease expansion by Regeneron Pharmaceuticals Inc. will bring its overall presence at The Landmark at Eastview campus here to more than 1.1 million square feet. The rapidly growing biopharmaceutical firm signed a nine-year lease expansion for 116,200 square feet of space at the 1.4 million Landmark at Eastview office and R&D complex, which…

Read More

DoubleTree by Hilton Nanuet Debuts

September 2015

NANUET—DoubleTree by Hilton debuted its newest New York offering on Aug. 27 with DoubleTree by Hilton Nanuet, a modern 156-room hotel located near the Village of Nyack. Previously a Comfort Inn and Suites, the hotel completed a multi-million dollar renovation that included a total redesign of the lobby, fully-updated guest rooms and revamped public areas.…

Read More

Tourism, Business Travel Spark Hike in New Hotel Construction

September 2015

GOSHEN—Another sign that the Orange County economy is growing comes from the hotel-tourism sector as lodging developers are now proposing to build new hotel properties to meet the increased demand by tourists and business travelers seeking overnight accommodations. In addition to the fact that a host of commercial and industrial businesses are announcing plans to…

Read More

Exclusive: Mid-Hudson Hopes to Create ‘Shovel Ready’ Program To Spur New Business Investment, Jobs in Region

September 2015

TARRYTOWN—As part of the state’s Consolidated Funding Application (CFA) process and particularly Gov. Andrew Cuomo’s Upstate Revitalization Initiative (URI), the members of the Mid-Hudson Regional Economic Development Council have agreed in principle to propose sites throughout the region that could qualify for state funding as “shovel-ready” sites. The initiative is seen as critical to securing…

Read More

$42M in Financing Secured for Dobbs Ferry Mixed-Use Project

September 2015

DOBBS FERRY, NY—The developer of the $130-million Rivertowns Square project off the Saw Mill River Parkway here has secured $42 million in construction financing from M&T Bank and promises to resume work on the mixed-use project. In conjunction with the financing deal, developer Saber Dobbs Ferry, LLC reported that it will stage an official groundbreaking…

Read More

Ambitious New Rochelle Downtown Redevelopment Plan Moves Forward

September 2015

NEW ROCHELLE—After months of public meetings, master developer RDRXR released a recommended action plan for the redevelopment of a large swath of the Downtown district of the City of New Rochelle that has the development potential of approximately 10.7 million square feet of mixed-use space. The plan outlines development potentials in five separate downtown districts.…

Read More

Mack-Cali Leases 363,000 SF In Westchester-Fairfield Counties

August 2015

EDISON, NJ—Mack-Cali Realty Corporation announced on Aug. 3 it had leased 362,778 square feet at its office and office/flex commercial real estate properties in Westchester County and Fairfield County, CT during the second quarter. Portfolio-wide, Mack-Cali leased 1,377,100 square feet of space during the quarter. Highlights of the second quarter transactions in the Westchester-Fairfield market…

Read More

Putnam’s Businesses, Nonprofits and Tourism Interests Rely on Each Other

August 2015

Putnam County’s economy is essentially a symbiotic relationship between area businesses, nonprofits and the tourism industry, and business development strategies would do well to understand this interaction. Perhaps more than any other nearby county, Putnam relies on large nonprofit employers to provide jobs and fuel our economy.  A review of the Putnam County Economic Development…

Read More

Normandy Inks Over 235,000 Square Feet Of Lease Deals at The Exchange in 2015

August 2015

WHITE PLAINS—Normandy Real Estate Partners, a leading real estate operator and fund manager, announced recently it had secured significant leasing volume for its Westchester County-based portfolio, “The Exchange.” The 1.6 million-square-foot portfolio, which consists of 14 buildings, has completed more than 235,000 square feet of leases year-to-date, with CBRE representing Normandy in the transactions. This…

Read More

Major Sportsdome Project Planned at IBM Parcel

August 2015

EAST FISHKILL—A two-and-a-half year process to bring what will be a $25-million air-supported sportsdome to Dutchess County ended last month with the purchase of a 30-acre parcel of land here by Hopewell Sportsdome Ventures from an affiliate of Linuo Solar Group, the owner of the IBM West campus property. The vacant property was part of…

Read More

Yonkers to Build First Firehouse in 35 Years

August 2015

YONKERS—Yonkers Mayor Mike Spano announced on Aug. 13 the city plans to build a new firehouse in downtown Yonkers, the first to be constructed in 35 years. The decision was made after city officials and engineers determined that the building conditions at local firehouse Station 1 on New School Street were unsafe earlier this summer.…

Read More

Urstadt REIT Acquires Westchester Shopping Center

August 2015

HARRISON—Urstadt Biddle Properties Inc. of Greenwich, CT has increased its retail holdings in Westchester County with the $10-million purchase of the Harrison Shopping Center here. The retail REIT paid all cash for the 25,000-square-foot property. The property is anchored by an A&P Fresh Supermarket, which will be replaced by a prominent grocer upon bankruptcy court…

Read More

Council Keeps Current Fire Sprinkler Codes

August 2015

ALBANY—The New York State Association of Realtors reported on Aug. 19 that the New York State Fire Prevention and Building Code Council voted 10-3 to keep existing code as is and will not implement a statewide mandate on fire sprinkler installation. NYSAR and HGAR issued Calls for Action over the last several months to its…

Read More