Commercial

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…

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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…

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$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…

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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.…

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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…

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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…

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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…

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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…

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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.…

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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…

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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…

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Hudson Valley Becomes Engineering Innovation Hub

August 2015

NEW PALTZ—Engineers will be needed in a host of technological and manufacturing industries in the years to come and the Hudson Valley is at the forefront of advancing new engineering technologies, including the development of 3-D Printing, and educating the engineers of tomorrow. The Hudson Valley Economic Development Corp., in collaboration with SUNY New Paltz…

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HVEDC Receives NYSEG Grant For ‘Bet on Business’ Academy

August 2015

NEW WINDSOR— Hudson Valley Economic Development Corp. reported recently it had received a grant from the New York State Electric & Gas (NYSEG) Corp. for its groundbreaking “Bet on My Business Academy” initiative. The pilot program, part of HVEDC’s Hudson Valley Food & Beverage Alliance, aims to help local entrepreneurs in the food and beverage…

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Gov. Cuomo Signs Bill Geared to Help Craft Breweries, Distilleries and Cideries

August 2015

ALBANY—Gov. Andrew Cuomo signed legislation on Aug. 14 that will make business easier for craft beverage companies in New York State. The three measures will allow farm distilleries to sell gifts and souvenirs, authorize retail stores to conduct tastings of liquor, beer and cider, and exempt micro-breweries from redundant tax filing requirements. “In every corner…

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Food and Beverage Industry Plays Key Role in Hudson Valley Economy

August 2015

The food and beverage sector has been a mainstay of the Hudson Valley economy for some time with the likes of PepsiCo, Dannon and Heineken USA doing business in the Hudson Valley and employing thousands of workers. The sector has been bolstered by some growing industry players such as: Best Mexican, Gillette Creamery, Harney &…

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Baby Boomers Still a Major Force in Hudson Valley

August 2015

NEW PALTZ— Labor expert Dr. Paul Harrington of Drexel University contends that the major economic driver of the Hudson Valley is still the Baby Boomers and not the Millennial generation as many economists and business experts would have you believe. Dr. Harington, the keynote speaker at the Hudson Valley Economic Development Corp.’s second State of…

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