WASHINGTON—On Dec. 21, National Association of Realtors President-Elect Vince Malta testified before the House Financial Services Committee. During the hearing, “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Financing Reform Act of 2018,” Malta, a third-generation Realtor and the CEO and broker of Malta & Co., Inc. in San Francisco,…
Read MoreNEW YORK CITY—Longtime Manhattan retail real estate mega broker Faith Hope Consolo, who was known in some circles as the “Queen of Retail,” died on Sunday, Dec. 23rd at her home here, according to multiple press reports. Consolo, who was the chairperson of Douglas Elliman’s Retail Group, was 69 years old. In October 2017, Consolo…
Read MoreYONKERS—MGM Resorts International reports its previously announced $850-million purchase of the Empire City Casino property here is scheduled to close in a January. MGM recently announced the planned closing of its purchase in connection with its appointment of Uri Clinton as president and chief operating officer of Empire City Casino. Clinton will head operations at…
Read MoreNEW WINDSOR—The Orange County Industrial Development Agency on Dec. 13 adopted initial resolutions for a public hearing for a 70,000-square-foot expansion at Goshen-based King Zak Industries, Inc. and the creation of a Fairfield Inn by Marriot on the campus of New York Stewart International Airport in New Windsor. Airport Properties VIII, LLC is seeking a…
Read MorePELHAM MANOR—Houlihan Lawrence’s Commercial Group has announced the completion of a lease transaction with REB Sports Complex for an 18,000-square-foot building in Pelham Manor featuring state-of- the-art indoor athletic fields. Daniel Hickey of Houlihan Lawrence Commercial Group represented REB Sports Complex in the direct lease negotiation with the Village of Pelham Manor, which owns the…
Read MoreHARRISON– Commercial brokerage firm RM Friedland recently announced the launch of an Investment Sales Division. As part of the expansion, the firm reported that veteran commercial broker John Barrett has been named managing director of the division. In addition, Marco Lala has been named senior vice president, bringing with him a sales team with an…
Read MoreNEW YORK CITY—Add Google to the list of mega US tech companies that are planning major expansion initiatives in New York City. Ruth Porat, senior vice president and CFO of Google and its parent company Alphabet Inc., announced in a blog released this morning that Google plans to invest more than $1 billion in capital…
Read MoreNEW WINDSOR—A record crowd attended the 32nd annual Orange County Partnership awards event held on Dec. 4 at Anthony’s Pier 9 here. The partnership handed out its top awards at the event, that also featured a special tribute to outgoing New York State Senators John Bonaccic and Bill Larkin. From left, New York State Senators…
Read MoreWHITE PLAINS—Technology is exploding in commercial real estate. The Hudson Gateway Association of Realtors’ Commercial Investment Division recently reviewed some of the tools to help commercial licensees in marketing their properties and doing property research. The CID at its Nov. 29th meeting featured two products—biproxi and RPR. biproxi is a one-stop shop for commercial real…
Read MoreYONKERS—The Board of Directors of the Yonkers Industrial Development Agency has approved a resolution of intent earlier this month with the developer of a former loft warehouse in the Carpet Mills Art District. The project by Momentum Realty Associates of Yonkers will convert the light-industrial building at 222 & 252C Lake Street into an office…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency has granted preliminary and final approvals for more than $531 million in new development projects in White Plains, Harrison and Pelham. On Nov. 29, the Westchester County IDA granted a resolution of intent to provide financial incentives for AvalonBay Communities’ $76.8-million transit-oriented, mixed-use residential project to be built…
Read MoreSOUTHEAST, NY—The grocery-anchored Lakeview Plaza Shopping Center here has been acquired by Greenwich, CT-based Urstadt Biddle Properties in what the new owner calls a “deep discount” at $12 million. The retail REIT has added the 177,000-square-foot shopping center on Route 22 to its portfolio of more than five million square feet. The shopping center, located…
Read MoreWHITE PLAINS—Ginsburg Development Companies LLC recently unveiled its transformative plan for the Westchester Financial Center in Downtown White Plains to the White Plains City Council. The City Square project calls for the renovation of the existing office complex and the conversion of a portion of the office space into multifamily housing and retail and community…
Read MoreNANUET, NY—New York City-based Metropolitan Realty Associates has signed a contract to acquire the 218,000-square-foot Macy’s store at The Shops at Nanuet here. Metropolitan Realty Associates, headed by founder and CEO Joe Farkas, is partnering with equity partner Angelo Gordon & Co. LP of New York City in a sale/ leaseback agreement with Macy’s that…
Read MoreNEW YORK CITY—A survey released recently by the International Council of Shopping Centers reports that retailers are gearing up for another successful Thanksgiving Weekend as consumers plan to spend an average of $554.90 with $207.30 dedicated to holiday gifts. Omnichannel retailers stand to benefit the most, with 93% of shoppers planning to spend with retailers…
Read MoreWHITE PLAINS—Co-working firm Serendipity Labs continues to expand its suburban and secondary market offerings and has announced plans to open new locations at properties in White Plains and Buffalo, NY, in a suburb of Milwaukee and in Downtown Cincinnati. The Rye-based company announced three new management contracts and a letter of intent in a fourth…
Read MoreBOSTON—Housing affordability, disruptive technology and rising interest rates were just some of the issues the Counselors of Real Estate named most likely to affect the real estate industry during a session titled “Update: The Top Ten Impacts on Real Estate 2018-2019” at NAR's 2018 Realtors Conference & Expo. Each year CRE members pool their research,…
Read MoreSEATTLE—Amazon confirmed press reports that it decided to split its massive second headquarters requirement (HQ2) and has chosen Long Island City, Queens and Arlington, VA to house those operations that will house 25,000 workers each. Amazon announced on Nov. 13 it will invest $5 billion and create more than 50,000 jobs across the two new…
Read MoreBOSTON—While challenges face many of America’s commercial real estate markets, Realtors specializing in the sector should have confidence for growth to remain steady in the coming year. That’s according to the sentiments of two economists who spoke at a commercial economic issues and trends forum at the recent 2018 Realtors Conference & Expo in Boston.…
Read MoreToo often, developers can’t secure permanent financing upon a project’s completion. If it’s a condominium project will the condo project sell out? Then, there is construction gamble, as cost overruns, accidents, delays and other problems tend to occur on every job. Imagine, for example, a crane falling or dropping an expensive beam. Further, good labor…
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