WHITE PLAINS—Westchester County notified Standard Amusements, LLC, which was scheduled to take over operation of the storied Rye Playland amusement park in November, that it was terminating the 30-year lease agreement reached in mid-2016. Late last month, Westchester County Executive George Latimer reported he had reached the decision to terminate the Rye Playland 30-year lease…
Read MoreNEW YORK CITY—Con Edison has proposed a major project that could bring sufficient natural gas to sections of Westchester County impacted by the utility’s moratorium imposed last month. The only problem is the remedy won’t be online for four-and-a-half years at the earliest. Utility Con Edison reported on April 24 that it reached an agreement…
Read MoreEAST FISHKILL, NY—In a blockbuster deal that will save about 1,000 jobs in Dutchess County, GlobalFoundries of Santa Clara, CA has reached an agreement to sell its 300mm chip fab plant in East Fishkill to Phoenix-based ON Semiconductor for $430 million. The two firms announced on April 22 they had reached a definitive agreement on…
Read MoreWHITE PLAINS—White Plains Hospital officials and other county and local dignitaries were on hand on April 22 to celebrate the groundbreaking of a new 252,000-square-foot outpatient center being built at the corner of Maple and Longview avenues here. The $272-million project is being built on the site of a former vacant apartment building, a hospital…
Read MoreIt’s 10:00 pm on a rainy Tuesday night, but you feel like shopping. So, you just pop open your laptop and start ordering everything from new home décor to sporting goods, and maybe even some jumper cables for the car. And all around the globe, millions of other people are doing the same thing. Is…
Read MoreWHITE PLAINS—The mayors of White Plains and New Rochelle agree that the impacts thus far from the natural gas connection moratorium imposed by utility Con Edison on March 15 has not been severe. White Plains Mayor Thomas Roach and New Rochelle Mayor Noam Bramson agreed that real estate developers are attempting to adapt to the…
Read MoreGOSHEN—The Goshen Planning Board on March 26 voted unanimously to give Greenwich, CT-based development firm Fareri Associates, LP, conditional site plan approval to move forward with its proposal for the new Goshen Plaza. “We’d like to thank the Village of Goshen Planning Board for its confidence in, and enthusiasm for, this project, as well as…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency recently granted preliminary approvals for incentives for three major projects in Downtown White Plains that combined will involve more than $1.2 billion in new development. The three projects would create an estimated more than 3,000 construction jobs and more than 500 full- and part-time jobs in the City…
Read MoreVALHALLA—After securing key approvals from the County of Westchester in January, Fareri Associate’s planned $1.2-billion mixed-use bioscience park to be developed on 60 acres of the Grasslands Campus here has now progressed to the municipal approval stage. The concept of building a bioscience, technology and lifestyle campus on mostly county-owned property in Valhalla has been…
Read MoreALBANY—Gov. Andrew Cuomo and the State Legislature reached an agreement over the weekend on a $175.5-billion FY 2020 state budget that makes the 2% property tax cap permanent and enacts a number of revenue raisers, including congestion pricing for sections of Manhattan, for the beleaguered Metropolitan Transportation Authority to fund capital upgrades to New York…
Read MoreWHITE PLAINS—On Friday morning (March 29), the Westchester County Industrial Development Agency will consider granting incentives for three major projects in Downtown White Plains that will involve more than $1.2 billion in new development. Two projects will create 1,674 multifamily units and another will offer 132 independent living units; all in the Downtown district. On…
Read MoreRYE BROOK—Custom merchandising design and development firm POP Displays USA LLC, which is based on Tuckahoe Road in Yonkers, will be relocating its corporate headquarters from Yonkers to George Comfort & Sons, Inc.’s Kingsbrook office complex here within the next three months. POP Displays, which is currently headquartered at 555 Tuckahoe Road in Yonkers, has…
Read MoreYONKERS—The Yonkers Industrial Development Agency reported on March 25 it had approved four projects for incentives that will create 100 new housing units and finance the purchase and rehabilitation of a 301-unit apartment building in the city. The four developments amount to approximately $108.3 million in private investment and will create 156 construction jobs and…
Read MoreNEW YORK—History was made on March 15 in Lower Manhattan when the Hudson Yards neighborhood officially opened to the public. Beginning at noon, New Yorkers and visitors flocked to the Public Square and Gardens, a new five-acre public space; its centerpiece, an interactive landmark temporarily known as Vessel and The Shops & Restaurants, a 1-million-square-foot…
Read MoreThe Westchester commercial real estate market is in the midst of a significant transition in 2019. Individual buildings and large portfolios are being sold to new owners, and the availability of certain types of spaces is extremely low. Tenants need to understand today’s market dynamics and what is happening in terms of pricing to properly…
Read MorePURCHASE—Wells Fargo Advisors will be relocating operations later this year to more than 21,000 square feet of space at Normandy Real Estate Partners’ 2500 Westchester Ave. office building in Purchase. The firm will be moving within the I-287 corridor from RPW Group’s 1133 Westchester Ave. in White Plains to 21,294 square feet of space at…
Read MoreMIDDLETOWN—The City of Middletown announced recently that Equilibrium Brewery closed on the purchase of the former TD Bank building located at 2 South St. in the City of Middletown on March 1. The vacant property has been owned by the city since 2011. The Brewery purchased the property from the city for $650,000, of which…
Read MoreNEW YORK—City and state officials announced on March 18 that Great Performances, the city’s largest woman-owned catering and food services firm, will be relocating operations from Hudson Street in New York City to the South Bronx. Gov. Andrew M. Cuomo announced that as part of the relocation, Great Performances will create 181 new jobs and…
Read MoreCHICAGO—Commercial brokerage firm JLL reported on March 19 it had entered into a definitive agreement to acquire HFF, Inc. in a cash and stock transaction with an equity value of approximately $2 billion. The two companies reported the transaction was unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF,…
Read MoreWHITE PLAINS—The day business, political and real estate leaders have dreaded has arrived—on March 15 most of Westchester County was included in a new natural gas connection moratorium imposed by utility Con Edison. Amid charges by many that the moratorium will delay and perhaps kill billions of dollars in new development projects and thousands of…
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