Commercial

Westchester County Association, HVEDC Agree to Merger

January 2019

WHITE PLAINS—The storied Westchester County Association, which has been one of the county’s leading business advocacy organizations for nearly 70 years, says it intends to merge operations with regional economic development agency the Hudson Valley Economic Development Corp. The deal between the two organizations is intended to create a regional economic development and business advocacy…

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Westchester Office Properties Ended the Year on a High Note

January 2019

RYE BROOK—Strong economic fundamentals in the U.S., the greater New York City area, and in Westchester County continue to drive a healthy commercial real estate market, according to a new fourth quarter report released recently by Houlihan Lawrence’s Commercial Group. “Widespread fears about the health of the economy have proven unfounded in the face of…

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Empire City Casino Changes Hands to MGM Resorts in $850M Deal

January 2019

YONKERS—The era of the Rooney family at Yonkers Raceway came to an end on Jan. 29 with the closing of the $850-million sale of Empire City Casino and Yonkers Raceway to MGM Resorts International. The Rooney family acquired the storied Yonkers Raceway property in 1972 and opened the highly successful Empire City Casino in October…

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Fareri to Revitalize Longstanding Goshen Retail Eyesore

January 2019

GOSHEN—The developer who earlier this month signed a contract with Westchester County to build a more than $1-billion bioscience park in Valhalla, has proposed a$60-million plan to rid the Village of Goshen of a mostly vacant and blighted property. Fareri Associates of Greenwich, CT presented the Goshen Planning Board on Jan.22 a plan to redevelop…

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Little of Old Tappan Zee Bridge Remains

January 2019

On Jan. 15, Tappan Zee Constructors, the contractor for the new Tappan Zee Bridge (Mario M. Cuomo Bridge), lowered the 672-foot section of steel, using charges to deliberately fail vertical members supporting the span. Portions of the old east anchor span, currently above the water line, will remain visible as it is removed from the…

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NJ Pharmaceutical Firm to Lease 83,000 SF in Pearl River

January 2019

PEARL RIVER—A Piscataway, NJ-based pharmaceutical firm has signed a major lease for approximately 83,000 square feet at the former Pfizer complex in Pearl River that is now known as the New York Center for Innovation. Los Angeles-based Industrial Realty Group, which purchased 207 acres of the campus in late 2015 from Pfizer, announced the lease…

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Yonkers IDA Approves Incentives for Three Major Projects Amid Dispute with Building Trades

January 2019

YONKERS—The Yonkers Industrial Development Agency reports it has approved more than $13.6 million in incentives for three major development projects in the city. The IDA’s Board of Directors approved at its meeting last Friday resolutions of intent to provide financial incentives for two mixed-use developments and one strictly residential project totaling more than $391 million…

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99-Year Lease Deal Brings $1.2B Bioscience Park Closer to Reality

January 2019

TARRYTOWN—The long sought-after development of a major bioscience project at the Grasslands campus in Valhalla cleared a major milestone on Jan. 10 when a lease deal was signed between the developer and Westchester County. At a meeting of the Westchester County Association, Westchester County Executive George Latimer announced the county had signed a 99-year lease…

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Howard Properties Named Leasing Agent For SoYo Building in Downtown Yonkers

January 2019

YONKERS—Howard E. Greenberg, president of Howard Properties Ltd. based in White Plains, recently announced that the firm has been named exclusive leasing agent for the SoYo Tower on the Hudson in Yonkers. The classic Art Deco office building, dating back to 1931, contains approximately 148,000 square feet of space, and is located in the Yonkers…

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Longtime Broker Acquires Rakow Commercial Group

January 2019

WHITE PLAINS—Rick Rakow, founder of Rakow Commercial Realty Group reported that David Richman, long time senior broker at the firm, has acquired the company and is the brokerage firm’s new CEO. Richman will run the day-to-day operations of the firm, with Rakow stepping into his new role as co-chairman, working side-by-side with Richman to further…

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Leasing Brisk at White Plains Plaza

January 2019

WHITE PLAINS— Newmark Knight Frank recently announced the closing of multiple leasing transactions over the past five months at White Plains Plaza for a total of 79,301 square feet, with an additional 20,000 square feet out for lease. The owner Ivy Realty is represented exclusively at the property by Executive Managing Director Glenn Walsh and…

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Ginsburg Development Sells Three CT Properties for Nearly $22M

January 2019

BRIDGEPORT, CT—New York City real estate investment firm Time Equities Inc. has purchased three mixed-use properties here in a deal with Valhalla-based Ginsburg Development Companies for approximately $21.7 million. The deal involves the addition of 176 rental apartments and approximately 100,000 square feet of mostly retail space. The transaction was announced by brokerage firm HFF,…

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Mack-Cali Sells Elmsford Distribution Center for $70M

January 2019

ELMSFORD, NY—Mack-Cali Realty Corp. in a deal that continues its exit from the flex-industrial warehouse business, has sold the six-building Elmsford Distribution Center here. The Jersey City, NJ-based REIT sold the more than 386,000-square-foot industrial park complex to Realterm Logistics of Annapolis, MD for $70.25 million. Mack-Cali noted that the disposition deal represents the next…

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10 Things to Watch Out for in 2019

January 2019

WHITE PLAINS—While I do not profess to possess the prognostication skills of the “Amazing Kreskin” or “Carnac the Magnificent,” I thought I would share my thoughts with the Real Estate In-Depth readership on the top stories/issues I believe could have an impact on the commercial, residential real estate and capital finance markets in the Hudson…

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Woodbury Common Adds Five Retailers; Begins Planning for Latest Expansion

January 2019

CENTRAL VALLEY—The highly successful Woodbury Common Premium Outlets here reports it has added five new retailers while it has submitted plans to the Town of Woodbury on another major expansion project at the property that intersects Route 17 and the New York State Thruway in Orange County. Golden Goose Deluxe Brand, a high fashion sneaker…

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Westchester IDA’s $49M in Incentives to Reap Nearly $882M in Private Investment

January 2019

WHITE PLAINS—The Westchester County Industrial Development Agency released its full-year 2018 activity report on Jan. 2 which showed that its $48.8 million in incentives are projected to create $881.4 million in future private investment capital in the county’s economy. The report noted that the approved projects will create 2,680 construction jobs, 222 permanent jobs and…

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NAR’s Malta Tells Congress Housing Finance Reform Must Be Bipartisan

December 2018

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,…

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