Commercial

Mid-Hudson is Mecca for Craft Brewing Industry

June 2018

ALBANY—A report touting the burgeoning craft brewing industry in New York State clearly shows that the Mid-Hudson region is the top market for this sector. A report released by Gov. Andrew Cuomo on June 14 noted that the Mid-Hudson Valley added the most new craft manufacturers statewide, with 93 new businesses opening in the past…

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Three Major Property Sales Close in Hudson Valley

June 2018

WHITE PLAINS—Three major property sales were reported by area commercial brokerage firms recently that involved multifamily and retail properties in Westchester County and a more than 123-acre site in East Fishkill formerly owned by IBM. Marcus & Millichap recently announced the sale of a three-property, 104-unit multifamily portfolio in White Plains. The portfolio sold for…

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IDA Report Shows Tax Break Growth Slows Job Creation Remains Higher Downstate

June 2018

ALBANY—New York State’s Industrial Development Agencies reported $715 million in net tax exemptions in 2016, up almost 3% from 2015, according to a report issued on June 1st by New York State Comptroller Thomas P. DiNapoli. The report also showed that downstate regions accounted for 57% of the total net jobs gained through IDA projects…

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Neuhaus Taps Two Partnership Staffers For Key County Government Positions

June 2018

GOSHEN—Orange County Executive Steven Neuhaus announced recently that he had named two top staffers at the  Orange County Partnership as the directors of economic development and tourism. On May 24, Neuhaus announced that Bill Fioravanti was named to the newly created position as the county’s Director of Economic Development. The same day he reported that…

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Mike Oates Named New Leader of HVEDC

June 2018

GOSHEN—Hudson Valley Economic Development Corporation Board Chairman Robert J. Levine announced on May 31 that Mike Oates was named the organization’s new president and CEO, effective June 4. Oates replaced Laurence P. Gottlieb, who recently resigned from the position after serving as head of the economic development agency since 2013. Oates has been the managing…

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Real Estate Panel Discusses Cannabis, Amazon Impacts; Region’s Future Opportunities

May 2018

HARRISON—It’s rare indeed that the effects of Cannabis get much attention at a business event, perhaps with the exception of programs geared to either the medical or in some states law enforcement communities. But, times are definitely changing. On May 30, the Business Council of Westchester and Fordham University’s Real Estate Institute staged a roundtable…

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IRG Lands New Tenant, Rebrands former Pfizer Property

May 2018

PEARL RIVER—Industrial Realty Group announced recently its 1.993 million-square-foot campus of existing office, laboratory, and industrial space in Pearl River, will be known as “New York Center for Innovation.” “The campus is a unique part of the community in Pearl River and we are committed to its next chapter,” said John A. Mase, CEO at…

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RPW Group Acquires Two Office Buildings for Nearly $15M

May 2018

WHITE PLAINS—RPW Group has acquired two office buildings on Westchester Avenue here in a deal valued at $14.75 million. The Rye-Brook-based commercial real estate development and investment firm purchased 925-1025 Westchester Ave. in White Plains. The two Class A office buildings total 192,771 square feet and are currently 65% leased. Commercial brokerage firm CBRE announced…

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Rooney Family to Sell Empire City Casino to MGM for $850M

May 2018

YONKERS—A study that began last November on the future of the Empire City Casino property here has resulted in a sales agreement valued at $850 million. The deal, which is expected to close in less than 12 months, will put an end to 46 years of the Rooney family owning the iconic casino and harness…

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Latimer to Take Another Look at Westchester Airport Privatization Plan

May 2018

WHITE PLAINS—Consistent with his campaign position on the privatization plan put forward by previous County Executive Robert Astorino, Westchester County Executive George Latimer has begun a process to revisit whether privatizing Westchester County Airport is such a good idea. The announcement of a study of the Westchester County Airport proposal comes weeks after the Latimer…

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Purchase College Moving Forward With $320M Senior Project

May 2018

WHITE PLAINS—Officials with Purchase College-State University of New York briefed officials with the Westchester County Local Development Corp. at its session on April 26 on plans to build a $320-million Senior Learning Community on a 40-acre tract on the campus. The Westchester LDC is performing due diligence on the college’s proposal to have the LDC…

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Avison Young Arranges $120-Million Loan For Westchester Financial Center Purchase

May 2018

WHITE PLAINS—Avison Young’s New York Capital Markets Group reports it has arranged a $120.3-million financing package for the acquisition and redevelopment of the Westchester Financial Center, a 571,000-square-foot office complex located at 50 Main St/ and 1-11 Martine Ave. in White Plains. The buyers, a joint venture comprising Ginsburg Development Companies, LLC and Robert Martin…

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Rinaldi Discusses Planned Port Jervis Line Upgrades

May 2018

GOSHEN—Metro-North President Catherine Rinaldi spoke before a gathering of the Orange County Citizens Foundation on May 9th at the Harness Racing Museum here and detailed planned improvements to the Port Jervis Line and issues impacting West of Hudson rail service. Rinaldi updated attendees on the status of the West of Hudson Regional Transit Access Study,…

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Five Retailers Open at Woodbury Common

May 2018

CENTRAL VALLEY— Desigual, a clothing brand headquartered in Barcelona, Spain, and Zimmerman, a luxury Australian fashion company, are among five retailers that have opened stores at Woodbury Common Premium Outlets, the outlet center announced earlier this month. In addition, Scotch & Soda, a Dutch youth fashion company, Club Monaco, which offers chic and stylish men…

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GHP Realty Acquires Mount Pleasant Office Buildings

May 2018

MOUNT PLEASANT—GHP Office Realty, LLC reported earlier this month it had closed on its acquisition of the 115-117 Stevens Ave. complex in Mount Pleasant. The complex is comprised of two Class A office buildings totaling 182,630 square feet. 115 Stevens Avenue is a three-story office building consisting of 130,630 rentable square feet with a parking…

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Business Council of Westchester Unveils BCW Data Exchange

May 2018

RYE BROOK—Filling a pressing need for comprehensive, in-depth data on Westchester County, The Business Council of Westchester unveiled on May 8th the BCW Data Exchange. The free, user-friendly, online portal will for the first time provide businesses, non-profits and the public with key data about Westchester all in one place. Demographics, data on workforce, housing,…

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Critical Report Prompts Latimer to Reopen Rye Playland P3 Deal

May 2018

WHITE PLAINS—A critical report citing breaches and potential significant liabilities to be borne by taxpayers has caused Westchester County Executive George Latimer to explore the county’s options on either renegotiating or perhaps terminating its contract with Standard Amusements, LLC to operate Rye Playland. Westchester County Executive Latimer, who was highly critical of the 30-year public-private…

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SUNY New Paltz President Appointed Co-Chair of Regional Council

May 2018

ALBANY—Empire State Development announced on April 26 that Dr. Donald P. Christian, president of the State University of New York at New Paltz, was appointed co-chair of the Mid-Hudson Regional Economic Development Council. Dr. Christian replaces Dr. Dennis J. Murray, Marist College President Emeritus, who has served as MHREDC co-chair since the Council’s inception in…

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Million Air Nears Completion on $80M Expansion at Westchester County Airport

May 2018

WEST HARRISON—Officials with Houston-based private aviation company Million Air said at a recent press briefing that the firm is nearing completion on its $80-million expansion project at Westchester County Airport here. Company executives were joined by county and municipal officials to open its new state-of-the-art 52,000-square-foot hanger at the airport at a ceremony on May…

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