Commercial

Sullivan County’s Resorts World Catskills Casino Resort Opens its Doors

February 2018

MONTICELLO—The more than 40-year gamble by Sullivan County to bring casino gaming to the former storied Borscht Belt came to a successful conclusion with the opening of the $1.2-billion Resorts World Catskills casino resort here today. The casino opening, which was a few weeks ahead of schedule, saw thousands of guests flock to the expansive…

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Houlihan Lawrence, RXR Realty Named to BCW’s Business Hall of Fame

February 2018

RYE BROOK—The real estate industry is well represented in this year’s Business Hall of Fame honorees of the Business Council of Westchester. Real estate firms Houlihan Lawrence and RXR Realty were among the six overall Hall of Fame selections. The winners will be honored at the 2018 Business Hall of Fame Awards Dinner on Tuesday,…

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Rockland County Investor Acquires Troubled Orange County Retail Complex

February 2018

MIDDLETOWN—The Playtogs Shopping Plaza, a troubled retail and office property on Dolson Avenue here, has been acquired by Rockland County-based Concord Capital New York. The investment firm acquired the 800,000-square-foot mixed-use site last month for approximately $4 million from CIII Asset Management, a loan servicer that foreclosed on the previous owner. Concord Capital reports that…

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Brooklyn Navy Yard Unveils $2.5 Billion Expansion Plan

February 2018

NEW YORK—The Brooklyn Navy Yard announced on Jan. 31st ambitious plans to significantly grow manufacturing operations at the complex that would add 10,000 new middle-class jobs there. The plan, valued at $2.5 billion, would increase employment at the Brooklyn Navy Yard to 30,000 workers. The plan is the culmination of a two-year process that examined…

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White Plains Retail Building on Mamaroneck Avenue Trades

January 2018

WHITE PLAINS—A single-tenant retail building on Mamaroneck Avenue here has been sold for $2.1 million. Brokerage firm Marcus & Millichap represented the seller, a private investor, in the sale of 75 Mamaroneck Ave., according to John Krueger, regional manager of the firm’s Manhattan office. P.M. Gillen Tutoring Service acquired the 5,300-square-foot single-tenant retail building. Paul…

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Real Estate Experts Predict Stability in 2018 for Residential, Commercial Sectors Despite Headwinds

January 2018

NEW YORK—A comprehensive report issued today by the National Association of Realtors, Deloitte and Situs RERC predicts the residential and commercial real estate property markets will remain strong this year, despite continued political instability in our nation’s capital, as well as other market specific negative influencers. Situs RERC, Deloitte and the National Association of Realtors…

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Amazon Announces Candidates for HQ2; NYC Among 20 Locations in the Running

January 2018

SEATTLE—The multi-billion dollar sweepstakes for Amazon’s second North American headquarters (HQ2) is now down to 20 locations. Although some New York City suburban locations submitted bids for Amazon’s HQ2 including Westchester County, 19 mostly urban cities and Toronto, Canada made the final 20 cut. Amazon considered a total of 238 proposals. Amazon’s corporate headquarters is…

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Water Park Project Under Construction At Resorts World Catskills Campus

January 2018

MONTICELLO—Camelback Resorts announced on Jan. 16 its The Kartrite Hotel & Indoor Waterpark project is under construction at the Resorts World Catskills campus located in the Town of Thompson in Sullivan County. Set to open in early 2019, The Kartrite will feature two acres of four-season indoor waterpark space and a luxury hotel with 324…

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Brokers Bullish on Commercial Office Market in Region With Exception of Northern Westchester

January 2018

WHITE PLAINS—Commercial brokers believe that the commercial office market in Westchester County is strong enough that if conditions continue over the next few years the county could see the first new commercial office development project in decades. Approximately 80 real estate professionals attended the annual Commercial Broker Roundtable program staged by the Hudson Gateway Association…

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Governor, Legislature Strike Deal on First-Time Homebuyer Tax Incentive

December 2017

ALBANY—New York State Gov. Andrew Cuomo citing the legislation’s potential costs, reached an agreement on Dec. 18 with the State Legislature to have three state agencies study the fiscal impacts of establishing the New York State First-Time Homebuyer Savings Program. The governor signed the New York First Time Homebuyer Savings Program (NY First Home) bill…

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Rockland Lands Another Major Data Center

December 2017

ORANGETOWN—Rockland County continues to be a hub for major data center users. Most recently, Bloomberg and fifteenfortyseven Critical Systems Realty have developed major facilities in Rockland. In October, JP Morgan Chase became the latest to announce plans for a Rockland County location. On Oct. 18th, JP Morgan Chase closed on the $7.5-million purchase of 60…

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REDC Looks to Grow Economy With New Initiatives

December 2017

PEARL RIVER—Flushed from the record success in the annual Consolidated Funding Application competition where more than 10 critical projects in Rockland County secured state funding, REDC President and CEO Jeremy Schulman said the county’s economic development agency plans a host of targeted initiatives and programs geared at attracting new business and growing existing commerce in…

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Rockland County Secures Nearly $6 Million in State Funding

December 2017

ALBANY—Rockland County, reversing years of earlier frustration in landing state funding under Gov. Andrew Cuomo’s Consolidated Funding Application competition, took home an impressive $5.8 million in CFA funding in this year’s competition. Rockland County Executive Ed Day said the awards include funds to expand private businesses, revitalize communities and encourage tourism. "This investment in Rockland…

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GOP, President Trump Score Major Victory With Tax Reform Passage

December 2017

WASHINGTON—As expected, in a procedural vote the House of Representatives approved the Tax Cut and Jobs Act on Wednesday. The controversial measure passed 224-201, with no support from Democratic Congressional representatives. A total of 12 House GOP members voted against the bill. The Senate passed the bill earlier in the morning by a 51-48 margin.…

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A Conversation with County Executive Ed Day

December 2017

After Bringing County Back From Financial Brink Day Looks to Advance Key Policies in Second Term NEW CITY—The chief focus of Rockland County Executive Ed Day’s first four years in office was to implement governmental and budgetary reform to improve county government operations and put the days when county government was on the brink of…

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County Executive-Elect Latimer Will Review Merits of $1.1B Airport Privatization Deal

December 2017

TARRYTOWN—Westchester County Executive-Elect George Latimer met with county business leaders on Dec. 12th and said that Republicans and Democrats in county government must work together to face new business and political realities. He also said that because the county budget for 2018 has yet to be finalized, he feels somewhat “hamstrung” in trying to implement…

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