Commercial

$100M Film Studio to Be Developed at iPark Hudson Complex in Yonkers

September 2019

YONKERS—In what city officials say is a “game changer” for Yonkers, Lionsgate, in partnership with Great Point Capital Management, announced plans on Sept. 5 to build a $100-million film and television studio here. Great Point Capital Management, a media-focused investment fund run by Robert Halmi and Fehmi Zeko, announced it had signed a letter of…

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Atlas Air Extends HQ Lease in Purchase; To Spend $38 Million on Upgrades

September 2019

PURCHASE—Atlas Air Worldwide Holdings is staying in Westchester County and is in fact renewing and extending its headquarters lease long-term at 2000 Westchester Ave. here and investing nearly $38 million on office space upgrades and equipment. The company and New York State officials jointly announced that Atlas Air had signed a long-term lease renewal for…

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Rye-Based Acadia Completes $403M in Deals

September 2019

RYE—Acadia Realty Trust, which is based in Rye, announced on Sept. 6 that subsequent to the second quarter of 2019, the company completed approximately $166 million of transactions. Year to date, Acadia Realty has completed approximately $403 million of transactions—$329 million of fund acquisitions and $74 million of core transactions—with another $47 million under contract.…

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Pioneer Westchester Commercial RE Developer Robert Weinberg Dies

September 2019

NEW YORK—While visionary commercial and residential developer Robert Weinberg passed away at his home in Manhattan at the age of 90 on Sept. 3, his legacy in Westchester County and the surrounding suburbs will live on for generations to come. Weinberg will be best remembered for co-founding Robert Martin Company of Elmsford with partner Martin…

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Iconic Retailer Lord & Taylor to be Acquired in $100M Deal

August 2019

SAN FRANCISCO—Le Tote Inc. a women’s fashion rental subscription service based in San Francisco, has reached an agreement with Hudson’s Bay Co. of Toronto to acquire iconic retailer Lord & Taylor. Lord & Taylor has a significant presence in the New York metro area, including stores in Eastchester, Yonkers and West Nyack in the Hudson…

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Grand Concourse Building Trades for More Than $7 Million

August 2019

NEW YORK—Kathy Zamechansky, president of KZA Realty Group, Inc., reported the firm recently brokered a deal to sell an 11-story commercial building at 2021 Grand Concourse for $7.25 million. Built in 1927, the property includes 59,292 square feet of commercial space and a pharmacy on the ground floor. Zamechansky represented the seller, Bronx-based Gara Realty…

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Hudson Rail Tunnel Project Cost Reduced by $1.4 Billion

August 2019

NEWARK, NJ—Officials pushing for a new multi-billion-dollar Gateway Hudson River Tunnel announced recently they have trimmed $1.4 billion off the cost of the project in the hopes of securing necessary federal funding for the venture. Richard Cotton, executive director of the Port Authority of New York & New Jersey, the project sponsor, sent a letter…

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Report: New York City Needs to Control Rising Costs for Leased Space

August 2019

NEW YORK—A report released this week by the Citizens Budget Commission calls for the city to better manage city government leased space costs, which rose to $1.1 billion in 2018. Given the rising costs, the Department of Citywide Administrative Services, which manages the city’s real estate portfolio, should accelerate efforts to improve its management, monitoring…

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Home Prices Increase in 91% of Metro Areas in Second Quarter

August 2019

WASHINGTON—Most metro areas saw price gains under marginal inventory growth in the second quarter of 2019, according to the latest quarterly report by the National Association of Realtors released earlier this month. Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas showing…

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Robert Martin Execs Discuss Growth Plans After $487.5 Million Mega Purchase Deal

August 2019

(Part two of two) ELMSFORD— Real Estate In-Depth recently sat down with Robert Martin Co. CEO Timothy Jones and Managing Director Greg Berger, to discuss the particulars of the firm’s $487.5-million purchase of a 56-building portfolio, most of which was originally developed by Robert Martin and later sold to the predecessor of Mack-Cali in the…

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More than Two Million SF of Industrial Projects Seeking Approvals in the Town of Montgomery

August 2019

MONTGOMERY—This Orange County community is currently reviewing plans that would add nearly 2.4 million square feet of warehouse distribution space to its commercial tax base. At present, global healthcare products firm Medline Industries, Inc. is seeking approval from the Montgomery Town Planning Board for a $120-million, 1.3-million-square-foot distribution facility. The firm is moving operations from…

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Construction Begins on Union Square Tech Training Center

August 2019

NEW YORK—A host of dignitaries and city officials including Deputy Mayor Vicki Been, Council Member Carlina Rivera, Manhattan Borough President Gale Brewer, the New York City Economic Development Corp., community stakeholders and RAL Development Services broke ground on Aug. 5 on the new 21-story building that will house the Union Square Tech Training Center. The…

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Courtyard by Marriott Hudson Yards Secures $199M Refi Deal

August 2019

NEW YORK—An affiliate of Mack Real Estate Credit Strategies reported on Aug. 16 it provided a $199-million loan to refinance the Courtyard by Marriott Hudson Yards hotel, recently built by companies affiliated with hotelier David Marx. The loan proceeds will be used to take out a construction loan and other previous financing ahead of the…

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Three New Retailers Sign on at Cross County

August 2019

YONKERS—Although the Sears department store shut down there recently, the Cross County Shopping Center continues to draw new tenants. The ownership of the storied shopping center announced recently that it will add three new retailers to its tenant roster in 2019. New to the complex will be Mito Asian Fusion, Invicta Watches and Carvel Ice…

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Peekskill Scores $10 Million to Improve Downtown

August 2019

PEEKSKILL—New York Gov. Andrew Cuomo traveled from Albany down to Peekskill on Aug. 13 to announce that the city had been selected as the Mid-Hudson winner of the fourth round of the governor’s Downtown Revitalization Initiative. As this year’s winner, Peekskill be awarded $10 million in state funding and investments to revitalize its downtown neighborhoods…

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