Commercial

White Plains-Based Reich Brothers JV Acquires 4 Million SF Caterpillar Campus

March 25, 2020

MONTGOMERY, IL—Reich Brothers, which is headquartered in White Plains, and partner HFZ Capital Group of New York City, have purchased the four-million-square-foot Caterpillar manufacturing and distribution complex here for $68.5 million. The deal for the 350-acre campus also features a sale-leaseback component with Deerfield, IL-based Caterpillar Inc. The construction equipment manufacturer plans to keep approximately…

Westchester Issues RFP for Consulting Services To Help Develop Economic Development Strategy

March 23, 2020

WHITE PLAINS—The Westchester County Office of Economic Development recently issued a Request for Proposals for consultants to help the county develop a county-wide or area-wide economic development strategy and implementation plan. According to the RFP, which was released in February, the county is looking for a qualified consultant or team of consultants to assist in…

State Comptroller Pegs Coronavirus Impact Between $4 Billion to More Than $7 Billion

March 18, 2020

ALBANY—New York State Comptroller Thomas P. DiNapoli issued a revised revenue projection for the 2020-2021 state budget that estimates tax revenue will be at least $4 billion below the projections in the Executive Budget of $87.9 billion if a mild recession results from the novel coronavirus pandemic. He also offered one alternative scenario if a…

Modell’s Files Bankruptcy; 137 Store Leases Available

March 18, 2020

MELVILLE, NY—Days after sporting goods retailer Modell’s Sporting Goods filed for Chapter 11 bankruptcy, Melville, NY-based A&G Real Estate Partners is marketing 137 Modell’s store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia. The retailer, founded in 1889, operates 153 stores located in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island,…

Medline Looks to Start Construction Soon on $120M Project

March 11, 2020

MONTGOMERY—One of the more controversial commercial projects in Orange County secured a key approval on March 8 that will likely facilitate groundbreaking on the $120-million distribution facility later this spring if building restrictions related to the Coronavirus are lifted. The Montgomery Planning Board approved Medline Industries’ Final Environmental Impact Statement on its proposed 1.3-million-square-foot distribution…

Westmed Medical Group Moving HQ to 800 Westchester Ave.

March 11, 2020

RYE BROOK—Health care services provider Westmed Medical Group will be relocating its corporate headquarters to the RPW Group’s 800 Westchester Ave. office building here. Westmed signed a 15-year lease for 23,524 square feet on the seventh floor of the complex and will take occupancy in August. Westmed will be relocating operations from 2700 Westchester Ave.…

White Plains Office Buildings Sold to NYC-Based Investment Firm for Nearly $43 Million

March 4, 2020

WHITE PLAINS—The office complex at 140 and 150 Grand Street has been sold by Westport Capital Partners to a joint venture between New York City-based Jack Sitt Real Estate LLC and GII, LLC, a United Arab Emirates-based financial services firm for $42.5 million. The properties, known as Grand Street Plaza, consist of two adjacent office…

Turnbridge Equities Proposes 1.24M SF Distribution Center in the South Bronx

March 4, 2020

NEW YORK—Real estate investment firm Turnbridge Equities reported on March 2 it had completed a 14.2-acre assemblage in the South Bronx, where it will build the four-story, 1.24-million-square-foot Class-A, Bronx Logistics Center. The New York City-based firm states the last-mile distribution facility will offer direct tractor-trailer ramp access to three levels, van access to the…

Evolving Coronavirus Crisis Will Impact CRE, Lending Markets

March 4, 2020

WHITE PLAINS—As governments across the globe deal with the spread of the Novel Coronavirus—or COVID-19—the crisis hit home earlier this week when it was learned that an attorney from New Rochelle tested positive for the virus. On March 4, Gov. Andrew Cuomo confirmed reports that in addition to the 50-year-old attorney, three members of his…

Robert Martin Inks 10,000 SF Lease with Child Care Center in Elmsford

February 26, 2020

ELMSFORD—Locally-based Robert Martin Company LLC announced on Feb. 25 it had signed a 10,000-square-foot lease for a new child care center at The Elm, a new luxury rental mixed-use building located adjacent to the Saw Mill Parkway in Elmsford. The new child care center, which is expected to have its grand opening this summer, will…

RXR Secures $131M in Construction Financing for New Rochelle High-Rise

February 26, 2020

NEW ROCHELLE—Designated developer for the City of New Rochelle RXR Realty has secured a $131.2-million construction loan for its 28-story, mixed-use apartment tower at 26 South Division St. here. Capital One reported on Feb. 20 that it served as the lead bank for the construction loan for the ground-up development of 26 South Division. The…

Westchester County Looks to Spend $25M to Restore Memorial Field

February 26, 2020

MOUNT VERNON—Westchester County Executive George Latimer is hoping to move forward with a $25-million plan to make significant improvements to the once iconic Memorial Field here. The County Executive briefed members of the Mount Vernon City Council earlier this month on plans for the project that have been forwarded to the Westchester County Board of…

Yonkers Movie Studio Project Granted Preliminary Approval for Incentives

February 20, 2020

YONKERS—At its Feb. 19th session, the Board of Directors of the Yonkers Industrial Development agency granted preliminary approval of proposed financial incentives for a movie studio complex to be built at the iPark complex here. The incentives are in connection with the $60-million first phase of the studio complex for Lionsgate motion picture company. The…

HGAR Introduces New “Women in CRE” Series

February 20, 2020

WHITE PLAINS—The Hudson Gateway Association of Realtors has announced the introduction of a new workshop series—“Women in Commercial Real Estate - Navigating the Commercial Real Estate Window-Looking Outside In.” This exciting new workshop series is designed to offer education and information on working in the commercial real estate industry, key issues facing commercial real estate…

Construction Underway on Final Phase Of WatermarkPointe Condo Project

February 19, 2020

NEW ROCHELLE—National Realty & Development Corp., which is headquartered in Purchase, reported on Feb. 10 that it is in the final phase of construction at WatermarkPointe, a luxury condominium waterfront community in New Rochelle. Work is underway, with only 11 remaining homes priced from $1.83 million at the project that cost an estimated $100 million…

Coalition Leaders Make the Case for Route 17 Expansion

February 19, 2020

GOSHEN—Although Gov. Andrew Cuomo and the State Legislature are currently grappling with how to close a $6-billion budget shortfall, representatives of a coalition advocating for a $500-million project to expand Route 17 from Harriman in Orange County to Monticello in Sullivan County are undeterred in their belief that now is the time to move forward…

Mark Your Calendars: NYSCAR Hudson Valley Conference Set for April 1, 2

February 18, 2020

NEW WINDSOR—The Hudson Valley Chapter of NYSCAR will be hosting its Commercial Real Estate Spring Conference on April 1st and 2nd at La Casa Vicina, 1015 Little Britain Rd. in New Windsor from 8:30 a.m. to 4:30 p.m. In addition to a marketing/networking session, the following courses will be offered: “1031 Exchange,” presented by Robert…

Two Major Orange County Projects Secure Key Approvals

February 18, 2020

MONTGOMERY, NY—The more than 1-million-square-foot Amazon warehouse project here was granted approval earlier this month for a 15-year PILOT agreement by the Montgomery Industrial Development Agency that will allow the e-commerce giant to begin construction shortly on the project. Published reports value the Amazon project at more than $75 million and L. Todd Diorio, president…

Simon Property Group Agrees to Acquire Taubman Centers for $3.6 Billion

February 10, 2020

INDIANAPOLIS—Retail giant Simon Property Group reported on Feb. 10 its intent to acquire retail shopping mall owner Taubman Centers, Inc. in a deal valued at $3.6 billion. Terms of the deal would have Simon acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership. Simon, through its operating partnership, Simon Property Group, L.P.,…

Arena STEM to Open Flagship Location at Palisades Center

February 5, 2020

WEST NYACK—Arena STEM, a newly established retail center offering a combination of entertainment, education and retail, will open its flagship store at Palisades Center this spring. The new 12,200-square-foot store will be located on Level 3 near the Food Court. Arena STEM, founded by Sergei and Julia Manevich of New Jersey, is a new and…