NEW YORK—A New York State Appellate Court has overturned an earlier lower court ruling and has upheld controversial state regulations that restrict what state regulators have termed excessive marketing costs and other unscrupulous activity in the title industry. The Appellate Division, First Department, on Jan. 15 reversed a ruling last July by New York Supreme…
Read MorePEARL 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…
Read MoreYONKERS—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…
Read MoreWHITE PLAINS—At a meeting of the Building Owners and Managers Association of Westchester last week, a panel of development executives said conditions are still ripe for both commercial and multifamily development in the suburbs of New York City, despite the tumult taking place in Washington, DC and Wall Street. The BOMA panel at the Jan.…
Read MoreTARRYTOWN—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…
Read MoreWHITE PLAINS—While remaining robust, residential sales in some areas of the lower Hudson Valley were slightly lower in 2018 than the historic highs of the past two years. In 2018, Westchester, Rockland and Orange counties all experienced declines in the number of residential sales as compared to 2017, according to the “2018 Annual and Fourth…
Read MoreWHITE 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…
Read MoreCENTRAL 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…
Read MoreWHITE 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…
Read MoreWASHINGTON—In what the National Association of Realtors described as a “critical win for home sales,” the Federal Emergency Management Agency reported on Dec. 28 that it will issue and renew flood insurance policies during the partial shutdown of the federal government, reversing an unexpected and controversial ruling the agency released several days earlier. "FEMA and…
Read MoreYONKERS—MGM Resorts International reports its previously announced $850-million purchase of the Empire City Casino property here is scheduled to close in a January. MGM recently announced the planned closing of its purchase in connection with its appointment of Uri Clinton as president and chief operating officer of Empire City Casino. Clinton will head operations at…
Read MoreNEW CITY—Real Estate In-Depth recently sat down with Rockland County Executive Ed Day to discuss some of the pressing issues facing the county as it enters 2019. Day, who was re-elected to a second term of office in November 2017, spoke frankly on ongoing fiscal reform. the failed Sain Building sale and the proposed $200…
Read MoreNEW YORK CITY—Add Google to the list of mega US tech companies that are planning major expansion initiatives in New York City. Ruth Porat, senior vice president and CFO of Google and its parent company Alphabet Inc., announced in a blog released this morning that Google plans to invest more than $1 billion in capital…
Read MoreWHITE PLAINS— In one of the biggest legislative victories in the history of the Hudson Gateway Association of Realtors and its predecessor organizations, Westchester County Executive George Latimer signed into law today a bill aimed at reforming the cooperative purchase process. At a press conference on Dec. 14 County Executive Latimer signed the bill, sponsored…
Read MoreNEW CITY—On Dec. 12, Rockland County Executive Ed Day used his veto pen on 95 amendments passed earlier this month by the Rockland County Legislature that restores back to the budget the controversial $200 deed verification fee that is expected to raise $1.2 million in revenue to the county. The Hudson Gateway Association of Realtors…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency has granted preliminary and final approvals for more than $531 million in new development projects in White Plains, Harrison and Pelham. On Nov. 29, the Westchester County IDA granted a resolution of intent to provide financial incentives for AvalonBay Communities’ $76.8-million transit-oriented, mixed-use residential project to be built…
Read MoreNEW ROCHELLE—A partnership of Azure Partners and Harbor Group International, LLC has acquired the 40-story Halstead New Rochelle Metro North apartment tower here for $259.4 million. The tallest residential building in Westchester County was sold by the DSF Group, which acquired the 588-unit apartment building in 2013 for more than $210 million. Holliday Fenoglio Fowler,…
Read MoreRon Garafalo Tapped for 2019 HGAR President The Hudson Gateway Association of REALTORS® will hold its 2019 Installation Gala at the Falkirk Estate & Country Club in Central Valley on Thursday, January 15 from 6 to 10 p.m. Ron Garafalo, of John J. Lease Realtors, will be installed as HGAR’s 2019 president, along with the…
Read MoreWHITE PLAINS—Ginsburg Development Companies LLC recently unveiled its transformative plan for the Westchester Financial Center in Downtown White Plains to the White Plains City Council. The City Square project calls for the renovation of the existing office complex and the conversion of a portion of the office space into multifamily housing and retail and community…
Read MoreNANUET, NY—New York City-based Metropolitan Realty Associates has signed a contract to acquire the 218,000-square-foot Macy’s store at The Shops at Nanuet here. Metropolitan Realty Associates, headed by founder and CEO Joe Farkas, is partnering with equity partner Angelo Gordon & Co. LP of New York City in a sale/ leaseback agreement with Macy’s that…
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