WHITE PLAINS—The residential home sales market in the Hudson Valley continues to be a tale of two markets. Due in part to the impacts of the SALT deduction cap imposed by federal tax reform, and low for-sale inventory, sales declined in the second quarter in most markets serviced by members of the Hudson Gateway Association…
Read More“Our assets are coming home.” Greg Berger, partner, Robert Martin Co. (Part one of two) ELMSFORD—Earlier this year Robert Martin Co. reached back to its storied past to reshape its future when it acquired a 3.1-million-square-foot industrial/flex portfolio its company founders had originally developed from the 1970s through the 1990s. The $487.5-million purchase of the…
Read MoreSOMERS—Perhaps the most significant project in Northern Westchester County since the IBM property and nearby PepsiCo buildings were constructed here more than three decades ago is set for a public hearing next month. The Somers Town Board announced at its session on July 11 that a joint meeting between the Town Board and other municipal…
Read MoreWHITE PLAINS-After securing the approval of the Westchester County Industrial Development Agency to assign the rights to financial incentives for The Collection mixed-use project here, Toll Brothers Apartment Living acquired the 2.97-acre fully approved development site for $32.76 million. Saber Real Estate Advisors, LLC, which secured the approvals for the $136.2 million mixed-use residential development…
Read MoreNEW ROCHELLE— Add another high-rise development to the list of projects under construction or in the pipeline in the Queen City. The New Rochelle City Council on June 25th approved the development of a 24-story, 225-key globally-branded luxury hotel and event center at 115 Cedar St. When complete, the TRYP Hotel by Wyndham will be…
Read MoreNEW ROCHELLE—The unpleasant, but inevitable, is at hand for students and alumni of the storied College of New Rochelle. The private college, which served Westchester County and the surrounding area for more than a century, will cease operations later this summer and its 15.6-acre campus here sold. New York City-based A&G Realty Partners and B6…
Read MorePOUGHKEEPSIE—The Hudson Valley Economic Development Corp. and the Westchester County Association have called off their merger deal. The two business organizations, which had announced in late January their intent to merge, have mutually decided not to pursue the merger that was to be finalized this September. The HVEDC is a regional economic development organization based…
Read MoreWHITE PLAINS—Vanessa Saunders of Global Property Systems in White Plains was elected to a two-year term as Secretary General of the Marketing and Networking Committee of the International Real Estate Federation (FIABCI). Saunders is the first individual to be appointed to this position from the Hudson Valley region. Founded in 1951 in Paris, the FIABCI…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency on June 13 granted final approvals for incentives to firms that plan to redevelop the White Plains Mall and the former Westchester Pavilion Mall, as well as build a new senior living project on Bloomingdale Road here. The three projects total well in excess of $1 billion in…
Read MoreALBANY—Gov. Andrew Cuomo on June 14 signed a controversial rent reform and tenant protection legislative package passed earlier in the day by the State Assembly and Senate that was vehemently opposed by many real estate trade groups across the state. While the Housing Stability & Tenant Protection Act of 2019 is being hailed as historic…
Read MoreDiversity, challenges and a new perspective for the future were the prevailing themes at the Hudson Gateway Association of Realtor’s first-ever “Women in Commercial Real Estate” panel discussion held on June 6 at HGAR’s White Plains headquarters. Describing the panel as “the forefront of the commercial real estate community,” Patricia Valenti, moderator and executive managing…
Read MoreNEW CITY— In a move that shakes up economic development efforts in Rockland County, County Executive Ed Day announced on May 31st he had hired Jeremy Schulman as the county’s new Director of Economic Development and Tourism. Schulman, who began his new county post on June 4, served as CEO and president of the Rockland…
Read MoreYONKERS—Yonkers Mayor Mike Spano recently joined with officials from the Municipal Housing Authority of the City of Yonkers (MHACY) for a tour of two affordable housing complexes that have or will receive more than $100 million in renovations. The tour, which was held on May 31, included the William A. Walsh Homes at 75 Walsh…
Read MoreNEW ROCHELLE—Real estate development firm YoungCraft announced on June 4 that CVS Pharmacy signed a multi-year lease for 13,200 square feet of retail space at “The Rockwell,” the company’s mixed-use project currently under construction on North Avenue here. CVS will re-locate its current store at 625 North Ave., down the block to the brand-new “Rockwell”…
Read MoreNEW YORK—A recently published report by Bloomberg News reveals some unsettling news for New York State businesses and the real estate industry here. The report, an analysis by Bloomberg of state-to-state moves based on data from the Internal Revenue Service and the U.S. Census Bureau, shows that New York and Connecticut are losing billions in…
Read MoreWHITE PLAINS—Westchester County Executive George Latimer has seemed to move away from a $1.1-billion public-private partnership negotiated by the former administration of Robert Astorino at Westchester County Airport and issued a new Request for Proposals to study economic and environmental issues in connection with the airport’s master plan. County Executive Latimer in announcing the release…
Read MoreNEW YORK—State officials announced on May 29 the completion of the $160-million rehabilitation and refinancing of the Michelangelo Apartments, a 494-unit Mitchell-Lama affordable housing development in the Melrose section of the Bronx. Michelangelo Apartments was originally built in 1975 and contains four towers with 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom…
Read MoreNEW YORK—Top real estate experts joined event sponsors the Hudson Gateway Association of Realtors and RISMedia at “The State of Real Estate Data in NYC” on May 20 to discuss the importance of accurate data in residential listings and the need for a unified system. Richard Haggerty, CEO of HGAR and president of the New…
Read MoreVALHALLA—Officials with the Westchester Medical Center unveiled its $230-million new Ambulatory Care Pavilion on May 16th in advance of its opening later this month. The new, 280,000 square-foot, eight-story Ambulatory Care Pavilion, Westchester Medical Center’s new focal point for ambulatory care services will host its first patients later this month. The hospital, the flagship of…
Read MoreWHITE PLAINS—The data keeps indicating that the changes to the SALT deduction (cap of $10,000 on state and local tax deductions) imposed by the federal tax reform law is having an impact on some segments of the housing market in the area. The latest statistics that seem to back up that theory come from the…
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