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Appellate Court Deals Blow to Title Insurance Industry

January 2019

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…

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NJ Pharmaceutical Firm to Lease 83,000 SF in Pearl River

January 2019

PEARL 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…

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Yonkers IDA Approves Incentives for Three Major Projects Amid Dispute with Building Trades

January 2019

YONKERS—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…

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99-Year Lease Deal Brings $1.2B Bioscience Park Closer to Reality

January 2019

TARRYTOWN—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…

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Median Home Prices Rise in Hudson Valley; Sales Fall in Most HGAR Markets in 2018

January 2019

WHITE 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…

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10 Things to Watch Out for in 2019

January 2019

WHITE 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…

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Woodbury Common Adds Five Retailers; Begins Planning for Latest Expansion

January 2019

CENTRAL 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…

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Westchester IDA’s $49M in Incentives to Reap Nearly $882M in Private Investment

January 2019

WHITE 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…

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NAR Helps Secure FEMA Reversal on New Flood Policies During Government Shutdown

January 2019

WASHINGTON—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…

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$850M Empire City Casino Sale to Close in January

December 2018

YONKERS—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…

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County Executive Day Discusses Sain Building, Deed Verification Fee

December 2018

NEW 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…

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Google Plans $1Billion Expansion in NYC

December 2018

NEW 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…

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Just In: County Executive Latimer Signs Co-Op Transparency Bill

December 2018

WHITE 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…

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Westchester IDA Approves Half a Billion Dollars in New Projects

December 2018

WHITE 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…

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New Rochelle Apartment Tower Trades for Nearly $260M

December 2018

NEW 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,…

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HGAR’s 2019 Installation Gala Set for January 17 in Central Valley

December 2018

Ron 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…

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Ginsburg Unveils Plans for City Square in Downtown White Plains

November 2018

WHITE 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…

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NYC Firm to Acquire Macy’s Store in Rockland; Major Lease Signed with New Retailer

November 2018

NANUET, 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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