News

Massive STEM High School Project At IBM Back Before Somers Boards

July 2019

SOMERS—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…

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Westchester County Approves 35K Lease For New Family Court in New Rochelle

July 2019

WHITE PLAINS—The Westchester County Board of Legislators approved a new long-term lease for a new county Family Court location in New Rochelle at a building to be constructed near the New Rochelle Transit Center. The Board of Legislators approved on July 15 a 30-year lease with landlord The Mark95, LLC for 35,000 square feet at…

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George Comfort Acquires Avon Building in Rye

July 2019

RYE—New York City-based real estate investment firm George Comfort & Sons, in partnership with the Feil Organization and O’Connor Capital Partners, has added the former Avon Global Data Center here to its Westchester office portfolio. The 176,000-square-foot multi-purpose facility situated on 18.13 acres at 601 and 621 Midland Ave. was sold by Avon Capital Corp.…

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Robert Martin Hosts Broker Events In Westchester, Fairfield Counties

July 2019

ELMSFORD—Robert Martin Company LLC recently held a pair of broker events in both Westchester and Fairfield counties, sharing information about the firm’s recently-acquired 3.1 million-square-foot industrial/flex portfolio. In March, Robert Martin Co. completed its acquisition of Mack-Cali Realty Corporation’s 56-building industrial/flex portfolio for $487.5 million, marking the largest commercial real estate transaction in Westchester County…

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Toll Brothers Acquires The Collection Development Property

July 2019

WHITE 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…

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PSC Approves Westchester County Clean Energy Plan

July 2019

ALBANY — The New York State Public Service Commission approved on July 11 the implementation of a consumer awareness campaign to encourage the installation of renewable energy and energy efficiency resources in Westchester County. The program was developed in consultation with the New York State Energy Research and Development Authority (NYSERDA) and Westchester County to…

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Grand Lux Realty Closes on Mega $4.7M Deal

July 2019

RYE—Grand Lux Realty of Armonk recently announced the closing of 300 Grace Church St. in Rye for a sale price of $4,651,667. The transaction, which closed on May 22nd, was the most expensive in the history of Grand Lux Realty. The seven- bedroom, six-and-a-half bath colonial was sold by Shauna Brika, a new agent at…

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Kathleen Abels Named New President of Putnam EDC

July 2019

CARMEL—The Putnam County Economic Development Corp. (EDC) announced on July 9 that Kathleen Dennehy Abels was named president of the agency. Abels began working at PEDC effective July 1. Abels has decades of experience in public relations, customer service, marketing, construction and project management. She recently completed a career at New York State Electric &…

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NY Developers Acquire Troubled United Hospital Property

July 2019

PORT CHESTER—Starwood Capital Group, which acquired the shuttered United Hospital property here 13 years ago and proposed a $450-million redevelopment at the site, has sold the complex to partners Rose Associates and BedRock Real Estate Partners of New York City. No financial details of the transaction were disclosed. The sale of the 15.45-acre site that…

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Aurochemicals Opens New $2.5M Warehouse At its Headquarters Complex in Washingtonville

July 2019

WASHINGTONVILLE—Aurochemicals, a manufacturer of natural aroma ingredients for the flavor and fragrance industry, marked the official opening of a brand-new, $2.5-million warehouse facility with a ribbon cutting ceremony on July 9. Local dignitaries, including Orange County Executive Steven Neuhaus; Village of Washingtonville Mayor Joseph Bucco and Orange County Chamber of Commerce President and CEO Lynn…

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MBA Tracks Real Estate Lending Trends in New Report

July 2019

WASHINGTON—The Mortgage Bankers Association's first quarter of 2019 Commercial/Multifamily DataBook was released earlier this month. The quarterly report summarizes major trends that developed during the first three months of the year. "Low interest rates and strong property values continue to make commercial real estate an attractive market for borrowers," said Jamie Woodwell, MBA's vice president…

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Strategic Capital Secures $70M Loan for River Club at Hudson Park

July 2019

YONKERS—Global commercial real estate advisory firm Newmark Knight Frank announced on July 2 it had arranged a $70-million fixed-rate loan for the financing of the River Club at Hudson Park in Yonkers on behalf of Strategic Capital, the investment arm of China Construction America. The Newmark Knight Frank team was led by Dustin Stolly and…

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Hudson Valley Home Sales Fall in Most Markets

July 2019

Editor’s Note: The following is the text of the 2019 SECOND QUARTER RESIDENTIAL REAL ESTATE SALES REPORT Westchester, Putnam, Rockland, Orange, Sullivan Counties, New York released on July 8th by the Hudson Gateway Multiple Listing Service Inc. Residential sales for the second quarter in the lower Hudson Valley region served by the Hudson Gateway Multiple…

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Mount Vernon Mayor to Resign in September Over Misuse of Campaign Funds

July 2019

WHITE PLAINS—Mount Vernon Mayor Richard Thomas who came into office in 2016 promising to reform city government will be resigning effective Sept. 30th after pleading guilty to two misdemeanor criminal charges in connection with his admitted misuse of campaign funds. Mayor Thomas agreed to resign from office as part of a plea deal he reached…

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Knotel’s NYC Network Reaches 100 Buildings

July 2019

NEW YORK CITY—Global workspace provider Knotel reports it has finalized deals for five new locations in New York City, bringing its overall footprint here to 100 buildings and nearly 2.5 million square feet of office space. The firm’s announcement on July 1 followed completed deals for 24 new locations in New York City, London, Paris…

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Highbridge House in the Bronx Trades for $76.25 Million

July 2019

NEW YORK—Camber Property Group, a developer of affordable and mixed-income projects in New York City, and partner Belveron Real Estate Partners have acquired the 400-unit high-rise Highbridge House apartment building in the Bronx for $76.25 million. The 26-story property at 1133 Ogden Ave. was sold by Stellar Management of New York City. Aaron Jungreis of…

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A.S.A.P. Mortgage Expands Presence into Dutchess County

June 2019

FISHKILL—A.S.A.P. Mortgage reports it has recently opened a new branch location in Fishkill. The firm’s sixth office further expands its coverage into Dutchess County and the upper Hudson Valley region. “We are very excited to now serve the lending needs of homebuyers in Dutchess County,” says A.S.A.P. Mortgage founder and CEO Irene Amato, “especially as…

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WCA, HVEDC Call Off Pending Merger Deal

June 2019

POUGHKEEPSIE—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…

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