News

Report: New York City Needs to Control Rising Costs for Leased Space

August 2019

NEW YORK—A report released this week by the Citizens Budget Commission calls for the city to better manage city government leased space costs, which rose to $1.1 billion in 2018. Given the rising costs, the Department of Citywide Administrative Services, which manages the city’s real estate portfolio, should accelerate efforts to improve its management, monitoring…

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More than Two Million SF of Industrial Projects Seeking Approvals in the Town of Montgomery

August 2019

MONTGOMERY—This Orange County community is currently reviewing plans that would add nearly 2.4 million square feet of warehouse distribution space to its commercial tax base. At present, global healthcare products firm Medline Industries, Inc. is seeking approval from the Montgomery Town Planning Board for a $120-million, 1.3-million-square-foot distribution facility. The firm is moving operations from…

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Construction Begins on Union Square Tech Training Center

August 2019

NEW YORK—A host of dignitaries and city officials including Deputy Mayor Vicki Been, Council Member Carlina Rivera, Manhattan Borough President Gale Brewer, the New York City Economic Development Corp., community stakeholders and RAL Development Services broke ground on Aug. 5 on the new 21-story building that will house the Union Square Tech Training Center. The…

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Courtyard by Marriott Hudson Yards Secures $199M Refi Deal

August 2019

NEW YORK—An affiliate of Mack Real Estate Credit Strategies reported on Aug. 16 it provided a $199-million loan to refinance the Courtyard by Marriott Hudson Yards hotel, recently built by companies affiliated with hotelier David Marx. The loan proceeds will be used to take out a construction loan and other previous financing ahead of the…

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Three New Retailers Sign on at Cross County

August 2019

YONKERS—Although the Sears department store shut down there recently, the Cross County Shopping Center continues to draw new tenants. The ownership of the storied shopping center announced recently that it will add three new retailers to its tenant roster in 2019. New to the complex will be Mito Asian Fusion, Invicta Watches and Carvel Ice…

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Country Bank to be Acquired by OceanFirst Bank for $102 Million

August 2019

NEW YORK—Country Bank, which began operations in 1988 and later relocated its headquarters to New York City, will be merged into OceanFirst Bank in a deal valued at $102.2 million. Toms River, NJ-based OceanFirst Financial Corp., parent company of OceanFirst Bank announced its intent to merge with Country Bank Holding Company, Inc., parent company of…

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Walsh Named New Putnam County Tourism Director

August 2019

CARMEL—Tracey Walsh, a lifelong Carmel resident with deep knowledge of the county and a clear vision for its potential, will be the new Putnam County Director of Tourism, County Executive MaryEllen Odell announced on Aug. 7. The appointment was made after the Putnam County Legislature officially established the Department of Tourism at its Aug. 6th…

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Experts Decry Rent Laws’ ‘Disastrous’ Impacts

August 2019

NEW YORK—More than 125 commercial and residential real estate professionals heard a rather sobering outlook of what the recently enacted new rent control regulations enacted by the State Legislature and signed into law by Gov. Andrew Cuomo will have on the region’s real estate market. The morning session was held on Aug. 7 at the…

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Senate Report Says Municipalities Need to Prioritize Code Enforcement

August 2019

ALBANY—A six-month New York State investigation into code enforcement practices in New York State found systemic failures to prioritize code enforcement at all levels of government. The State Senate investigative report identified common shortfalls, recommended sweeping legislative and regulatory changes, and urged both municipalities and the state to take code enforcement more seriously. In the…

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New York Times to Move Some Staff to Long Island City

August 2019

NEW YORK—The New York Times Co., which has been expanding its workforce recently, will be relocating approximately 350 workers from its headquarters building at 620 Eighth Ave. in Manhattan to Court Square Place in Long Island City, Queens. The media organization signed a lease for 57,846 square feet of space at 24-01 44th Road. Court…

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Inadequate Infrastructure Tops Issues Affecting Real Estate

August 2019

CHICAGO—The Counselors of Real Estate has identified the current and emerging issues expected to have the most significant impact on real estate, with U.S. infrastructure being the leading concern of the 1,100-member organization. “Inadequate infrastructure creates a hard ceiling to economic development, and real estate values are tied to sustainable growth,” said Julie Melander, CRE,…

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13 Things to Know: Expansion of Rent Regulation and Tenant Protection

July 2019

Author: Harris Beach Attorneys at Law, PLLC Editor’s Note: The New York State Association of Realtors released the following column for Realtors authored by Harris Beach Attorneys at Law, PLLC in respect to recent rent regulation and tenant protection legislation that was signed into law by Gov. Andrew Cuomo. BACKGROUND: On June 14, 2019, the…

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NAR: Pending Home Sales in Northeast Rose 2.7% in June

July 2019

WASHINGTON—Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.8% to…

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Westchester to Receive $4.1M in Fed Funds To Address Lead Paint Hazards in Homes

July 2019

OSSINING—At a press conference here. Westchester County Executive George Latimer announced that for the first time since 2010, the county will receive federal funding to conduct healthy home assessments and help low income homeowners remediate lead-based paint in their homes. The county will receive a total of $4.1 million in federal funding. Westchester County has…

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