RYE BROOK—The mayors of New Rochelle, White Plains and Yonkers recently told an audience of real estate professionals that the natural gas moratorium imposed by utility Con Edison earlier this year is not putting a dent in investor interest or development activity in their respective Westchester County cities. New Rochelle Mayor Noam Bramson, White Plains…
Read MoreWhat do art galleries, a healing studio, handmade soaps, custom furniture and vinyl records have in common? They’re all living together in the Sugar Loaf Arts & Crafts Village, which is actually a hamlet in the Town of Chester in Orange County. Rumor has it that Sugar Loaf received its name from the nearby Sugar…
Read MoreHARRISON—– Executives of Simone Development Companies and Montefiore Health System were joined with officials from the Town of Harrison and Westchester County on Sept. 18 as the firm commenced renovations on a vacant office building here that will be leased to Montefiore. Simone Healthcare Development, an affiliate of Simone Development Companies, is renovating 104 Corporate…
Read MoreYONKERS—In what city officials say is a “game changer” for Yonkers, Lionsgate, in partnership with Great Point Capital Management, announced plans on Sept. 5 to build a $100-million film and television studio here. Great Point Capital Management, a media-focused investment fund run by Robert Halmi and Fehmi Zeko, announced it had signed a letter of…
Read MorePURCHASE—Atlas Air Worldwide Holdings is staying in Westchester County and is in fact renewing and extending its headquarters lease long-term at 2000 Westchester Ave. here and investing nearly $38 million on office space upgrades and equipment. The company and New York State officials jointly announced that Atlas Air had signed a long-term lease renewal for…
Read MoreRYE—Acadia Realty Trust, which is based in Rye, announced on Sept. 6 that subsequent to the second quarter of 2019, the company completed approximately $166 million of transactions. Year to date, Acadia Realty has completed approximately $403 million of transactions—$329 million of fund acquisitions and $74 million of core transactions—with another $47 million under contract.…
Read MoreCORNWALL, NY—Longtime New York State Senator William Larkin, who served the people of Orange County, New York State and the nation for three quarters of a century in the military and political arenas, passed away at the age of 91 surrounded by his family at his home here on Aug. 31. The senator announced his…
Read MoreWASHINGTON—Uncertainty over the direction of the U.S. economy has trumped very low mortgage interest rates, according to the National Association of Realtors. NAR recently reported that pending sales in the United States fell 2.5% in July. Pending sales in the Northeast fell less than 2% in July, as compared to a month earlier. Of the…
Read MoreYONKERS—The 311-unit Parkledge apartment tower here has been acquired by the Hudson Valley Property Group, LLC for $48.3 million. The transaction for the affordable rental apartment complex was reported by CBRE Affordable Housing and CBRE’s New York Institutional Group. Tim Flint, executive vice president of CBRE Affordable Housing, along with CBRE’s Jeff Dunne, Gene Pride…
Read MoreSAN FRANCISCO—Le Tote Inc. a women’s fashion rental subscription service based in San Francisco, has reached an agreement with Hudson’s Bay Co. of Toronto to acquire iconic retailer Lord & Taylor. Lord & Taylor has a significant presence in the New York metro area, including stores in Eastchester, Yonkers and West Nyack in the Hudson…
Read MoreNEW YORK—Kathy Zamechansky, president of KZA Realty Group, Inc., reported the firm recently brokered a deal to sell an 11-story commercial building at 2021 Grand Concourse for $7.25 million. Built in 1927, the property includes 59,292 square feet of commercial space and a pharmacy on the ground floor. Zamechansky represented the seller, Bronx-based Gara Realty…
Read MoreNEWARK, NJ—Officials pushing for a new multi-billion-dollar Gateway Hudson River Tunnel announced recently they have trimmed $1.4 billion off the cost of the project in the hopes of securing necessary federal funding for the venture. Richard Cotton, executive director of the Port Authority of New York & New Jersey, the project sponsor, sent a letter…
Read MoreNEW 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…
Read MoreTOWN OF POUGHKEEPSIE—A joint venture of Saber Real Estate North, LLC of Armonk and EnviroFinance Group, LLC of Emeryville, CA has broken ground on the $300-million redevelopment of the former Hudson River State Hospital campus here. The project, being built on 156 acres on Route 9, calls for a mixed-use development that will include rental…
Read MoreMONTGOMERY—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…
Read MoreNEW YORK—Lower Manhattan's desirable location and competitive pricing drove commercial leasing to 3.8 million square feet in the first half of 2019, marking the best mid-year total since 2000, according to the Alliance for Downtown New York's Q2 2019 Lower Manhattan Real Estate Market Report released on Aug. 7. Commercial leasing in the second quarter…
Read MoreWith more than 1.6 million people, over 60,000 buildings, and a real estate net worth of some $1.74 trillion, it’s no wonder that Manhattan continues to hold the reputation as the financial capital of the world. For decades, the 22.7-square mile island has attracted people from all over the globe, yearning to experience life in…
Read MoreNEW 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…
Read MoreNEW YORK CITY—L+M Development Partners and Invesco Real Estate announced on July 31 they were entering into a contract to purchase and preserve five former Mitchell-Lama developments in Manhattan from Urban American and Brookfield Asset Management for $1.2 billion. The regulatory agreements, covering all 2,800 units and enacted in partnership with the New York City…
Read MoreNEW YORK—Commercial real estate brokerage firm Marcus & Millichap recently released its latest report on the New York City multifamily market, which predicts strong demand will keep apartment vacancy in Manhattan below 2%. The report stated that New York City apartments continue to benefit from some of the strongest demand dynamics in the country. Job…
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