News

Mayors Say Natural Gas Moratorium Not Having Much Impact on New Development Projects

September 2019

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…

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At Home in Sugar Loaf

September 2019

What 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…

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Simone Healthcare Begins Renovations on Healthcare Building Leased by Montefiore

September 2019

HARRISON—– 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…

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$100M Film Studio to Be Developed at iPark Hudson Complex in Yonkers

September 2019

YONKERS—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…

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Atlas Air Extends HQ Lease in Purchase; To Spend $38 Million on Upgrades

September 2019

PURCHASE—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…

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Rye-Based Acadia Completes $403M in Deals

September 2019

RYE—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.…

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Longtime State Senator William Larkin Dies at Age 91

September 2019

CORNWALL, 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…

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Pending Home Sales Drop 2.5% in July

September 2019

WASHINGTON—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…

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Yonkers Apartment Tower Trades for $48 Million

September 2019

YONKERS—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…

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Iconic Retailer Lord & Taylor to be Acquired in $100M Deal

August 2019

SAN 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…

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Grand Concourse Building Trades for More Than $7 Million

August 2019

NEW 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…

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Hudson Rail Tunnel Project Cost Reduced by $1.4 Billion

August 2019

NEWARK, 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…

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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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