News

New Rochelle Issues RFP to Redevelop Harrison Street Fire Station #1 Property

January 2017

NEW ROCHELLE—The City of New Rochelle issued a Request for Proposal for the redevelopment of Fire Station #1 at 45 Harrison St. on Jan. 2. The city-owned property is not included in the portfolio of properties in the city’s far reaching Master Development Agreement with RDRXR, a partnership of Renaissance Downtowns and RXR Realty, according…

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Reaction Mixed to Reported Indian Point Closure Deal

January 2017

BUCHANAN—The devil will certainly be in the details of the widely reported tentative deal between Gov. Andrew Cuomo and Entergy Corp. to shutter the two nuclear reactors at Indian Point Energy Center here by 2021. The New York Times initially reported the deal between the Cuomo administration and Entergy on Friday that calls for one…

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Exclusive: Higher Than Expected Development Costs Prompt Rockland Firm to Scrap Warwick Plant Project

January 2017

WARWICK—A family-owned fine flavor manufacturing firm that dates back to 1890—Star Kay White Inc. of Congers—has decided not to move forward on a planned multi-million dollar expansion at the Warwick Valley Office & Technology Park, Real Estate In-Depth has learned, due to higher than expected construction costs. Benjamin Katzenstein, president of Star Kay White, informed…

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Newburgh Seeks Broker to Market City-Owned Properties

January 2017

NEWBURGH—The City of Newburgh has issued a Request for Qualifications for a real estate broker to help sell some city-owned properties. The city issued a Request for Qualifications on Dec. 23 for New York State licensed real estate brokers “to provide professional brokerage services for marketing, listing and selling select city-owned properties.” RFQ submittals are…

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BARRISTER'S BRIEFING: Key Takeaway From Standard of Practice 3-6

January 2017

In the Realtor Code of Ethics, Standard of Practice (S.O.P.) 3-6 states: “Realtors shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.” This particular Standard of Practice is illustrative of the overarching requirement of Realtors under Article 3: “Realtors shall cooperate with other brokers except when cooperation…

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Regeneron to Buy Headquarters Property in Blockbuster $720M Deal

January 2017

TARRYTOWN—Regeneron Pharmaceuticals, Inc. has entered into a purchase agreement with the owner of the Landmark at Eastview, an affiliate of BioMed Realty, L.P., to acquire the nearly 1.5-million-square-foot office and laboratory complex on approximately 150 acres for $720 million. The fast-growing pharmaceutical firm reported the transaction in its Form 8-K filing with the Securities and…

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Faranda, Rand Make Inman’s ‘Influencer’ List

January 2017

NEW YORK CITY—Inman recently announced its “Real Estate Influencers of 2017” and several Hudson Valley-based real estate professionals made the prestigious list. Among the Influencer selections by the real estate industry media website included J. Philip Faranda, broker/owner of J. Philip Real Estate LLC, an independent real estate brokerage firm based in Briarcliff Manor and…

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Galleria at Crystal Run Losing One of its Anchors

January 2017

TOWN OF WALLKILL—The Sears department store and adjoining Sears Auto Center at the Galleria at Crystal Run mall here will close by mid-April. Sears has been a staple in the retail market in Orange County and particularly in the Middletown-Wallkill area for decades. Sears is an original anchor of the Galleria at Crystal Run, which…

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Putnam’s Odell Touts Tilly Foster, Danbury Sewer Deal

December 2016

CARMEL—Putnam County Executive MaryEllen Odell said recently that her “Year of Business Development” launched in March 2016 as part of her State of the County Address has achieved some significant goals by year’s-end. Among the economic development oriented initiatives highlighted by the County Executive included approved plans for a new senior center at the Butterfield…

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Surge in Northeast Boosts US Home Sales in November

December 2016

WASHINGTON—A large home sales surge in the Northeast and a smaller gain in the South pushed existing-home sales up for the third consecutive month in November, according to the National Association of Realtors. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.7% to a seasonally adjusted annual…

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Astorino: Westchester Has Spent $82M on Fair Housing Case

December 2016

WHITE PLAINS—As expected, Westchester County Executive Robert Astorino reported that the county had surpassed the court-mandated fair housing development benchmark of having financing in place and/or building permits issued for 750 units of affordable housing in 31 communities by the end of 2016. Astorino at a Dec. 27th press conference at the Michaelian Office Building…

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County Recognizes Award-Winning Building

December 2016

MAMARONECK—With friends, family and industry partners on hand, Sean and Chis Murphy celebrated the first anniversary of Mamaroneck Self Storage’s facility at 426 Waverly Ave. here. Ross Weiner, on behalf of County Executive Robert Astorino, presented the Murphy brothers and the Mamaroneck Self Storage staff with a proclamation declaring Dec. 21st “Mamaroneck Self Storage Recognition…

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Rising Mortgage Rates Will Affect Home Sales Volume in 2017

December 2016

WASHINGTON—Shrinking consumer confidence due to declining housing affordability, combined with rising mortgage interest rates are expected to put downward pressure on home sales volume nationwide, according to new consumer survey findings and a 2017 housing forecast update from the National Association of Realtors. In NAR's recently released fourth quarter Housing Opportunities and Market Experience (HOME)…

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Rockland County Budget Veto Override Vote Fails

December 2016

NEW CITY—Earlier this week the Rockland County Legislature failed to secure the necessary two-thirds majority to override Rockland County Executive Ed Day’s vetoes in Rockland County’s 2017 budget. The Legislature voted 11-5 to override the vetoes, but fell short of the mandated 12 votes necessary to achieve the two-thirds majority. According to the Journal News,…

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Westchester’s RPW Group Sells NYC Property for $108M

December 2016

NEW YORK—Robert Weisz’s RPW Group, Inc. has sold an office building on the West Side of Manhattan in the Garment District to ATCO Properties & Management for $108 million. Rye-Brook based RPW Group sold 240-246 West 35th St., an 18-story 165,000-square-foot office building located near Penn Station.  The transaction closed on Dec. 20th. The office…

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New Rochelle Looks to Create Downtown Arts and Cultural District

December 2016

NEW ROCHELLE—As the city moves forward on its ambitious and far-reaching Downtown redevelopment plan, the city is also working on a master plan to create an arts and cultural district downtown as well. City leaders say that the district is envisioned to be a “regional mecca for artists and innovators in line with the city’s…

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Nyack Hospital Breaks Ground on $22M Medical Village

December 2016

Crystal Run Healthcare Expands in West Nyack NYACK—The healthcare sector in Rockland County continues to grow. On Dec. 2nd, chief officials of Nyack Hospital and the Montefiore Health System broke ground on a $22-million “Hospital Transformation Project” that when completed will expand its emergency department and create a Medical Village at the hospital, which began…

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Major Software Firm Relocates From New Jersey to Pearl River

December 2016

PEARL RIVER—Global software company Syncsort Inc. has relocated its corporate headquarters from Woodcliff Lake, NJ to approximately 55,000 square feet of space at 2 Blue Hill Plaza here. The relocation deal was fueled in part by incentives provided under New York State’s START-UP-NY program. Syncsort is collaborating with Iona College, which has its Rockland Graduate…

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