News

Turnbridge Equities Proposes 1.24M SF Distribution Center in the South Bronx

March 2020

NEW YORK—Real estate investment firm Turnbridge Equities reported on March 2 it had completed a 14.2-acre assemblage in the South Bronx, where it will build the four-story, 1.24-million-square-foot Class-A, Bronx Logistics Center. The New York City-based firm states the last-mile distribution facility will offer direct tractor-trailer ramp access to three levels, van access to the…

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BARRISTER'S BRIEFING: MLS is Coming—Here are the New Changes!

March 2020

OneKey MLS, our new joint venture multiple listing service, will go live March 24, 2020. With this new change comes modifications to what you will see and input into our Matrix system, as well as some procedural changes. This article will address the most notable and important changes. New Status Changes Pending: As you may…

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Robert Martin Inks 10,000 SF Lease with Child Care Center in Elmsford

February 2020

ELMSFORD—Locally-based Robert Martin Company LLC announced on Feb. 25 it had signed a 10,000-square-foot lease for a new child care center at The Elm, a new luxury rental mixed-use building located adjacent to the Saw Mill Parkway in Elmsford. The new child care center, which is expected to have its grand opening this summer, will…

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RXR Secures $131M in Construction Financing for New Rochelle High-Rise

February 2020

NEW ROCHELLE—Designated developer for the City of New Rochelle RXR Realty has secured a $131.2-million construction loan for its 28-story, mixed-use apartment tower at 26 South Division St. here. Capital One reported on Feb. 20 that it served as the lead bank for the construction loan for the ground-up development of 26 South Division. The…

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Westchester County Looks to Spend $25M to Restore Memorial Field

February 2020

MOUNT VERNON—Westchester County Executive George Latimer is hoping to move forward with a $25-million plan to make significant improvements to the once iconic Memorial Field here. The County Executive briefed members of the Mount Vernon City Council earlier this month on plans for the project that have been forwarded to the Westchester County Board of…

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Park Sterling Realty Expands with Addition of Majority of Hastings Firm’s Sales Force

February 2020

BRONXVILLE—Locally-based Park Sterling Realty reports that the majority of the sales force of longtime Hastings-on-Hudson residential brokerage Peter J Riolo Real Estate, including its co-owner and president Peter J. Riolo, Jr., have joined the firm. Leah Caro, co-owner of Park Sterling Realty, states that Peter J. Riolo Jr., along with office manager Sharlene Forman and…

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HGAR Leaders Honored for Service at NYSAR Conference

February 2020

From left, Bonnie Koff received the NYSAR Community Service Award at the NYSAR mid-year meetings. HGAR Past PZresident Dorothy Botsoe received the Lawrence B. Caldwell RPAC Service Award for her longstanding efforts promoting and supporting RPAC.

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City Wide Opens First Westchester Location

February 2020

WHITE PLAINS—City Wide, the nation's largest facility management solutions company, announced its second New York location with the opening of a new office in Westchester County that will serve Westchester, Rockland and Bronx counties. Former Wall Street finance professional, Michael Binz, opened the doors to City Wide of Westchester at 280 Dobbs Ferry Road in…

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Two Major Orange County Projects Secure Key Approvals

February 2020

MONTGOMERY, NY—The more than 1-million-square-foot Amazon warehouse project here was granted approval earlier this month for a 15-year PILOT agreement by the Montgomery Industrial Development Agency that will allow the e-commerce giant to begin construction shortly on the project. Published reports value the Amazon project at more than $75 million and L. Todd Diorio, president…

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Affordable Housing Projects Planned Near The Botanical Garden in the Bronx

February 2020

NEW YORK—After being selected as the winning developer from a Request for Proposals issued by The New York Botanical Garden in the Bronx, Douglaston Development of New York City reports it will begin construction this year on a two-phased mixed-use project a block from the facility’s 250-acre grounds. Douglaston is entering into a 99-year lease…

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NY Senate Passes Two Property Tax Exemption Study Bills

February 2020

ALBANY– Two bills sponsored by New York State Sen. Pete Harckham (D, WF-40th District) that will study the use of tax exemptions and the burdens they cause to municipalities and taxpayers were passed on Feb. 11 by the State Senate. Both bills now await passage by the State Assembly and approval from Gov. Andrew M.…

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Simon Property Group Agrees to Acquire Taubman Centers for $3.6 Billion

February 2020

INDIANAPOLIS—Retail giant Simon Property Group reported on Feb. 10 its intent to acquire retail shopping mall owner Taubman Centers, Inc. in a deal valued at $3.6 billion. Terms of the deal would have Simon acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership. Simon, through its operating partnership, Simon Property Group, L.P.,…

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Mid-Hudson Region and New York City Post Strongest Sales Tax Growth in 2019

February 2020

ALBANY—Overall growth in local sales tax collections statewide in 2019 was relatively strong, according to a report released on Feb. 3 by New York State Comptroller Thomas P. DiNapoli. Collections across the state, which totaled $18.3 billion in 2019, grew by $815 million or 4.7%, from the previous year. While this was slower than the…

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Mill Creek Acquires Blessed Sacrament School Site

February 2020

NEW ROCHELLE—Mill Creek Residential of Boca Raton, FL has acquired a little more than two acres of land that housed the former Blessed Sacrament elementary school and will develop a new eight-story 334-unit multifamily project at the site. The sale of the property was reported by commercial brokerage firm CBRE on Feb. 5, which represented…

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NYSAR Urges Realtors Take Action Against DOS Guidance Barring Certain Commissions

February 2020

ALBANY—The New York real estate industry, particularly downstate, is reeling from guidance recently released by the Department of State that now among other changes regarding regulations on landlords and agents, prohibits a landlord’s agent from collecting a broker/fee commission from a tenant in residential rental transactions. The guidance, part of a sweeping update released by…

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OneKey MLS Leaders Tout Merits of New NYC Regional MLS

February 2020

NEW YORK—With the official launch of the OneKey MLS set for early spring, OneKey MLS executives took to the airwaves on Feb. 4 to promote the merits of the groundbreaking new regional multiple listing service that currently boasts more than 42,000 subscribers across the New York metropolitan area. Richard Haggerty, president and chief strategic growth…

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