Commercial

Bronx Logistics Center Lands $381M Construction Loan

September 21, 2021

NEW YORK—Commercial brokerage firm JLL announced on Sept. 17 that its Capital Markets group arranged $381 million in construction financing for the development of Bronx Logistics Center, a Class A, two-story last-mile distribution facility totaling 1.3 million square feet in the Bronx. JLL worked on behalf of the developer, a partnership between Turnbridge Equities and…

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NY State Selects Two Green Projects Valued at $8.2 Billion

September 21, 2021

NEW YORK—In a major step to convert the state’s energy grid to green, New York State has selected two major green energy infrastructure projects that will cost $8.2 billion to develop and help bring wind, solar and hydropower from Upstate New York and Canada to New York City. The two projects involve a total of…

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Route 17 Third Lane Project Could Cost as Much as $1 Billion

September 20, 2021

POUGHKEEPSIE—The cost of adding a third lane on a 47-mile stretch of Route 17 from Harriman to Monticello in each direction is now being estimated at anywhere from $525 million to as high as $1.04 billion, depending on the scope of the improvements to be undertaken. The latest project cost estimates were revealed at the…

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Business Council Issues Recommendations For County to Spend $188M in COVID Funds

September 9, 2021

WHITE PLAINS—The Business Council of Westchester’s Economic Recovery Task Force has issued a number of far-reaching recommendations to Westchester County on how to spend approximately $188 million in federal funding from the American Rescue Plan to help foster economic development and continued recovery from the coronavirus. The report issued on Sept. 8 included hundreds of…

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Westchester IDA Issues RFP for Construction Pre-Apprenticeship Program

September 1, 2021

WHITE PLAINS—As part of its new local workforce policy, the County of Westchester Industrial Development Agency has issued a Request for Proposal for the launch of a pre-apprenticeship program to help create construction careers for county residents and fill positions on IDA-induced development projects. This Pre-Apprenticeship Program will give participants training and exposure to the…

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Study: Majority of Business Travelers to Reduce Trips Due to Rising COVID Cases

September 1, 2021

WASHINGTON—In what can only be described as disheartening news for the already beleaguered hotel and hospitality industries, a survey indicates that many U.S. business travelers are scaling back travel plans amid rising COVID-19 cases. A new national survey conducted by Morning Consult on behalf of the American Hotel & Lodging Association found that 67% of…

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White Plains Hospital Pays $38M for Post Road Development Site

August 25, 2021

WHITE PLAINS—A nearly five-acre development site on Post Road in White Plains has been acquired by the ever-expanding White Plains Hospital for $38 million. The deal for the former site of the Scholz car dealership at 77 W. Post Road was announced by commercial brokerage firm CBRE. The seller of the property is a partnership…

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Manhattan Office Leasing Activity Showed Some Improvement in Second Quarter

August 23, 2021

NEW YORK—Manhattan’s office market showed clear signs of breaking out of the pandemic shutdown during the second quarter of 2021, as leasing activity increased on the strength of several large deals signed. Officials with commercial real estate brokerage firm Transwestern Real Estate Services note that while the market is not back to pre-pandemic levels, availability…

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Robert Martin Sells Two Industrial/Flex Buildings in Stamford, CT

August 19, 2021

HARRISON—Commercial RM Friedland reported recently the sale of two industrial/flex buildings in Stamford, CT on behalf of Robert Martin Company for a total of $20.5 million. The buyer of the properties was not disclosed. The buildings, 419 and 650 West Ave., are located in the Stamford Executive Park, where Elmsford, NY-based Robert Martin Company continues…

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Simone Development, Fareri Associates Announce 21,518 Square Feet of New Healthcare Lease Deals

August 19, 2021

PURCHASE—Simone Development Companies and Fareri Associates have announced recently a total of 21,518 square feet of new leases at their Purchase Professional Park campus on Westchester Avenue. “We are very pleased to announce this latest round of leasing activity at Purchase Professional Park. Healthcare is the fastest growing industry sector in our region and Purchase…

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Harbor Group to Acquire CBS Building In Midtown Manhattan for $760 Million

August 17, 2021

NEW YORK—Harbor Group International, LLC, a privately owned international real estate investment and management firm headquartered in Norfolk, VA, has entered into an agreement to acquire 51 W. 52nd St. in Midtown Manhattan for $760 million. Known as the “CBS Building” or “Black Rock,” this purchase marks the first sale since it opened in 1964.…

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Incoming NY Gov. Kathy Hochul Looks to Turn the Page

August 12, 2021

ALBANY—Lt. Gov. Kathy Hochul in a press conference yesterday stressed that she will be ready to take over as the 57th governor of New York when she takes the oath of office later this month. Hochul, who is scheduled to take over as governor on Aug. 24, stressed, “I am ready for this,” and later…

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Westchester’s Commercial Market Continues to Show Signs of Recovery

August 5, 2021

RYE BROOK—The Westchester County commercial market continues to show signs of strength with a rebound in office leasing while the demand for industrial/flex space remains strong and multi-family rents continue to make gains, according to the Houlihan Lawrence Second Quarter Commercial Market Report. Officials with Houlihan Lawrence Commercial note that the retail sector continues to…

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Owner of Empire City Casino in Yonkers to be Acquired in $17.2 Billion Deal

August 4, 2021

NEW YORK—The ownership of Empire City Casino in Yonkers is being acquired by New York City-based gaming, hospitality and entertainment REIT VICI Properties Inc. in a deal valued at $17.2 billion. VICI Properties reported that it had entered into a definitive agreement (Master Transaction Agreement) with MGM Growth Properties LLC and MGM Resorts International (MGM…

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Gov. Cuomo Mandates All State Workers to be Vaccinated by Labor Day

July 28, 2021

ALBANY—Several days after New York City issued the mandate, Gov. Andrew Cuomo on Wednesday announced that all New York State employees—about 130,000 people—will be required to get vaccinated for COVID-19 by Labor Day. The governor also announced that all patient-facing healthcare workers at state-run hospitals will be required to get vaccinated for COVID-19 by Labor…

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Boston Properties to Acquire 360 Park Ave. South for $300M

July 28, 2021

BOSTON—Boston Properties, Inc. reported on July 27 it had agreed to acquire 360 Park Ave. South, an existing 450,000 square foot, 20-story office property in the Midtown South submarket of Manhattan for $300 million. The property is currently fully leased to a single tenant who will be vacating in late 2021 providing BXP with the…

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