Joseph Patrick Kelleher, a veteran commercial real estate executive and former chairman of the Bronx Chamber of Commerce, died on Nov. 25. He passed away at home surrounded by his wife and two children. The cause of death was Glioblastoma, an aggressive brain cancer. Kelleher was diagnosed in May 2022. He was born in New…
Read MoreNEW YORK—If the last few years have taught real estate practitioners anything, it is the old saying that “All real estate is local” is very short-sighted. With the COVID-19 pandemic, worldwide inflation and the Russian invasion of Ukraine as key evidence, the influence of global events and trends play a critical part in the health…
Read MoreHASTINGS-ON-HUDSON—The burgeoning movie and television production industry in the Hudson Valley could be getting larger as a major “green” television-movie studio project in Hastings-on-Hudson is now in the approval process. Executives with Atlanta-based Electric Owl Studios made a presentation before the village’s Board of Trustees last evening (Nov. 15) on its $100-million television/movie studio project…
Read MoreWHITE PLAINS—A panel of regional commercial developers offered a mixed outlook for the sector with somewhat optimistic forecasts for the medium- and long-term for Westchester County and the surrounding suburban markets, but a much darker view on prospects for the short term. One developer put it simply: “The federal government is undoubtedly trying to shut…
Read MoreWHITE PLAINS—The long-promised redevelopment plan for The Galleria at White Plains, which was the focal point of the urban renewal of the downtown district in the late 1970s and early 1980s, is taking shape. While details are still sketchy at best, the owner of the 870,000-square-foot, four-level retail property—Pacific Retail Capital Partners and Aareal Bank—announced…
Read MoreNEW YORK—Commercial brokerage firm CBRE reports that the New York Tri-State was one of the top markets for data center leasing activity during the first half of 2022. As a result of robust activity and strong demand, the vacancy rate fell to an all-time low of 9.0%. “The financial services sector remained the dominant player…
Read MoreNEW CITY—The KABR Group and joint venture partner BTF have recently completed the $30-million purchase of the 125,110-square-foot New City Shopping Center, located at 78 North Main Street here. The retail site is currently 96% leased that is anchored by a ShopRite grocery store. KABR and BTF report they are planning a comprehensive modernization of…
Read MorePOUGHKEEPSIE—Two major company’s combined promised $120 billion in investments in New York State prompted President Joe Biden to visit the Hudson Valley earlier this month to tout the legislation that is driving this historic infusion of private capital—the $100-billion CHIPS and Science Act, which was passed by Congress earlier this year. On Oct. 4, in…
Read MoreNEW YORK—Regional Realtor associations from New York, New Jersey and Connecticut are joining forces to present the Global Real Estate Summit NYC on Thursday, Oct. 20, bringing together top minds in the industry to discuss emerging trends and share best practices for leveraging opportunities in the global marketplace. The summit, now in its 16th year,…
Read MoreNEW YORK—Gov. Kathy Hochul and New York City Mayor Eric Adams jointly announced on Oct. 13 the launch of a $1.6-billion public-private partnership with The City University of New York to build a new science and research park at Hunter College’s Brookdale Campus on East 25th Street and First Avenue in the Kips Bay section…
Read MoreNEW YORK—The Hudson Gateway Association of Realtors, Inc. joined FIABCI, the International Real Estate Federation, and real estate colleagues from 15 countries around the globe to showcase New York City’s assets as part of a two-day international trade mission. HGAR is a principal member of FIABCI-USA, and one of its members, Susan Greenfield, associate broker…
Read MoreWHITE PLAINS—Commercial brokerage firm CBRE reports it has recently brokered the sale of 1311 Mamaroneck Ave., a more than 320,000-square-foot office property in White Plains. The property, which totals 323,431 square feet of office space, was acquired by Interra Capital Group of Houston. The property is currently 53% leased. The CBRE Institutional Properties team of…
Read MoreYONKERS—The Yonkers Industrial Development Agency reported that it recently voted to grant preliminary and final approvals of financial incentives for new residential and commercial projects representing a total private investment of $182.2 million, The developments are projected to create more than 600 construction jobs and over 300 apartments including affordable housing for low-income seniors. “These…
Read MoreGlobalization has long impacted the location decisions of manufacturing firms; many have decided to locate overseas over the last 20 years. Fast forward to 2022—global pandemics, geopolitical uncertainty, and heightened supply chain risks have complicated economic development and location decision making. As documented in a recent Wall Street Journal article, American companies are on pace…
Read MoreGOSHEN—Now in his third term of office, Orange County Executive Steven M. Neuhaus is looking beyond the COVID-19 pandemic to the future of Orange County. Neuhaus, at a recent meeting of the Alliance for Balanced Growth, did not hold back and offered his frank assessment of the economy and what he believes is the proper…
Read MoreHGAR officials attended and exhibited at the 2nd Annual NAR C5 conference at the Marriott Marquis in NYC August 15 – 17th. This year’s event focused on commercial real estate and included a panel titled “Partners in Growth: How Relationships with EDC’s Advances Your Business” that included Bridget Gibbons, Director, Economic Development Westchester County. Left…
Read MoreWHITE PLAINS—Affordable housing, commercial development, energy resources and community safety were among the issues discussed recently at a live “Meet the Mayors” panel held by the Women’s Council of Realtors on Sept. 12 at HGAR’s headquarters in White Plains. Moderated by Leah Caro, Co-Chair of HGAR’s Legislative Committee, the panel included the mayors of White…
Read MoreRYE—The Legal Services of the Hudson Valley held its annual Equal Access to Justice Gala on Sept. 14 that honored New York Gov. Kathy Hochul with the Champion of Justice Award, Paul Adler, Chief Strategy Officer, Rand Commercial, and Jonathan C. Harris, General Counsel and Secretary, MBIA Inc, who each received the Access to Justice…
Read MoreNEW YORK—A consensus of real estate and finance experts predicted that a recession is likely in 2023 as the Federal Reserve will continue to hike rates this year to battle rising inflation. The experts were part of a virtual panel discussion held on Sept. 7 hosted by Fordham University’s Real Estate Institute and The Business…
Read MoreGOSHEN—Orange County Executive Steven Neuhaus has announced that the county will be holding an Economic Summit on Friday, Sept. 30th at SUNY Orange in Middletown. The theme of the 2022 Orange County Economic Summit will be “Positive Growth and Infrastructure: Progress Today and Planning Tomorrow.” The Economic Summit will bring together key stakeholders, including elected…
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