Commercial

Commercial Real Estate Executive Joseph Kelleher Passes Away at 70

November 29, 2022

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…

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Realtors Shift Focus to Key Global Issues at NYC Conference

November 21, 2022

NEW 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…

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Breaking News: $100 Million Movie Studio Project Proposed in Hastings-on-Hudson

November 16, 2022

HASTINGS-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…

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Higher Interest Rates, Tighter Lending Regs Battering Region’s Development Markets

November 9, 2022

WHITE 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…

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Galleria at White Plains Redevelopment Taking Shape with New Partners; Portion of Mall Will Close in Early 2023

November 4, 2022

WHITE 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…

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New Jersey Firm Acquires Rockland County Shopping Center for $30 Million

October 25, 2022

NEW 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…

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President Biden Visits Hudson Valley to Tout $120B Investment in NY Through CHIPS Act

October 17, 2022

POUGHKEEPSIE—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…

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HGAR Joins FIABCI for International Trade Mission in NYC

October 6, 2022

NEW 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…

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Houston-Based Firm Acquires White Plains Office Building

October 3, 2022

WHITE 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…

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Yonkers IDA Takes Actions on Projects Valued at More Than $182 Million

September 28, 2022

YONKERS—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…

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Seizing the Opportunity to Compete for High-Value Manufacturing Projects

September 22, 2022

Globalization 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…

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Five Questions With: Orange County Executive Steven M. Neuhaus

September 22, 2022

GOSHEN—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…

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HGAR Attends NAR C5 Conference in NYC

September 16, 2022

HGAR 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…

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Area Mayors Discuss Affordable Housing, Commercial Development, Community Safety

September 16, 2022

WHITE 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…

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Rand Commercial’s Adler Honored by Legal Services of the Hudson Valley

September 16, 2022

RYE—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…

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Experts Predict Recession Likely in 2023 as Fed Continues to Battle Inflation

September 14, 2022

NEW 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…

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Orange County to Host First Economic Summit on September 30

August 31, 2022

GOSHEN—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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