Commercial

NY State Begins Process to Approve Mega Downstate New York City Area Casinos

January 18, 2023

ALBANY—The prospect of downstate casinos in the New York metro area just got serious and those who seek these lucrative full-gaming licenses will have to possess very deep pockets that will fund at the least $1 billion in investment. The New York State Gaming Facility Location Board issued Request for Applications on Jan. 3 for…

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National Resources Acquires Leake & Watts Campus for Nearly $53 Million

January 6, 2023

YONKERS—Greenwich, CT-based National Resources has acquired the 28-acre Leake & Watts campus in Yonkers and the Bronx from Rising Ground for $52.6 million. The deal was announced by commercial brokerage firm OPEN Impact Real Estate. OPEN Impact Real Estate is a woman-owned brokerage firm that is an affiliate of Transwestern Real Estate Services. The OPEN…

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Mortgage Bankers See Unsettled Markets Dissipating in 2023

January 5, 2023

WASHINGTON—Commercial and multifamily mortgage originators are experiencing an unsettled market for borrowing and lending but anticipate those conditions will slowly stabilize over the course of 2023, according to the Mortgage Bankers Association's 2023 Commercial Real Estate Finance Outlook Survey. The survey, which polled the leaders of the top commercial and multifamily mortgage finance firms for…

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Golf Simulator Retailer to Open Locations At Palisades Center and in Scarsdale

January 5, 2023

WEST NYACK—Golfzon, a golf simulator firm, and Troon, a leader in providing golf and club-related leisure and hospitality services, have partnered to launch Golfzon Social, a state-of-the-art indoor golf entertainment venue. The first two locations are set to open in early 2023 in Rockland and Westchester counties. Seeking to attract non-golfers, avid golfers, and casual…

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Robert Martin Co. Completed 586,000 SF Of New Leases and Renewals in 2022

January 5, 2023

ELMSFORD—Robert Martin Company, one of the largest real estate management and development firms in Westchester County, announced recently it had secured approximately 586,000 square feet of new leases, renewals, and expansions at its properties in Westchester County for 2022. Company officials stated that the strong leasing activity reflected the ongoing strength of Robert Martin Company’s…

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Newly Opened Gaming Facility Gives Troubled Newburgh Mall New Life

December 29, 2022

NEWBURGH—The opening of the Resorts World Hudson Valley video gaming machine (VGM) facility at the beleaguered Newburgh Mall in Orange County on Dec. 28 will bring hundreds of new full-time jobs and significant tax revenue for the area, but business leaders are hoping for so much more. Executives from Genting, which owns the casino, were…

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$1.2-Billion North80 Biotech Project Clears Key Zoning Hurdle

December 27, 2022

MOUNT PLEASANT—Recently, the Mount Pleasant Town Board unanimously approved the zoning for the 3.0-million-square-foot North80 science and technology center next to the Westchester Medical Center, New York Medical College, and near the expansive Regeneron Pharmaceuticals complex, which is currently undergoing a $1.8-billion expansion. The approval now sets the stage for the developer to formally submit…

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Curasi Realty Launches Commercial Division

December 21, 2022

MONTGOMERY—Locally-based residential real estate brokerage firm Curasi Realty, Inc. has announced the establishment of its specialized commercial division. A team of Curasi Realty professionals recently became certified in commercial real estate, prompting the launch of the company’s commercial division. Those Realtors all completed the Commercial and Investment Real Estate (CIRE) certification. “We congratulate these professionals…

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2022: A Year of Changing Dynamics and Expectations

December 19, 2022

Entering 2022, Realtors interviewed by Real Estate In-Depth were hopeful that the housing market would remain strong as a follow-up to the feverish sales pace of the previous year, fueled by strong housing demand and the continued influences of the coronavirus pandemic. However, they were fearful that rising interest rates would take their toll on…

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Rockland County Life Sciences Building Sells For $12 Million in 1031 Exchange Transaction

December 16, 2022

ORANGEBURG—A single-tenant absolute net leased property in Orangeburg leased to Scapa North America, a wholly owned subsidiary of global provider of engineering solutions and advanced materials firm Schweitzer-Mauduit International, was acquired by Solomon Builders of Teaneck, NJ for $12 million from 25 Corporate Drive, LLC in a 1031 exchange transaction. The deal for the 38,400-square-foot…

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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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