CENTRAL VALLEY—Experts that contend brick and mortar retail is dead, apparently have not heard of Woodbury Common Premium Outlets in Orange County. Owner Simon Property Group announced today it has officially presented plans for another expansion of the property located at the intersection of I-87 and Route 17. The latest expansion plan is valued at…
Read MoreExecuting sector specific economic development strategy is not an overnight process—it takes research, relationships, and an in-depth understanding of the market. When an economic development organization gets an opportunity to compete for a major project in Advanced Manufacturing, speed and accuracy are everything. That’s why we rolled out the Site Inventory Program (S.I.P.)—to give us…
Read MoreGOSHEN—Orange County operates US Foreign Trade Zone #37. The Foreign Trade Zone was established by the federal government in May of 1978. It was intended to provide an economic boost to the greater Newburgh/New Windsor area that endured a significant blow when Stewart Air Force Base closed in 1971. Presently, the Orange County-Foreign Trade Zone…
Read MoreMIDDLETOWN—More than 300 people attended the second annual Orange County Economic Summit on Friday, Sept. 15 which focused on the county’s high-growth tourism, hospitality and film production industries. The program, held at Orange Hall at the SUNY Orange campus in Middletown, featured presentations and panel discussions by a host of political and economic development leaders,…
Read MoreNEW YORK—The developers of the long-anticipated movie/television studio project at Pier 94 on Manhattan’s West Side say that construction is expected to begin this fall on the $350-million, public-private partnership venture. On Aug. 29, Vornado Realty Trust, Hudson Pacific Properties, Blackstone, the City of New York, and the New York City Economic Development Corporation announced…
Read MoreWHITE PLAINS—The Westchester County’s Local Development Corporation voted on Aug. 23 final approval of $195-million in tax-exempt bond financing for the development of a new 162,626-square-foot Patient Care Tower on the campus of Westchester Medical Center in Valhalla. The $221.3-million Patient Care Tower project will feature a five-story, 128-bed structure with all of its inpatient…
Read MoreWEST PARK, NY—Rand Commercial reports that it has brokered the $9.3-million sale of more than 522 acres of land here that was home to the Missionary Sisters of the Sacred Heart located on both sides of Route 9W. The property at 2054-2055 Route 9W was acquired by and will be the new home for the…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency voted at its July 27th monthly meeting final approval of financial incentives for Modera White Plains, an $89.2 million adaptive reuse of a vacant light manufacturing facility into a 189-unit multifamily rental building. Located at 39 Westmoreland Ave., Modera White Plains will feature a mix of 66 studios,…
Read MoreHAMILTON, NJ—Recently released new data from Dodge Construction Network found that the value of commercial and multifamily construction starts across the top 10 metropolitan areas of the U.S. fell 10% in the first half of 2023, relative to that of 2022. Nationally, commercial and multifamily construction starts fell 14% on a year-to-date basis through June.…
Read MoreThe Hudson Gateway Association of Realtors as part of its Women in Commercial Real Estate workshop series held a program entitled “Diversity Dimensions in Commercial Real Estate” on July 27 at the HGAR offices in White Plains. The program was hosted by Teresa Belmore, CREC, Creator/Chair of the Women in CRE Series.
Read MoreNEW ROCHELLE—Houlihan Lawrence Commercial, a division of Houlihan Lawrence, announced on Aug. 21 it had brokered a 12,600-square-foot office lease with New State Capital Partners at 270 North Ave. in New Rochelle. The tenant, New State Capital Partners, a private investment firm, is relocating its corporate headquarters from 2001 Palmer Ave. in Larchmont to New…
Read MorePEARL RIVER—A division of pharmaceutical firm Pfizer Inc. has signed a lease renewal and expansion totaling more than 151,000 square feet of space at the Hudson Valley iCampus here. The deal announced by the ownership of the Hudson Valley iCampus involves PGS (Pfizer Global Supply) Division, which has expanded and renewed space at the property…
Read MoreSLOATSBURG— Rand Commercial Realty reported on Aug. 11 that it had brokered the sale of “Table Rock,” an estate once owned by the family of Alexander Hamilton in Sloatsburg for $11 million. Paul Adler, Esq., SIOR, Chief Strategy Officer for Rand Commercial, said the transaction closed on Aug. 10. The property at 150 Sister Servants…
Read MoreWASHINGTON—A broad-based coalition of 18 associations representing housing providers, lenders and residents sent a letter on Thursday, Aug. 10 to Federal Housing Finance Agency Director Sandra Thompson warning that mandatory rent control and rent stabilization policies will increase rents, reduce the capital needed to boost the supply of housing, and ultimately hurt current and future…
Read MoreNEW YORK—If at first you don’t succeed, try, try, and try again. New York State Gov. Kathy Hochul and New York City Mayor Eric Adams announced on Aug. 8 that the redevelopment of the long vacant Kingsbridge Armory in the South Bronx will move forward with the release of Request for Proposals by the New…
Read MoreHARRISON—New York Gov. Kathy Hochul was joined by leaders from the Metropolitan Transportation Authority and officials from residential development firm AvalonBay Communities on Aug. 7 in announcing the completion of Avalon Harrison, a transit-oriented development located at the Harrison Metro-North Railroad station built with support from the MTA. “My administration is continuing to do everything…
Read MoreNEWBURGH—Matrix Development Group confirmed published reports on Aug. 3 that it recently signed a 927,000-square-foot lease with global automobile manufacturing firm Tesla at its Matrix Logistics Center, a two-building industrial complex at 1396 Route 300 in Newburgh. Tesla will use the property as a distribution facility for automotive parts commencing in October. In selecting Matrix…
Read MoreMONTICELLO—Resorts World Catskills announced on Aug. 1 the planned reopening of the famed Monster Golf Club to the public on Tuesday, August 29 for a condensed, preview season after a $40-million upgrade. The investment from Resorts World Catskills involved the complete redesign by Rees Jones that uses holes from both the current Monster Golf Course…
Read MoreALBANY—Gov. Kathy Hochul announced recently that Empire State Development, in partnership with the Office of General Services and Department of Corrections and Community Supervision, has issued a Request for Proposals for the former Downstate Correctional Facility located in Fishkill, Dutchess County. The Request for Proposals advances recommendations made by the Prison Redevelopment Commission and builds…
Read MoreRYE BROOK—The Westchester County commercial market ended the first half of 2023 with mixed results showing continued strength in multifamily developments and solid performance in the industrial/flex market. Meanwhile, demand for retail space weakened modestly and office buildings struggled with lower occupancies due to the work from home environment, according to the recently released Houlihan…
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