Commercial

Oklahoma Firm Acquires Storied Hotel on Broadway for Nearly $56 Million

November 23, 2021

NEW YORK—Burnett Equities of Oklahoma City, OK has acquired the 531-room landmark Martinique New York on Broadway for $55.5 million. The deal was reported by brokerage firm Marcus & Millichap, which represented the seller, Herald Square Associates. Marcus & Millichap said that the total development cost for the revitalization of the asset, located on the…

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Ossining, Haverstraw Win $10-Million Downtown Revitalization Awards

November 23, 2021

OSSINING—Downtown revitalization efforts in the Village of Ossining and across the Hudson in the Town of Haverstraw each got a $10-million infusion of cash. New York Gov. Kathy Hochul announced at an event held at the Joseph G. Caputo Community Center here on Nov. 22 that Haverstraw and Ossining will receive $10 million each in…

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March of Dimes 34th Annual Real Estate Awards Breakfast Raises $1 Million

November 15, 2021

WHITE PLAINS—The March of Dimes Greater NY Market held the 34th Annual Real Estate Awards Breakfast on Nov. 4th at the Opus Westchester in White Plains. The event shattered its fundraising goal, raising more than $1 million to support the March of Dimes’ mission to improve the health of moms and babies. Two visionary commercial…

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$95-Million Renewal of White Plains Metro-North Station Completed

November 2, 2021

WHITE PLAINS—A host of Metro North, as well as state and city officials were on hand for a ceremony on Nov. 1 to mark the completion of the full-scale $95 million renewal of MTA Metro-North Railroad's station in Downtown White Plains. The renovation began in 2018 as part of Metro-North's Station Improvement Initiative to bring…

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Two Westchester Engineering Firms Merge

November 2, 2021

WHITE PLAINS—Two well-known Westchester planning and engineering firms who provide land use and project design services for many development projects in Westchester County and the New York metro and Hudson Valley regions have joined forces. Divney Tung Schwalbe, a White Plains-based planning, civil engineering and landscape architectural firm, and Provident Design Engineering, a traffic, transportation…

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Wall Street Earnings Soar Despite Pandemic

October 28, 2021

ALBANY—Wall Street’s run of prosperity extended into the first half of 2021 with $31 billion in pre-tax earnings, beating 2020’s outsized first half profits of $27.6 billion, even as job losses accelerated in New York City’s securities industry, according to State Comptroller Thomas P. DiNapoli’s annual report on Wall St.’s performance released recently. “Wall Street’s…

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Five Questions With: Joseph Apicella, Managing Director of Development, MacQuesten Development, LLC

October 21, 2021

PELHAM—With the COVID pandemic hopefully winding down, the Westchester County real estate markets are at a crossroads with some sectors booming and others struggling to adapt to changing consumer and tenant needs. What better person to talk to about these turbulent times than Joseph Apicella, the longtime right-hand man to high-profile Westchester developer Louis Cappelli…

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E-Commerce, Biotech, Healthcare, Cannabis Will ‘Reimagine Westchester’

October 21, 2021

A panel of experts charged with identifying the industries that will reimagine Westchesteridentified a host of emerging sectors, including e-commerce, cannabis legalization, adaptive reuse, as well as the biosciences and health care as the catalysts for economic growth in the coming years in Westchester County. One industry expert predicts that Tarrytown-based Regeneron Pharmaceuticals will lead…

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NYS Gaming Commission Issues RFI for Downstate Casinos

October 21, 2021

ALBANY—While there is still a long way to go before any official award, the New York State Gaming Commission has issued a Request for Information from interested parties for either developing or operating three downstate New York casinos in the New York metro region. While this is good news for downstate casino advocates, the RFI…

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Mixed-Use Property in Tuckahoe Trades for $8 Million

October 18, 2021

TUCKAHOE—Valon Nikci, president and principal broker of Link NY Realty of Bronxville, reports it represented the buyer in the $8-million purchase of 269-273 Columbus Ave. in Tuckahoe. The undisclosed buyer is a New York City landlord. The mixed-use property totals 34,888 square feet and features residential, office and retail uses. The new owner plans to…

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DiNapoli: NYC Office Market Will Take Years to Recover from Pandemic

October 14, 2021

NEW YORK—The COVID-19 pandemic wiped out years of growth in New York City’s office sector, erasing nearly $28.6 billion in market value and more than $850 million in property taxes in City Fiscal Year (FY) 2022. Timing its recovery is an open question, however, as employers continue to offer work-from-home options, according to a report…

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Dallas Firm to Build 200,000 SF Data Center in Rockland County

October 12, 2021

ORANGEBURG—Dallas-based DataBank reported recently it had acquired 34 acres of land in Orangeburg and will build its fifth data center in the New York metro area. By purchasing the property, which includes a utility-owned substation capable of providing up to 45 MW of utility power, DataBank states the project will further its strategy of owning…

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Three Major Tenants Renew, Expand at 1251 Ave. of the Americas

October 6, 2021

NEW YORK—Mitsui Fudosan America and Newmark announced on Oct. 6 three recently completed leasing transactions totaling more than 230,000 square feet at 1251 Ave. of the Americas bringing the 54-story office tower to 99% leased. The building has maintained strong leasing momentum despite pandemic-induced tenant uncertainty that has stalled leasing activity in other parts of…

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