Commercial

Panel to Discuss Future of NY Region’s Commercial Real Estate Market on Sept. 7

August 30, 2022

NEW YORK—With rising interest rates, historic inflation and global economic uncertainty, all eyes are on commercial real estate. What will this mean for demand and value? Will commercial real estate remain a hedge against inflation? What’s next for the New York market? The Fordham Real Estate Institute and The Business Council of Westchester will bring…

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Two Adjoining Middletown Hotels Sell for $34 Million

August 24, 2022

MIDDLETOWN—The Marriott Courtyard and Hampton Inn hotels on Crystal Run Crossing off Exit 120 of Route 17 in Middletown have been sold for $34 million. Brokerage firm Marcus & Millichap reported that the two properties, which combined total 261 rooms, were sold by a limited liability company to a regionally based buyer. Marcus & Millichap…

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Higher Rates Causing Investors to ‘Pull Back Big Time’ on New Deals

August 15, 2022

NEW YORK—The Federal Reserve Board’s campaign to slow down the economy via rate hikes has accomplished its mission in most segments of the real estate market, according to a panel of real estate, finance and economic leaders assembled by the Fordham Real Estate Institute. While they don’t see many investors “hitting the panic button” they…

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Mid Hudson Politicos Blast MTA’s Congestion Pricing Plan

August 11, 2022

NANUET—A group of Rockland County politicians, including County Executive Ed Day, slammed the controversial Congestion Pricing Plan released by the MTA and other transit agencies yesterday. At a press conference staged at the Nanuet train station on Wednesday, Day, State Assemblyman Michael Lawler, MTA Board Member Frank Borelli and 38th State Senate District Candidate Bill…

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MTA Congestion Pricing Plan Sets Peak Tolls from $9 to $23

August 10, 2022

NEW YORK—The details of the Metropolitan Transportation Authority’s long-delayed and controversial congestion pricing plan were unveiled on Aug. 10. The plan, which will now be the subject of public hearings later this month, calls for the implementation of peak tolls to enter Manhattan’s Central Business District ranging from $9 to as high as $23. The…

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In Memoriam: Allan Eisenkraft

August 9, 2022

The Hudson Gateway Association of Realtors regrets to inform its membership of the passing of longtime Westchester commercial real estate owner and developer Allan Eisenkraft on Aug. 5, 2022, at the age of 86 in Ridgewood, NJ. Eisenkraft was a longtime member of the association’s Commercial Investment Division and was a staple at CID meetings…

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Medline Officially Opens New Nearly 1.4-Million-Square-Foot Distribution Center

August 2, 2022

MONTGOMERY—A host of state, county and local officials joined Medline executives on Monday for the official opening of its nearly 1.4 million-square-foot distribution center here. The facility, the largest building in Orange County, according to Orange County Partnership President and CEO Maureen Halahan, cost more than $120 million to build. The new Medline property handles…

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Ginsburg Hires RM Friedland to Market Office Space at City Square

August 1, 2022

HARRISON—With the multimillion-dollar renovation of City Square at 50 Main St./1-11 Martine Ave. in Downtown White Plains, New York now complete, owner Ginsburg Development Company has awarded locally-based RM Friedland the exclusive office leasing assignment for the relaunch of its signature property consisting of 360,000 square feet of office space. RMF’s Office Managing Director, Chris…

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Daybase Opens First Hybrid Work Location in Westchester County

July 26, 2022

HARRISON—Daybase, a hybrid work company, held an opening ceremony on July 25 for its first Westchester location in Harrison. The founders of Daybase were joined at the event by Harrison Mayor Richard Dionisio, along with members of the Harrison Town Council, Harrison Planning Board as well as Westchester County Executive George Latimer and Deputy County…

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Pfizer to Spend $470 Million to Expand Vaccine Operations in Rockland County

July 22, 2022

PEARL RIVER—Global pharmaceutical firm Pfizer Inc. reports that it will spend $470 million to expand its vaccine research and development operations here. As Bloomberg first reported, Pfizer confirmed to Real Estate In-Depth that it plans over the next three years to secure necessary approvals and expand and modernize its campus with a new 260,000-square-foot lab…

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Seminar to Focus on Impact of Rising Rates On the Commercial Real Estate Market

July 20, 2022

Mark Your Calendar: NEW YORK—As interest rates climb, inflation hits a 40-year high and global economic uncertainty surges, what impact is this having on the commercial real estate market? Will CRE transactions yield less returns, and what effect will rising interest rates have on property values and investment performances? The Fordham Real Estate Institute will…

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Regeneron Pharmaceuticals Breaks Ground on $1.8B Expansion

July 18, 2022

TARRYTOWN—The largest business expansion project in the history of Westchester County became official on June 22. New York Gov. Kathy Hochul joined other state, county and local officials to celebrate the ceremonial groundbreaking of Regeneron Pharmaceutical Inc.’s $1.8-billion expansion project at its corporate headquarters campus in Tarrytown/Greenburgh. The biotechnology company has committed to create at…

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Orange County Partnership Launches Program to Secure Key Information on Available Properties Countywide

July 18, 2022

GOSHEN—Terming it as one of the most important efforts it has launched in more than 20 years, The Orange County Partnership officially unveiled its “Site Inventory Program” (SIP) that will, over the coming months, seek municipal government input from across Orange County to determine all available properties that could be developed in their respective jurisdictions.…

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Westchester County Office-Lab Complex Secures $18M Financing Deal

July 13, 2022

TARRYTOWN—Northpath Investments, the owner of the two-building office lab/R&D complex at 500 and 540 White Plains Road in Tarrytown, has secured $18.2 million in financing. JLL Capital Markets arranged the financing—a two-year bridge loan with multiple extension options—through Prime Finance. 500 and 540 White Plains Road are located within the Tarrytown Corporate Center in Westchester…

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Rockland County Shopping Center Trades for Nearly $27 Million

July 12, 2022

HAVERSTRAW—An affiliate of Spring Valley-based Northeast Capital Group has acquired Samsondale Plaza, a 156,185-square-foot shopping center in Haverstraw, for $26.5 million. JLL Capital Markets marketed the property on behalf of the seller, a joint venture between Mark Holdings LLC and Paragon Realty Group LLC. The buyer is an affiliate of Northeast Capital Group. Samsondale Plaza…

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New York City Breaks Ground $454M Public Health Laboratory Project

July 11, 2022

NEW YORK—On July 6, city officials broke ground on the new NYC Public Health Laboratory, which will be located adjacent to the Harlem Hospital complex on 137th Street. The project has been valued at approximately $454 million. New York City Economic Development Corporation is managing the construction on what will be a cutting-edge facility operated…

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Prime New Rochelle Development Site Offered for Bankruptcy Auction

June 29, 2022

NEW ROCHELLE— Commercial brokerage firm Newmark announced on June 28 the pending bankruptcy auction of a prime development site at 115 Cedar St. in New Rochelle. The site, which measures 19,706 square feet, is zoned for as-of-right commercial use and can span up to 137,942 square feet of buildable space. Newmark Executive Managing Director Ronald…

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