Commercial

Westchester County Commercial Market Posts Mixed Results in Second Quarter

July 26, 2023

RYE 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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Biden Administration Issues Major Disaster Declaration for Upstate, Mid-Hudson Counties

July 24, 2023

ALBANY—On Friday, New York Gov. Kathy Hochul announced that President Biden approved her request for a Major Disaster Declaration to provide federal assistance to communities impacted by flooding from heavy rainstorms across much of Upstate New York. The declaration releases critical federal assistance to support recovery and reconstruction efforts in Clinton, Dutchess, Essex, Hamilton, Ontario,…

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New Jersey Files Suit Against USDOT, FHWA to Block NY’s Congestion Pricing Plan

July 24, 2023

FORT LEE, NJ—New Jersey Gov. Phil Murphy, flanked by federal, state and local leaders, announced on Friday that the state had filed a lawsuit against the U.S. Department of Transportation and the Federal Highway Administration (FHWA) to block what it describes as the “ill-conceived: congestion pricing plan advanced by the Metropolitan Transportation Authority, New York…

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HGAR Holds Rockland County Day Program

July 20, 2023

NYACK—In the first of a series of programs that will focus on the key market areas serviced by the Hudson Gateway Association of Realtors, the association staged a highly-informative and well-attended “Rockland County Day” program on July 17 at the Nyack Seaport here. The event brought together Realtors, local politicians, economic development officials and other…

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Tesla to Occupy 927,000 SF Warehouse in Newburgh

July 18, 2023

GOSHEN—The Orange County Partnership reported earlier today that Tesla, the renowned electric car manufacturer, has selected Orange County as the home for its new regional distribution facility for vehicle parts in the Town of Newburgh. Orange County Partnership officials stated that Tesla will occupy 927,000 square feet of speculative space built by Matrix Development Group…

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ISO Says New York City Facing Power ‘Reliability Need’ in 2025

July 17, 2023

RENSSELAER, NY—As New York State continues its push for green and renewable energy sources, The New York Independent System Operator (NYISO) on July 14 released its quarterly assessment of reliability of the bulk electric system, which found a deficit in reliability margins for the New York City area beginning in summer 2025. The deficit is…

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Guiding Eyes For the Blind Acquires Development Parcel for $4 Million

July 12, 2023

YORKTOWN HEIGHTS—The Guiding Eyes For the Blind has acquired a 12-acre development parcel at 3241 Crompond Road (Route 202) in Yorktown Heights for $4 million. The deal was announced on July 11 by Houlihan Lawrence Commercial, a division of Houlihan Lawrence based in Rye Brook. The seller was Temple Israel of Northern Westchester. The seller…

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Storms Battered Sections of Hudson Valley; Caused Extensive Infrastructure Damage

July 11, 2023

HIGHLAND FALLS—The storm damage from the torrential rains that hit the Hudson Valley on Sunday is considerable. At a press conference on Monday, Orange County Executive Steve Neuhaus said the damage in the Highland Falls/West Point area alone is in the “tens of millions of dollars.” Gov. Kathy Hochul, Neuhaus and other state, county and…

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Northpath Secures Refinancing Deal For White Plains Office Buildings

July 5, 2023

WHITE PLAINS—JLL Capital Markets announced on June 27 that it arranged a $17.5-million refinancing for 2 and 4 Westchester Park Drive, two office / medical office buildings totaling 218,372 square feet in White Plains. JLL worked on behalf of the borrower, New York City-based Northpath Investments, to secure the five-year, fixed-rate loan through Centreville Bank.…

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Strides Pharma Signs 57,000 SF Warehouse Lease at Hudson Valley iCampus

June 29, 2023

PEARL RIVER—Officials with Hudson Valley iCampus, reported on June 28 it had signed a new lease with Strides Pharma, Inc., consisting of 57,197 square feet of warehouse space for chemical storage. The lease includes the entirety of buildings 170 and 170B on the 207-acre campus in Pearl River. Building 170 is a 28,000-square-foot warehouse building…

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Five Communities Tabbed for County Economic Development Grants

June 23, 2023

WHITE PLAINS—Westchester County officials announced on June 22 that five Westchester municipalities—Bedford, Dobbs Ferry, Mount Kisco, Pelham and Port Chester—were the inaugural winners of the county’s Downtown Improvement Grants. Westchester County, along with the downtown experts from JGSC Group, created the unique Downtown Improvement Grant (DIG) Pilot Program to provide select municipalities with economic development…

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Storm King Art Center Improvement Project Secures $11 Million in State Funding

June 12, 2023

NEW WINDSOR—Gov. Kathy Hochul announced significant new state funding for the campus-wide improvement project at Storm King Art Center, a 500-acre outdoor museum in New Windsor that includes a $7.5-million New York State Council of the Arts Large Capital Improvement Grants recipient. The governor, at the groundbreaking ceremony on June 6, reported that in addition…

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Not-For-Profit Leases Nearly 12,000 SF in Yonkers

June 9, 2023

YONKERS—Rand Commercial reported on June 7 the lease of the entire second floor at 86 Main St. in Yonkers to Special Citizens Futures Unlimited, Inc. The lease for 11,703 square feet has a 11-year term. The space shall be used as executive and administrative offices serving the firm’s current facilities in the Bronx and in…

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Realtors Show Strong Commitment to Further DEI at Major Regional Conference

June 7, 2023

SLEEPY HOLLOW—Organizers of the second annual Diversity, Equity, & Inclusion Summit were in agreement that this year’s event, held on June 5 and 6 at the Sleepy Hollow Hotel & Conference Center here, featured a wide-ranged offering of programs and discussions geared at providing insights for real estate brokers, agents, as well as association boards…

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CBRE: New York Remains a Top Market for Life Sciences Research Talent

June 7, 2023

NEW YORK—The New York City metro region received some heartening data from commercial brokerage firm CBRE, which announced on June 7 that the Greater New York market ranked fourth in the nation for life sciences research talent. Nationally, the growth of U.S. life sciences researchers remains resilient in the face of economic concerns, with the…

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Former County Planning Commissioner Honored

May 26, 2023

RYE—The Westchester County Association at its 2023 Real Estate Conference on May 10 honored recently retired Norma Drummond, Commissioner of Planning for Westchester County, with its “Legacy Award.” Drummond was the Commissioner of Planning for Westchester County since Jan. 1986 and served the county in that post for more than 37 years. She has extensive…

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Mercy College Signs Long-Term Commitment for Bronx Campus

May 26, 2023

NEW YORK—Simone Development Companies has signed a long-term lease renewal with Mercy College for 125,522 square feet of classroom, administrative and amenities space at 1200 Waters Place in the Bronx, renewing the institution’s commitment to the borough and the Hutchinson Metro Center, which they helped anchor more than 20 years ago. The transaction was announced…

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