Commercial

Moody’s Predicts NYC Rents will Fall as Much as 21% in 2020

August 20, 2020

NEW YORK—Moody’s Analytics released its new forecasts for commercial real estate rents and vacancies on Aug. 17 and predicted that office and retail rents will drop sharply due to COVID-19 in 2020 and beyond. Noting that the office property sector was already experiencing downward pressure on the usage intensity of office space even before the…

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New York Taking Early Steps Toward COVID Jobs Recovery

August 20, 2020

ALBANY—While noting that July labor statistics are expected to be released soon, New York State Comptroller Thomas DiNapoli issued a report today that chronicled both the devastating impacts to the state’s labor force in the early days of the coronavirus pandemic and the recent inroads that have been made toward recovery since the state’s economy…

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Rockland County Executive Proposes Sain Building Sale As County is ‘Being Battered from all Sides' by COVID

August 19, 2020

NEW CITY—Saying the county is “being battered from all sides” from the coronavirus and faces significant revenue shortfalls ahead, Rockland County Executive Ed Day submitted three draft Resolutions to the County Legislature on Aug. 18 that include reviving a plan to sell a shuttered county-owned office building and raising the county’s sales tax. Day says…

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Onyx Equities Signs E-Commerce Tenant To 200,000 SF Deal in Rockland County

August 4, 2020

BLAUVELT—Commercial brokerage firm CBRE announced on Aug. 4 that it has secured a 200,775-square-foot lease across two buildings in the Hudson Crossing Industrial Park in Blauvelt. The unnamed e-commerce tenant will occupy 123,999 square feet of space at 400 Oritani Drive and 76,776 square feet of space in the neighboring building at 200 Oritani Drive.…

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Facebook Inks Major Lease Deal at Vornado’s Farley Building

August 4, 2020

NEW YORK—Vornado Realty Trust announced on Aug. 3 that Facebook has leased all of the office space at The Farley Building totaling 730,000 square feet in Vornado’s Penn District. Vornado also released its second quarter financial results and the tremendous impacts caused by the coronavirus pandemic on its operations and finances. The Farley Building is…

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NYC Comptroller Urges City Act Now To Bridge Future Budget Shortfalls

August 4, 2020

NEW YORK—New York City Comptroller Scott M. Stringer released a report on Aug. 3 on New York City’s Fiscal Year 2021 Adopted Budget that found an overreliance on one-time actions in the adopted budget to close the $8.33-billion shortfall brought about by the economic crisis caused by the COVID-19 pandemic. With significant budget gaps looming…

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Keller Williams Signs 20,000 SF Sublease Near Grand Central

August 4, 2020

NEW YORK—Helmsley Spear, LLC, reported recently it had brokered a 20,000-square-foot sublease with Keller Williams for the 10th floor of 99 Park Ave. Gould Paper Corp., the current tenant, will continue to occupy 8,718 square feet of the space. The sublease term runs through December, 2023. The Helmsley Spear leasing agents for this sublease were…

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Amid Post-COVID and Social Unrest, Are People Still Moving into Manhattan?

August 3, 2020

Since early spring, when the coronavirus hit the New York metro area hard, headlines have been screeching about the residential flight from Manhattan and other parts of New York City. Newspapers, online publications, blogs, and broadcast media are continuously touting the mass exodus from The Big Apple. High-end luxury condo owners to students and young…

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Ramapo-Based Investment Firm Reportedly Acquires NJ Complex for Nearly $34 Million

July 29, 2020

MORRISTOWN, NJ—An affiliate of Northeast Capital Group, which is based in Rockland County, has acquired the Offices at Bedminster office complex here from New York Life Real Estate Investors. Commercial brokerage firm JLL marketed the 194,000-square-foot office complex for seller New York Life Real Estate Investors. JLL did not disclose the sale price. In a…

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Yorktown Joins Growing List of Municipalities to Launch Marketing Campaign

July 29, 2020

YORKTOWN—Joining the City of Yonkers and the Town of Cortland, which recently inaugurated efforts to attract new business, the Town of Yorktown has launched a new marketing campaign that will promote the Northern Westchester municipality as a prime investment and relocation destination. The campaign’s theme—Yorktown: Up where you belong!—is a nod to the town’s welcoming…

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GUEST VIEWPOINT: Paving New York State’s Path to Economic Recovery

July 24, 2020

“New York, like states all across the country, confronts the immediate effects of a paralyzing national recession, the longer-term challenge of improving our competitive position in the global economy, and the specter of a dangerous, ugly divisiveness among our people.” Those words, but with the single substitution of “pandemic” for “recession,” are as true today…

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Global Site Selector Tells OC Partnership to ‘Keep Calm and Embrace the Chaos’

July 23, 2020

While most economic news of late in this time of the coronavirus is usually described as “bleak” or “grim,” an international site selector speaking to a virtual meeting of the Orange County Partnership on July 22 indicated that the county’s prime location, available workforce and lower cost of land and housing will attract investment, particularly…

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Hudson Valley Unemployment Rate Rises to Record-High 12.2% in June

July 22, 2020

ALBANY—The New York State Department of Labor announced on Tuesday, July 22 that the Hudson Valley unemployment rate rose to 12.2% in June, up from the 11.1% jobless rate in May 2020 for the region. According to preliminary data, New York State’s area unemployment rate seasonally-adjusted unemployment rate increased from 14.5% in May to 15.7%…

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AIG to Relocate Global Headquarters to Rockefeller Center in 2021

July 22, 2020

NEW YORK—American International Group, Inc. announced on July 21 that it will relocate its global headquarters in New York City to 1271 Avenue of the Americas, where it will occupy eight floors totaling 325,000 square feet. The firm also reported it will consolidate its remaining New York City area footprint into approximately 450,000 square feet…

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Analysis: COVID-19 and Westchester County Unemployment Trends

July 13, 2020

By Eric Pierson, AICP Editor’s Note: The following analysis was originally published on the Business Council of Westchester’s Data Exchange (https://thebcw.org/data/)on July 9, 2020. As we get farther away from the beginning of the COVID-19 pandemic in the United States, a clearer picture is beginning to emerge of the economic damage rendered by this disease.…

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Strong Majority of Realtors Say Market Is in Recovery Phase as Buyers Return

July 10, 2020

WASHINGTON—After enduring months of setbacks brought on by the coronavirus pandemic, a new survey from the National Association of Realtors released on Thursday, July 9 shows that more than nine in 10 of its members believe they are in the process of recovering as many states start to reopen their economies. NAR's 2020 Market Recovery…

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Yonkers, Cortlandt Launch New Marketing Campaigns

July 9, 2020

YONKERS, CORTLANDT—The City of Yonkers and the Town of Cortlandt have unveiled new marketing plans geared to bring new business to their respective communities as they attempt to re-emerge from the economic downturn caused by the COVID-19 pandemic. On July 8, Yonkers Mayor Mike Spano unveiled the new marketing campaign entitled “Yonkers is Back to…

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