PEARL RIVER—Rockland County Executive Ed Day and Economic Development Director Jeremy Schulman reported today that NY Critical Materials LLC, a manufacturer of Personal Protective Equipment (PPE) will be leasing more than 50,000 square feet of space at the former Pfizer complex now known as the New York Center for Innovation. The firm, a subsidiary of…
Read MoreNEW YORK— Extreme Department Store has signed a 10-year lease for 15,003 square feet at Concourse Plaza in the Bronx, announced New York City-based The Feil Organization, the shopping center’s owner and manager. The new lease comes relatively shortly after a tenant vacated the space. The department store will be situated on the ground floor…
Read MoreHAWTHORNE—The Mount Pleasant Industrial Development Agency has approved approximately $3.8 million in sales tax exemptions for the construction of a 153,062-square-foot e-commerce distribution center located at 211 Saw Mil River Road (Route 9A) in Hawthorne that will cost nearly $100 million to develop. The project, which received approval at the IDA’s April 21 meeting, represents…
Read MoreWHITE PLAINS—Representatives of Regeneron Pharmaceuticals, Inc. made a presentation to the Westchester County Industrial Development Agency this morning on an amended expansion plan for property in the Town of Greenburgh that will involve a total of nearly a half billion dollars of investment. Janet Giris, a partner with the law firm DelBello, Donnellan & Weingarten,…
Read MoreTOWN OF WALLKILL—President Container Group broke ground on April 21 on a $40-million expansion project that upon completion will make its Ballard Road complex one of the largest corrugated manufacturing facilities in North America. A host of state, county and local government officials were on hand for the event that signaled the first turning of…
Read MoreNANUET—The Birch Group, which is headquartered in Nanuet, has acquired an office portfolio of more than 840,000 square feet in Short Hills, NJ from Mack-Cali Realty Corp. in an off-market deal valued at $255 million. Last month, the Birch Group acquired an office portfolio in Morristown, NJ from Lincoln Equities Group for $77 million and…
Read MoreVALLEY COTTAGE—A partnership of Lincoln Equities and PCCP LLC has acquired a fully leased, three-building, light industrial portfolio totaling 260,755 square feet along with an adjacent 23-acre development parcel for $53.5 million. The Rockland County-based complex was sold by Sasson Real Estate Group and Garelick Holdco LLC. Commercial brokerage firm JLL marketed the property on…
Read MoreNEW YORK—SUNY Empire State College has relocated its classrooms from its Hudson Square campus to 29,747 square feet of space at Four Park Ave., according to property owner and manager The Feil Organization. A multi-use building featuring residential, office and retail, Four Park Avenue is situated at the 33rd Street to 34th Street blockfront in…
Read MoreWhile the pandemic brought portions of the region’s economy to a halt in March 2020, the development activity in the Hudson Valley’s major cities went on a short pause, but picked up steam shortly thereafter. So far in 2021, construction continues on major projects in White Plains, New Rochelle, Yonkers and elsewhere on many mixed-use…
Read MoreALBANY—State Comptroller Thomas P. DiNapoli’s Fiscal Stress Monitoring System has identified eight villages and three cities in New York that were in some level of fiscal stress in 2020, based on scores that largely reflect the time period before the COVID-19 pandemic. DiNapoli, in a report released on April 2, evaluated all non-calendar year local…
Read MoreALBANY—New York Gov. Andrew M. Cuomo announced on March 30 three major Port Authority of New York and New Jersey initiatives to re-energize New York Stewart International Airport, whose domestic air operations have been battered by the COVID-19 pandemic. The Port Authority unveiled a new air carrier incentive program, a new airport marketing campaign to…
Read MoreWASHINGTON—Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association's latest monthly CREF Loan Performance Survey. “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their…
Read MoreNEWBURGH—The City of Newburgh is seeking development proposals for three city-owned properties located in the heart of the Newburgh’s East End Historic District. The city announced on March 17 that the first proposal calls for the rehabilitation of 120 Grand St., formerly known as the “City Club” building. A second proposal seeks the restoration of…
Read MoreSPARKILL—St. Thomas Aquinas College has acquired the 12-acre Camp Venture property here for $7 million, which increases its campus footprint by 20%. The college’s campus now has been expanded to 72 acres. The deal includes the 12-acres adjoining the St. Thomas Aquinas campus and a 100,000-square-foot building at 230 Route 340. The deal initially involves…
Read MoreWASHINGTON—A panel of leading real estate economists predict that with continued COVID-19 vaccination efforts nationwide, an improving economy will strengthen some commercial real estate markets in 2021, although some others will continue to struggle from pandemic-related demand issues. “Unlike the surprising residential real estate market, which soared in the 2020 pandemic year and momentum looking…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency and the Local Development Corporation provided financial incentives and tax-exempt bond financing to a host of developments that represented approximately $370 million in private investment in the county in 2020, despite the COVID pandemic. The IDA approved incentives for four residential developments that are projected to create or…
Read MoreRYE BROOK—Houlihan Lawrence Commercial Group was among the winners of the 2020 CoStar Power Broker Award. The Commercial Group was listed number three in commercial sales for 2020 in the Westchester/Southern Connecticut region according to CoStar. Last year the group reported it had completed 22 commercial sales totaling approximately $49.9 million. The year’s largest sale…
Read MoreWHITE PLAINS— A panel of economic development officials from throughout the Hudson Gateway Association of Realtors’ market area are generally upbeat about their respective markets, all reporting that they expect targeted industries to bring new investment to their markets to reduce inflated unemployment rates post pandemic. With COVID-19 vaccine inoculations continuing, they also believe that…
Read MoreNEW WINDSOR—Orange County’s premier wedding, catering and event venue Anthony’s Pier 9 in New Windsor is in contract to be sold to an entity that plans to convert the 70,000-square-foot facility into a motion picture production studio. The pending sale with the unidentified buyer was announced by The Bonura Hospitality Group, which stated it expects…
Read MoreALBANY—Governor Andrew M. Cuomo on March 9 signed the COVID-19 Emergency Protect Our Small Businesses Act of 2021 that establishes eviction and foreclosure protections for small businesses until at least May 1m 2021. The new protections build-off of the governor's Executive Order and commercial eviction and foreclosure moratorium that has protected businesses in New York…
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