Commercial

Harbor Group to Acquire CBS Building In Midtown Manhattan for $760 Million

August 17, 2021

NEW YORK—Harbor Group International, LLC, a privately owned international real estate investment and management firm headquartered in Norfolk, VA, has entered into an agreement to acquire 51 W. 52nd St. in Midtown Manhattan for $760 million. Known as the “CBS Building” or “Black Rock,” this purchase marks the first sale since it opened in 1964.…

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Incoming NY Gov. Kathy Hochul Looks to Turn the Page

August 12, 2021

ALBANY—Lt. Gov. Kathy Hochul in a press conference yesterday stressed that she will be ready to take over as the 57th governor of New York when she takes the oath of office later this month. Hochul, who is scheduled to take over as governor on Aug. 24, stressed, “I am ready for this,” and later…

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Westchester’s Commercial Market Continues to Show Signs of Recovery

August 5, 2021

RYE BROOK—The Westchester County commercial market continues to show signs of strength with a rebound in office leasing while the demand for industrial/flex space remains strong and multi-family rents continue to make gains, according to the Houlihan Lawrence Second Quarter Commercial Market Report. Officials with Houlihan Lawrence Commercial note that the retail sector continues to…

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Owner of Empire City Casino in Yonkers to be Acquired in $17.2 Billion Deal

August 4, 2021

NEW YORK—The ownership of Empire City Casino in Yonkers is being acquired by New York City-based gaming, hospitality and entertainment REIT VICI Properties Inc. in a deal valued at $17.2 billion. VICI Properties reported that it had entered into a definitive agreement (Master Transaction Agreement) with MGM Growth Properties LLC and MGM Resorts International (MGM…

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Gov. Cuomo Mandates All State Workers to be Vaccinated by Labor Day

July 28, 2021

ALBANY—Several days after New York City issued the mandate, Gov. Andrew Cuomo on Wednesday announced that all New York State employees—about 130,000 people—will be required to get vaccinated for COVID-19 by Labor Day. The governor also announced that all patient-facing healthcare workers at state-run hospitals will be required to get vaccinated for COVID-19 by Labor…

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Boston Properties to Acquire 360 Park Ave. South for $300M

July 28, 2021

BOSTON—Boston Properties, Inc. reported on July 27 it had agreed to acquire 360 Park Ave. South, an existing 450,000 square foot, 20-story office property in the Midtown South submarket of Manhattan for $300 million. The property is currently fully leased to a single tenant who will be vacating in late 2021 providing BXP with the…

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New York Region Tops Nation in Commercial/Multifamily Construction Starts

July 28, 2021

HAMILTON, NJ—The value of commercial and multifamily starts in the top 20 metropolitan areas of the U.S. gained 12% during the first six months of 2021 relative to the first half of 2020, according to a report released on July 27 by Dodge Data & Analytics. Nationally, commercial and multifamily construction starts were 10% higher…

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Exclusive: Regeneron Pharmaceuticals to Propose Massive New Project in Westchester ‘Very Shortly’

July 22, 2021

WHITE PLAINS—Officials with Regeneron Pharmaceuticals Inc. told members of the Westchester County Industrial Development Agency this morning that it expects to come before the agency “very shortly” with a major new development project in the Town of Greenburgh. Although Regeneron representatives did not provide any details on the new project, its representations at the session…

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Village of Haverstraw Releases RFP To Develop Waterfront Parcels

July 21, 2021

HAVERSTRAW—The Village of Haverstraw released a Request for Proposal on July 21 for the development of two waterfront parcels currently known as the Chair Factory and Damiani Properties. The village has owned these parcels for several years. This more than nine-acre combined parcel sits on a peninsula at the foot of Main Street at the…

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Regeneron’s Multi-Year Expansion in Westchester Now Pegged at Nearly $2 Billion

July 16, 2021

TARRYTOWN—The planned expansion of Westchester County-based Regeneron Pharmaceuticals has exponentially increased and is now valued at $1.8 billion. The firm, which is seeking approvals from the Town of Greenburgh for an expansion plan valued at $480 million, is now moving forward with a multi-year expansion that will approach nearly $2-billion. The Tarrytown-headquartered firm’s updated expansion…

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Residential, Commercial Lenders Predict Low Rates, High Demand in 2021

July 14, 2021

WHITE PLAINS—It’s no secret that the residential housing buying frenzy is continuing with a vengeance in our region, with properties still receiving multiple offers and many would-be home buyers left in the dust. Low interest rates, currently hovering around 3%, are helping to ignite the desire for home ownership. Lenders throughout the New York metro…

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Ginsburg Celebrates Grand Openings at White Plains, Peekskill Properties

July 13, 2021

WHITE PLAINS—Ginsburg Development Companies recently staged ceremonies marking key milestones on the development firm’s projects in Downtown White Plains and in Peekskill. The real estate community has been anxiously awaiting the grand opening of its $43.7-million White Plains project, which marked the first major office building in Westchester County to be converted into luxury rental…

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Orange County Partnership Honors its 2021 MVP Richard Golden

July 9, 2021

MIDDLETOWN—More than 300 political, business and civic leaders gathered at the West Hills Country Club in Middletown on June 8 to honor the Orange County Partnership’s 2021 Most Valuable Partner (MVP) veteran attorney Richard Golden. The program, held in a tent on the West Hills complex to conform with CDC coronavirus guidelines, featured a host…

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Yonkers Mayor Spano Vetoes Boost in Affordable Housing Requirement

July 8, 2021

YONKERS—After the Yonkers City Council approved an amended Affordable Housing Ordinance late last month that would increase the affordable housing requirement for new development projects from 10% to 20%, Mayor Mike Spano vetoed the measure on July 7th saying it is infeasible without significant public subsidy. The mayor cited an independent report conducted by HR&A…

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Pattern for Progress CEO to Retire at End of 2021

July 8, 2021

NEWBURGH—Jonathan Drapkin, the longtime president and CEO of Pattern for Progress, will be leaving the regional think tank at the end of this year. Drapkin’s departure was announced on July 8th by Suzanne Loughlin, Pattern Board chair and founder of CrisisRisk Strategies, LLC, who said, “Our longtime leader, Jonathan Drapkin, will step down from his…

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Douglas Elliman Relocates to New Office in Greenwich

July 6, 2021

GREENWICH, CT—Douglas Elliman recently announced it had relocated to a new larger location in Greenwich at the historic, free-standing John Lockhart House on 75 Arch St. Company officials state the move underscores the brokerage’s commitment to the region, increasing its office footprint to a four-story, 6,000-square-foot building in order to accommodate its 70 agents and…

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Valley National Bancorp to Acquire Westchester Bank in $220M Deal

July 1, 2021

WHITE PLAINS—New York City-based Valley National Bancorp and The Westchester Bank Holding Corporation announced on June 28 they had entered into a definitive merger agreement whereby Valley will acquire Westchester, parent company of The Westchester Bank. The acquisition of this high-performing commercial bank will provide Valley a physical footprint and additional commercial lending expertise in…

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