Commercial

Beam Suntory Signs 100,000 SF Lease Deal at 11 Madison Ave.

January 27, 2021

NEW YORK—SL Green Realty Corp. reported today that Beam Suntory, a world leader in premium spirits, has signed a 99,556-square-foot lease at 11 Madison Ave. for its global headquarters. The 15-year lease covers the entire 12th floor and brings the 2.2-million-square-foot building’s occupancy to 100%. Beam Suntory is relocating its global headquarters from Merchandise Mart…

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COVID-19 Pandemic’s Impact Accelerates Trends in Westchester’s Commercial Market

January 22, 2021

RYE BROOK— The turmoil of the COVID-19 pandemic has accelerated existing trends in Westchester County’s commercial real estate market with multifamily and industrial/flex sectors faring well, while office and retail vacancies continued to rise and investment sales briefly stalled, according to the Houlihan Lawrence 2020 Commercial Market Report released on Jan. 21. “The pandemic has…

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Hudson Valley Region Lost Nearly 75,000 Private Sector Jobs in 2020

January 22, 2021

ALBANY—The New York State Department of Labor reported on Jan. 21 that the number of private sector jobs in the Hudson Valley fell 74,800 or 9.2% over the year in December 2020. Job losses were greatest in leisure and hospitality (-32,900), educational and health services (-10,900), professional and business services (-8,800), trade, transportation and utilities…

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NJ Brokerage Merges with Howard Hanna Rand Realty

January 15, 2021

ENGLEWOOD CLIFFS, NJ—Locally-based Plawker Real Estate, one of Bergen County’s leading brokers, recently announced that it has joined forces with real estate brokerage firm Howard Hanna Rand Realty. The Plawker Real Estate office at 601 Palisade Ave. in Englewood Cliffs will now operate as Howard Hanna Rand Realty – Plawker Group. Additionally, the Plawker Commercial…

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Westchester Advanced Manufacturing Firm Expands Operations with New Lease Deal

January 13, 2021

ELMSFORD—Robert Martin Company announced recently that PTI, a leader in advanced manufacturing technologies, has signed a lease for 13,650 square feet of expansion space at 8 Skyline Drive at the Mid-Westchester Executive Park in Hawthorne. PTI, which manufactures non-destructive package inspection technologies for the pharmaceutical, medical device and food industries, previously signed a lease for…

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Gov. Cuomo Calls for Extension of Commercial Tenant Eviction Moratorium; Proposes Banning Late Fees, Penalties on Residential Leases

January 9, 2021

On Jan. 8, Gov. Andrew Cuomo said he would be proposing an extension of the commercial tenant eviction moratorium and measures geared to strengthening protections for rental apartment tenants during the coronavirus pandemic. The proposals, part of the governor’s upcoming State of the State address, will advance legislation to codify an existing Executive Order to…

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U.S. Department of Labor Issues Final Rule To Clarify Independent Contractor Status

January 7, 2021

WASHINGTON, DC – The U.S. Department of Labor today announced on Jan. 6 a final rule clarifying the standard for employee versus independent contractor status under the Fair Labor Standards Act. “This rule brings long-needed clarity for American workers and employers,” said U.S. Secretary of Labor Eugene Scalia. “Sharpening the test to determine who is…

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Commercial Brokers Optimistic About Markets, Opportunities in 2021

January 6, 2021

WHITE PLAINS—A panel consisting of brokers and affiliated professionals in the commercial real estate market were optimistic that the industry in Westchester and surrounding markets will rebound once the coronavirus pandemic has run its course. The panelists agreed that the multifamily housing sector will continue to be strong in Westchester once vaccines have been administered…

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Yonkers IDA Provided Incentives for $210M in New Projects in 2020 Despite Pandemic

January 4, 2021

YONKERS—Building on the momentum of a very active 2019, the Yonkers Industrial Development Agency reported on Jan.4 it had provided financial incentives in 2020 to residential and commercial projects representing a total private investment of approximately $210 million. The developments are projected to create 450 new residential units, 129,000 square feet of commercial and industrial…

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Governor Signs Three Indian Point-Related Bills into Law

January 4, 2021

ALBANY—New York State Senator Pete Harckham and Assemblywoman Sandy Galef announced on Jan. 1 that three bills the two legislators sponsored relating to ensuring workforce protections and financial assistance to local municipalities and taxpayers while the Indian Point Energy Center undergoes its decommissioning process, had been signed into law by Governor Andrew Cuomo. The new…

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HGAR to Celebrate 25th Anniversary of Real Estate In-Depth

December 29, 2020

WHITE PLAINS – In January 2021, the Hudson Gateway Association of Realtors will celebrate the 25th anniversary of the launch of its monthly newspaper Real Estate In-Depth with a special section in the publication’s January edition. HGAR is also acknowledging the 95th consecutive year of publishing a membership newspaper/magazine. In early 1995, based on the…

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Gotham Organization Secures $235M for Lower East Side Tower Project

December 29, 2020

NEW YORK—Gotham Organization, in partnership with Goldman Sachs Urban Investment Group, has closed on a $162.35-million loan from co-lenders, Wells Fargo Bank, N.A and U.S. Bank, N.A. In addition, Goldman Sachs Urban Investment Group, in collaboration with Gotham, is also investing more than $70 million to complete the capitalization of the 55 Suffolk St. development.…

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Nuvance Health Systems to Shift 500 NY Jobs to Connecticut

December 29, 2020

DANBURY, CT—In the largest office lease deal in Connecticut this year, Nuvance Health Systems has signed a 220,000-square-foot lease at the former 1.2-million-square-foot Union Carbide property in Danbury. The 12-year lease deal at “The Summit at Danbury” will reportedly bring 500 jobs from New York State across the border to Connecticut. In an announcement by…

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Sen. Schumer Says New York State to Get More Than $54 Billion from COVID Stimulus

December 22, 2020

WASHINGTON—With a bipartisan spending and COVID relief deal now passed by Congress, U.S. Senator Charles Schumer detailed its pending impact on Upstate New York as more than $54 billion. The deal includes direct stimulus checks, extending enhanced unemployment insurance, and secures another round of forgivable PPP for small businesses, restaurants and nonprofits across the state.…

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Five Questions with Developer Robert Weisz

December 17, 2020

As the region enters 2021 with the specter of possible further economic restrictions due to rising coronavirus hospitalizations and deaths, but with the hope of improving conditions now that COVID-19 vaccines are starting to be administered, Real Estate In-Depth turned to a well-known and longtime successful commercial investor—Robert Weisz—for some much-needed perspective. Commercial real estate…

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Real Estate Experts Predict Continued Economic Rebound in 2021

December 17, 2020

WHITE PLAINS—National and regional real estate and economic experts are in unison that the housing and some sectors of the commercial real estate markets, in spite of and in some cases due to COVID-19, will continue to rebound from the early days of the pandemic next year. Hudson Gateway Association of Realtors officials and area…

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NY County Executives Slam New COVID Stimulus For No Funding for State, Local Governments

December 17, 2020

ALBANY—Chief officials of the New York State Association of Counties and the New York State County Executives Association were highly critical of the failure of Congress in federal stimulus negotiations to include state and local government aid in the estimated $900-million package. NYSAC President Jack Marren and NYSCEA President Marcus Molinaro released a biting statement…

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MTA Adopts 2021 Budget that Assumes Billion in Federal COVID Aid

December 17, 2020

NEW YORK—As Congress continues the debate on the next COVID relief package in Washington, the Metropolitan Transportation Authority Board on Wednesday adopted a 2021 budget and 2021-2024 financial plan that assumes Congress will eventually approve the needed $4.5 billion in COVID relief funding in 2021. The MTA noted that without the billions of dollars in…

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Bronx Registered $4 Billion in Total Development in 2019

December 16, 2020

While the Bronx, and the rest of New York City has been battered by the coronavirus this year, the Bronx, prior to the pandemic, was very popular with investors, registering a very impressive $4 billion in total development in 2019. Bronx Borough President Ruben Diaz Jr. recently released the “Bronx Annual Development Report” for 2019.…

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New York City’s Brick and Mortar Retailers Battered by Pandemic

December 15, 2020

NEW YORK—The retail sector, one of New York City’s biggest employers, is having an uneven recovery from the COVID-19 pandemic, with “non-essential” retailers struggling but online sellers booming, according to a report released on Dec. 14 by New York State Comptroller Thomas P. DiNapoli. “2020 was a bleak year for brick and mortar retailers, and…

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