During these turbulent times, many lenders are suspending activity or taking very conservative views on ongoing business. Investors are in a panic, not knowing what will be their best path forward. Having navigated previous financial crises from the Savings and Loan scandal to 9/11 to the Great Recession and with more than 30 years of…
Read MoreMIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…
Read MoreWHITE PLAINS—U.S. Rep. Sean Patrick Maloney (D-NY-18) in a more than 50-minute online session hosted by the Hudson Gateway Association of Realtors recently offered his views on the COVID-19 crisis’ impacts on the real estate industry and how the federal government going forward will be assisting businesses in New York State affected by the pandemic.…
Read MoreExecutives with Better Homes and Gardens Rand Realty and affiliate Rand Commercial say that business is continuing during the health crisis caused by the Novel Coronavirus and that the social and economic impacts, while severe, will not cause a crash in the residential or commercial real estate markets in the Hudson Valley. Rand executives appeared…
Read MoreBUCHANAN—A day that many business leaders have dreaded and environmentalists have hailed will come to pass tomorrow morning (April 30). The Indian Point Unit 2 reactor will be shut down by control room operators at the nuclear power plant complex here by Entergy Corp. The Indian Point 2 reactor has been in operation for more…
Read MoreALBANY—The New York State Division of the Budget released a report on Saturday that estimates a $13.3-billion shortfall, or 14%, in revenue from the Fiscal Year 2021 Executive Budget Forecast released in January. The report estimates a $61-billion state revenue decline through Fiscal Year 2024 as a direct consequence of the COVID-19 pandemic. The 463-page…
Read MoreALBANY, NY—It appears New York State could allow the reopening of some business operations in the construction and manufacturing sectors in the upstate region beginning as early as after May 15. New York Gov. Andrew Cuomo in his daily COVID-19 update on Sunday April 26 announced the state may begin a phased restart of the…
Read MoreWHITE PLAINS—Westchester County Executive George Latimer received permission from Gov. Andrew Cuomo on April 21 to go forward with his plan to remove late fees for certain county residents and business for the late payment of their property taxes per the governor's Executive Order No. 202.22. Latimer said: “I want to thank Gov. Cuomo for…
Read MoreBUFFALO—New York Gov. Andrew Cuomo in this morning’s COVID-19 update briefing here said that the reopening of the state’s economy will be performed by region. He announced that Lt. Gov. Kathleen Hochul will be in charge of studying the Western New York region, including determining how and when the economy will reopen there, while former…
Read MoreGovernors Make Appointments to Council Charged with Restoring Northeast Economy NEW YORK—Perhaps the beginning of the end or at the very least the end of the beginning of the COVID-19 pandemic and the restoration of the regional economy are at hand. On Sunday, New York Gov. Andrew M. Cuomo, New Jersey Gov. Phil Murphy, Connecticut…
Read MoreALBANY—While President Donald Trump is pondering whether to restarting some segments of the economy in some areas by May 1, New York Gov. Andrew Cuomo announced today that he will extend the state’s “On Pause” restrictions until May 15. The governor said the extension of the restrictions that include the closure of non-essential businesses, schools,…
Read MoreNEW ROCHELLE—Planned Parenthood Hudson Peconic Inc. has signed a lease to occupy the entire ground level of the Lockwood Medical Campus here. Rand Commercial, the exclusive leasing agent for the 100,000-square-foot Lockwood Medical Campus at 150 Lockwood Ave., reported that Planned Parenthood Hudson Peconic has signed a long-term lease for more than 5,600 square feet…
Read MoreNEW YORK—Zeta Charter Schools has signed a 65,000-square-foot lease deal for a new elementary school at 1910 Arthur Ave. in the Bronx. Called Zeta Bronx Tremont Park Elementary, the school is scheduled to open in August 2021 for the 2021-2022 academic year and will ultimately serve students in pre-K through fifth grade, according to Transwestern…
Read MoreALBANY—In nearly a month of difficult economic news and tragic fatality numbers due to the Novel Coronavirus pandemic, a glimmer of hope has emerged that the state is beginning to consider how and when non-essential businesses could reopen in New York State. On Monday April 13, Gov. Andrew Cuomo announced a regional initiative with six…
Read MoreYONKERS—Great Point Capital Management and National Resources announced on April 7 they had closed a $40-million loan with CIT to complete the financing of Great Point’s first construction project, a major film and television studio complex at the i.Park Hudson complex in Yonkers. The loan is the last step before construction begins on the production…
Read MoreRYE BROOK— SCHOTT Corporation has signed a lease for more than 14,000 square feet of space at Kingsbrook, a recently renovated six building complex located at 1100 King St. in Rye Brook owned by New York City-based George Comfort & Sons, Inc. The international technology company that specializes in the areas of specialty glass and…
Read MoreSLEEPY HOLLOW—Construction is expected to begin next year on a new DeCicco & Sons market at the Edge on Hudson project being developed at the former General Motors Assembly plant here. The deal marks the first retail property to sign on at the Edge on Hudson development and marks the first grocer to operate in…
Read MoreARLINGTON, VA—A Gartner, Inc. survey of 317 CFOs and finance leaders on March 30, 2020 revealed that 74% intend to move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19. “This data is an example of the lasting impact the current coronavirus crisis will have on the way companies do…
Read MoreNEW YORK—- Innovo Property Group and Square Mile Capital Management LLC have obtained construction financing totaling $305 million for their development of a one million square foot two-story Class A logistics and distribution facility at 2505 Bruckner Blvd. in the Bronx. The construction loans were provided by Bank OZK and the structured finance platform of…
Read MoreALBANY—Less than 24 hours after the real estate industry was led to believe that in-person real estate showings were permitted by New York State comes a statement from Empire State Development that only virtual/online showings are permissible. On the evening of April 2, an official with Empire State Development Corp. in a clarification of the…
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