Westchester Hotels Face Uphill Battle as COVID Restrictions Continue

October 16, 2020

It’s been more than six months since the onslaught of COVID, and many Westchester businesses have closed or are still floundering. But perhaps one of the industries hit hardest by the pandemic has been tourism. After 47 years in operation, the renowned Westchester Hilton in Rye closed its doors in July. With 445 guest rooms,…

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DiNapoli: MTA Faces Worst Financial Crisis in its History

October 14, 2020

ALBANY—The Metropolitan Transportation Authority is facing the greatest crisis in its long history, with few viable options without federal funding to avoid cuts in service and staff, additional fare hikes and long-lasting damage that could impair regional transit for decades, according to New York State Comptroller Thomas P. DiNapoli’s annual report on the MTA’s finances…

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Target Signs 130,000 SF Lease at Cross County in Yonkers

October 13, 2020

YONKERS—In a major retail lease deal in the midst of the COVID-19 pandemic, discount retailer Target has signed a long-term lease for more than 130,000 square feet to occupy a major portion of the former Sears store at the Cross County center here. In addition, shopping center owner Marx Realty also announced that retailer H&M…

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State Comptroller Puts Westchester County on Fiscal ‘Significant Stress’ List

September 28, 2020

ALBANY—New York State Comptroller Thomas P. DiNapoli released his fiscal stress list for 2019 and unfortunately, the Hudson Valley was well represented. On the State Comptroller’s “Significant (Fiscal) Stress” list in the New York metro area were Westchester County, Poughkeepsie in Dutchess County, Suffolk County and Long Beach in Nassau County. Other locations on the…

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NYC Investment Firm Lands $107M Loan to Acquire Norwalk, CT Multifamily

September 24, 2020

NORWALK, CT—New York City-based Invictus Real Estate Partners has secured acquisition financing totaling $107.25 million for its purchase of The Waypointe multifamily property here. JLL Capital Markets arranged the financing through Freddie Mac and worked on behalf of the borrower. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo…

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RM Friedland Enters Office Brokerage Sector With Hiring of Veteran Broker O’Callaghan

September 22, 2020

HARRISON—In conjunction with the hiring of veteran commercial office broker Chris O’Callaghan, RM Friedland announced on Sept. 21 it has formed an office brokerage division. O’Callaghan joins Harrison-based RM Friedland after serving as Managing Director for Jones Lang LaSalle since 2013 where he was responsible for the Westchester County market for the commercial brokerage firm.…

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Haverstraw Issues RFEI to Developers For Long-Vacant Waterfront Parcel

September 21, 2020

HAVERSTRAW—The Village of Haverstraw is taking a significant step in developing a long vacant and underutilized downtown waterfront parcel with the issuance of a Request for Expressions of Interest to development firms. The village, which issued the RFEI today, is hoping to find a developer that will embrace its vision of developing a mixed-use project…

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Panel Tackles How to Use ‘Big Data’ in CRE

September 16, 2020

WHITE PLAINS—The Hudson Gateway Association of Realtors’ Commercial Investment Division presented a highly informative and forward-thinking workshop program entitled “How to Use ‘Big Data’ in the Commercial Real Estate Game.” The Zoom program was held on Sept. 10 and was part of CID’s Women in Commercial Real Estate series. The workshop focused on the use…

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Searching for Solutions for a Sick Economy

September 14, 2020

With the prospect of further coronavirus relief coming from Washington, DC getting bleaker by the moment, state, county and local governments will be facing some harsh fiscal decisions due to the economic fallout from COVID-19 this year and in 2021. Gov. Andrew Cuomo has threatened to withhold 20% of funding earmarked for local governments, hospitals…

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First New Hotel in Seven Years Opens for Business in Rockland

September 10, 2020

SPRING VALLEY—Rockland County Executive Ed Day announced on Sept. 9 the first new hotel to open in the county in seven years—The Element by Westin here. The Element by Westin is located at 90 Spring Valley Marketplace and has already started taking reservations for its 87-room inventory ahead of a soft opening scheduled for today…

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LEGOLAND New York on Track for 2021 Opening

September 10, 2020

In early March, when the Coronavirus began to shutter almost everything in its path, the LEGOLAND New York Resort under construction in Goshen was also forced to push back its planned July 4, 2020 opening date until 2021. LEGOLAND New York and its parent company, Merlin Entertainments, made the decision to postpone the Grand Opening…

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SL Green Completes $600M Refinancing Of Construction Facility at 410 Tenth Ave.

September 9, 2020

NEW YORK—SL Green Realty Corp reported on Sept. 8 it had closed on a new $600-million construction facility for its 410 Tenth Ave. project. SL Green is redeveloping the 636,000-square-foot office building that is anchored by Amazon and First Republic Bank. The loan was provided by a consortium of domestic and international banks led by…

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Westchester LDC Approves More Than $340M in Bond Financing For Westchester Medical Center and Sarah Lawrence College

September 3, 2020

WHITE PLAINS—The Board of Directors of Westchester County’s Local Development Corporation (LDC) recently voted to approve more than $340 million in bond financing for two major not-for-profits. At its August 20th meeting, the LDC board unanimously approved $300 million in bond financing for Westchester County Healthcare Corporation, the public authority responsible for governing the Westchester…

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Gateway Tunnel Project Start Delayed One Year

September 1, 2020

NEWARK—Considered one of the most important infrastructure projects in the New York metro region, the start of construction of the long-delayed Hudson Tunnel project has been pushed back by one year. The Gateway Program Development Corporation released an updated financial plan for the project on Friday. GPDC in its plan noted that the projected start…

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Law Firm Relocating Westchester Office to Purchase

August 31, 2020

PURCHASE—The law firm Milber Makris Plousadis & Seiden, LLP has signed a long-term direct lease deal totaling 25,000 square feet at 100 Manhattanville Road here. The law firm will relocate its Westchester office to the property owned by RPW Group from subleased space in White Plains. Commercial brokerage firm Newmark Knight Frank handled the full…

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City of Newburgh Issues RFP for Iconic ‘City Club Building’

August 27, 2020

NEWBURGH—While Orange County is in the midst of a solicitation for two storied properties on Grand Street here, the City of Newburgh has issued a Request for Proposals on Aug. 24 for developers to redevelop the iconic City Club Building at 120 Grand St. The Mayor’s Strategic Economic Development Advisory Committee, in coordination with the…

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Helmsley Spear Signs 16,000 SF Headquarters Sublease Deal

August 26, 2020

NEW YORK—Real estate firm Helmsley Spear, LLC, which was founded in 1866, reported on Aug. 26 it had signed a new four-year sublease with Lincoln Financial comprising almost 16,000 square feet for its headquarters office, in conjunction with Swig Equities, LLC, and Falcon Pacific Construction/Builders, LLC. “Helmsley Spear and the related Swig Equities companies have…

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