Commercial

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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HGAR, Bronx YMCA to Distribute Toys To Local Children on Christmas Day

December 15, 2020

NEW YORK—Staff members from HGAR’s new Bronx office and the Bronx YMCA will be out and about on Christmas Day, delivering toys to children in the local area. The toys, collected from “Operation Realtors Kids” Toy Drive, will be distributed to 21 homes with gifts for 80 children. “Our members and friends give generously during…

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Houlihan-Parnes Brokers Retail Leases At White Plains Road Strip Building

December 15, 2020

NEW YORK—David Lulgjuraj, asset manager of Houlihan-Parnes Properties, an affiliate of Houlihan-Parnes Realtors LLC, the exclusive leasing agent for 4174-4198 White Plains Road in the Bronx, announced recently the firm has completed four lease transactions totaling 6,350 square feet at the property. The transactions at the retail strip building located at the intersection of East…

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Trion to Manage Shorehaven Community in the Bronx

December 15, 2020

NEW YORK—Yonkers-based Trion Real Estate Management has been selected as the property management firm for the Shorehaven Homeowner’s Association located at 15 White Plains Road in the Bronx. The community totals 899 units spanning 40 acres, Shorehaven is comprised of seven homeowner’s associations and one umbrella association. The SHOA Board was looking for a single…

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Report: Unprecedented Growth of Multi-Family Housing is a Driving Force in Development Activity in NYC Suburbs

December 8, 2020

HARRISON—A report released on Dec. 8 by locally-based brokerage firm RM Friedland shows that over the past decade, multi-family development in the northern suburbs of Westchester and Fairfield counties has grown at an unprecedented rate. That upward trend is expected to continue due to the pandemic-driven migration from Manhattan, RM Friedland states in the report.…

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Orange County Legislature Votes to Sell Grand Street Properties for Hotel Project

December 7, 2020

GOSHEN—The Orange County Legislature in a unanimous 21-0 vote approved County Executive Steve Neuhaus’ proposal to sell three historically significant properties in Downtown Newburgh to make way for a hotel development. The three properties on Grand Street will be sold to Sullivan County-based Foster Supply Hospitality for $1.25 million. The proposed project will be developed…

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Remote Work will be a ‘Huge Driver’ of Growth for Orange County

December 3, 2020

In spite of rising coronavirus cases in the county and throughout New York State, Orange County Executive Steve Neuhaus and keynote speaker and well-known executive recruiting executive Alan Guarino are bullish on the county’s prospects in 2021 now that vaccines will be arriving later this month. County Executive Neuhaus and Guarino, who is vice chairman…

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NY Entering New COVID Phase; Hospital Capacity, Staffing Now Top Concern

November 30, 2020

ALBANY—In response to rising COVID hospitalizations throughout the state, New York Gov. Andrew Cuomo said today that the state is entering a new phase in its “war against COVID.” The governor and the New York State Department of Health are issuing directives that focus on a new strategy geared to ensuring sufficient hospital capacity throughout…

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Developer Breaks Ground on 500,000 SF ‘Spec’ Logistics Project in Orange County

November 30, 2020

GOSHEN—Officials with Boston-based development firm GFI Partners and commercial brokerage firm Resource Realty of Parsippany, NJ were joined by county and local dignitaries on Nov. 24 to turn the first dirt on the largest speculative industrial project in memory in Orange County. The local officials that attended the event celebrating the launch of the 500,000-square-foot…

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Morgan Stanley Plans $200M Renovation of Harrison Office Complex Thanks to Westchester IDA Incentives

November 27, 2020

WHITE PLAINS—The Westchester County Industrial Development Agency announced on Nov. 25 it recently granted final approval for incentives ranging from $6.5 million to $13 million to Morgan Stanley for the financial services firm’s planned more than $200-million renovation of its corporate office complex at 2000 Westchester Ave. in Harrison. The Industrial Development Agency stated that…

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NYC-Based Monday Properties Acquires Stamford Office Complex for $27.25M

November 25, 2020

STAMFORD, CT—Monday Properties, a national real estate firm based in New York City, has acquired a two-building office complex totaling 224,000 square feet at 900 Long Ridge Road in Stamford, CT for $27.25 million. The deal marks Monday Properties’ second acquisition in less than two months and the first this year in the New York…

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Nanuet Investment Firm Acquires Mack-Cali Office Building for $12.75M

November 24, 2020

PARSIPPANY, NJ—The Birch Group of Nanuet has acquired from Mack-Cali Realty Corp., a 154,820-square-foot office building at 7 Campus Drive here for $12.75 million. The sale by Jersey-based Mack-Cali is part of an ongoing disposition of its office assets. The firm reported that the sale brings its year-to-date suburban office dispositions to $270.35 million. “We…

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NRC Approves License Transfer of Indian Point Energy Center

November 24, 2020

WASHINGTON—The Nuclear Regulatory Commission announced on Monday (Nov. 23) it had approved the transfer of the Indian Point nuclear power plant licenses from Entergy Nuclear Operations to Holtec International, as owner, and Holtec Decommissioning International as decommissioning operator. Holtec and HDI have announced that they intend to expedite the decommissioning and dismantling of the power…

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ULI Forecast Says Worst U.S. Economic Fears Have Eased

November 23, 2020

While the economic impact of the coronavirus this year has been dramatic, two recently released reports indicate that the real estate industry and the U.S. economy are expected to fare better in 2021. The Urban Land Institute’s latest Real Estate Economic Forecast predicts less of a slump for the rest of this year than was…

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Douglaston Companies Announces Launch of Nationwide Development Venture

November 23, 2020

NEW YORK—Jeffrey E. Levine, the founder and chairman of New York City-based The Douglaston Companies, announced on Nov. 23 the launch of DD Nationwide, which will be under The Douglaston Companies umbrella. DD Nationwide was established to pursue real estate development opportunities outside of the New York metropolitan area to further broaden Douglaston’s robust scope…

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