WHITE PLAINS—The luxury Ritz-Carlton New York, Westchester hotel in Downtown White Plains is closing its doors in September, but Real Estate In-Depth has learned the property will reopen in early 2021 after a multi-million-dollar renovation. The ownership, Glacier Capital Partners, reports that the hotel property will reopen under a new brand as one of Marriott…
Read MoreEach commercial real estate asset class has been impacted by the COVID-19 pandemic in one way or another. Many commercial lenders extended 90-day payment deferments to their borrowers as a way to help relieve immediate financial hardship in case the tenants (sometimes the borrowers themselves) were unable to pay rent. These deferments are ending in…
Read MoreWHITE PLAINS—Stark Office Suites reported on June 16th it has increased its Westchester executive office suite footprint and now occupies the entire 11th floor at 445 Hamilton Avenue, the company’s flagship site in the heart of Downtown White Plains. Offering more than 26,000 square feet, this location is the largest suburban space in the Stark…
Read MoreA large office condominium on the Grand Concourse in the Bronx that has been turned around by a partnership of Sam Jemal of JJ Operating, Inc. of New York City and members of his family together with James J. Houlihan and members of Houlihan-Parnes Realtors, LLC of White Plains, secured a $29-million first mortgage on…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency could be establishing in the near future a fund that would provide grants and loans to county businesses hurt by the coronavirus pandemic. Westchester County Director of Operations Joan McDonald reported this morning that the program could total $500,000 in financing. The county would be moving forward on…
Read MoreWHITE PLAINS—Today is the day real estate brokers and agents have been anxiously waiting for since March 22 when Gov. Andrew Cuomo issued the “New York on Pause” order that virtually shut down the real estate industry and all other “non-essential” businesses in the state. Gov. Andrew Cuomo announced this morning (June 9) that the…
Read MoreBy Mike Fratantoni and Joel Kan The extraordinary impact from COVID‐19 social distancing measures and business closings is impacting the economy and job market in unprecedented ways. While April economic data has been uniformly awful, more recent data on purchase applications indicate significant pent up demand for housing. Housing demand is strengthening as more states…
Read MoreWHITE PLAINS—A group of Westchester landlords who own rental properties in Elmsford, Port Chester and Yonkers filed suit on May 25 in U.S. District Court for the Southern District in White Plains against Gov. Andrew Cuomo for his extension of regulations that prohibits landlords from initiating or continuing residential evictions. The suit also contests the…
Read MoreTOWN OF POUGHKEEPSIE—Developers are undertaking substantial demolition and renovation work as they move forward with the Hudson Heritage mixed-use community being developed on 156 acres on Route 9 across from Marist College. The $300-million project will include housing, a hotel and conference center, retail, a supermarket, restaurants, entertainment, and medical and office space. The site…
Read MoreI would like to share my thoughts on the pain, suffering and turmoil that has gripped our region, our state and our nation since the tragic and senseless killing of George Floyd in Minneapolis during the last week. Two and a half months ago COVID-19 began its onslaught in New York, creating what can best…
Read MoreARMONK – The Building and Allied Construction Industries of Westchester, the newest chapter of the New York State Builders Association and the National Association of Home Builders, announced on June 2 that it was officially open for business and accepting new members. The announcement came one week after Westchester County and the Mid-Hudson Region achieved…
Read MoreWHITE PLAINS—Westchester County Executive George Latimer announced on June 1 that he had formed the Westchester County Reopening Task Force, which is charged with finding solutions to advance local businesses interests once the coronavirus crisis ends. The task force is co-chaired by Westchester County Legislator Catherine Parker, a former small business owner and past president…
Read MoreALBANY—On Tuesday, May 26th, segments of the construction and manufacturing sectors of the Mid-Hudson regional economy were allowed to go back to work after being shut down under Gov. Andrew Cuomo’s “New York on Pause” restrictions imposed in March to prevent the spread of the Novel Coronavirus. Gov. Andrew Cuomo first announced on May 22…
Read MoreWHITE PLAINS—Now that the Mid-Hudson region has begun phase one of its reopening process, two major Westchester shopping centers have opened for business for merchandise pick up only. Officials with the Galleria at White Plains outlined their plan on Wednesday, May 27 for merchandise pick-up under phase one of Westchester County’s gradual reopening of businesses.…
Read MoreALBANY—Gov. Andrew Cuomo announced today that pending the required training of contact tracers over the Memorial Day weekend, the Mid-Hudson regional economy will begin phase one of its economy’s reopening on Tuesday, May 26. The governor in his daily COVID-19 briefing on Saturday said the Mid-Hudson region had met the metric in terms of COVID…
Read MoreNEW YORK—Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated respectively, have Development Site Advisors, the only firm in New York City with a sole focus on the development site sector. “During our many years of working in the commercial real estate industry, we came to…
Read MoreELMSFORD—Earlier this month, the Greenburgh Town Board unanimously approved a site plan application to demolish the shuttered multiplex cinema at 320 Saw Mill River Road in Elmsford (across from Sam's Club) and to replace the building with a 75,711-square-foot Shoprite grocery store. The project, which was approved with a host of conditions, also includes an…
Read MoreYORKTOWN—The Yorktown Planning Board has approved a distribution center for Nestle Waters. The Planning Board’s approval earlier this month will allow Nestle Waters to bring an estimated 60 jobs to Yorktown, as well as end a longtime vacancy at the former Verizon building at 3775 Crompond Road. Nestle Waters has proposed renovating the 1.9-acre property’s…
Read MoreWHITE PLAINS—It appears the reopening of the Mid-Hudson economy, which was all but shut down back on March 22 when Gov. Andrew Cuomo put “New York on Pause” to prevent the spread of the Novel Coronavirus, is finally at hand. After a setback earlier this week, Westchester County Executive George Latimer and Orange County Executive…
Read MoreWASHINGTON— CoStar Group, Inc., a leading provider of commercial real estate information, analytics and online marketplaces, announced today that it plans to acquire Ten-X for $190 million in cash. Ten-X was launched in 2009 with the goal of providing a digital transaction platform for effectively liquidating the large volume of distressed commercial real estate assets…
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