Commercial

Yonkers IDA Takes Actions on Projects Valued at More Than $182 Million

September 28, 2022

YONKERS—The Yonkers Industrial Development Agency reported that it recently voted to grant preliminary and final approvals of financial incentives for new residential and commercial projects representing a total private investment of $182.2 million, The developments are projected to create more than 600 construction jobs and over 300 apartments including affordable housing for low-income seniors. “These…

Seizing the Opportunity to Compete for High-Value Manufacturing Projects

September 22, 2022

Globalization has long impacted the location decisions of manufacturing firms; many have decided to locate overseas over the last 20 years. Fast forward to 2022—global pandemics, geopolitical uncertainty, and heightened supply chain risks have complicated economic development and location decision making. As documented in a recent Wall Street Journal article, American companies are on pace…

Five Questions With: Orange County Executive Steven M. Neuhaus

September 22, 2022

GOSHEN—Now in his third term of office, Orange County Executive Steven M. Neuhaus is looking beyond the COVID-19 pandemic to the future of Orange County. Neuhaus, at a recent meeting of the Alliance for Balanced Growth, did not hold back and offered his frank assessment of the economy and what he believes is the proper…

HGAR Attends NAR C5 Conference in NYC

September 16, 2022

HGAR officials attended and exhibited at the 2nd Annual NAR C5 conference at the Marriott Marquis in NYC August 15 – 17th. This year’s event focused on commercial real estate and included a panel titled “Partners in Growth: How Relationships with EDC’s Advances Your Business” that included Bridget Gibbons, Director, Economic Development Westchester County. Left…

Area Mayors Discuss Affordable Housing, Commercial Development, Community Safety

September 16, 2022

WHITE PLAINS—Affordable housing, commercial development, energy resources and community safety were among the issues discussed recently at a live “Meet the Mayors” panel held by the Women’s Council of Realtors on Sept. 12 at HGAR’s headquarters in White Plains. Moderated by Leah Caro, Co-Chair of HGAR’s Legislative Committee, the panel included the mayors of White…

Rand Commercial’s Adler Honored by Legal Services of the Hudson Valley

September 16, 2022

RYE—The Legal Services of the Hudson Valley held its annual Equal Access to Justice Gala on Sept. 14 that honored New York Gov. Kathy Hochul with the Champion of Justice Award, Paul Adler, Chief Strategy Officer, Rand Commercial, and Jonathan C. Harris, General Counsel and Secretary, MBIA Inc, who each received the Access to Justice…

Experts Predict Recession Likely in 2023 as Fed Continues to Battle Inflation

September 14, 2022

NEW YORK—A consensus of real estate and finance experts predicted that a recession is likely in 2023 as the Federal Reserve will continue to hike rates this year to battle rising inflation. The experts were part of a virtual panel discussion held on Sept. 7 hosted by Fordham University’s Real Estate Institute and The Business…

Orange County to Host First Economic Summit on September 30

August 31, 2022

GOSHEN—Orange County Executive Steven Neuhaus has announced that the county will be holding an Economic Summit on Friday, Sept. 30th at SUNY Orange in Middletown. The theme of the 2022 Orange County Economic Summit will be “Positive Growth and Infrastructure: Progress Today and Planning Tomorrow.” The Economic Summit will bring together key stakeholders, including elected…

Energy, Business, Labor Groups Say State Needs To Responsibly Advance Climate and Energy Goals

August 31, 2022

ALBANY—A group of four business, labor, construction trades and energy organizations have developed seven principles the state should follow to address what they say are shortcomings of the current version of the Scoping Plan drafted by the New York State’s Climate Action Council (CAC). The Independent Power Producers of New York, The Business Council of…

Panel to Discuss Future of NY Region’s Commercial Real Estate Market on Sept. 7

August 30, 2022

NEW YORK—With rising interest rates, historic inflation and global economic uncertainty, all eyes are on commercial real estate. What will this mean for demand and value? Will commercial real estate remain a hedge against inflation? What’s next for the New York market? The Fordham Real Estate Institute and The Business Council of Westchester will bring…

Two Adjoining Middletown Hotels Sell for $34 Million

August 24, 2022

MIDDLETOWN—The Marriott Courtyard and Hampton Inn hotels on Crystal Run Crossing off Exit 120 of Route 17 in Middletown have been sold for $34 million. Brokerage firm Marcus & Millichap reported that the two properties, which combined total 261 rooms, were sold by a limited liability company to a regionally based buyer. Marcus & Millichap…

Higher Rates Causing Investors to ‘Pull Back Big Time’ on New Deals

August 15, 2022

NEW YORK—The Federal Reserve Board’s campaign to slow down the economy via rate hikes has accomplished its mission in most segments of the real estate market, according to a panel of real estate, finance and economic leaders assembled by the Fordham Real Estate Institute. While they don’t see many investors “hitting the panic button” they…

Mid Hudson Politicos Blast MTA’s Congestion Pricing Plan

August 11, 2022

NANUET—A group of Rockland County politicians, including County Executive Ed Day, slammed the controversial Congestion Pricing Plan released by the MTA and other transit agencies yesterday. At a press conference staged at the Nanuet train station on Wednesday, Day, State Assemblyman Michael Lawler, MTA Board Member Frank Borelli and 38th State Senate District Candidate Bill…

MTA Congestion Pricing Plan Sets Peak Tolls from $9 to $23

August 10, 2022

NEW YORK—The details of the Metropolitan Transportation Authority’s long-delayed and controversial congestion pricing plan were unveiled on Aug. 10. The plan, which will now be the subject of public hearings later this month, calls for the implementation of peak tolls to enter Manhattan’s Central Business District ranging from $9 to as high as $23. The…

In Memoriam: Allan Eisenkraft

August 9, 2022

The Hudson Gateway Association of Realtors regrets to inform its membership of the passing of longtime Westchester commercial real estate owner and developer Allan Eisenkraft on Aug. 5, 2022, at the age of 86 in Ridgewood, NJ. Eisenkraft was a longtime member of the association’s Commercial Investment Division and was a staple at CID meetings…

Medline Officially Opens New Nearly 1.4-Million-Square-Foot Distribution Center

August 2, 2022

MONTGOMERY—A host of state, county and local officials joined Medline executives on Monday for the official opening of its nearly 1.4 million-square-foot distribution center here. The facility, the largest building in Orange County, according to Orange County Partnership President and CEO Maureen Halahan, cost more than $120 million to build. The new Medline property handles…

Ginsburg Hires RM Friedland to Market Office Space at City Square

August 1, 2022

HARRISON—With the multimillion-dollar renovation of City Square at 50 Main St./1-11 Martine Ave. in Downtown White Plains, New York now complete, owner Ginsburg Development Company has awarded locally-based RM Friedland the exclusive office leasing assignment for the relaunch of its signature property consisting of 360,000 square feet of office space. RMF’s Office Managing Director, Chris…

Daybase Opens First Hybrid Work Location in Westchester County

July 26, 2022

HARRISON—Daybase, a hybrid work company, held an opening ceremony on July 25 for its first Westchester location in Harrison. The founders of Daybase were joined at the event by Harrison Mayor Richard Dionisio, along with members of the Harrison Town Council, Harrison Planning Board as well as Westchester County Executive George Latimer and Deputy County…

Pfizer to Spend $470 Million to Expand Vaccine Operations in Rockland County

July 22, 2022

PEARL RIVER—Global pharmaceutical firm Pfizer Inc. reports that it will spend $470 million to expand its vaccine research and development operations here. As Bloomberg first reported, Pfizer confirmed to Real Estate In-Depth that it plans over the next three years to secure necessary approvals and expand and modernize its campus with a new 260,000-square-foot lab…

Five Questions With: Nadia Evangelou Senior Economist & Director of Forecasting, National Association of Realtors

July 21, 2022

With the Federal Reserve poised to ratchet up short-term rates by 75 to as much as 100 basis points later this month and inflation currently at a four-decade high of 9.1%, fears in the investment and real estate communities are that a recession could be on the horizon. While the current economy differs widely from…