Commercial

Longtime New Rochelle Official to Retire

March 10, 2022

NEW ROCHELLE—A longtime city official, Charles B. Strome III, who has served as New Rochelle City Manager for the past two decades, will retire at the end of this year, the city announced on March 9. Strome announced his retirement to the City Council at its March 8 meeting and will remain with the city…

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NewYork-Presbyterian Spends Nearly $84 Million To Convert Office Space to Ambulatory Care Facility

March 9, 2022

WHITE PLAINS—NewYork-Presbyterian has acquired the WestPark office complex at 1111-1129 Westchester Ave. here and has plans to convert the nearly 367,000 square feet of office space on the 25-acre property into a new state-of-the-art, multi-specialty ambulatory care facility. Multiple published reports put the purchase price at $83.5 million, citing recently filed land records with the…

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Westchester County Accepting Applications For 2022 Business FIRST Grant Program

March 7, 2022

WHITE PLAINS—The Westchester County Office of Economic Development is now accepting applications for the 2022 Westchester County Business FIRST grant program. This year’s grant program will provide up to $17 million to support nonprofits and religious organizations facing challenges as a result of the COVID-19 crisis. Applications were being accepted online starting on March 4…

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Work Could Begin on Regeneron Pharmaceutical’s $1.4 Billion Expansion Project This Spring

February 28, 2022

WHITE PLAINS—Regeneron Pharmaceuticals, Inc. believes work could begin as early as this April on its $1.394-billion “Loop Road” expansion project in the Town of Greenburgh if the company secures necessary incentives from the Westchester County Industrial Development Agency and other sources totaling approximately $172.9 million and another $100 million in other public incentives. The Tarrytown-based company’s…

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Commercial Brokers See Many Opportunities in Post-COVID Market

February 23, 2022

WHITE PLAINS—A panel of commercial real estate brokers from the New York City/Hudson Valley market that were part of a recent virtual panel hosted by the Hudson Gateway Association of Realtors were upbeat about many sectors in 2022, particularly the industrial, flex, health care and medical office segments. The region’s office market remains troubled as…

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Invesco RE Acquires Cortlandt Crossing Shopping Center

February 23, 2022

CORTLANDT MANOR—Dallas-based Invesco Real Estate, a global real estate manager, has acquired the 122,225-square-foot Cortlandt Crossing shopping center here. The grocery-anchored shopping center at 3144 East Main St. in Cortlandt Manor was sold by Rye-based Acadia Realty Trust. Cortlandt Crossing is a newly developed, 95% leased center anchored by ShopRite and HomeSense. Additional tenants include…

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GUEST VIEWPOINT: County Executive’s Corner: ‘Office of Buildings and Codes’

February 23, 2022

My administration and Rockland County government achieved the impossible; in only three months, Rockland launched a brand-new County Office of Buildings and Codes. I want everyone to know that this has been an incredibly difficult, detailed, and time-consuming process to create an entirely new office within county government. It was only 90 days ago that…

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New York Investment Firm Acquires White Plains Plaza for $105 Million

February 17, 2022

WHITE PLAINS—Argent Ventures, a privately held New York City-based investment firm, has acquired the twin-tower White Plains Plaza office property here from Ivy Realty of Greenwich, CT and DW Capital of New York City for $105 million. The deal represents the largest single asset office sale in Westchester County since 2010. The purchase expands Argent’s…

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Maryland-Based Logistics Firm Buys Warehouses in Westchester, Rockland Counties

February 17, 2022

ANNAPOLIS, MD—Logistics investment firm Realterm, which is headquartered in Annapolis, MD, has acquired a final-mile warehouse property in Armonk and another two warehouse buildings in Blauvelt, totaling a combined more than 420,000 square feet of industrial space. On Feb, 14, Realterm reported that it acquired the 112,791-square-foot warehouse building at 215 Business Park Drive in…

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Rockland County Launches Office of Buildings and Codes

February 15, 2022

NEW CITY—On Feb. 14, Rockland County Executive Ed Day and newly appointed Director Ed Markunas provided an update on the launch of the new County Office of Buildings and Codes, which began operations that day. The new county department assumed full control over the functions of the Village of Spring Valley Building Department per a…

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Orange County Re-Issues RFP for Sale of Camp LaGuardia Property

February 15, 2022

GOSHEN—“If at first you don’t succeed, try, try again.” After a Request for Proposals in 2020 to sell the more than 258-acre Camp LaGuardia property that is located in the villages of Chester and Blooming Grove failed to find a viable buyer, Orange County says it has put the property once again on the market…

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Business Council’s Gordon, Young of SUNY Orange Appointed Co-Chairs of Mid-Hudson Regional Council

February 10, 2022

NEW WINDSOR—The Mid-Hudson Regional Economic Development Council announced on Wednesday that Dr. Marsha Gordon, President & CEO of The Business Council of Westchester (BCW) and Dr. Kristine Young, President of SUNY Orange have been appointed as Co-Chairs of the Council, effective immediately. Dr. Gordon and Dr. Young succeed Dr. Donald P. Christian, President of SUNY…

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Westchester Commercial Market Ends 2021 On Generally Positive Note in Most Sectors

February 2, 2022

RYE BROOK—The Westchester County commercial market ended 2021 on a generally positive note with robust growth in multifamily developments as well as a strong performance by the industrial/flex market while retail fundamentals continued to improve and the investment market showed modest gains. However, entering 2022, the office market struggles to gain traction, according to the…

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Two International Carriers to Fly Out of Stewart in 2022

February 2, 2022

NEW WINDSOR—The Port Authority of New York and New Jersey announced on Feb. 1 that low-cost carrier Play Airlines (PLAY) will be launching daily international flights from New York Stewart International Airport to Reykjavik, Iceland starting on June 9. The Icelandic airline becomes the third carrier to offer international or domestic flights from New York…

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Robert Martin Completes Recapitalization Of its Entire Westchester Industrial Portfolio

January 27, 2022

ELMSFORD— Robert Martin Company announced on Jan. 26 the completed recapitalization of its “Westchester Industrial Portfolio,” a 45 property, infill, industrial portfolio totaling approximately 2.6 million square feet across three parks located across Westchester County. As part of the recapitalization, Robert Martin of Elmsford entered into a new joint venture with affiliates of New York…

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Retail Component of Chappaqua Crossing Trades for Nearly $80M

January 25, 2022

CHAPPAQUA—The newly developed retail component of the former Reader’s Digest headquarters property has been sold in a deal valued at $79.5 million. The transaction, announced by commercial brokerage firm CBRE, involves the 120,986-square-foot trophy quality, grocery-anchored shopping center that is part of the mixed-use Chappaqua Crossing development. The property was sold by the joint venture…

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Gov. Hochul Calls for Environmental Study of Future Conversion of Route 17 to I-86

January 13, 2022

ALBANY—The prospect of major upgrades—including the construction of what business and government leaders say is a much-needed third lane on portions of Route 17 in Orange and Sullivan counties—just got a step closer. Although not included in her State of the State speech on Jan, 5, accompanying material given to state lawmakers included a directive…

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Great Point Studios Opens Lionsgate Studios; Announces $500M Expansion in Yonkers

January 12, 2022

YONKERS—Great Point Studios officially opened the doors to its long-awaited Lionsgate Studios Yonkers on Jan. 11 at 45 Wells Ave. and announced that it will move forward with a more than $500-million expansion plan nearby. The expansion project announced by Great Point Studios Founder and CEO Robert Halmi calls for a 1-million-square-foot facility that will…

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Rockland County-Based Birch Group Spends $212M on Long Island Office Complex

January 7, 2022

NANUET—The Birch Group, a locally-based privately-held commercial real estate investor, owner and operator, reported on Jan. 6 it had acquired a two-building portfolio from DRA Advisors and Onyx Equities in Jericho, NY for $212 million. The acquisition follows the company’s recent $255-million portfolio purchase in Short Hills, NJ. With this latest acquisition, The Birch Group…

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Westchester IDA, LDC Provided Incentives That Fueled $1.2B in Investment in 2021

January 6, 2022

WHITE PLAINS—The Westchester County Industrial Development Agency and the Westchester County Local Development Corporation has provided financial incentives and tax-exempt bond financing to major developments representing more than $1.2 billion in private investment in Westchester County’s economy last year. “As Westchester re-emerges from the economic downturn resulting from the pandemic, the IDA and LDC have…

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