BLAUVELT—Commercial brokerage firm CBRE announced on Aug. 4 that it has secured a 200,775-square-foot lease across two buildings in the Hudson Crossing Industrial Park in Blauvelt. The unnamed e-commerce tenant will occupy 123,999 square feet of space at 400 Oritani Drive and 76,776 square feet of space in the neighboring building at 200 Oritani Drive.…
Read MoreNEW YORK—Vornado Realty Trust announced on Aug. 3 that Facebook has leased all of the office space at The Farley Building totaling 730,000 square feet in Vornado’s Penn District. Vornado also released its second quarter financial results and the tremendous impacts caused by the coronavirus pandemic on its operations and finances. The Farley Building is…
Read MoreNEW YORK—New York City Comptroller Scott M. Stringer released a report on Aug. 3 on New York City’s Fiscal Year 2021 Adopted Budget that found an overreliance on one-time actions in the adopted budget to close the $8.33-billion shortfall brought about by the economic crisis caused by the COVID-19 pandemic. With significant budget gaps looming…
Read MoreNEW YORK—Helmsley Spear, LLC, reported recently it had brokered a 20,000-square-foot sublease with Keller Williams for the 10th floor of 99 Park Ave. Gould Paper Corp., the current tenant, will continue to occupy 8,718 square feet of the space. The sublease term runs through December, 2023. The Helmsley Spear leasing agents for this sublease were…
Read MoreSince early spring, when the coronavirus hit the New York metro area hard, headlines have been screeching about the residential flight from Manhattan and other parts of New York City. Newspapers, online publications, blogs, and broadcast media are continuously touting the mass exodus from The Big Apple. High-end luxury condo owners to students and young…
Read MoreMORRISTOWN, NJ—An affiliate of Northeast Capital Group, which is based in Rockland County, has acquired the Offices at Bedminster office complex here from New York Life Real Estate Investors. Commercial brokerage firm JLL marketed the 194,000-square-foot office complex for seller New York Life Real Estate Investors. JLL did not disclose the sale price. In a…
Read MoreYORKTOWN—Joining the City of Yonkers and the Town of Cortland, which recently inaugurated efforts to attract new business, the Town of Yorktown has launched a new marketing campaign that will promote the Northern Westchester municipality as a prime investment and relocation destination. The campaign’s theme—Yorktown: Up where you belong!—is a nod to the town’s welcoming…
Read More“New York, like states all across the country, confronts the immediate effects of a paralyzing national recession, the longer-term challenge of improving our competitive position in the global economy, and the specter of a dangerous, ugly divisiveness among our people.” Those words, but with the single substitution of “pandemic” for “recession,” are as true today…
Read MoreWhile most economic news of late in this time of the coronavirus is usually described as “bleak” or “grim,” an international site selector speaking to a virtual meeting of the Orange County Partnership on July 22 indicated that the county’s prime location, available workforce and lower cost of land and housing will attract investment, particularly…
Read MoreALBANY—The New York State Department of Labor announced on Tuesday, July 22 that the Hudson Valley unemployment rate rose to 12.2% in June, up from the 11.1% jobless rate in May 2020 for the region. According to preliminary data, New York State’s area unemployment rate seasonally-adjusted unemployment rate increased from 14.5% in May to 15.7%…
Read MoreNEW YORK—American International Group, Inc. announced on July 21 that it will relocate its global headquarters in New York City to 1271 Avenue of the Americas, where it will occupy eight floors totaling 325,000 square feet. The firm also reported it will consolidate its remaining New York City area footprint into approximately 450,000 square feet…
Read MoreBy Eric Pierson, AICP Editor’s Note: The following analysis was originally published on the Business Council of Westchester’s Data Exchange (https://thebcw.org/data/)on July 9, 2020. As we get farther away from the beginning of the COVID-19 pandemic in the United States, a clearer picture is beginning to emerge of the economic damage rendered by this disease.…
Read MoreWASHINGTON—After enduring months of setbacks brought on by the coronavirus pandemic, a new survey from the National Association of Realtors released on Thursday, July 9 shows that more than nine in 10 of its members believe they are in the process of recovering as many states start to reopen their economies. NAR's 2020 Market Recovery…
Read MoreYONKERS, CORTLANDT—The City of Yonkers and the Town of Cortlandt have unveiled new marketing plans geared to bring new business to their respective communities as they attempt to re-emerge from the economic downturn caused by the COVID-19 pandemic. On July 8, Yonkers Mayor Mike Spano unveiled the new marketing campaign entitled “Yonkers is Back to…
Read MoreWHITE PLAINS—DJ Venn, senior vice president of asset management, Onyx Equities, announced on July 7th that the company had issued an RFP to create one of the first smart office campuses in the nation. WestPark, as it is known, comprises two Gold LEED, trophy Class-A headquarters buildings on 25.6 acres, located at 1111 and 1129…
Read MoreGOSHEN—Orange County announced on June 24 it had issued separate Request for Proposals to developers and investors for the purchase of the massive Camp LaGuardia property in Chester and Blooming Grove and three iconic properties in Downtown Newburgh. Both the Camp LaGuardia and Grand Street properties are county-owned. The Camp LaGuardia property, a former New…
Read MoreWHITE 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…
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