ALBANY—In nearly a month of difficult economic news and tragic fatality numbers due to the Novel Coronavirus pandemic, a glimmer of hope has emerged that the state is beginning to consider how and when non-essential businesses could reopen in New York State. On Monday April 13, Gov. Andrew Cuomo announced a regional initiative with six…
Read MoreYONKERS—Great Point Capital Management and National Resources announced on April 7 they had closed a $40-million loan with CIT to complete the financing of Great Point’s first construction project, a major film and television studio complex at the i.Park Hudson complex in Yonkers. The loan is the last step before construction begins on the production…
Read MoreRYE BROOK— SCHOTT Corporation has signed a lease for more than 14,000 square feet of space at Kingsbrook, a recently renovated six building complex located at 1100 King St. in Rye Brook owned by New York City-based George Comfort & Sons, Inc. The international technology company that specializes in the areas of specialty glass and…
Read MoreSLEEPY HOLLOW—Construction is expected to begin next year on a new DeCicco & Sons market at the Edge on Hudson project being developed at the former General Motors Assembly plant here. The deal marks the first retail property to sign on at the Edge on Hudson development and marks the first grocer to operate in…
Read MoreARLINGTON, VA—A Gartner, Inc. survey of 317 CFOs and finance leaders on March 30, 2020 revealed that 74% intend to move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19. “This data is an example of the lasting impact the current coronavirus crisis will have on the way companies do…
Read MoreNEW YORK—- Innovo Property Group and Square Mile Capital Management LLC have obtained construction financing totaling $305 million for their development of a one million square foot two-story Class A logistics and distribution facility at 2505 Bruckner Blvd. in the Bronx. The construction loans were provided by Bank OZK and the structured finance platform of…
Read MoreALBANY—Less than 24 hours after the real estate industry was led to believe that in-person real estate showings were permitted by New York State comes a statement from Empire State Development that only virtual/online showings are permissible. On the evening of April 2, an official with Empire State Development Corp. in a clarification of the…
Read MoreALBANY—Commercial and residential real estate brokers and agents received some welcome if not surprising news on April 1 when the Empire State Development Corp. clarified existing regulations, put in place in response to the Novel Coronavirus Pandemic, and deemed residential and commercial showings and back office real estate work as “essential.” The clarification therefore allows…
Read MoreNEW YORK—Most private construction in New York State, including major development projects in New Rochelle, Yonkers and White Plains, have been temporarily shut down as a means to prevent the spread of the Coronavirus Pandemic. At a press briefing at the Javits Center in New York City on March 27, New York Gov. Andrew Cuomo…
Read MoreNEW ROCHELLE—RXR Realty announced on March 31 that the Louis R. Cappelli Foundation had pledged $200,000 to RXR’s COVID relief efforts in New Rochelle, for a total of $1.2 million to support organizations helping New Rochelle residents impacted by the COVID-19 public health crisis. Funding will go towards programs to address both immediate needs, as…
Read MoreGOSHEN—Days after Gov. Andrew Cuomo announced new restrictions on construction that all but shut down private construction in New York State, LEGOLAND New York Resort announced it was postponing its planned theme park opening on July 4th until sometime in 2021. On March 27, Gov. Andrew Cuomo announced modifications to an existing executive order that…
Read MoreELMSFORD—Westchester County’s Element 46 incubator program has a new home for its latest cohort of budding entrepreneurs at new workspace at Robert Martin Company’s headquarters building at 100 Clearbrook Drive in Elmsford. Robert Martin announced earlier this month it is leasing to Westchester County 1,500 square feet of fully furnished, wi-fi equipped space for the…
Read MoreWHITE PLAINS—A panel of veteran Hudson Valley commercial real estate brokers agreed that the commercial office and industrial markets were strong entering 2020 and were prime for continued brisk activity. Editor’s Note: The meeting of the Hudson Gateway Association of Realtors Commercial Investment Division’s Broker Roundtable was held in late January, before the onset of…
Read MoreWASHINGTON—The U.S. Senate unanimously passed a $2-trillion COVID-19 compromise economic relief package on March 25. The bill now goes to the U.S. House, where it is expected to pass, and President Trump has said he will sign the much-needed measure into law. The National Association of Realtors reports the bill includes $350 billion for the…
Read MoreNEW YORK—RXR Realty announced on March 20 it was contributing $1 million to support organizations and New Rochelle residents impacted by the COVID-19 public health crisis. Funding will go towards programs to address both immediate needs, as well as the long-term recovery of New Rochelle. RXR’s commitment to New Rochelle, is in collaboration with the…
Read MoreMONTGOMERY, IL—Reich Brothers, which is headquartered in White Plains, and partner HFZ Capital Group of New York City, have purchased the four-million-square-foot Caterpillar manufacturing and distribution complex here for $68.5 million. The deal for the 350-acre campus also features a sale-leaseback component with Deerfield, IL-based Caterpillar Inc. The construction equipment manufacturer plans to keep approximately…
Read MoreWHITE PLAINS—The Westchester County Office of Economic Development recently issued a Request for Proposals for consultants to help the county develop a county-wide or area-wide economic development strategy and implementation plan. According to the RFP, which was released in February, the county is looking for a qualified consultant or team of consultants to assist in…
Read MoreALBANY—New York State Comptroller Thomas P. DiNapoli issued a revised revenue projection for the 2020-2021 state budget that estimates tax revenue will be at least $4 billion below the projections in the Executive Budget of $87.9 billion if a mild recession results from the novel coronavirus pandemic. He also offered one alternative scenario if a…
Read MoreMELVILLE, NY—Days after sporting goods retailer Modell’s Sporting Goods filed for Chapter 11 bankruptcy, Melville, NY-based A&G Real Estate Partners is marketing 137 Modell’s store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia. The retailer, founded in 1889, operates 153 stores located in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island,…
Read MoreMONTGOMERY—One of the more controversial commercial projects in Orange County secured a key approval on March 8 that will likely facilitate groundbreaking on the $120-million distribution facility later this spring if building restrictions related to the Coronavirus are lifted. The Montgomery Planning Board approved Medline Industries’ Final Environmental Impact Statement on its proposed 1.3-million-square-foot distribution…
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