Commercial

Grand Concourse Building Trades for More Than $7 Million

August 28, 2019

NEW YORK—Kathy Zamechansky, president of KZA Realty Group, Inc., reported the firm recently brokered a deal to sell an 11-story commercial building at 2021 Grand Concourse for $7.25 million. Built in 1927, the property includes 59,292 square feet of commercial space and a pharmacy on the ground floor. Zamechansky represented the seller, Bronx-based Gara Realty…

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Hudson Rail Tunnel Project Cost Reduced by $1.4 Billion

August 28, 2019

NEWARK, NJ—Officials pushing for a new multi-billion-dollar Gateway Hudson River Tunnel announced recently they have trimmed $1.4 billion off the cost of the project in the hopes of securing necessary federal funding for the venture. Richard Cotton, executive director of the Port Authority of New York & New Jersey, the project sponsor, sent a letter…

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Report: New York City Needs to Control Rising Costs for Leased Space

August 28, 2019

NEW YORK—A report released this week by the Citizens Budget Commission calls for the city to better manage city government leased space costs, which rose to $1.1 billion in 2018. Given the rising costs, the Department of Citywide Administrative Services, which manages the city’s real estate portfolio, should accelerate efforts to improve its management, monitoring…

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Home Prices Increase in 91% of Metro Areas in Second Quarter

August 27, 2019

WASHINGTON—Most metro areas saw price gains under marginal inventory growth in the second quarter of 2019, according to the latest quarterly report by the National Association of Realtors released earlier this month. Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas showing…

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Robert Martin Execs Discuss Growth Plans After $487.5 Million Mega Purchase Deal

August 21, 2019

(Part two of two) ELMSFORD— Real Estate In-Depth recently sat down with Robert Martin Co. CEO Timothy Jones and Managing Director Greg Berger, to discuss the particulars of the firm’s $487.5-million purchase of a 56-building portfolio, most of which was originally developed by Robert Martin and later sold to the predecessor of Mack-Cali in the…

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More than Two Million SF of Industrial Projects Seeking Approvals in the Town of Montgomery

August 20, 2019

MONTGOMERY—This Orange County community is currently reviewing plans that would add nearly 2.4 million square feet of warehouse distribution space to its commercial tax base. At present, global healthcare products firm Medline Industries, Inc. is seeking approval from the Montgomery Town Planning Board for a $120-million, 1.3-million-square-foot distribution facility. The firm is moving operations from…

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Construction Begins on Union Square Tech Training Center

August 19, 2019

NEW YORK—A host of dignitaries and city officials including Deputy Mayor Vicki Been, Council Member Carlina Rivera, Manhattan Borough President Gale Brewer, the New York City Economic Development Corp., community stakeholders and RAL Development Services broke ground on Aug. 5 on the new 21-story building that will house the Union Square Tech Training Center. The…

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L+M, Invesco JV Acquires Five Former Mitchell-Lama Developments in New York City in $1.2 Billion Deal

August 19, 2019

NEW YORK CITY—L+M Development Partners and Invesco Real Estate announced on July 31 they were entering into a contract to purchase and preserve five former Mitchell-Lama developments in Manhattan from Urban American and Brookfield Asset Management for $1.2 billion. The regulatory agreements, covering all 2,800 units and enacted in partnership with the New York City…

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Courtyard by Marriott Hudson Yards Secures $199M Refi Deal

August 19, 2019

NEW YORK—An affiliate of Mack Real Estate Credit Strategies reported on Aug. 16 it provided a $199-million loan to refinance the Courtyard by Marriott Hudson Yards hotel, recently built by companies affiliated with hotelier David Marx. The loan proceeds will be used to take out a construction loan and other previous financing ahead of the…

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Three New Retailers Sign on at Cross County

August 14, 2019

YONKERS—Although the Sears department store shut down there recently, the Cross County Shopping Center continues to draw new tenants. The ownership of the storied shopping center announced recently that it will add three new retailers to its tenant roster in 2019. New to the complex will be Mito Asian Fusion, Invicta Watches and Carvel Ice…

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Peekskill Scores $10 Million to Improve Downtown

August 14, 2019

PEEKSKILL—New York Gov. Andrew Cuomo traveled from Albany down to Peekskill on Aug. 13 to announce that the city had been selected as the Mid-Hudson winner of the fourth round of the governor’s Downtown Revitalization Initiative. As this year’s winner, Peekskill be awarded $10 million in state funding and investments to revitalize its downtown neighborhoods…

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Experts Decry Rent Laws’ ‘Disastrous’ Impacts

August 8, 2019

NEW YORK—More than 125 commercial and residential real estate professionals heard a rather sobering outlook of what the recently enacted new rent control regulations enacted by the State Legislature and signed into law by Gov. Andrew Cuomo will have on the region’s real estate market. The morning session was held on Aug. 7 at the…

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New York Times to Move Some Staff to Long Island City

August 8, 2019

NEW YORK—The New York Times Co., which has been expanding its workforce recently, will be relocating approximately 350 workers from its headquarters building at 620 Eighth Ave. in Manhattan to Court Square Place in Long Island City, Queens. The media organization signed a lease for 57,846 square feet of space at 24-01 44th Road. Court…

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Construction to Begin in 2020 on Senior Housing Development at Purchase College

July 31, 2019

PURCHASE— Broadview – Senior Living at Purchase College is moving forward with its development of 220 independent living homes for ages 62 and older. When built, the project will be the first senior housing development to be located on a college campus in Westchester County. The firm expects to begin construction on the development project…

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Robert Martin Makes Historical Investment That Brings Firm Back to its Roots

July 17, 2019

“Our assets are coming home.” Greg Berger, partner, Robert Martin Co. (Part one of two) ELMSFORD—Earlier this year Robert Martin Co. reached back to its storied past to reshape its future when it acquired a 3.1-million-square-foot industrial/flex portfolio its company founders had originally developed from the 1970s through the 1990s. The $487.5-million purchase of the…

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