Commercial

Route 17 Expansion Will Improve Mobility and Enhance Safety

March 20, 2023

By Maureen Halahan and Marc Baez Editor’s Note: This article first appeared in Mid Hudson News (midhudsonnews.com). In business, as in life, we can find ourselves in a rut. The way out may be complex or simple, but it always involves change. That’s the key to moving forward; idling holds you back, and doing nothing…

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HGAR Headquarters Property Sold to Hines for $110 Million

March 14, 2023

WHITE PLAINS—Commercial brokerage firm CBRE announced on March 14 that the headquarters building for the Hudson Gateway Association of Realtors has been sold to Hines U.S. Property Partners. Hines U.S. Property Partners is the flagship commingled U.S. core plus fund for Hines, which is headquartered in Houston. No financial terms of the transaction were disclosed…

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Westchester Launches Business FIRST Downtown Improvement Grant Program

March 1, 2023

WHITE PLAINS—Westchester County announced on Feb. 22 that the next phase of Westchester County Office of Economic Development’s Business FIRST (Financial Investments for Recovery and a Sustainable Tomorrow) program will focus on downtown improvement and stimulating economic revitalization at the local level. This Pilot Grant Program will help four municipalities reimagine and revitalize their downtown…

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U.S. Consumer Confidence Fell Sharply in February

March 1, 2023

NEW YORK—The Conference Board Consumer Confidence Index decreased in February for the second consecutive month. The Index now stands at 102.9 (1985=100), down from 106.0 in January (a downward revision), The Conference Board announced on Feb. 28. The Present Situation Index—based on consumers' assessment of current business and labor market conditions—increased to 152.8 (1985=100) from…

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$229-Million Amazon Warehouse in Slate Hill Seeks Incentives from Orange County IDA

February 22, 2023

SLATE HILL—Scannell Properties of Indianapolis, IN and Seattle, WA-based Amazon have filed a joint application with the Orange County Industrial Development Agency for tax incentives in connection with their proposed $229-million, 925,000-square-foot warehouse distribution project to be built on 100 acres of a former commercial sand gravel mine here. The proposed “Slate Hill Commerce Center”…

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Carvi Properties Acquires Westchester Office Campus for $23.5 Million

February 22, 2023

IRVINGTON—The historic three-building, 138,000-square-foot Astor Buck Campus has been sold to New York City-based Carvi Properties for $23.5 million. The deal was announced by Marcus & Millichap. The firm’s Alan Cafiero, Mark Gjonbalaj and Matt Leszyk represented the seller, Stanford Bridge LLC and procured the buyer, Carvi Properties Inc. of New York City. At the…

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Real Estate Sales Execs Still Bullish On New York’s Housing Market in 2023

February 16, 2023

WHITE PLAINS—Sales executives from Related Cos., Compass and Sotheby’s believe that now that mortgage rates have stabilized, investor interest, including demand from foreign buyers, has returned to the New York metro area housing market. The Hudson Gateway Association of Realtors, Inc. and OneKey MLS recently hosted a virtual panel featuring real estate experts who discussed…

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Commercial Panel Predicts Hybrid Work Here to Stay; Office Conversion to Residential Will Continue in 2023

February 14, 2023

WHITE PLAINS—The annual Commercial Real Estate Roundtable has certainly been known for its share of spot on, sometimes offbeat and even startling predictions over the years. The 2023 program, presented by the Hudson Gateway Association of Realtors Commercial Investment Division, did not disappoint as the panel offered frank assessments of the office, multifamily and retail…

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Five Lease Deals Signed at Kingsbrook Office Park

February 13, 2023

RYE BROOK—New York City-based George Comfort & Sons announced on Feb. 6 that five lease agreements totaling more than 83,000 square feet have been signed at the Kingsbrook office complex in Rye Brook. In January, George Comfort & Sons signed a 10-year agreement with Regus to open a location at Kingsbrook in mid-2023 across 15,800…

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Study: NYC Workers Slowly Returning to Office

February 13, 2023

NEW YORK—The Partnership for New York City released a survey earlier this month of more than 140 major Manhattan office employers between Jan. 5 and Jan. 28, 2023, which showed that employees are continuing to return to the office, at least on a part-time basis. As of late January 2023, 52% of Manhattan office workers…

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President Biden Promotes Infrastructure, CHIPS Bills And Economic Agenda in State of the Union Address

February 8, 2023

WASHINGTON—President Joe Biden in his 72-minute address last night before a divided Congress stressed that the State of the Union is strong and pushed his economic agenda that includes trillions of dollars in funding for infrastructure, climate change and semiconductor manufacturing that is creating tens of thousands of new jobs in the construction industry alone.…

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Hudson Valley iCampus Closes $40M In Major Lease, Renewal Transactions

February 6, 2023

PEARL RIVER—Officials with the Hudson Valley iCampus in Pearl River report the ownership has closed lease and renewal deals totaling 337,589 square feet on campus valued at more than $40 million from August 2021 through December 2022. “We are very pleased with how swiftly our rebranding program and outreach to the community has positively impacted…

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NY State Begins Process to Approve Mega Downstate New York City Area Casinos

January 18, 2023

ALBANY—The prospect of downstate casinos in the New York metro area just got serious and those who seek these lucrative full-gaming licenses will have to possess very deep pockets that will fund at the least $1 billion in investment. The New York State Gaming Facility Location Board issued Request for Applications on Jan. 3 for…

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National Resources Acquires Leake & Watts Campus for Nearly $53 Million

January 6, 2023

YONKERS—Greenwich, CT-based National Resources has acquired the 28-acre Leake & Watts campus in Yonkers and the Bronx from Rising Ground for $52.6 million. The deal was announced by commercial brokerage firm OPEN Impact Real Estate. OPEN Impact Real Estate is a woman-owned brokerage firm that is an affiliate of Transwestern Real Estate Services. The OPEN…

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Mortgage Bankers See Unsettled Markets Dissipating in 2023

January 5, 2023

WASHINGTON—Commercial and multifamily mortgage originators are experiencing an unsettled market for borrowing and lending but anticipate those conditions will slowly stabilize over the course of 2023, according to the Mortgage Bankers Association's 2023 Commercial Real Estate Finance Outlook Survey. The survey, which polled the leaders of the top commercial and multifamily mortgage finance firms for…

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Golf Simulator Retailer to Open Locations At Palisades Center and in Scarsdale

January 5, 2023

WEST NYACK—Golfzon, a golf simulator firm, and Troon, a leader in providing golf and club-related leisure and hospitality services, have partnered to launch Golfzon Social, a state-of-the-art indoor golf entertainment venue. The first two locations are set to open in early 2023 in Rockland and Westchester counties. Seeking to attract non-golfers, avid golfers, and casual…

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Robert Martin Co. Completed 586,000 SF Of New Leases and Renewals in 2022

January 5, 2023

ELMSFORD—Robert Martin Company, one of the largest real estate management and development firms in Westchester County, announced recently it had secured approximately 586,000 square feet of new leases, renewals, and expansions at its properties in Westchester County for 2022. Company officials stated that the strong leasing activity reflected the ongoing strength of Robert Martin Company’s…

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Newly Opened Gaming Facility Gives Troubled Newburgh Mall New Life

December 29, 2022

NEWBURGH—The opening of the Resorts World Hudson Valley video gaming machine (VGM) facility at the beleaguered Newburgh Mall in Orange County on Dec. 28 will bring hundreds of new full-time jobs and significant tax revenue for the area, but business leaders are hoping for so much more. Executives from Genting, which owns the casino, were…

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