Commercial

New York State Budget Gap Falls From Nearly $39 Billion to $3.4 Billion

June 25, 2021

ALBANY—The State Fiscal Year 2021-22 Enacted Budget Financial Plan shows a remarkable improvement in the state’s financial condition as cumulative four-year budget gaps estimated at $38.7 billion just four months ago have been reduced to $3.4 billion, according to a report released on June 24 by State Comptroller Thomas P. DiNapoli. The reduction was fueled…

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Berkeley College to Consolidate its White Plains Campus to New York City

June 14, 2021

WHITE PLAINS—Berkeley College, a provider of career-focused education since 1931, will consolidate its Downtown White Plains campus at 99 Church St. into its New York City campus by the start of the Fall 2021 semester. Berkeley joins a growing list of colleges that have either closed or reduced operations in the region due to market…

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Report: Bronx Hit Hard by COVID-19 Pandemic Begins Long Road to Recovery

June 10, 2021

NEW YORK—The COVID-19 pandemic hit the Bronx harder than any other borough, according to an economic analysis released on June 8 by New York State Comptroller Thomas P. DiNapoli. As vaccinations rise and restrictions ease, the Bronx has begun to repair the significant economic damage caused by the coronavirus that included a nearly 25% unemployment…

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DeCicco & Sons Project at Edge-on-Hudson to Break Ground Later This Year

June 8, 2021

SLEEPY HOLLOW— Construction on a new 30,000-square-foot DeCicco & Sons market at the Edge-on-Hudson in Sleepy Hollow is set to begin later this year. The Village of Sleepy Hollow Planning Board recently approved plans for the market, which will include a second story glass-enclosed beer and wine café, oriented towards the Hudson River. An adjacent 10,000…

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White Plains Hospital Opens $272M Outpatient Facility

June 3, 2021

WHITE PLAINS—There are few positive things people can point to during the coronavirus pandemic. On June 2, a host of political dignitaries, hospital executives and hundreds of staff celebrated the completion of a $272-million project that serves as a concrete testament to the courage and dedication of White Plains Hospital workers and the construction workers…

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Indian Point Energy Center’s Sale To Decommissioning Firm Finalized

June 1, 2021

BUCHANAN—The nuclear age in Westchester County and the Hudson Valley officially ended late last month with the sale of the Indian Point Energy Center in Buchanan by Entergy Corp. to decommissioning firm Holtec International. On May 28, Entergy announced it had completed the sale of the Indian Point complex to subsidiaries of Camden, NJ-based Holtec…

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Ramapo Based CRE Firm Pays $88M for New Jersey Office Complex

May 27, 2021

RAMAPO—Locally-based commercial real estate services firm Northeast Capital Group has acquired Woodbridge Corporate Plaza, a six-building Class A office complex in Iselin, NJ for $88 million. The property, which includes 629,189 square feet of office space, was sold by KBS, an Iselin, NJ-based commercial real estate investment firm. Newmark represented KBS in the transaction KBS…

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CenterPoint Properties Acquires Bronx Logistics Center for Nearly $117M

May 25, 2021

NEW YORK—Oak Brook, IL-based CenterPoint Properties has acquired a 145,144-square-foot Class A urban logistics center at 1080 Leggett Ave. in the Bronx for $116.5 million. CenterPoint purchased the fully-leased property from Goldman Sachs Asset Management and Blumenfeld Development Group, Ltd. Brokerage firm JLL represented the seller in the transaction. The deal comes less than 18…

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Urban Land Institute Survey Predicts Strong Rebound for Residential, Hotel and Industrial Markets

May 19, 2021

WASHINGTON—The Urban Land Institute’s (ULI) latest Real Estate Economic Forecast released today predicts that the real estate sector is poised for a rebound, with the single-family housing sector, hotel and industrial returns forecast to strongly increase over the next three years. The report’s conclusions are based on an April-May survey of 42 economists and analysts…

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Investment Firm’s Lease Brings Rye Office Building to 100% Occupancy

May 17, 2021

RYE—MSD Partners, L.P., an SEC-registered investment adviser, has signed a lease deal totaling 9,167 square feet at 411 Theodore Fremd Ave. here. The transaction brings the newly renovated, more than 118,000-square-foot office property to 100% occupancy. The CBRE team of Michael McCall and Maria D’Angelo serve as the property’s exclusive leasing agents and represented ownership,…

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MTA Advances $1.6B Metro North Penn Station Access Project

May 14, 2021

ALBANY—In another sign of a reopening economy, Gov. Andrew Cuomo reported on May 13 that the delayed Metro North Penn Station Access project will now be resumed with bids going out shortly on the nearly $1.6-billion initiative. The plan, which was paused last year due to the onset of COVID-19, calls for the construction of…

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A Stigmatized Sector—Our Outlook for U.S. Hotel Investments

May 12, 2021

By William Pattison, Reginald Ross, Michael Steinberg and Austin Iglehart Editor’s Note: The following article is reprinted with permission from MetLife Investment Management. 2020 was the most challenging year on record for hotel owners, far surpassing the lows reached following the 2008 and 1981 recessions. In order to project how and when hotels will recover,…

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Five Reasons to Invest in Portugal’s Real Estate Market

May 12, 2021

3,367 miles is the distance between New York City and Lisbon, Portugal’s capital and biggest city with a population of a little over 500,000 inhabitants. A seven-hour direct flight connects both cities on opposite sides of the Atlantic and is an “open door” to a new way of living. Once known as “Europe’s Best Kept…

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NY State Announces Nearly $10M in Funding for 12 Downtown Peekskill Projects

May 12, 2021

ALBANY—New York Gov. Andrew M. Cuomo announced on Tuesday the list of projects in Peekskill that the state will fund as part of its $10-million Downtown Revitalization Initiative award granted to the Northern Westchester County city two years ago. The 12 projects in Peekskill will provide funding that will facilitate mixed-used transit-oriented development, improve pedestrian…

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Hudson Valley Tourism Joins HVEDC Board of Directors

May 11, 2021

POUGHKEEPSIE—The Hudson Valley Economic Development Corp. recently announced the addition of Hudson Valley Tourism, Inc. to its Board of Directors, represented by HVT President Amanda Dana. In 2018, Dana assumed the role of Orange County Tourism Director. In 2019 she and her tourism team acquired the Orange County Film office. In 2021, Dana was named…

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Hudson Valley’s Small Inns Holding Steady During Challenging Times

May 11, 2021

When it comes to small inns and bed and breakfast lodging in the lower Hudson Valley, Orange County leads the pack with 27 of them. Some range from just two cozy rooms to a 16-bed inn with suites, dotting the region from Newburgh to Port Jervis. The Village of Warwick boasts six bed and breakfasts,…

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