Mark Your Calendar: NEW YORK—As interest rates climb, inflation hits a 40-year high and global economic uncertainty surges, what impact is this having on the commercial real estate market? Will CRE transactions yield less returns, and what effect will rising interest rates have on property values and investment performances? The Fordham Real Estate Institute will…
Read MoreTARRYTOWN—The largest business expansion project in the history of Westchester County became official on June 22. New York Gov. Kathy Hochul joined other state, county and local officials to celebrate the ceremonial groundbreaking of Regeneron Pharmaceutical Inc.’s $1.8-billion expansion project at its corporate headquarters campus in Tarrytown/Greenburgh. The biotechnology company has committed to create at…
Read MoreGOSHEN—Terming it as one of the most important efforts it has launched in more than 20 years, The Orange County Partnership officially unveiled its “Site Inventory Program” (SIP) that will, over the coming months, seek municipal government input from across Orange County to determine all available properties that could be developed in their respective jurisdictions.…
Read MoreNEW YORK—New York Gov. Kathy Hochul announced on July 13 a total of $200 million in funding for two major downtown revitalization initiatives: NY Forward, a new program aimed at rejuvenating smaller and rural communities, and Round 6 of the state's Downtown Revitalization Initiative. The funding announcement was made in Jamaica, Queens at the ribbon-cutting…
Read MoreTARRYTOWN—Northpath Investments, the owner of the two-building office lab/R&D complex at 500 and 540 White Plains Road in Tarrytown, has secured $18.2 million in financing. JLL Capital Markets arranged the financing—a two-year bridge loan with multiple extension options—through Prime Finance. 500 and 540 White Plains Road are located within the Tarrytown Corporate Center in Westchester…
Read MoreHAVERSTRAW—An affiliate of Spring Valley-based Northeast Capital Group has acquired Samsondale Plaza, a 156,185-square-foot shopping center in Haverstraw, for $26.5 million. JLL Capital Markets marketed the property on behalf of the seller, a joint venture between Mark Holdings LLC and Paragon Realty Group LLC. The buyer is an affiliate of Northeast Capital Group. Samsondale Plaza…
Read MoreNEW YORK—On July 6, city officials broke ground on the new NYC Public Health Laboratory, which will be located adjacent to the Harlem Hospital complex on 137th Street. The project has been valued at approximately $454 million. New York City Economic Development Corporation is managing the construction on what will be a cutting-edge facility operated…
Read MoreNEW ROCHELLE— Commercial brokerage firm Newmark announced on June 28 the pending bankruptcy auction of a prime development site at 115 Cedar St. in New Rochelle. The site, which measures 19,706 square feet, is zoned for as-of-right commercial use and can span up to 137,942 square feet of buildable space. Newmark Executive Managing Director Ronald…
Read MoreWHITE PLAINS—The Westchester County Office of Economic Development announced on June 8 a partnership with leading accelerator group Cela Innovation to amplify and enhance the Element 46 incubator program. The new program will be known as the “Element 46 Tech Accelerator Powered by Cela.” The Element 46 Tech Accelerator Powered by Cela will curate a…
Read MoreTOWN OF WALLKILL–A crowd of 350 business, civic and political leaders from Orange County and the Hudson Valley were on hand on June 7 for the Orange County Partnership’s Annual Most Valuable Partner award presentation at the Barn at Villa Venezia in the Town of Wallkill. This year, the economic development organization honored Town of…
Read MoreNANUET—Matt Rand, CEO and President of Howard Hanna | Rand Realty, has been recently appointed to the Board of Directors of the Mid-Hudson Regional Economic Development Council. Rand becomes the first real estate professional to sit on Mid-Hudson Regional Economic Development Council (MHREDC) Board. MHREDC is the strategic economic advisory board representing the seven counties…
Read MoreGARDEN CITY, NY—Stark Office Suites has announced its acquisition of Champion Office Suites of Garden City. With the deal in Nassau County, Stark Office Suites now operates 12 executive office suite locations in the New York metropolitan area. Stark Office Suites, which began operations in 2004 and is headquartered in White Plains, saw the opportunity…
Read MoreGOSHEN—The Orange County Partnership announced on June 1 that Conor Eckert, the Senior Development Officer and Vice President of Business Attraction for the Orange County Partnership, has received the coveted “Rising Star” award from the New York State Economic Development Council (NYSEDC). The award was presented to Eckert, who joined the Orange County Partnership in…
Read MoreFirst Economic Hub to Be Established in the Bronx NEW YORK – New York City Mayor Eric Adams laid out a plan to use the city’s zoning tools to support small businesses, create affordable housing and promote sustainability—part of his vision for New York to become a more inclusive, equitable “City of Yes.” The plan,…
Read MoreALBANY—New York City lags behind the rest of the state and nation in regaining the jobs lost from the onset of the pandemic in March and April 2020, according to an analysis on the city’s labor force released by New York State Comptroller Thomas P. DiNapoli on May 31. By March 2022, the city recovered…
Read MoreTARRYTOWN—An entity managed by New York City-based Northpath Investments—Tarrytown Holdings DE LLC—has acquired in a sale/partial leaseback transaction with BASF Corp., 500 and 540 White Plains Road in Tarrytown in a deal valued at $26 million. The deal was announced by commercial brokerage firm CBRE. The majority of 500 White Plains Road, a research and…
Read MoreBRIARCLIFF MANOR—Newmark reports it has been retained by the new ownership of 555 Pleasantville Road, as the exclusive leasing agent and property manager. The property has been recently sold to a joint venture between Saber Real Estate Advisors, Tarrytown Partners and GHC Development. USI Insurance was a major tenant at the property. Newmark's Executive Managing…
Read MoreRYE BROOK—Manhattan-based Cohen Brothers Realty Corporation announced on May 12 it will submit a proposal for what it termed will be a “dramatic redevelopment” of the shuttered Doral Arrowwood Hotel and Conference Center. The plan calls for the construction of a wellness-focused luxury boutique hotel and spa destination featuring multiple restaurants, celebrity-chef dining, extensive indoor…
Read MoreWHITE PLAINS—More than 150 leaders of Westchester County’s commercial real estate industry were on hand May 12 for the Building Owners and Managers Association of Westchester (BOMA) 30th Annual Hall of Honor Awards Dinner. The dinner, which was held at Abigail Kirsch at Tappan Hill in Tarrytown, honored Simone Development Companies and Argent Ventures for…
Read MoreMore than four years ago, Bridget Gibbons left the private sector to join the Latimer Administration’s economic development department. Little did she know that two years into her new job, the county would be facing its biggest health crisis—COVID-19 that required her to work on developing programs and initiatives to help businesses cope with the…
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