Commercial

Westchester IDA to Consider Incentives for More than $1 Billion in New Projects in White Plains

March 28, 2019

WHITE PLAINS—On Friday morning (March 29), the Westchester County Industrial Development Agency will consider granting incentives for three major projects in Downtown White Plains that will involve more than $1.2 billion in new development. Two projects will create 1,674 multifamily units and another will offer 132 independent living units; all in the Downtown district. On…

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Yonkers IDA Provides Incentives for Four Projects

March 27, 2019

YONKERS—The Yonkers Industrial Development Agency reported on March 25 it had approved four projects for incentives that will create 100 new housing units and finance the purchase and rehabilitation of a 301-unit apartment building in the city. The four developments amount to approximately $108.3 million in private investment and will create 156 construction jobs and…

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Hudson Yards Mega Project in NYC Officially Opens

March 25, 2019

NEW YORK—History was made on March 15 in Lower Manhattan when the Hudson Yards neighborhood officially opened to the public. Beginning at noon, New Yorkers and visitors flocked to the Public Square and Gardens, a new five-acre public space; its centerpiece, an interactive landmark temporarily known as Vessel and The Shops & Restaurants, a 1-million-square-foot…

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GUEST VIEWPOINT: Some Advice for Commercial Tenants in 2019 and Beyond

March 20, 2019

The Westchester commercial real estate market is in the midst of a significant transition in 2019. Individual buildings and large portfolios are being sold to new owners, and the availability of certain types of spaces is extremely low. Tenants need to understand today’s market dynamics and what is happening in terms of pricing to properly…

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Wells Fargo Advisors to Shift Operations to 2500 Westchester Ave.

March 20, 2019

PURCHASE—Wells Fargo Advisors will be relocating operations later this year to more than 21,000 square feet of space at Normandy Real Estate Partners’ 2500 Westchester Ave. office building in Purchase. The firm will be moving within the I-287 corridor from RPW Group’s 1133 Westchester Ave. in White Plains to 21,294 square feet of space at…

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Largest NYC Woman-Owned Caterer is South Bronx Bound

March 19, 2019

NEW YORK—City and state officials announced on March 18 that Great Performances, the city’s largest woman-owned catering and food services firm, will be relocating operations from Hudson Street in New York City to the South Bronx. Gov. Andrew M. Cuomo announced that as part of the relocation, Great Performances will create 181 new jobs and…

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HFF to be Acquired by JLL in $2 Billion Deal

March 19, 2019

CHICAGO—Commercial brokerage firm JLL reported on March 19 it had entered into a definitive agreement to acquire HFF, Inc. in a cash and stock transaction with an equity value of approximately $2 billion. The two companies reported the transaction was unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF,…

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Con Ed Gas Moratorium for Westchester in Effect; State Offers New Clean Energy Plan

March 19, 2019

WHITE PLAINS—The day business, political and real estate leaders have dreaded has arrived—on March 15 most of Westchester County was included in a new natural gas connection moratorium imposed by utility Con Edison. Amid charges by many that the moratorium will delay and perhaps kill billions of dollars in new development projects and thousands of…

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Resorts World Catskills Casino Resort Posts $139M Net Loss in 2018

March 18, 2019

MONTICELLO—The old gaming adage: “The House always wins,” doesn’t apply yet to the Hudson Valley’s only full-licensed casino gaming resort. The $1.2-billion Resorts World Catskills Casino Resort lost nearly $139 million last year and a total of $185 million in the last two years. According to a 10K filing with the Securities and Exchange Commission…

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NYSCAR Hudson Valley Annual CRE Meeting Set for April 3-4 at Hyatt House in Fishkill

March 15, 2019

FISHKILL—The Hudson Valley Chapter of the New York State Commercial Association of Realtors will hold its "2019 Annual Commercial Real Estate Conference" on Wednesday, April 3rd and Thursday, April 4th at the Hyatt House located at 11 Westage Business Center in Fishkill. Peter West, ABR, CCIM, CRS, GRI, SEC will instruct the education segment, presenting…

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Robert Martin to Reacquire Most of its Storied Portfolio in $488M Mega Deal

March 13, 2019

ELMSFORD-Robert Martin Co., one of the pioneer commercial office real estate development firms in Westchester County, has confirmed plans to reacquire approximately 95% of the portfolio it developed here and in Fairfield County, CT and sold more than two decades ago in a deal valued at $487.5 million. Industry observers say the deal, if finalized,…

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Fordham/BCW Session to Explore Opportunity Zones

March 13, 2019

RYE BROOK—The Fordham Real Estate Institute and The Business Council of Westchester are co-sponsoring an event on Friday, April 5 entitled “Behind the Headlines—What Opportunity Zones Really Mean for Westchester Real Estate.” The breakfast panel will be held from 8 a.m. to 10:30 a.m. at 800 Westchester Avenue in Rye Brook. “Opportunity Zones are being…

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M & J Wilkow and MetLife Investment Acquire Port Chester Shopping Center

March 13, 2019

PORT CHESTER—M & J Wilkow announced recently that the company, along with MetLife Investment Management on behalf of its clients, acquired the 493,459-square-foot Port Chester Shopping Center. Port Chester Shopping Center is strategically positioned at the intersection of highways I-287 and I-95, the two main highway systems connecting the Western and Northern suburban communities of…

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Survey: Majority of Real Estate Firms Remain Optimistic, Evolving Technology Still a Challenge

March 6, 2019

WASHINGTON—The evolving technological landscape, competition from non-traditional market participants and housing affordability continue to be among the biggest challenges facing real estate firms in the next two years, according to a report by the National Association of Realtors. NAR's 2019 Profile of Real Estate Firms released on March 6 found that commercial real estate firms…

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Experts Say Westchester Natural Gas Moratorium is a Long-Term Problem

March 6, 2019

WHITE PLAINS—A real estate attorney speaking before a group of Westchester County commercial brokers said the moratorium on new natural gas connections slated to go into effect on March 15 “is here to stay.” Officials with Con Edison—the utility that is imposing the moratorium—who participated in the discussion did not disagree. More than 100 attendees…

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Business Coalition Pushing Lawmakers to Fund a $500M Expansion of Route 17

March 6, 2019

ALBANY—A coalition consisting of more than 100 business, civic, political and labor industry interests are calling for New York State to spend a total of $500 million to expand the existing Route 17 in Orange and Sullivan counties. Specifically, the organization is calling for a multi-year plan to construct a third lane in each direction…

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Regional Plan Association Paints Grim Picture if Gateway Project Fails to Move Forward

February 27, 2019

NEW YORK—The Regional Plan Association released a report on Tuesday that put a hefty price tag—$16 billion—if the controversial Gateway Rail Tunnel project fails to secure the necessary financing to move forward. The RPA in its report entitled “A Preventable Crisis: The Economic and Human Costs of a Hudson River Rail Tunnel Shutdown” calculated that…

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Gov. Cuomo, Mayor de Blasio Proposed 10-Point MTA Reform Plan

February 27, 2019

NEW YORK—Governor Andrew Cuomo and New York City Mayor Bill de Blasio, who have historically been at odds on a host of issues, agree on one thing—the Metropolitan Transportation Agency needs to be reformed. On Feb. 26, Cuomo and de Blasio released a 10-point plan to reform the MTA and to create sustained funding streams…

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