WHITE PLAINS—The Westchester County Industrial Development Agency recently granted preliminary approvals for incentives for three major projects in Downtown White Plains that combined will involve more than $1.2 billion in new development. The three projects would create an estimated more than 3,000 construction jobs and more than 500 full- and part-time jobs in the City…
Read MoreVALHALLA—After securing key approvals from the County of Westchester in January, Fareri Associate’s planned $1.2-billion mixed-use bioscience park to be developed on 60 acres of the Grasslands Campus here has now progressed to the municipal approval stage. The concept of building a bioscience, technology and lifestyle campus on mostly county-owned property in Valhalla has been…
Read MoreALBANY—Gov. Andrew Cuomo and the State Legislature reached an agreement over the weekend on a $175.5-billion FY 2020 state budget that makes the 2% property tax cap permanent and enacts a number of revenue raisers, including congestion pricing for sections of Manhattan, for the beleaguered Metropolitan Transportation Authority to fund capital upgrades to New York…
Read MoreWHITE 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…
Read MoreRYE BROOK—Custom merchandising design and development firm POP Displays USA LLC, which is based on Tuckahoe Road in Yonkers, will be relocating its corporate headquarters from Yonkers to George Comfort & Sons, Inc.’s Kingsbrook office complex here within the next three months. POP Displays, which is currently headquartered at 555 Tuckahoe Road in Yonkers, has…
Read MoreYONKERS—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…
Read MoreNEW 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…
Read MoreThe 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…
Read MorePURCHASE—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…
Read MoreMIDDLETOWN—The City of Middletown announced recently that Equilibrium Brewery closed on the purchase of the former TD Bank building located at 2 South St. in the City of Middletown on March 1. The vacant property has been owned by the city since 2011. The Brewery purchased the property from the city for $650,000, of which…
Read MoreNEW 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…
Read MoreCHICAGO—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,…
Read MoreWHITE 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…
Read MoreMONTICELLO—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…
Read MoreFISHKILL—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…
Read MoreELMSFORD-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,…
Read MoreRYE 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…
Read MorePORT 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…
Read MoreWASHINGTON—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…
Read MoreWHITE 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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