Commercial

Commercial, Multifamily Mortgage Delinquencies at Lowest Levels Since Start of Pandemic

April 2, 2021

WASHINGTON—Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association's latest monthly CREF Loan Performance Survey. “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their…

City of Newburgh Issues RFPs on Three East End Development Sites

March 30, 2021

NEWBURGH—The City of Newburgh is seeking development proposals for three city-owned properties located in the heart of the Newburgh’s East End Historic District. The city announced on March 17 that the first proposal calls for the rehabilitation of 120 Grand St., formerly known as the “City Club” building. A second proposal seeks the restoration of…

St. Thomas Aquinas Pays $7 Million to Expand Campus Footprint

March 24, 2021

SPARKILL—St. Thomas Aquinas College has acquired the 12-acre Camp Venture property here for $7 million, which increases its campus footprint by 20%. The college’s campus now has been expanded to 72 acres. The deal includes the 12-acres adjoining the St. Thomas Aquinas campus and a 100,000-square-foot building at 230 Route 340. The deal initially involves…

NAR Panel Predicts Economic Recovery from COVID Will Fuel Growth in Some Commercial Markets in 2021

March 17, 2021

WASHINGTON—A panel of leading real estate economists predict that with continued COVID-19 vaccination efforts nationwide, an improving economy will strengthen some commercial real estate markets in 2021, although some others will continue to struggle from pandemic-related demand issues. “Unlike the surprising residential real estate market, which soared in the 2020 pandemic year and momentum looking…

Westchester IDA, LDC Provided Incentives For Private Projects Valued at $370 Million

March 16, 2021

WHITE PLAINS—The Westchester County Industrial Development Agency and the Local Development Corporation provided financial incentives and tax-exempt bond financing to a host of developments that represented approximately $370 million in private investment in the county in 2020, despite the COVID pandemic. The IDA approved incentives for four residential developments that are projected to create or…

CoStar Names Houlihan Lawrence Commercial Group Among Top Dealmakers for Westchester/Southern CT

March 16, 2021

RYE BROOK—Houlihan Lawrence Commercial Group was among the winners of the 2020 CoStar Power Broker Award. The Commercial Group was listed number three in commercial sales for 2020 in the Westchester/Southern Connecticut region according to CoStar. Last year the group reported it had completed 22 commercial sales totaling approximately $49.9 million. The year’s largest sale…

Economic Development Officials Confident Regional Economy Will Improve in 2021

March 16, 2021

WHITE PLAINS— A panel of economic development officials from throughout the Hudson Gateway Association of Realtors’ market area are generally upbeat about their respective markets, all reporting that they expect targeted industries to bring new investment to their markets to reduce inflated unemployment rates post pandemic. With COVID-19 vaccine inoculations continuing, they also believe that…

Storied Anthony’s Pier 9 to be Sold; To Be Converted into Movie Studio

March 10, 2021

NEW WINDSOR—Orange County’s premier wedding, catering and event venue Anthony’s Pier 9 in New Windsor is in contract to be sold to an entity that plans to convert the 70,000-square-foot facility into a motion picture production studio. The pending sale with the unidentified buyer was announced by The Bonura Hospitality Group, which stated it expects…

Governor Cuomo Signs Bill Establishing Eviction Protections for Small Businesses

March 10, 2021

ALBANY—Governor Andrew M. Cuomo on March 9 signed the COVID-19 Emergency Protect Our Small Businesses Act of 2021 that establishes eviction and foreclosure protections for small businesses until at least May 1m 2021. The new protections build-off of the governor's Executive Order and commercial eviction and foreclosure moratorium that has protected businesses in New York…

Sen. Schumer Expects New York Will Reap $100 Billion From Biden COVID Relief Plan

March 8, 2021

NEW YORK—U.S. Senator Charles Schumer announced on March 7 at a briefing at his New York City offices, that the “American Rescue Plan that passed the U.S. Senate would have an impact on New York State that approaches $100 billion. As part of the deal, more than $23.8 billion flows directly to New York State…

Orange County Legislature Replaces Entire IDA Board Over Transparency Complaints

March 5, 2021

GOSHEN—The Orange County Legislature, frustrated over attempts to secure financial documents from the Orange County Industrial Development Agency, voted to remove the entire seven-member IDA Board of Directors on Thursday evening after a two-hour-long executive session. Orange County legislators cited what they termed had been the lack of transparency by the Orange County Industrial Development…

Regional Alliance Formed to Push Lawmakers For Full Casino License for Empire City Casino

March 5, 2021

YONKERS—A group led by business and labor organizations in Westchester and the Bronx have formed an alliance called “A Sure Bet for New York’s Future” in support of a full gaming license and access to mobile sports betting for Empire City Casino in Yonkers by MGM Resorts. A full-scale casino license, complete with retail and…

Construction Begins on 130,000 SF Target Store at Cross County Center

March 5, 2021

YONKERS—State and city officials gathered on March 4 to officially turn the first dirt on the development of a new 130,000-square-foot Target store at the Cross County Center in Yonkers. Target recently signed a 40-year retail lease at the storied shopping center. It will occupy space at what was once home to a four-story Sears…

GUEST VIEWPOINT: What We Can Learn from Westchester’s Evolving Office Market

March 3, 2021

Famed American Bandstand host Dick Clark once clarified his multi-decade influence over the music industry. “I don’t set trends,” he offered, “I just find out what they are and exploit them.” Much the same can be said of Westchester County, where the area’s changing real estate landscape is more a reflection of emerging national and…

Westchester County IDA Approves New Local Hire Labor Policy

February 25, 2021

WHITE PLAINS—The Westchester County Industrial Development Agency’s Board of Directors earlier today (Feb. 25) unanimously approved a new local hire labor policy that will require incentivized project developers hire 85% of its construction workers from the local area; require its workers complete OSHA safety training; subcontractors be enrolled in a pre-apprenticeship program and that all…

GDC, ArtsWestchester Partnering to Bring Large Sculpture to 50 Main St. Office Building

February 24, 2021

WHITE PLAINS—The White Plains Central Business District will soon have a major artwork that will measure nearly 18-feet in height as a new public attraction. 50 Main St. will soon be home to a large sculpture to be installed under the arches of the 15-story office tower owned and managed by Ginsburg Development Companies. Titled…

Genting Proposes Video Gaming Machine Facility At Vacant Bon Ton Dept. Store at Newburgh Mall

February 23, 2021

NEWBURGH—Representatives of Genting Americas, the parent company of Resorts World Catskills casino in Monticello, officially presented plans to the Newburgh Town Board on Feb. 22 to locate a Video Gaming Machine facility at the Newburgh Mall here. The $32-million “Resorts World Hudson Valley” project would convert 90,000-square-foot of space, including the now vacant Bon Ton…

J. Philip Commercial Group Launches New Business Brokerage Division

February 18, 2021

CARMEL—J. Philip Commercial Group announced recently the launch of a new service arm—J. Philip Commercial Group (JPCG) Business Brokerage that will be based here. The brokerage firm reported that the new entity will be the first Putnam County-based business broker and will seek to fill a gap for entrepreneurs and business owners who have been…

Port Chester Last Mile Delivery Firm To Relocate to Larger Space in CT

February 18, 2021

ELMSFORD—As part of an announcement on its leasing activity at its commercial properties in Westchester and Fairfield (CT) counties, Robert Martin Co. announced that Lasership, a last mile delivery firm currently based in Port Chester, will be shifting operations across the border to Stamford, CT. Lasership has leased 40,000 square feet of flex/industrial space at…

PSC Approves $710M in Downstate, Upstate Power Line Projects

February 12, 2021

NEW YORK—The New York State Public Service Commission on Thursday, Feb. 11 approved two transmission line projects, one in the Capital District-Hudson Valley region and another in Western New York that will cost more than $700 million to complete. The PSC approved the New York Energy Solution Project—a 54.5-mile, 345-kilovolt transmission line valued at an…