YONKERS—The Board of Directors of the Yonkers Industrial Development Agency (YIDA) voted final approval on Dec. 29 of financial incentives for the $60-million Phase 2 expansion of Lionsgate’s motion picture studio complex at iPark on the Yonkers waterfront. The expansion involves Buildings 3, 4 and 5 as well as the remaining surface lots and private…
Read MoreNEW YORK—Touro College and University System, one of the nation's leading non-profit institutions of higher and professional education under Jewish auspices, announced plans on Jan. 3 to build a new 243,305 square-foot campus at the 3 Times Square tower owned and operated by the Rudin Family. In announcing the plan to build its main campus…
Read MoreYORKTOWN—The Yorktown Town Board voted on Dec. 29 to adopt overlay district zoning for two business hamlets. The creation of overlay districts in the Yorktown Heights and Lake Osceola business hamlets will encourage the creative redevelopment of functionally outdated properties, a greater flexibility of permitted land uses and visually harmonious streetscapes. The Town Board voted…
Read MorePEARL RIVER—Hudson Valley iCampus, the former Pearl River complex of Pfizer, Inc., has retained commercial real estate brokerage firm Colliers as the exclusive leasing agent for the 2.0-million-square-foot, mixed-use, multi-tenanted campus. The 207-acre property is owned by Industrial Realty Group, LLC, a real estate development and investment firm with more than 100 million square feet…
Read MoreALBANY—The New York State Department of Labor reported recently that private sector jobs in the Hudson Valley rose over the year by 22,100 positions, or 3.0%, to 766,400 in November 2021. Job growth was centered in leisure and hospitality (+13,400), professional and business services (+6,100), trade, transportation and utilities (+2,600), educational and health services (+1,900),…
Read MoreNEW YORK—The Penn Station Access Project, which has been widely supported by politicians and business interests in the Bronx and Westchester has reached a critical stage—the award of a contract to undertake the work that will provide direct Metro-North service from the Bronx, Westchester and Connecticut to Penn Station and Manhattan’s west side. Penn Station…
Read MoreNEW YORK—Commercial development plays an imperative role in the success and longevity of a community. However, the road to its execution can be riddled with legal, ethical and environmental hinderances. Real estate experts joined leading development and public policy professionals to discuss commercial development complexities and their resolutions in a virtual panel Nov. 18 hosted…
Read MoreALBANY—New York Gov. Kathy Hochul announced on Nov. 22 that more than $81 million has been awarded to support 97 priority projects across New York State through the Regional Economic Development Council initiative. Among the award recipients include a host of major projects in the Hudson Valley and New York City regions, involving bioscience, downtown…
Read MoreCOVID-19’s impact on the local and national CRE market has decreased the relevance of CRE assets. Many assets simply don’t “work” in today’s post-pandemic environment. That doesn’t mean however that there isn’t a “life after death” for these locations. Indeed, they can hold much purpose, if you’re an owner or developer who’s thinking outside the…
Read MoreWHITE PLAINS—In its continuing efforts to provide employment opportunities and workforce training in support of the Westchester County economy, the Westchester County Office of Economic Development reported that Westchester Community College will be launching a new career training program for advanced manufacturing. The program, which will launch in January 2022, puts individuals with little or…
Read MoreNEWBURGH—While environmental groups and state politicians, including Gov. Kathy Hochul praised the decision in late October by the New York State Department of Environmental Conservation to deny a key air permit for the Danskammer Energy project here, key business, trade and economic development organizations have lined up in support of Danskammer’s recently filed appeal of…
Read MorePOUGHKEEPSIE—The highly anticipated final report from the New York State Department of Transportation’s Route 17 Planning and Environmental Linkage (PEL) Study group is recommending the state move forward with a General Use Third Lane in each direction on Route 17 in Orange and Sullivan counties that could if built as one major project cost anywhere…
Read MoreNEW YORK—Burnett Equities of Oklahoma City, OK has acquired the 531-room landmark Martinique New York on Broadway for $55.5 million. The deal was reported by brokerage firm Marcus & Millichap, which represented the seller, Herald Square Associates. Marcus & Millichap said that the total development cost for the revitalization of the asset, located on the…
Read MoreOSSINING—Downtown revitalization efforts in the Village of Ossining and across the Hudson in the Town of Haverstraw each got a $10-million infusion of cash. New York Gov. Kathy Hochul announced at an event held at the Joseph G. Caputo Community Center here on Nov. 22 that Haverstraw and Ossining will receive $10 million each in…
Read MoreNEW YORK—Residents who fled New York City during the early days of the pandemic, particularly the wealthiest neighborhoods, are beginning to return. New York City Comptroller Scott Stringer released a comprehensive analysis earlier this week (Nov. 15) of the pandemic’s impact on monthly migration patterns into and out of the city. Using data published by…
Read MoreYONKERS, NY— “A Sure Bet for New York’s Future” Alliance, along with state and local elected officials and community partners, held a rally on Nov. 17 outside of Empire City Casino by MGM Resorts to demonstrate strong community support for New York State to introduce a process that can quickly award downstate full-scale commercial casino…
Read MoreWHITE PLAINS—The March of Dimes Greater NY Market held the 34th Annual Real Estate Awards Breakfast on Nov. 4th at the Opus Westchester in White Plains. The event shattered its fundraising goal, raising more than $1 million to support the March of Dimes’ mission to improve the health of moms and babies. Two visionary commercial…
Read MorePEARL RIVER—Industrial Realty Group (IRG), the owner of the former Pfizer complex in Pearl River, has rebranded the property as the “Hudson Valley iCampus” and has hired commercial real estate veteran Jamie Schwartz to head the marketing effort to lease and develop new space on the campus. Schwartz, who had spent the past 18 years…
Read MoreSTAMFORD, CT—Philip Morris International will be relocating late next year from Downtown New York City to Downtown Stamford, CT, specifically to the former UBS complex at 677 Washington Blvd. Building owner George Comfort & Sons reported that Philip Morris International has signed a 12-year lease for 71,484 square feet, which encompasses the entire 11th and…
Read MoreWHITE PLAINS—A host of Metro North, as well as state and city officials were on hand for a ceremony on Nov. 1 to mark the completion of the full-scale $95 million renewal of MTA Metro-North Railroad's station in Downtown White Plains. The renovation began in 2018 as part of Metro-North's Station Improvement Initiative to bring…
Read More