Commercial

Regeneron’s Multi-Year Expansion in Westchester Now Pegged at Nearly $2 Billion

July 16, 2021

TARRYTOWN—The planned expansion of Westchester County-based Regeneron Pharmaceuticals has exponentially increased and is now valued at $1.8 billion. The firm, which is seeking approvals from the Town of Greenburgh for an expansion plan valued at $480 million, is now moving forward with a multi-year expansion that will approach nearly $2-billion. The Tarrytown-headquartered firm’s updated expansion…

Residential, Commercial Lenders Predict Low Rates, High Demand in 2021

July 14, 2021

WHITE PLAINS—It’s no secret that the residential housing buying frenzy is continuing with a vengeance in our region, with properties still receiving multiple offers and many would-be home buyers left in the dust. Low interest rates, currently hovering around 3%, are helping to ignite the desire for home ownership. Lenders throughout the New York metro…

Ginsburg Celebrates Grand Openings at White Plains, Peekskill Properties

July 13, 2021

WHITE PLAINS—Ginsburg Development Companies recently staged ceremonies marking key milestones on the development firm’s projects in Downtown White Plains and in Peekskill. The real estate community has been anxiously awaiting the grand opening of its $43.7-million White Plains project, which marked the first major office building in Westchester County to be converted into luxury rental…

Orange County Executive Says Route 17 Expansion is Vital; Should be Funded by Fed. Infrastructure Bill

July 12, 2021

GOSHEN—In a no-holds barred interview, Orange County Executive Steve Neuhaus recently told Real Estate In-Depth that if Congress passes a large federal infrastructure bill, one of the first projects in New York State that should be funded is the expansion of Route 17, which could come with a price tag of more than $1 billion.…

Orange County Partnership Honors its 2021 MVP Richard Golden

July 9, 2021

MIDDLETOWN—More than 300 political, business and civic leaders gathered at the West Hills Country Club in Middletown on June 8 to honor the Orange County Partnership’s 2021 Most Valuable Partner (MVP) veteran attorney Richard Golden. The program, held in a tent on the West Hills complex to conform with CDC coronavirus guidelines, featured a host…

Houlihan-Parnes, GHP Office Realty Arrange $12.7 Million Loan for 4 West Red Oak Lane

July 9, 2021

WHITE PLAINS— Bryan Houlihan and Rachel Greenspan, of Houlihan-Parnes Realtors, LLC and GHP Office Realty, LLC announced recently the placement of a first mortgage in the amount of $12.7-million on a Class-A five-story office building on West Red Oak Lane. The 135,000-square-foot property at 4 West Red Oak Lane is located on the I-287 corridor…

Yonkers Mayor Spano Vetoes Boost in Affordable Housing Requirement

July 8, 2021

YONKERS—After the Yonkers City Council approved an amended Affordable Housing Ordinance late last month that would increase the affordable housing requirement for new development projects from 10% to 20%, Mayor Mike Spano vetoed the measure on July 7th saying it is infeasible without significant public subsidy. The mayor cited an independent report conducted by HR&A…

Pattern for Progress CEO to Retire at End of 2021

July 8, 2021

NEWBURGH—Jonathan Drapkin, the longtime president and CEO of Pattern for Progress, will be leaving the regional think tank at the end of this year. Drapkin’s departure was announced on July 8th by Suzanne Loughlin, Pattern Board chair and founder of CrisisRisk Strategies, LLC, who said, “Our longtime leader, Jonathan Drapkin, will step down from his…

Douglas Elliman Relocates to New Office in Greenwich

July 6, 2021

GREENWICH, CT—Douglas Elliman recently announced it had relocated to a new larger location in Greenwich at the historic, free-standing John Lockhart House on 75 Arch St. Company officials state the move underscores the brokerage’s commitment to the region, increasing its office footprint to a four-story, 6,000-square-foot building in order to accommodate its 70 agents and…

Valley National Bancorp to Acquire Westchester Bank in $220M Deal

July 1, 2021

WHITE PLAINS—New York City-based Valley National Bancorp and The Westchester Bank Holding Corporation announced on June 28 they had entered into a definitive merger agreement whereby Valley will acquire Westchester, parent company of The Westchester Bank. The acquisition of this high-performing commercial bank will provide Valley a physical footprint and additional commercial lending expertise in…

Report: Value of IDA Projects Increased Nearly 50% Over Past Decade

June 29, 2021

ALBANY—Industrial Development Agencies (IDAs) in New York State reported 4,320 active projects valued at $109 billion for 2019, a 3.3%, or $3.5 billion, increase in project values from 2018, while net tax exemptions totaled $796 million in 2019, compared to nearly $784 million in 2018. Project values have increased by 48% since 2009, while the…

Building Trades Cry Foul Over Westchester IDA’s Approval of Gateway II Project Changes

June 25, 2021

WHITE PLAINS—Earlier this year, the Westchester County Industrial Development Agency approved new workplace regulations requiring applicants seeking incentives to hire more local workers and enroll in apprentice programs. On Thursday, voting on the first project that would fall under those rules, the IDA Board in a 6-1 vote granted the developer some relief from those…

New York State Budget Gap Falls From Nearly $39 Billion to $3.4 Billion

June 25, 2021

ALBANY—The State Fiscal Year 2021-22 Enacted Budget Financial Plan shows a remarkable improvement in the state’s financial condition as cumulative four-year budget gaps estimated at $38.7 billion just four months ago have been reduced to $3.4 billion, according to a report released on June 24 by State Comptroller Thomas P. DiNapoli. The reduction was fueled…

GUEST VIEWPOINT: Connect New York State’s Two Power Grids to Drive Economic Development in NYC and Statewide

June 23, 2021

The New York State Energy Research & Development Authority (NYSERDA) faces a major decision that could greatly impact all of New York’s economic recovery from COVID. Several energy and transmission developers are competing for a NYSERDA energy program with varying amounts of in-state investment. The choice is clear: Go big and choose New York jobs.…

Berkeley College to Consolidate its White Plains Campus to New York City

June 14, 2021

WHITE PLAINS—Berkeley College, a provider of career-focused education since 1931, will consolidate its Downtown White Plains campus at 99 Church St. into its New York City campus by the start of the Fall 2021 semester. Berkeley joins a growing list of colleges that have either closed or reduced operations in the region due to market…

Report: Bronx Hit Hard by COVID-19 Pandemic Begins Long Road to Recovery

June 10, 2021

NEW YORK—The COVID-19 pandemic hit the Bronx harder than any other borough, according to an economic analysis released on June 8 by New York State Comptroller Thomas P. DiNapoli. As vaccinations rise and restrictions ease, the Bronx has begun to repair the significant economic damage caused by the coronavirus that included a nearly 25% unemployment…

DeCicco & Sons Project at Edge-on-Hudson to Break Ground Later This Year

June 8, 2021

SLEEPY HOLLOW— Construction on a new 30,000-square-foot DeCicco & Sons market at the Edge-on-Hudson in Sleepy Hollow is set to begin later this year. The Village of Sleepy Hollow Planning Board recently approved plans for the market, which will include a second story glass-enclosed beer and wine café, oriented towards the Hudson River. An adjacent 10,000…

Labor Leaders, Politicos Make Last Ditch Plea For Full Gaming License for Empire City Casino

June 3, 2021

YONKERS—A group that now consists of 60 labor, business and community organizations in the New York metro region held a rally on June 2 at the Empire City Casino in Yonkers to press Gov. Andrew Cuomo and state legislators to grant a full casino gaming license to Empire City Casino. Earlier this year in his…

White Plains Hospital Opens $272M Outpatient Facility

June 3, 2021

WHITE PLAINS—There are few positive things people can point to during the coronavirus pandemic. On June 2, a host of political dignitaries, hospital executives and hundreds of staff celebrated the completion of a $272-million project that serves as a concrete testament to the courage and dedication of White Plains Hospital workers and the construction workers…

GUEST VIEWPOINT: Commercial Real Estate Property Owners; Buy, Sell or Hold After COVID

June 2, 2021

The past year has been a very turbulent time for commercial property owners. Many lenders are suspending activity or taking very conservative views on ongoing business leaving some investors in a panic, not knowing what their best path will be forward. While some financial institutions have curtailed loans, revised their parameters, or removed certain lending…