Commercial

Two Westchester Engineering Firms Merge

November 2, 2021

WHITE PLAINS—Two well-known Westchester planning and engineering firms who provide land use and project design services for many development projects in Westchester County and the New York metro and Hudson Valley regions have joined forces. Divney Tung Schwalbe, a White Plains-based planning, civil engineering and landscape architectural firm, and Provident Design Engineering, a traffic, transportation…

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Wall Street Earnings Soar Despite Pandemic

October 28, 2021

ALBANY—Wall Street’s run of prosperity extended into the first half of 2021 with $31 billion in pre-tax earnings, beating 2020’s outsized first half profits of $27.6 billion, even as job losses accelerated in New York City’s securities industry, according to State Comptroller Thomas P. DiNapoli’s annual report on Wall St.’s performance released recently. “Wall Street’s…

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Five Questions With: Joseph Apicella, Managing Director of Development, MacQuesten Development, LLC

October 21, 2021

PELHAM—With the COVID pandemic hopefully winding down, the Westchester County real estate markets are at a crossroads with some sectors booming and others struggling to adapt to changing consumer and tenant needs. What better person to talk to about these turbulent times than Joseph Apicella, the longtime right-hand man to high-profile Westchester developer Louis Cappelli…

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E-Commerce, Biotech, Healthcare, Cannabis Will ‘Reimagine Westchester’

October 21, 2021

A panel of experts charged with identifying the industries that will reimagine Westchesteridentified a host of emerging sectors, including e-commerce, cannabis legalization, adaptive reuse, as well as the biosciences and health care as the catalysts for economic growth in the coming years in Westchester County. One industry expert predicts that Tarrytown-based Regeneron Pharmaceuticals will lead…

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NYS Gaming Commission Issues RFI for Downstate Casinos

October 21, 2021

ALBANY—While there is still a long way to go before any official award, the New York State Gaming Commission has issued a Request for Information from interested parties for either developing or operating three downstate New York casinos in the New York metro region. While this is good news for downstate casino advocates, the RFI…

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Mixed-Use Property in Tuckahoe Trades for $8 Million

October 18, 2021

TUCKAHOE—Valon Nikci, president and principal broker of Link NY Realty of Bronxville, reports it represented the buyer in the $8-million purchase of 269-273 Columbus Ave. in Tuckahoe. The undisclosed buyer is a New York City landlord. The mixed-use property totals 34,888 square feet and features residential, office and retail uses. The new owner plans to…

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DiNapoli: NYC Office Market Will Take Years to Recover from Pandemic

October 14, 2021

NEW YORK—The COVID-19 pandemic wiped out years of growth in New York City’s office sector, erasing nearly $28.6 billion in market value and more than $850 million in property taxes in City Fiscal Year (FY) 2022. Timing its recovery is an open question, however, as employers continue to offer work-from-home options, according to a report…

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Dallas Firm to Build 200,000 SF Data Center in Rockland County

October 12, 2021

ORANGEBURG—Dallas-based DataBank reported recently it had acquired 34 acres of land in Orangeburg and will build its fifth data center in the New York metro area. By purchasing the property, which includes a utility-owned substation capable of providing up to 45 MW of utility power, DataBank states the project will further its strategy of owning…

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Three Major Tenants Renew, Expand at 1251 Ave. of the Americas

October 6, 2021

NEW YORK—Mitsui Fudosan America and Newmark announced on Oct. 6 three recently completed leasing transactions totaling more than 230,000 square feet at 1251 Ave. of the Americas bringing the 54-story office tower to 99% leased. The building has maintained strong leasing momentum despite pandemic-induced tenant uncertainty that has stalled leasing activity in other parts of…

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Environmental Review of $1.6B Penn Station Access Project Completed

September 29, 2021

NEW YORK—The Metropolitan Transportation Authority announced on Sept. 27 that the environmental review process for the Metro-North Penn Station Access Project is complete. The milestone makes four new stations in the Bronx as well as direct Metro-North service to Penn Station from the Bronx, Westchester, and Connecticut a step closer to reality. On Sept. 24,…

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Longtime and Respected Association CEO P. Gilbert Mercurio Passes Away

September 28, 2021

WHITE PLAINS—A man who for more than three decades was a driving force behind the growth and growing respect of the Westchester County Board of Realtors has died. P. Gilbert Mercurio, who led the Westchester County Board of Realtors and its successor organization the Westchester Putnam Association of Realtors for 31 years as its chief…

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Investors Lining Up to Build New Projects in Orange County

September 23, 2021

MIDDLETOWN—If any attendees at the Sept. 21 Investor Breakfast of the Orange County Partnership were questioning the strength of the county’s economy, any misgivings were wiped away by the breadth of the positive data and forecasts offered by economic development, government and business experts at the event. Orange County Partnership President and CEO Maureen Halahan…

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Berkeley College Puts White Plains Campus on Market for Sale

September 23, 2021

WHITE PLAINS—Berkeley College has put two White Plains buildings that formerly served as its Westchester campus on the market for sale. The availability of the properties at 99 Church St. and 6 Cottage Place in Downtown White Plains was announced by commercial brokerage firm RM Friedland, which is marketing the campus. Berkeley College, a provider…

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Bronx Logistics Center Lands $381M Construction Loan

September 21, 2021

NEW YORK—Commercial brokerage firm JLL announced on Sept. 17 that its Capital Markets group arranged $381 million in construction financing for the development of Bronx Logistics Center, a Class A, two-story last-mile distribution facility totaling 1.3 million square feet in the Bronx. JLL worked on behalf of the developer, a partnership between Turnbridge Equities and…

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NY State Selects Two Green Projects Valued at $8.2 Billion

September 21, 2021

NEW YORK—In a major step to convert the state’s energy grid to green, New York State has selected two major green energy infrastructure projects that will cost $8.2 billion to develop and help bring wind, solar and hydropower from Upstate New York and Canada to New York City. The two projects involve a total of…

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Route 17 Third Lane Project Could Cost as Much as $1 Billion

September 20, 2021

POUGHKEEPSIE—The cost of adding a third lane on a 47-mile stretch of Route 17 from Harriman to Monticello in each direction is now being estimated at anywhere from $525 million to as high as $1.04 billion, depending on the scope of the improvements to be undertaken. The latest project cost estimates were revealed at the…

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