NEW WINDSOR—The Port Authority of New York and New Jersey announced on Feb. 1 that low-cost carrier Play Airlines (PLAY) will be launching daily international flights from New York Stewart International Airport to Reykjavik, Iceland starting on June 9. The Icelandic airline becomes the third carrier to offer international or domestic flights from New York…
Read MoreELMSFORD— Robert Martin Company announced on Jan. 26 the completed recapitalization of its “Westchester Industrial Portfolio,” a 45 property, infill, industrial portfolio totaling approximately 2.6 million square feet across three parks located across Westchester County. As part of the recapitalization, Robert Martin of Elmsford entered into a new joint venture with affiliates of New York…
Read MoreCHAPPAQUA—The newly developed retail component of the former Reader’s Digest headquarters property has been sold in a deal valued at $79.5 million. The transaction, announced by commercial brokerage firm CBRE, involves the 120,986-square-foot trophy quality, grocery-anchored shopping center that is part of the mixed-use Chappaqua Crossing development. The property was sold by the joint venture…
Read MoreALBANY—The prospect of major upgrades—including the construction of what business and government leaders say is a much-needed third lane on portions of Route 17 in Orange and Sullivan counties—just got a step closer. Although not included in her State of the State speech on Jan, 5, accompanying material given to state lawmakers included a directive…
Read MoreYONKERS—Great Point Studios officially opened the doors to its long-awaited Lionsgate Studios Yonkers on Jan. 11 at 45 Wells Ave. and announced that it will move forward with a more than $500-million expansion plan nearby. The expansion project announced by Great Point Studios Founder and CEO Robert Halmi calls for a 1-million-square-foot facility that will…
Read MoreNANUET—The Birch Group, a locally-based privately-held commercial real estate investor, owner and operator, reported on Jan. 6 it had acquired a two-building portfolio from DRA Advisors and Onyx Equities in Jericho, NY for $212 million. The acquisition follows the company’s recent $255-million portfolio purchase in Short Hills, NJ. With this latest acquisition, The Birch Group…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency and the Westchester County Local Development Corporation has provided financial incentives and tax-exempt bond financing to major developments representing more than $1.2 billion in private investment in Westchester County’s economy last year. “As Westchester re-emerges from the economic downturn resulting from the pandemic, the IDA and LDC have…
Read MoreNEWBURGH—The Board of Directors at Hudson Valley Pattern for Progress announced earlier this month the appointment of Adam Bosch as the organization’s next president and chief executive officer. Bosch, a lifelong resident of the Hudson Valley, worked as a journalist, college professor, and policy analyst across the region before joining the senior leadership team of…
Read MoreYONKERS—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…
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