News

Trammel Crow Residential, Marcus Partners to Develop New Multifamily Project in Harrison

October 28, 2021

HARRISON—Crow Holdings, a Dallas-based national real estate investment and development firm, reports that its multifamily development company, Trammell Crow Residential, has partnered with Marcus Partners of Boston to develop Alexan Harrison, a 450-unit luxury multifamily residence in Harrison. The project under the firm’s Alexan brand marks Crow Holdings’ and Marcus Partners’ first New York State…

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U.S. Existing-Home Sales Increased 7.0% in September; Northeast Sales Grew 5.5%

October 22, 2021

WASHINGTON—Existing-home sales rebounded in September after seeing sales wane the previous month, according to the National Association of Realtors. Each of the four major U.S. regions witnessed increases on a month-over-month basis. From a year-over-year timeframe, one region held steady while the three others each reported a decline in sales. Total existing-home sales, completed transactions…

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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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HGAR Region Posts Continued Strong Home Sales in Third Quarter

October 21, 2021

WHITE PLAINS—It may seem like a broken record, but once again home sales in the Hudson Gateway Association of Realtors market area continued to be strong in the third quarter, with most counties posting impressive sales gains over last year. Analysts indicate that both nationally and locally, that tune will likely be playing well into…

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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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Westchester Economic Development Preps For Second Year of ‘Launch 1000’ Program

October 18, 2021

WHITE PLAINS—Following the huge success of its new “Launch 1000” Program this year, Westchester County’s Office of Economic Development is gearing up for its second performance in 2022. The new entrepreneurship program graduated its first class of 59 new entrepreneurs at the end of September, with 50 of them already generating revenue. Deborah Novick, the…

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County Exec. Latimer Proposes $476M Capital Budget Plan for 2022

October 18, 2021

WHITE PLAINS—Westchester County Executive George Latimer unveiled a $476-million capital budget plan on Oct.14 that includes $50 million for the funding of affordable housing projects in Westchester County. The proposal, now before the Westchester County Board of Legislators, also includes funding for roads, bridges, wastewater treatment plants and county parks. Among the more notable items…

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Landlords, Tenants Eligible for Emergency Rental Assistance Funding

October 18, 2021

WHITE PLAINS—Emergency financial relief is flowing to county residents who applied for the New York State Emergency Rental Assistance Program (ERAP), which covers rent and utility arrears to Westchester households at risk of eviction due to the COVID-19 pandemic. More than $16 million has been issued directly to landlords and utility companies on behalf of…

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Westchester County Issues RFP for Construction Pre-Apprenticeship Program; Holds Industry Job Fairs

October 18, 2021

WHITE PLAINS—As part of its new local workforce policy, the County of Westchester Industrial Development Agency has issued a Request for Proposal for the launch of a pre-apprenticeship program to help create construction careers for county residents and fill positions on IDA-induced development projects. The county, as part of its workforce development initiatives, also recently…

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Toll Brothers Floats Townhouse Development in Yorktown

October 18, 2021

YORKTOWN—Home builder Toll Brothers is proposing to build a 136-unit, age-restricted townhouse development at the Field Home property in Yorktown. Toll Brothers’ officials made a preliminary presentation to the Town Board on Oct. 12 about its vision for the 50-acre property off Catherine Street that is under contract for purchase. Toll Brothers’ renderings depicted three-…

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RXR Realty Breaks Ground on $75M Project in South Bronx

October 14, 2021

NEW YORK— RXR Realty broke ground on Oct. 13 on its inaugural South Bronx development, a future residential building located at 2413 Third Ave. RXR Realty is the designated developer for the City of New Rochelle’s downtown revitalization and has developed multifamily projects in Yonkers and throughout the New York metro region. Situated next 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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Houlihan Lawrence: Low Inventory, Strong Buyer Demand Driving Robust Home Sales in Westchester, Putnam, Dutchess Counties

October 7, 2021

RYE BROOK—Driven by historically low inventory levels and persistent buyer demand, 2021 is proving to be an extremely strong year for single-family home sales in Westchester, Putnam and Dutchess counties alike, according to the recently released “Houlihan Lawrence Westchester Putnam & Dutchess Q3 Market Report.” In Westchester County, sales have increased 28% this year and…

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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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Storied Brokerage Warburg Realty Acquired by Realogy; Joining Coldwell Banker

October 5, 2021

NEW YORK—A subsidiary of Realogy, parent of Coldwell Banker Real Estate, LLC, has acquired New York City brokerage firm Warburg Realty, which began operations in New York City 125 years ago. The storied New York City based brokerage will operate as Coldwell Banker Warburg and will be fully rebranded in January 2022, following filings with…

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