News

Investment Firm’s Lease Brings Rye Office Building to 100% Occupancy

May 17, 2021

RYE—MSD Partners, L.P., an SEC-registered investment adviser, has signed a lease deal totaling 9,167 square feet at 411 Theodore Fremd Ave. here. The transaction brings the newly renovated, more than 118,000-square-foot office property to 100% occupancy. The CBRE team of Michael McCall and Maria D’Angelo serve as the property’s exclusive leasing agents and represented ownership,…

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MTA Advances $1.6B Metro North Penn Station Access Project

May 14, 2021

ALBANY—In another sign of a reopening economy, Gov. Andrew Cuomo reported on May 13 that the delayed Metro North Penn Station Access project will now be resumed with bids going out shortly on the nearly $1.6-billion initiative. The plan, which was paused last year due to the onset of COVID-19, calls for the construction of…

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A Stigmatized Sector—Our Outlook for U.S. Hotel Investments

May 12, 2021

By William Pattison, Reginald Ross, Michael Steinberg and Austin Iglehart Editor’s Note: The following article is reprinted with permission from MetLife Investment Management. 2020 was the most challenging year on record for hotel owners, far surpassing the lows reached following the 2008 and 1981 recessions. In order to project how and when hotels will recover,…

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HG Realtor Foundation Donates More Than $8,000 to Five Local Charities

May 12, 2021

WHITE PLAINS—The Hudson Gateway Realtor Foundation recently donated $8,300 to five local charities in the Hudson Valley. They include: United Hospice of Rockland in New City; Friends of Karen in North Salem, the Community Center of Northern Westchester in Katonah, Green Chimneys in Brewster and Volunteer New York in Tarrytown. Founded in 1978, Friends of…

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NAR: ‘Sudden Price Appreciation is Impacting Affordability, Especially Among First-Time Buyers’

May 12, 2021

WASHINGTON—Nearly every metro area tracked by the National Association of Realtors —99%— recorded year-over-year price increases in the first quarter of 2021, according to the latest quarterly report released by NAR yesterday. The 11 metro areas with the highest single-family home price increases saw median sales prices ranging from the $100,000s to $600,000s. Those cities…

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NY State Announces Nearly $10M in Funding for 12 Downtown Peekskill Projects

May 12, 2021

ALBANY—New York Gov. Andrew M. Cuomo announced on Tuesday the list of projects in Peekskill that the state will fund as part of its $10-million Downtown Revitalization Initiative award granted to the Northern Westchester County city two years ago. The 12 projects in Peekskill will provide funding that will facilitate mixed-used transit-oriented development, improve pedestrian…

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Hudson Valley Tourism Joins HVEDC Board of Directors

May 11, 2021

POUGHKEEPSIE—The Hudson Valley Economic Development Corp. recently announced the addition of Hudson Valley Tourism, Inc. to its Board of Directors, represented by HVT President Amanda Dana. In 2018, Dana assumed the role of Orange County Tourism Director. In 2019 she and her tourism team acquired the Orange County Film office. In 2021, Dana was named…

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Iona College Finalizes Deal to Acquire Concordia College Campus

May 11, 2021

NEW ROCHELLE—Iona College of New Rochelle has finalized a deal announced earlier this year to acquire Concordia College’s 28-acre campus in Bronxville. Concordia will cease academic instruction before the start of the Fall 2021 semester and Iona College plans to pursue plans to develop a school of health sciences on the Concordia campus. Iona College…

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Hudson Valley’s Small Inns Holding Steady During Challenging Times

May 11, 2021

When it comes to small inns and bed and breakfast lodging in the lower Hudson Valley, Orange County leads the pack with 27 of them. Some range from just two cozy rooms to a 16-bed inn with suites, dotting the region from Newburgh to Port Jervis. The Village of Warwick boasts six bed and breakfasts,…

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Greenwich Waterfront Property Trades for Nearly $28 Million

May 10, 2021

GREENWICH, CT—In what the brokerage firm says is the highest waterfront residential sale so far in 2021 in Greenwich, Houlihan Lawrence reports that a more than five-acre complex at 23 Smith Road has sold for $27.75 million. Houlihan Lawrence’s Sally Maloney was the exclusive listing agent for the property on a private road in the…

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Garnet Health Doctors to Open New Practice In Revamped Goshen Retail Center

May 6, 2021

GOSHEN—On May 10, Garnet Health Doctors, formerly Orange Regional Medical Group and Catskill Regional Medical Group, is expected to open its newest facility in Goshen. This new practice at the redeveloped Goshen Plaza will be Garnet Health Doctors’ ninth location in Orange and Sullivan counties. The new facility, totaling more than 16,000 square feet, is…

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Legislature Approves Skoufis-Paulin Bill that Provides Rent Relief to Small Landlords

May 6, 2021

ALBANY—A bill (A07280, S06481) sponsored by State Assemblywoman Amy Paulin (D-Scarsdale) and Senator James Skoufis (D-Newburgh, Garnerville) recently passed the Assembly and Senate that if signed by Gov. Andrew Cuomo will expand access to rental assistance funds for small landlords. The bill will allow property owners whose tenants cannot or will not submit a rental…

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Windward School Puts Former White Plains Campus on Market for Sale

May 5, 2021

WHITE PLAINS—The Windward School, which recently relocated to a larger campus on Mamaroneck Avenue, announced plans to sell its former campus. The property is being marketed without an asking price. The 5.35-acre development site is located at 5 and13 Windward Ave.—a residential dead-end street that backs up to Saxon Woods Park. The campus is currently…

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Governor Signs Extensions of Residential, Commercial Evictions and Foreclosure Moratoriums

May 5, 2021

ALBANY—On May 4, New York Gov. Andrew M. Cuomo signed an extension of the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 and the COVID-19 Emergency Protect Our Small Businesses Act. The legislation (S.6362-A/A.7175-A) extends moratoriums prohibiting residential and commercial evictions, foreclosure proceedings, as well as protections against credit discrimination and negative credit reporting…

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Harrison Multifamily Project Sells for Nearly $16 Million

May 4, 2021

HARRISON—White Plains-based development firm Lighthouse Living has sold the 36-unit Wood Works multifamily property at 550 Halstead Ave. in Harrison for $15.6 million. The sale was reported by commercial brokerage firm CBRE on May 4. The identity of the buyer was not disclosed. The CBRE team of Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer,…

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Many COVID Restrictions Lifted as of May 19

May 3, 2021

ALBANY—In a joint announcement with the governors of New Jersey and Connecticut, New York Gov. Andrew Cuomo announced today that most industry capacity restrictions will be lifted as of May 19. One key caveat to the easing is that businesses will only be limited by the space available for patrons or parties of patrons to…

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Robert Martin Sells Two Yonkers Office Buildings for $37 Million

April 29, 2021

YONKERS—Robert Martin Co., announced on April 29 it has sold 3 Executive Blvd., a 59,542-square-foot office building and 3 Odell Plaza, a 71,065-square-foot office building in Yonkers for $36.6 million. Robert Martin officials stated that the sale represents a new record price for suburban Westchester County office sales at $280-per-square foot. The buyer of the…

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