County Executive Astorino Meets With NYC Brokers
Real Estate In-Depth | January 25, 2016
NEW YORK—As part of an ongoing initiative to promote Westchester County as the “smart spot for business,” Westchester County Executive Robert P. Astorino recently met with a group commercial real estate brokers in Manhattan to tout the many benefits of doing business in Westchester.
“I’m here today to tell you that Westchester is open for business,” Astorino said after his session last month. “There is a certain percentage of your clients that’s either being priced out of the city or whose needs just don’t match. That’s the client I want to talk about today. The one that‘s about to get away.”
Speaking to a group of 30 CBRE brokers Dec. 17 at CBRE’s Midtown offices, he noted that Westchester is not looking to steal or poach business from New York City. “But if there are circumstances when your clients are looking for options outside the city or are thinking of leaving New York State, I would like Westchester to be in the mix, if not your first call.”
Astorino outlined the key benefits that make Westchester a great place to do business—access to a highly educated workforce; extensive transportation network with easy access to New York City; competitively priced office space that’s half the cost of New York City and a “live work play” dynamic that is well-suited to a balanced lifestyle.
He also noted several major projects under way in the county by national real estate companies, including LCOR’s $250-million transit oriented residential development in downtown White Plains; RXR Realty’s $197-million residential proposal on the Yonkers waterfront and RXR Realty’s redevelopment plan for downtown New Rochelle.
“These projects would not be breaking ground if their investors didn’t think there was a market to attract tenants,” Astorino said noting that many of the projects are targeted to millennials who represent the next big job market.
Astorino concluded his presentation with an explanation of the various financial incentives available through the county’s Industrial Development Agency, including sales tax exemption, mortgage recording tax exemption and tax-exempt bond financing. He also urged the brokers to reach out to the county’s Office of Economic Development, which recently opened a New York City office at 125 Park Ave.
Photo Caption: From left, William M. Mooney, III, Director, Westchester County Office of Economic Development; Nick Bates, Associate, CBRE; Meredith Maher, Associate, CBRE; Westchester County Executive Robert P. Astorino; William Cuddy, Executive Vice President, CBRE; Gregory Sundel, Director of Transaction Management/Global Workplace Solutions, CBRE; and Ramon Kochavl, Managing Director, CBRE.