Westchester's Second Quarter Commercial Real Estate Snapshot

Major second-quarter deals from Westchester’s top commercial real estate players.



Downtown White Plains.

Steve Carrea / Wikimedia Commons

FRIEDLAND REALTY ADVISORS, Yonkers

Top Deals:

1500 Broadway, New York, NY
2,000 SF leased to Retail
Citizen Watch of North America

New Lease

Broker: Gene Meer

1080 Leggett Avenue, Bronx, NY
80,000 SF leased to Industrial
Sunrise Co-Op

New Lease

Brokers:  Ross Schneiderman, Steve Kornspun, Atanu Bhattacharjee

Insight:

“The industrial market in both the Bronx and Westchester County markets are showing signs of heating up due to a lack of inventory and increased demand from tenants and buyers from other markets—mainly Queens and Brooklyn. The cost of leasing high-quality warehouse space in Hunts Point, Bronx, has increased from $9-$12/SF to $11-$14/SF over the last 12 months. Sellers of industrial real estate have increased their asking price in the Bronx, while prices in Westchester are holding steady.” 

- Atanu Bhattacharjee, industrial specialist/commercial real estate

MACK-CALI, Edison, NJ

Top Deals:

75 Clearbrook Rd, Elmsford (Westchester Executive Park)
32,720 SF leased to Evening Out
Renewal
Broker: Danielle Rollins

15 Skyline Drive, Hawthorne
20,285 SF leased to Department of Citywide Administrative Services
New Lease
Brokers: John D. Morrill, William V. Cuddy, Sean Wilson, Rachna Desai-Jain (CBRE)

Insight:

"While overall markets continue to be challenging, we are pleased with the leasing activity we are seeing in the Westchester and Fairfield county markets, where we continue to attract and retain high-credit, quality tenants.”  

- Mitchell E. Hersh, president and chief executive officer of Mack-Cali Realty Corporation

RAKOW COMMERCIAL REALTY GROUP, White Plains, NY

Top Deals:

3030 Westchester Ave
85,000 SF leased to Westmed Medical Group
New Lease/New Building
Direct

The Centre at Purchase (Harrison)
84,891 SF leased to MBIA
Renewal
Brokered by Cushman & Wakefield

Insight:

“We receive many inquiries from companies looking for space and/or seeking our help in negotiating existing leases every day (this is our niche). Those inquiries are definitely up over same period last year. There seems to be a growing sense of confidence in the economy. That said, we are working with our tenants to help them do more with less space, and there is a tremendous amount of empty office space in this particular market, which is a drag on the market. It is a beautiful time to be a tenant!”

-Rick Rackow, president & CEO, Rakow Commercial Realty Group

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