While Gov. Hochul vowed to provide funding to adequately finance MTA projects, at press time no firm plans have been released.
According to the FBI’s 2023 Internet Crime Complaint Center Report, there were more than 101,068 complaints filed by individuals over 60 years old resulting in more than $3.4 billion in losses in 2023.
A well-known business leader, Weale was perhaps best known for co-founding Country Bank in Carmel and later serving as President and CEO of the Putnam County Economic Development Corp. for 13 years.
NEW YORK—Commercial brokerage firm JLL announced on Sept. 17 that its Capital Markets group arranged $381 million in construction financing for the development of Bronx Logistics Center, a Class A, two-story last-mile distribution facility totaling 1.3 million square feet in the Bronx.
JLL worked on behalf of the developer, a partnership between Turnbridge Equities and affiliates of Dune Real Estate Partners LP, to secure the loan from accounts managed by KKR. JLL previously arranged the recapitalization and joint venture between Turnbridge Equities and affiliates of Dune Real Estate Partners in 2020.
Situated on 14.2 acres in the Hunts Point submarket of the Bronx, the Bronx Logistics Center is positioned for a last mile logistics facility, given its close proximity to the region’s major transit arteries, I-95, I-87 and I-278, affording access to more than 17 million consumers within a 30-minute drive. The location allows the future tenancy to serve the growing need for faster delivery times to consumers, as same-day delivery is expected to account for more than 25% of e-commerce transactions by 2025.
The JLL Capital Markets team that arranged the construction financing was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Associate Madison Warwick. Senior Managing Director Andrew Scandalios and Senior Director Tyler Peck arranged the predevelopment financing and equity partnership.
The new loan program builds on the Borough President and BXEDC’s commitment to support the growing small business sector in the Bronx and follows a $10-million loan program announced last fall.
Boasting a vacancy rate in the low 4% and uninterrupted positive trends in rental rates, fundamentals for Westchester multifamily are strong.
Brokers contend that companies will be attracted to Class A-type space, while properties rated at either B or C will have trouble attracting tenants.
The Orange County Partnership attends the SEMI Industry Strategy Symposium in Half Moon Bay, CA to promote Orange County as "the bridge" between New York City and Albany, and a shovel-ready market with sites ready for major semiconductor manufacturing investment.
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