Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
TARRYTOWN—Northpath Investments, the owner of the two-building office lab/R&D complex at 500 and 540 White Plains Road in Tarrytown, has secured $18.2 million in financing.
JLL Capital Markets arranged the financing—a two-year bridge loan with multiple extension options—through Prime Finance.
500 and 540 White Plains Road are located within the Tarrytown Corporate Center in Westchester County. The 16-acre site has direct access to Interstates 87 and 287, the Mario M. Cuomo Bridge and the Tarrytown Train Station providing tremendous connectivity throughout the Tri-State region. In addition, the immediate area surrounding the properties are home to a host of retail, entertainment and hospitality amenities, JLL Capital noted.
The properties consist of a 144,821-square-foot, five-story lab/R&D building at 500 White Plains Road that is near full occupancy with BASF as the primary tenant and a 128,339-square-foot, six-story office building at 540 White Plains Road that is primed for value-add repositioning.
“We are so excited about the opportunity to add BASF and Northwell Health to our portfolio of socially responsible, life science tenants,” said Gershon Alexander, Principal of Northpath Investments.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer.
“Coming out of the pandemic, we have seen a tremendous uptick in investor and tenant demand for lab and R&D space,” said Klein. “Despite this, the borrower was able to secure the properties at a very attractive basis that will provide them with tremendous flexibility as they execute their business plan.”
“Prime Finance did an excellent job navigating a rather complex transaction,” added Custer. “They were able to quickly grasp the nuances related to financing a lab/R&D building and provided a very smooth closing process.”
Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
Located at 23 Mulberry St. in the Hollow neighborhood of South Yonkers, the $48 million, four-story building has 60 energy-efficient, affordable apartments for seniors.
“Today marks a significant milestone on the path to ensuring the success of our nation’s most vital infrastructure project,” said New Jersey Gov. Phil Murphy.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
