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Month: August 2020

Aug 2020

Amazon in talks to turn empty mall spaces into fulfillment centers (report)

Amazon is in talks to turn some empty mall spaces into fulfillment centers, according to a new report. The Wall Street Journal reports the e-commerce giant entered discussions with Simon Property Group, the biggest owner of shopping malls in the U.S., to convert some empty stores into fulfillment centers to be closer to residential areas. Simon …

Aug 2020

Marrano gets clearance for Juniper Townhomes sales in Lancaster

                      Marrano Homes said Wednesday that it has received clearance from the state to begin sales at its Juniper Townhomes project that is under construction in Lancaster. The project, which required approval from the state attorney general because of its condominium status and real-estate tax …

Aug 2020

Pharma Company Files Tax Certiorari To Reduce Assessed Value

                Pfizer Inc. in Pearl River filed a tax challenge on July 30th in New York Supreme Court, asserting that its assessed value of $62.5 million should be lowered to $4.35 million, a 93 percent reduction. The petitioner filed a tax certiorari after the Town of Orangetown’s Board of …

Aug 2020

Jemal eyes deal slashing value of Boulevard Mall, Wegmans sites

Developer Douglas Jemal is seeking deep cuts to the value of the Boulevard Mall and a neighboring Wegmans property, but said he’s optimistic he can reach a deal with Amherst town officials that avoids lengthy litigation. Jemal last month filed a challenge in State Supreme Court, arguing the assessed values set by the town for …

Aug 2020

The city of Buffalo’s serious financial problems has led the Control Board to request state legislation authorizing $121 million of deficit financing over the next two years

A review of City of Buffalo finances has led the Buffalo Fiscal Stability Authority (BFSA) to call for special state legislation which would authorize borrowing up to $121 million over the next two years to maintain city services. How and when that money would be paid back is not known. The agenda for a meeting …

Aug 2020

Kingston Common Council OKs cut in Wilbur Avenue nursing home’s property tax assessment

City aldermen have agreed to reduce the 2019 and 2020 property tax assessments for a Wilbur Avenue nursing home by $949,000 each of those years. During a virtual meeting on Tuesday, July 14, the Common Council unanimously adopted a resolution authorizing a settlement of a tax certiorari proceeding brought against the city by McNaughton & …

Aug 2020

Crossgates owner sues to cut tax assessment nearly in half

The owner of Crossgates Mall is suing the town of Guilderland to cut the property tax assessment nearly in half as the company contends with a difficult retail environment that only grew worse when the Covid-19 pandemic hit earlier this year. The shopping mall, which is owned by LLCs controlled by Syracuse-based Pyramid Management Group, …

Aug 2020

Hamptons home prices skyrocket due to demand from NYC coronavirus fleers

The COVID-19 exodus has driven Hamptons real-estate prices to record highs. The Hamptons’ median sales price jumped 27.1 percent to $1.08 million during the second quarter of 2020, according to the July 23 Elliman Report, up from $850,000 over the same period in 2019. Breaking into the six figures, it is the highest median sales price recorded in …

Aug 2020

COVID Is Pushing New York Home Buyers to the Suburbs, a Little

Suppose you are an affluent, married, young-to-middle-aged professional who lives in Manhattan or Brooklyn who has young children or expects to have children soon. (Probably not hard for some readers in this publication’s target demographic to imagine.) You may have been planning to move to the suburbs in the next few years. And with the …

Aug 2020

7-Eleven slurps up Speedway chain in $21 billion deal

If you had just gotten used to Speedway convenience stores operating in town, get ready for another change. 7-Eleven’s parent company has struck a $21 billion deal to buy the Speedway chain, which has locations in the Buffalo Niagara region. It was only last year when Speedway entered the local market, after its Ohio-based parent, …

Aug 2020

Malls Seek to Evolve as the Pandemic Hastens a Retail Overhaul

In southwest San Francisco near San Francisco State University and championship golf courses, Brookfield Properties is redeveloping its Stonestown Galleria in perhaps the most disruptive retail environment in modern times. Macy’s vacated the mall in 2018, and Nordstrom followed about 18 months later. Consequently, Brookfield, a global real estate developer and manager, is spending $149 million to …

Aug 2020

US sales of existing homes jump 20% after a 3-month slump

BALTIMORE (AP) — Americans stepped up their home purchases in June by a robust 20.7% after the pandemic had caused sales to crater in the prior three months. But the housing market could struggle to rebound further in the face of the resurgent viral outbreak and a shrinking supply of homes for sale. Sales of …