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New York
Kevin Langtry
CBRE’s Kevin Langtry tells us Westchester's industrial/flex market is tight, with little quality product and nothing new in sight. Of the 31M SF, only 24M is 20k SF or bigger, and much of that is no good for the modern user. “New” product is 30 to 40 years old. "It’s like we’ve been driving around the same car since the ’60s, but it’s on its fourth or fifth engine." During the boom, reuse tended toward residential and retail. Now, Kevin gets a call week from sports/
center users, among other alternative uses. In fact, Lifetime Fitness has the 230k SF Journal News building under contract, intending to replace it with a 200k SF supergym.
Theresa Garelli
Horizon Land’s Theresa Garelli told us yesterday that small deals are the ones moving, especially in Westchester and Rockland counties. In the boroughs, it’s all about brownfield reclamation. Investors are looking for financing (to state the obvious), and the grants and loans that come with public/private partnerships are where to find it.