Biz Buzz: Westchester County Business News, September 19, 2016

Westchester rakes in record tourism dollars, Regeneron eyes major expansion, and more recent happenings

Luxury Rental 1177@Greystone Opens Its Doors in Yonkers

Representatives from Ginsburg Development Companies (GDC) joined several city officials last month to break ground on a new luxury rental apartment building in Yonkers’ Greystone neighborhood. The 55-unit complex, 1177@Greystone, is located at 1177 Warburton Avenue and features an indoor parking garage, contemporary kitchen and bath designs, a sundeck, oversized windows, and wood laminate flooring. The building is located one block north of GDC’s other soon-to-be-finished 330-unit luxury rental complex, River Tides at Greystone.  One-bedroom apartments at 1177@Greystone start at $1,895 per month. Two-bedroom units, which range in size from 1,105 to 1,245 square feet, begin at $2,795 per month. The complex will also have three bedroom apartments for lease, which is slated to begin in September 2017.


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Regeneron Plans Major Greenburgh Expansion

Regeneron Rendering 

Photo courtesy of EYP Architecture & Engineering Regeneron 

Regeneron Pharmaceuticals Inc. has earmarked a segment of a 100-acre parcel in the town of Greenburgh for a 1 million-square-foot research and development campus. The state’s largest biotechnology company, Regeneron purchased the land—which is located on the west side of Saw Mill River Road—last year for $73 million. The company plans to construct nine buildings raging from 40,000 to 280,000 square feet on the site, as well as five above- and below-ground parking structures. Some of the buildings will also feature solar panels, with the rest of the power being supplied by a central energy plant to be built by Regeneron.


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Solar Campaign Lights Up Westchester

Thirty residents in Somers recently signed up for new solar systems during one of the most successful solar energy campaigns in the history of Westchester County as part of the Solarize Somers campaign. The Somers Energy Environment Committee, which fomented the campaign, selected Uniondale-based Direct Energy Solar to install the units. In appreciation for the project, Direct Energy Solar donated a 5.2 kilowatt solar system to the town that was installed at the Somers Library.  “We were thrilled to see so much interest and passion for solar,” remarked chair of the Somers Energy Environment Committee, Michael Blum. “We launched this program in October of 2015 and since then people have been anxious to learn more. The idea of energy savings, energy independence, and doing something positive for the environment has really resonated with so many.”


Westchester Racks up $1.79 billion in Tourism

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Last year, visitors to Westchester country spent a record $1,793,365,000. This was the second-straight year in which tourist spending hit record levels, and represented a 3 percent growth from the $1.74 billion spent in 2014. Tourism Economics, a Philadelphia-based company that uses several metrics to estimate spending, compiled the data. New York State experienced a similar increase in tourism revenue in 2015, with visitors spending hitting $63.1 billion. This marks a 1 percent increase over 2014, and a total spending expansion of 3.8 percent. According to county officials, tourism supported 24,036 jobs throughout Westchester in 2015, a figure that has been growing by 2 percent each successive year. “These numbers show that Westchester County continues to be a leading destination for business and pleasure in the state of New York,” said County Executive Robert P. Astorino in a statement. “Year after year, Westchester attracts more visitors, and that’s great news for the growth of our economy and county as a whole.”


John M. Tolomer, CEO at the Westchester Bank 

 The Westchester Bank Receives Major Nod

Independent Banker recently selected The Westchester Bank as a 2016 National Top-Producing Commercial Lender for community banks. This honor places it as one of the top 25-producing commercial lenders in the country. The Westchester Bank took the #4 slot in banks with assets ranging from $500 million to $1 billion. The honor comes on the heels of the bank’s recognition by 914INC. as a 2016 Excellence in Small Business Award recipient. The Westchester Bank will officially receive this honor during a September 22 ceremony at White Plains’ Crowne Plaza.


County Executive Announces $80 million Growth Package

The Local Development Corporation and Westchester County Industrial Development Agency recently approved an $80 million growth package for a new rental space in Mamaroneck as well as a bond refinancing for Bronxville’s Sarah Lawrence College and Hendrick Hudson Library in Montrose. Astorino announced the package on September 8, stating, “Today’s actions by the IDA and LDC boards reaffirm the county’s commitment to helping businesses, not-for-profits and educational institutions grow, while creating jobs for our economy.” The package will partly fund Sheldrake Station Development LLC’s $35 million construction of 100 new rental units at 270 Waverly Avenue in Mamaroneck.  The package also includes $42 million aimed at refinancing bonds for Sarah Lawrence College, which should save $6.8 million in cash by 2021 as a product of the deal.


Westchester Maintenance Company Acquired by HomeSquare

Pleasantville-based Home Services Shop, a successful handyman company serving Westchester County, was acquired by Greenwich, CT-based HomeSquare LLC in July. The combined company provides customers throughout Westchester County and Fairfield County, CT, with professional handyman services, renovations, custom maintenance plans, and emergency services. With approximately 5,000 customers and 15 years as one of the county’s leading handyman maintenance companies, Home Services Shop will allow HomeSquare to greatly increase its range of services for area customers. “We are excited for HSS to join HomeSquare and look forward to delivering the same great service and so much more,” notes Home Services Shop’s founder, Mike Gilfeather.



Our Westchester Home Design Awards event is June 26!

Our Wine & Food Festival returns June 4-9!

Our Wunderkinds event takes place on May 23!

Our Best of Business Ballot is open through May 15!

Our Healthcare Heroes Awards event takes place on May 9!

Our Westchester Home Builders Awards take place on April 4!

Our Diversity, Equity & Inclusion Forum is March 14!

Unveiled: A Boutique Bridal Brunch is February 25!

Our Best of Westchester Elimination Ballot is open through March 6!

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