WHITE PLAINS CITIZENETREPORTER SETS RECORD VISITS FOR YEAR 7,017,658 VISITS! 2,098,003 VISITORS MADE 6 VISITS A DAY EVERY DAY. 63,330 UNIQUE VISITORS MADE 133,730 VISITS IN DECEMBER. WPCNR AVERAGED 17,284 VISITORS A WEEK, VISITING 31,270 TIMES.

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WPCNR THE REALTY REALITY. From Cushman & Wakefield,(commercial realtors).(Edited) September 22,2010: 

 Cushman & Wakefield today released its third quarter 2010 report for the Westchester County commercial real estate market, showing a market with minimal leasing activity that reflects an economy trying to regain its footing. There was a slight increase in overall vacancy and absorption, albeit negative, but improvement over the previous quarter throughout the county. White Plains Non-Central Business District is particularly hard hit, according to C &W..

There was a total of 4,343,132 sf of available Class-A space in Westchester as a whole, down from 4,583,233 sf at midyear and 4,396,589 sf a year ago.  The White Plains Non-Central Business District (CBD) lead this category with 1,108,316 sf of Class-A space on the market for lease.

Class-A buildings in the White Plains CBD have been able to keep their rents generally above the $30-psf watermark.  Building quality and proximity to the train station seems to allow these properties to command higher rents than similar ones elsewhere in Westchester County.  This $30 rent number can also be attained, albeit in only the very best buildings, outside of the White Plains area.

In the White Plains CBD, the overall Class-A vacancy rate decreased slightly to 17.6 % from last quarter’s 17.9%, but dropped significantly from 3Q-09’s 24.4 %. 

Class-A occupancy in the White Plains CBD declined 48,894 sf, which was an improvement over the total of negative 90,735 sf at midyear but considerably worse than the positive figure of 20,848 sf in 3Q-09. The White Plains Non-CBD fared a bit better with Class-A absorption figures of negative 4,209 sf from negative 71,140 sf at midyear and negative 35,044 sf in 3Q-09.

Jim Fagan, marketing director for the Westchester/Fairfield Counties region for Cushman & Wakefield said, “In general, most buildings have had to lower their taking rents from the market’s peak by as much as 30% in order to attract tenants.  A-minus grade buildings, outside of the CBD find themselves competing for tenants predominantly on price and are forced to start rents in the low to mid $20s on a rent-per-square-foot basis.”

Absorption is one of the indicators used to see if the market is getting tighter or losing steam: 485,000 sf of space that was previously occupied, became unoccupied in 2009.  This trend has continued in 2010, with a little more than 400,000 sf of previously occupied space going vacant (130,000 sf in the third quarter alone).

Class-A and B total new leasing activity for the quarter registered 224,829 square feet (sf), an increase over the 194,426 sf in 2Q-10 and 189,089 sf in 3Q-09. The Central and Eastern submarkets had the highest amount of Class-A leasing this quarter at 74,341 sf and 71,798, respectively.

The top three deals were Cardinal McCloskey Service’s lease of 18,245 sf at 115 Stevens Avenue in Valhalla; Westchester Plastic Surgery’s lease of 17,101 sf at 440 Mamaroneck Avenue in Harrison; and UTC Fire & Security’s lease of 15,246 sf at 6 Skyline Drive in Hawthorne.

There was almost 2 million square feet (msf) of leasing velocity in 2007, which slowed by 35% to a little more than 1.3 million square feet in 2008.  In 2009, velocity decreased again to approximately 1 msf.  Year-to-date leasing activity totaled approximately 720,000 square feet, which is on track to match last year’s anemic number. 

Overall vacancies countywide for Class-A space decreased slightly to 20.3% down from 21.4% at midyear and on par with 20.5% recorded a year ago.

The considerable decrease in the vacancy rate took place in 4Q-09 when ±273,000 sf was leased at Westchester One (44 South Broadway).

“As the unemployment rate begins to decrease and as jobs are added to the marketplace, office vacancy will decline,” said Jim Fagan, senior managing director and head of Cushman & Wakefield’s Fairfield & Westchester County region.  “Positive momentum for landlords will start to take shape 12 months from now.”

While asking rental rates have remained in excess of $30 per square foot (psf) throughout the county, certain submarkets have fared better than others. 

Class-A direct asking rents in Westchester County remained relatively stable this quarter averaging $30.88 psf, compared with $31.51 psf at midyear and $31.42 psf a year ago.

Overall absorption for Class-A space in Westchester County during the third quarter remained negative at 43,994 sf, but the number was an improvement over the second quarter figure of negative 235,085 sf, but unlike 3Q-09 when Class-A absorption was a positive 14,602 sf.

The Eastern submarket showed marked improvement in Class-A overall absorption at positive 29,895 sf compared with negative 46,700 at midyear and negative 40,380 sf a year ago.

INVESTMENT SALES:

There is a distinct gap between the buyers and sellers of commercial property in Westchester County.  At the peak of the market, there were 24 sales of institutional properties totaling almost 5 msf.  Year-to-date there have been no sales and not for the lack of capital, as it was for most of 2009.  Making matters worse is the lack of investment properties currently on the market, although it is possible that several properties will be listed during the fourth quarter.

“Currently, the market has sufficient capital chasing product, however, most potential buyers are looking for distressed opportunities whereby they can purchase long-term assets at historically low pricing, and then profit handsomely when the market normalizes,” said Mr. Fagan. “The current owners and lenders are trying to hang on to their distressed properties in order to see how quickly the market returns.”

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WPCNR COUNTY CLARION-LEDGER. From Board of Legislators Press Office. September 21, 2010:

County Legislators John Nonna (D-Pleasantville), Gordon A. Burrows (R-Yonkers) and Peter Harckham (D-Katonah) have joined forces to propose term limits for two county offices.  The legislators’ proposal would impose a 3-term limit or twelve consecutive years for the seventeen legislators and the county executive.  The bi-partisan plan also proposes extending the length of term of office for a county legislator from the present two years to four years. 

“The topic of term limits is not necessarily popular among elected officials but it is popular among voters,” said Legislator John Nonna, Chair of the Legislation Committee which will debate the issue and take comments from the public. “I think the issue merits careful review and full debate. We need to determine what Westchester voters prefer and then do what needs to be done legislatively to put the will of the people into effect.”   

While the legislature by charter has the authority to establish term limits by local law, the proposal to lengthen the term of office for a legislator from two to four years would have to be voted on by public referendum.

County Legislator Burrows has strongly advocated for term limits since he took office in 2005.

“The message of term limits is come and serve, contribute your time, talent and energy for the well-being of the Westchester community, then move on with our thanks,” said Burrows.  “We need to encourage more citizens to take a turn at elective office so that the public will benefit from a greater diversity of opinions and perspectives.”

“We serve the public trust, not for personal gain,” added County Legislator Peter Harckham. “Term limits will focus legislative efforts and allow others similarly committed to public service the opportunity to serve as well.”

The topic of term limits has been debated in Westchester for the last twenty years.  Nonna said that it is an idea whose time has come and that he and his co-sponsors all agreed that the outside limit of twelve years of consecutive service was appropriate.   

 “The 1988 charter revision commission discussed term limits but declined to endorse it at that point in time,” said Nonna. “However, the report indicates that if a cap were introduced, twelve years would be the recommended outside limit of consecutive years in office. Over the years, across the country in places that have adopted term limits, the twelve-year limit appears to have surfaced as a number that hits the right balance between continuity and change for the electorate.”

Harckham also commented on the plan’s proposal to lengthen the term of office for county legislators from two to four years.  He said that the same rationale that underlies why the county executive, county clerk and district attorney serve four-year terms supports lengthening the term of a county legislator.        

“While regular turn-over in terms of officeholders is generally good, a two-year term is too short a period in legislative time to achieve the goals that the public elected you to accomplish,” said Harckham. “A four-year term would provide the time needed to pursue and bring to fruition the complex issues and reforms that require thorough study, the input of a variety of stakeholders and several rounds of revisions.” 

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WPCNR’S ECONOMISTA. From  Johny Nelson, the New York State Department of Labor. September 16, 2010:

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WPCNR WHITE PLAINS LAW JOURNAL. Special to WPCNR September 15, 2010:

 Mayor Adam Bradley and his wife, Fumiko Bradley, filed separate claims for divorce with the Westchester County Clerk on Tuesday, according to county online records,  each naming the other as the defendent.

Tonight, WPCNR obtained this statement from Mayor Bradley on the filings, in which he says he would have no further  comment on the matter and disdains that the filings were leaked to the press:

“This week, I filed paperwork to begin divorce proceedings from my wife, a difficult decision that was reached only after exhausting every other recourse.

Divorce is an unfortunate situation that, sadly, impacts many families every day, and obviously this is a difficult moment for my own family.

I was disappointed to learn that details of this have been leaked in a public way, as most families are afforded a modicum of privacy when dealing with a similar situation.

While I understand the public interest given my public profile as Mayor, I want to be very clear that this will be the only time I address this matter. This is an intensely personal situation that will be handled in the appropriate court of law, where hopefully my family’s privacy will be respected.

In the meantime, and as I have done every day since I took office, I will continue my work on behalf of the people of White Plains. My commitment to this city and my devotion to my duties as Mayor are unwavering.”

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WPCNR PHOTOGRAPH OF THE NIGHT. September 13, 2010:

During the September 7 Council meeting last week, the council passed a set of resolutions amending traffic ordinances which have eliminated valet parking in the city. As of Monday evening, the valet parking that was a fixture at City Center in front of Zanaro’s and Legal Seafood after 5 P.M.,  in place since 2003, is no longer in operation.

So long Valets!

For seven years the valet operation in front of Legal Seafoods and the former Zanaro’s through a private firm parked cars dropped in front of the two restaurants for a fee of $5 per car, with attendants parking cars for patrons in vehicles who queued up often 5 to 6 cars deep (which were then parked on either side of Church Street cutting back the lanes on Church Street from 2 to 1),between Main Street and Martine Avenue causing traffic congestion. Now, according to City Hall, there are no more valet parking operations in the city.