“Stewart”™s the place to be,” said Maureen Halahan. The president of the Orange County Partnership (OCP) had Port Authority officials on hand at Stewart International Airport to welcome 85 site selectors and commercial real estate developers as its Brokers”™ Tour kicked off  Friday, May 18.
The group started its eight-hour crash course on Orange County”™s benefits at the region”™s “fourth airport” ”“ Stewart ”“ then hit the road to view more than 60 available sites in the region.
Halahan may be right about Stewart”™s growth spurt attracting new business, but these high-stakes players were looking at several locations, not just the ones surrounding the Port Authority of New York/New Jersey”™s forthcoming hub in the Hudson Valley. Some said the rush to get in on the ground around Stewart is inflating prices, making the immediate area not as desirable as it could be. Municipal and private concerns like Montgomery, New Windsor, Stewart Industrial Park, Middletown and Walden were on the site-seeing list.
These wheelers and dealers came from across the Hudson Valley and mid-Atlantic region, eyeing Orange County as a quickly emerging market for companies based in Westchester, Maryland, Pennsylvania, and Massachusetts.
The top-shelf tour, complete with a visit to Montgomery”™s popular Orange County Choppers showroom and complimentary T-shirt for all comers was just one of the day”™s perks offered by the partnership.
Another was an under-the-tent luncheon at Wakefern”™s former property off Crystal Run Road, owned by Panattoni Development Corp. and marketed by CB Richard Ellis”™ Senior Vice President Jim Tully. The high-class clambake constituted a two-hour tour hiatus, comprised of gabbing, gobbling and gambling.
A tour of Crystal Run Road”™s 706,000-square-foot commercial/industrial space on 94 acres, where the high-class hoedown was held, was a highlight of the brokers”™ ballyhoo. “We”™ve already leased 202,000 square feet and have another 75,000 in negotiation,” said Tully, who works out of CB Richard Ellis”™s Saddle Brook, N.J., offices representing Panettoni. “At $4.75 triple net, we are confident we are going to have tenants ”“ either as renters, lessees or condo owners,”
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Several brokers said intolerable downstate congestion and easily accessible transportation afforded by Interstates I-84 and I-87, as well as room to grow, gives Orange County high marks for company expansion or relocation.
Possible downsides include low availability of experienced workers and an unwillingness of municipalities to welcome new business, several of which were said have shown a propensity for making the process unpalatable. Supervisor John Ward of the town of Wallkill spoke at the lunch break, assuring site selectors his turf is ready, willing and able to welcome new investment in the area and to work with potential investors.
Ron Reid, associate broker for Rand Commercial Real Estate in White Plains, commended the partnership on the tour. “There are some amazing opportunities ”“ I was interested in the Walder-Baltor location by Route 52. My client is looking for refrigerated space. This might fit the bill.”
John Lavelle, commercial broker for RJ Smith Realty in Pine Bush, declared the brokers”™ tour a rousing success in terms of showing the best Orange County had to offer. “Lots of good stuff here in our neck of the woods,” said Lavelle.
Charles Frankel, of Keller Williams Commercial Realty in Central Valley, says the day was both a professional and a personal success. “I found a great property I am sure one of my clients will be interested in,” he said.
Frankel said pretend blackjack segues into the upcoming annual convention of the New York State Commercial Association of Realtors planned at Turning Stone Casino in Verona. That convention will be held Monday, June 11, to Wednesday, June 13. “Monday and Tuesday will be devoted to showcasing properties brokers and site selectors are looking to trade, sell or make a deal on,” said Frankel. “Day three will be set aside for classes geared for brokers to maintain their licenses” For more information, contact Sheila Marr at (518) 463-5315, or visit www.ocpartnership.org.
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