Westchester County Business Journal 060418

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HABITAT MARKS 30 YEARS

RPW GROUP MAKES $14.7M BUY

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JUNE 4, 2018 | VOL. 54, No. 23

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WESTFAIR COMMUNICATIONS YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS, COVERING THE HUDSON VALLEY

westfaironline.com

Power tower FOLLOWING STRONG LEASING RUN, NEW WESTCHESTER ONE OWNER PLANS RENOVATIONS BY RYAN DEFFENBAUGH rdeffenbaugh@westfairinc.com

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nder new ownership, the Westchester One office tower at 44 S. Broadway in White Plains booked 90,000 square feet of leasing activity in the final months of 2017 and the start of the year. With its new owner ready to start a multimillion-dollar capital improvement campaign, the building’s leasing team at Cushman & Wakefield said Westchester One will remain among the county’s premier office addresses. The 21-story, 907,000-squarefoot office tower is a year into its new ownership. Argent Ventures LLC., a private Manhattan real estate company whose holdings include Grand Central Terminal, bought the building for $138 million in June 2017 from Beacon Capital Partners. The Business Journal met recently with part of the building’s leasing team at Cushman & Wakefield — Steve Baker, Matthew Lisk and Michael McCarthy — to discuss renovation plans at the building and its position in the market. The team, along with Josh Kuriloff, represented the landlord on leases at the end of 2017 and to start the year. » WESTCHESTER ONE

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TWB Loan Decision Top 5 Banner Ad 6” w x 1.5” h 8-23-18, 4pm Aerial view of the track and building that houses the casino and restaurants. Right: Tim Rooney Sr., president and CEO of Empire City. File photo by Bob Rozycki.

Empire City Casino, Yonkers Raceway sold to MGM Resorts for $850M

BY ALEESIA FORNI aforni@westfairinc.com

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GM Resorts International has bought Empire City Casino and Yonkers Raceway for $850 million from the Rooney family, who has owned the racetrack and casino for more than 46 years. “This acquisition represents an excellent opportunity to further solidify our presence

on the East Coast and, in particular, expand our reach into the high-density New York City region,” said Jim Murren, chairman and CEO of MGM Resorts International. “We believe this transaction enhances our free cash flow profile and presents attractive future opportunities for the company, and we look forward to welcoming the Empire City team and guests to the MGM Resorts family.” MGM Resorts said it has agreed to pay an additional $50

million if Empire City is awarded a license for live table games prior to Dec. 31, 2022. “With Empire City’s approximately 40 percent share of gross gaming revenues in the market, we believe there are significant opportunities for MGM Resorts to further drive growth,” said Dan D’Arrigo, executive vice president and chief financial officer of MGM Resorts International. The 97-acre facility is » MGM RESORTS

A TOP 5 COMMERCIAL LENDER IN NATION (914) 337-1900

For Community Banks with Assets of $500 Million+

TheWestchesterBank.com

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