News: Brokerage

Rochester to receive $3.396 million brownfield grant from NYSDEC

According to mayor Robert Duffy, the city will receive $3.396 million from the New York State Dept. of Environmental Conservation (NYSDEC) for remediation of environmental contamination at 1000 Driving Pk. Ave. The Environmental Restoration Program (ERP) grant is one of the largest environmental cleanup grants awarded to the city in the last 20 years. The state will reimburse the city various percentages of total costs for asbestos abatement, building demolition and other remedial work totaling $3.396 million. The project is estimated to cost $4.506 million, leaving the city's estimated cost share to be $1.404 million. In addition, the EPA awarded the city $200,000 in April for cleanup and community outreach activities concerning the site, where 12.5 acres were contaminated by a former photographic film and paper manufacturing facility, chemical laboratory and incinerator. The funding will allow the city to perform such cleanup activities as the removal and disposal of contaminated soil, cleanup of a former silver recovery system and decontamination of equipment and building materials. The most recent owner ceased operations and abandoned the property in 1991 and the city obtained the property under tax foreclosure proceedings in 1997 and entered into the NYSDEC Environmental Restoration Program to begin an environmental investigation of the site. The investigation included an asbestos survey, building and equipment decontamination survey, and a subsurface investigation. In addition, the city completed interim cleanup measures, including the removal of abandoned alcohol tanks and fuel oil tanks. The city will complete the project's planning in the fall and begin cleanup in spring or summer of 2008 and work is anticipated to take two years to complete. The city intends to have the site redeveloped as an industrial park resulting in private sector investment, job creation and new economic development opportunities in the city.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent