DOCSLIB.ORG

Hudson Valley Mall Loan, the Third Largest Mortgage Securitized in CFCRE

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hudson Valley Mall Loan, the Third Largest Mortgage Securitized in CFCRE 20 April 2015 Fixed Income Research http://www.credit-suisse.com/researchandanalytics FOR INSTITUTIONAL CLIENT USE ONLY CMBS Loans in the News Securitized Products Americas Research Analysts Large 2011 loan sent to special servicing Roger Lehman CFCRE 2011-C1 +1 212 325 2123 [email protected] The Hudson Valley Mall loan, the third largest mortgage securitized in CFCRE Sylvain Jousseaume, CFA 2011-C1, has been sent to special servicing, according to the remittance reports +1 212 325 1356 released last Friday. The loan totals $50.1 million and accounts for 8.6% of the [email protected] deal. The loan is the largest post crisis mortgage currently with the special Serif Ustun, CFA servicer. +1 212 538 4582 [email protected] The mortgage is backed by a regional mall, in Kingston, New York. The mall totals approximately 765k square feet and, at the time of securitization, had seven anchors with 68 additional tenants. The table below shows the anchor information, when the loan was securitized. Exhibit 1: Hudson Valley Mall anchor tenants as of loan securitization UW Annual Base Anchor Tenant NRSF % of NRSF UW Base Rent Rent Sales PSF * Occ Cost * Lease Expiration Target 126,000 16.5% 2.20 27,7004 $333 1.1 Jan-16 Macy's 120,814 15.8% 1.75 212,000 $108 5.9 Jan-17 Sears 110,862 14.5% 2.75 304,871 $116 5.1 Sep-14 J.C. Penney 67,578 8.8% 3.55 239,902 $118 7.1 Oct-12 Regal Cinemas 41,776 5.5% 12.55 524,289 $248,515 25.9 Apr-12 Dick's Sporting Goods 34,443 4.5% 8.60 296,210 $171 9.9 Oct-16 Best Buy 32,001 4.2% 13.00 416,013 $906 2.1 Jan-16 * Sales PSF figures and occupancy cost are based on 2010 sales data for all tenants who report sales and have been in occupancy since January 2009. Occupancy Cost is calculated based on UW Annual Base Rent plus estimated contractual reimbursements divided by sales. Source: Credit Suisse, deal documents The performance at the mall has quickly deteriorated. The underwritten DSCR was 1.49x, based on net cash flow and an occupancy (as of March 2011) of 93.7%. The DSCR fell steadily from the end of 2011 and for 2014 was reported at 0.99x, even though the occupancy was 95%. The loan was moved to the watchlist, last October, due to the decline in the DSCR. In January, the mall was dealt another blow when JCP announced it was closing their store at this location, along with 38 other underperforming stores. The remittance report shows that the lease maturity on the JCPenney space, is October 2017 but the company plans to vacate at the end of this month. The just released servicing notes indicate that the property’s performance problems do not stop there. Since mid-January, six tenants have closed and the vacancy rate has risen to 35%, as of April. An additional 17% of the space is operating under modified lease terms or is subject to a month-to-month lease. DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION® Client-Driven Solutions, Insights, and Access 20 April 2015 Furthermore, the servicing notes indicate that problems may continue. The leases on an additional 18% of the space is set to roll over the next year or have provisions that would allow the tenant to vacate, if sales fail to improve. The borrower has requested funds from the cash trap to maintain operations at the mall, and that has triggered the immediate move to the special servicer. The cause of the recent swift decline in occupancy is hard to peg but Ulster county has been in an economic decline, from its heyday. An article, from the end of last year, in the Daily Freeman, indicates that the decline in the area’s working population has been a contributing factor to the mall’s deteriorating performance. The departure of IBM, years ago, a major employer in the area, has left the entire county struggling, according to the mall’s general manager, and that has resulted in lower foot traffic at the property. The article notes that new tenants that have come to the mall have not lasted long and longtime tenants, have left. The article also indicates the mall’s management has contemplated turning portions of the property into a multiuse building that could include such things as a bowling alley, library, gym or even college classrooms. The Hudson Valley Mall loan is the largest 2.0/3.0 loan to be sent to the special servicer. Ridgeview Apartments ($50.0 million and 2.6% of DBUBS 2011-LC2A) had been sent to the special servicer in August 2012, for non-compliance with loan covenants. A modification was granted in the middle of 2013 and the loan was returned to the master servicer. That loan has since been defeased. Also 520 Eighth Avenue ($99.8 million and 7.8% of COMM 2012-CR2) had been 30-days delinquent but that was for a single month, in November 2012. A full list of recently securitized loans with credit issues, as of the March remittance reports, can be found here. The list will be updated soon to reflect the April remittance reports. Another large GG10 loan to defease GSMS 2007-GG10 A new $215 million loan is being made on the Harbor Point Apartments, according to Commercial Real Estate Direct. The new Freddie Mac loan on the 1,200-plus unit apartments, in Boston, totals $215 million. We have recently seen another large loan, Park La Brea, pay off following a new Freddie Mac loan. The property currently backs a $156.7 million loan in GSMS 2007-GG10 and accounts for 3.1% of the deal. The loan is not set to mature until July 2017 and is subject to defeasance until three months prior to then. The property is performing well and carried a 1.5x DSCR as of September 2014, when it was reported as 98% occupied. The deal currently has six other loans that have been defeased, totaling 7.3% of the collateral including 9200 Sunset Boulevard ($135.0 million and 2.7%), which we recently highlighted. On the other end of the spectrum, we also recently discussed the appraisal of 400 Atlantic ($265 million and 5.3% of the deal) which was just appraised at $155.0 million and caused a bit of stir in the CMBS market last week. CMBS Loans in the News 2 20 April 2015 Recent publications We provide below a links to some of our recent CMBS publications. Date published Loans in the News Apr-15 Another Sears JV – this time with Simon (COMM 2012-CR3, JPMCC 2011-C3 and UBSBB 2012-C3) One South Wacker selling for $345 million (WFRBS 2013-C11, WFRBS 2013-C12) Grandeville on Saxon sells from REO (WBCMT 2006-C24) Ridgmar Mall adding a new tenant (COMM 2014-UBS5) Preliminary Q1 2015 CRE fundamentals Apr-14 The Belnord liquidated at only a small loss (JPMCC 2006-LDP9) Apr-09 Midtown Plaza reportedly under contract for $95 million (LBUBS 2006-C7) Sahara Pavilion North and others liquidated from deal (MLCFC 2006-4) Several loans to defease after refinancing in new deal (BACM 2006-1, WBCMT 2006-C23, GSMS 2010-C1 and MSBAM 2015-C22) Harden Ranch Plaza ready to defease (WBCMT 2006-C27) Plaza Evergreen Park update (CSMC 2006-C4) Stoneview Point, part of REO loan, sells for $16.6 million (MSC 2006-HQ8) Watchlisted Montclair on the Park trades for $18 million (WFRBS 2012- C6) Willow Springs Apartments selling from REO (MLCFC 2007-7) Latitude 33 Townhomes sells for $58 million (FREMF 2014-KF03/FHMS KF03) Update on new issue conduit metrics Apr-02 Sears announces real estate plans One and Two Securities Centre selling from REO (CGCMT 2006-C5) Madison At River Sound sells for $58 million (FREMF 2010-K5 / FHMS K005) Wells Fargo extends lease at One Orlando Center (LBCMT 2007-C3) Office Depot/OfficeMax announce more closures (LBUBS 2006-C4) Multifamily backing modified loan sells (CGCMT 2006-C4) Carlsbad Corporate Plaza REO selling for $16.4 million (MLCFC 2007-7) Kimco buying remaining interest in Montgomery Plaza (COMM 2012-CR2) March Credit Update Mar-19 Refresh on Columbia Center mod (MSC 2007-HQ12) Willis Tower (FKA Sears Tower) selling for $1.3 billion (various) 9200 Sunset Boulevard approaching defeasance (GSMS 2007-GG10) Quick Belnord update (JPMCC 2007-LDP9) Barrington Mill apartments sells for $58 million (FREMF 2011-K702 / FHMS K702) Bi-Lo closings deal second blow to two CMBS loans (CD 2007-CD4 and DBUBS 2011-LC2A) Farms at Cool Springs sells for nearly $82 million (FRMF 2011-K704 / FHMS K704) Circuit City Distribution Center leads to defeasance (WBCMT 2007-C33) March remit highlights Mar-12 Belnord mod template updated (JPMCC 2006-LDP9) Simon makes bid for Macerich Sale of Airport Square 15 confirmed and other GG9 notes Partial defeasance for Dividend Capital Portfolio (WFCM 2010-C1) Westin Fort Lauderdale heading for a mod, not foreclosure (CWCI 2007-C2) Stake in 590 Madison is close to trading (GCCFC 2007-GG9) Fisher and Kahn Building heading to auction (GCCFC 2005-GG5) An update of ARAs as a loss estimator CMBS Loans in the News 3 GLOBAL FIXED INCOME AND ECONOMIC RESEARCH Ric Deverell Head of Global Fixed Income and Economic Research +1 212 538 8964 [email protected] GLOBAL SECURITIZED PRODUCTS RESEARCH Roger Lehman Head of Global Securitized Products Research +1 212 325 2123 [email protected] RESIDENTIAL MORTGAGES CMBS Mahesh Swaminathan Roger Lehman Group Head Group Head +1 212 325 8789 +1 212 325 2123 [email protected] [email protected] AGENCY MBS NON-AGENCY MBS Qumber Hassan Marc Firestein Serif Ustun, CFA Sylvain Jousseaume, CFA +1 212 538 4988 +1 212 325 4379 +1 212 538 4582 +1 212 325 1356 [email protected]
Load more

Recommended publications
  • COMMERCIAL OBSERVER WEEKLY the Insider’S Weekly Guide to the Commercial Mortgage Industry
    FINANCE COMMERCIAL OBSERVER WEEKLY The Insider’s Weekly Guide to the Commercial Mortgage Industry In This Issue 1 Sutton and GGP Land $1.25B Loan From Four Banking Giants for Crown Purchase 1 590 Madison Owner Seeks $650M Loan 3 SL Green Lends $97M to Ben Shaoul for LES Development 3 Hudson Valley Mall Transferred to Servicing 5 New York Life Finances Bentall Kennedy’s 757 Third Buy 7 Fannie Mae Securitizes First “Green Loan” “I’ll be raising equity for a fund sponsored by one of New York’s best-known real estate entities ... with a conservative approach similar to mine.” —Ned Cohen Sutton and GGP Land From Q&A on page 10 $1.25B Loan From Four Banking Giants for 590 Madison Owner Seeks $650M Loan Crown Purchase Plaza District office tower 590 Madison Avenue is shopping for a loan of up to $650 million, a source told Commercial Observer Billionaire New York developer Jeff foot, 26-story office tower from Spitzer Finance. A loan of that size and Chicago-based , led by former New York Gov. could be one of the largest Sutton General Enterprises EXCLUSIVE Growth Properties closed on their $1.78 Eliot Spitzer, and New York-based Winter to close so far this year, if the billion acquisition of Properties. landlord can find the funds. the at Mr. Sutton and his joint venture partners The 42-story property’s owner, the EXCLUSIVE Crown Building State 730 Fifth Avenue with additionally completed a $500 million deal Teachers Retirement System of Ohio, has a $1.25 billion mortgage last week to put an Aman Resorts hotel on retained Cushman & Wakefield to source the provided by Deutsche Bank, Morgan the building’s fourth through 24th floors, as funds, a representative for C&W confirmed.
    [Show full text]
  • Connect Mid-Hudson Regional Transit Study
    CONNECT MID-HUDSON Transit Study Final Report | January 2021 1 2 CONTENTS 1. Executive Summary ................................................................................................................................................................. 4 2. Service Overview ...................................................................................................................................................................... 5 2.1. COVID-19 ...................................................................................................................................................................... 9 2.2. Public Survey ................................................................................................................................................................ 9 2.2.1. Dutchess County ............................................................................................................................................10 2.2.2. Orange County ................................................................................................................................................11 2.2.3. Ulster County ..................................................................................................................................................11 3. Transit Market Assessment and Gaps Analsysis ..................................................................................................................12 3.1. Population Density .....................................................................................................................................................12
    [Show full text]
  • Directory of Dental Care Providers
    Table Of Contents REGION 1 ................................................. 5 Nassau County, NY .......................................... 5 Suffolk County, NY .......................................... 13 REGION 2 ................................................ 22 Bronx County, NY ........................................... 22 Kings County, NY ........................................... 26 New york County, NY ........................................ 33 Queens County, NY ......................................... 38 Richmond County, NY ........................................ 47 REGION 3 ................................................ 49 Dutchess County, NY ........................................ 49 Orange County, NY .......................................... 50 Putnam County, NY ......................................... 52 Rockland County, NY ........................................ 52 Sullivan County, NY ......................................... 55 Ulster County, NY ........................................... 55 Westchester County, NY ...................................... 55 REGION 4 ................................................ 60 Albany County, NY .......................................... 60 Clinton County, NY .......................................... 61 Columbia County, NY ........................................ 62 Essex County, NY .......................................... 62 Fulton County, NY .......................................... 62 Greene County, NY .......................................... 62 Montgomery County,
    [Show full text]
  • Store # Phone Number Store Shopping Center/Mall Address City ST Zip District Number 318 (907) 522-1254 Gamestop Dimond Center 80
    Store # Phone Number Store Shopping Center/Mall Address City ST Zip District Number 318 (907) 522-1254 GameStop Dimond Center 800 East Dimond Boulevard #3-118 Anchorage AK 99515 665 1703 (907) 272-7341 GameStop Anchorage 5th Ave. Mall 320 W. 5th Ave, Suite 172 Anchorage AK 99501 665 6139 (907) 332-0000 GameStop Tikahtnu Commons 11118 N. Muldoon Rd. ste. 165 Anchorage AK 99504 665 6803 (907) 868-1688 GameStop Elmendorf AFB 5800 Westover Dr. Elmendorf AK 99506 75 1833 (907) 474-4550 GameStop Bentley Mall 32 College Rd. Fairbanks AK 99701 665 3219 (907) 456-5700 GameStop & Movies, Too Fairbanks Center 419 Merhar Avenue Suite A Fairbanks AK 99701 665 6140 (907) 357-5775 GameStop Cottonwood Creek Place 1867 E. George Parks Hwy Wasilla AK 99654 665 5601 (205) 621-3131 GameStop Colonial Promenade Alabaster 300 Colonial Prom Pkwy, #3100 Alabaster AL 35007 701 3915 (256) 233-3167 GameStop French Farm Pavillions 229 French Farm Blvd. Unit M Athens AL 35611 705 2989 (256) 538-2397 GameStop Attalia Plaza 977 Gilbert Ferry Rd. SE Attalla AL 35954 705 4115 (334) 887-0333 GameStop Colonial University Village 1627-28a Opelika Rd Auburn AL 36830 707 3917 (205) 425-4985 GameStop Colonial Promenade Tannehill 4933 Promenade Parkway, Suite 147 Bessemer AL 35022 701 1595 (205) 661-6010 GameStop Trussville S/C 5964 Chalkville Mountain Rd Birmingham AL 35235 700 3431 (205) 836-4717 GameStop Roebuck Center 9256 Parkway East, Suite C Birmingham AL 35206 700 3534 (205) 788-4035 GameStop & Movies, Too Five Pointes West S/C 2239 Bessemer Rd., Suite 14 Birmingham AL 35208 700 3693 (205) 957-2600 GameStop The Shops at Eastwood 1632 Montclair Blvd.
    [Show full text]
  • Private Placement Memorandum
    PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 11, 2020 NEW ISSUE SERIAL BOND STANDARD & POOR’S: “AA/STABLE OUTLOOK” See “BOND RATING” herein In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). In the further opinion of Bond Counsel, interest on the Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that interest on the Bonds is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (including The City of New York). Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds. See “TAX MATTERS” herein. The Bonds will NOT be designated as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. $1,610,000* COUNTY OF ULSTER, NEW YORK GENERAL OBLIGATIONS CUSIP BASE #: 903766 $1,610,000* Public Improvement Refunding (Serial) Bonds, 2020 (referred to herein as the “Bonds”) Dated: Date of Delivery Due: November 15, 2020-2028 solicitation solicitation of an offer to buy nor shall there be any sale of these securities
    [Show full text]
  • Edward Gibbs Collection
    152 N. York St., 2nd Floor, Elmhurst, IL 60126 historictheatres.org Finding Aid for the EDWARD T. GIBBS COLLECTION Acc. #: 99-007 Future Additions Expected: No Finding Aid creation: March 19, 2012 Size: 3,952 slides Abstract The Edward T. Gibbs Collection contains 3,952 slides collected by Edward T. Gibbs. Some slides were photographed by Gibbs, though many were taken by other photographers. These slides depict numerous theatre buildings across the United States and in other nations, providing documentation for the appearance of the theatres for the times in which they were photographed, from the late 1960s until the late 1990s. Background Information Edward T. Gibbs was a founding member of the Theatre Historical Society in 1969. He was born in 1923, resided for much of his life in New York City, and died in 2001 in Jersey City, New Jersey. Scope and Contents Note Slides are organized by state or country (if foreign), then city name, then the name of the theatre. Slides in New York City are organized alphabetically by borough, and images taken in Canada are organized by province, then city, then theatre name. A smaller series of slides of drive-in theatres is also organized by state, city name, and then theatre name. All slides with no written photo credit are credited to Edward T. Gibbs. Related Materials Researchers interested in this collection may also wish to consult the following resources in the Theatre Historical Society holdings: Bill Benedict Collection Michael R. Miller Collection THS Slide Collection Jack Tillmany Collection Other materials in the Theatre Historical Society holdings may relate to the topics in this archive.
    [Show full text]
  • Radio Shack Closing Locations
    Radio Shack Closing Locations Address Address2 City State Zip Gadsden Mall Shop Ctr 1001 Rainbow Dr Ste 42b Gadsden AL 35901 John T Reid Pkwy Ste C 24765 John T Reid Pkwy #C Scottsboro AL 35768 1906 Glenn Blvd Sw #200 - Ft Payne AL 35968 3288 Bel Air Mall - Mobile AL 36606 2498 Government Blvd - Mobile AL 36606 Ambassador Plaza 312 Schillinger Rd Ste G Mobile AL 36608 3913 Airport Blvd - Mobile AL 36608 1097 Industrial Pkwy #A - Saraland AL 36571 2254 Bessemer Rd Ste 104 - Birmingham AL 35208 Festival Center 7001 Crestwood Blvd #116 Birmingham AL 35210 700 Quintard Mall Ste 20 - Oxford AL 36203 Legacy Marketplace Ste C 2785 Carl T Jones Dr Se Huntsville AL 35802 Jasper Mall 300 Hwy 78 E Ste 264 Jasper AL 35501 Centerpoint S C 2338 Center Point Rd Center Point AL 35215 Town Square S C 1652 Town Sq Shpg Ctr Sw Cullman AL 35055 Riverchase Galleria #292 2000 Riverchase Galleria Hoover AL 35244 Huntsville Commons 2250 Sparkman Dr Huntsville AL 35810 Leeds Village 8525 Whitfield Ave #121 Leeds AL 35094 760 Academy Dr Ste 104 - Bessemer AL 35022 2798 John Hawkins Pky 104 - Hoover AL 35244 University Mall 1701 Mcfarland Blvd #162 Tuscaloosa AL 35404 4618 Hwy 280 Ste 110 - Birmingham AL 35243 Calera Crossing 297 Supercenter Dr Calera AL 35040 Wildwood North Shop Ctr 220 State Farm Pkwy # B2 Birmingham AL 35209 Center Troy Shopping Ctr 1412 Hwy 231 South Troy AL 36081 965 Ann St - Montgomery AL 36107 3897 Eastern Blvd - Montgomery AL 36116 Premier Place 1931 Cobbs Ford Rd Prattville AL 36066 2516 Berryhill Rd - Montgomery AL 36117 2017 280 Bypass
    [Show full text]
  • Ulstercountyalive.Com
    NOW TRENDING… TOP 10 EVENTS FOR JULY 2018 July 4-7 Fourth of July Parade and Fireworks, several Ulster County locations July 7: High Falls Fair Day, High Falls July 8 : 15th Annual Sawyer Motors Car Show, Saugerties July 12-15: Soyuzivka 12th Annual Festival, Kerhonkson July 14: 68th Annual Hurley Stone House Day, Hurley July 19-22: Vietnam Traveling Memorial Wall, Saugerties July 20-22: Hudson Valley Chalk Festival, New Paltz July 20-22: Shandaken Artist Studio Tour, Shandaken July 21-22: Rosendale Street Festival, Rosendale July 28: Hudson Valley Brassroots Festival, Kingston DATE July 2018 Calendar of Events Please Note Calendar listings are based on information received prior to publication. Changes sometimes occur after printing and distribution. You may want to contact the event sponsors in advance. Fireworks: Kingston July Fourth Celebration: Food, music and activities 4 p.m. Fireworks 9:30 p.m. T.R. Gallo Waterfront Park, Kingston; 4 facebook.com/kingstonnygov/ Saugerties Fourth of July Parade and Fireworks: Annual parade of floats, band and marchers. 11 a.m. Cantine Field, 207 Market St., 4 Saugerties. 845-246-9701; village.saugerties.ny.us Walkway Fireworks Spectacular: Premier view of spectacular fireworks. Bring your chairs, flashlights and snacks. Adults $12.50; 4 Walkway members, veterans, seniors $10; children under 10 free. Gates open 7 p.m. Fireworks 9 p.m./9:30 p.m. Walkway Over the Hudson, 87 Haviland Road, Highland. 845-454-9649; walkway.org Ellenville Fourth of July Parade and Fireworks: Arts, crafts and food at Liberty Square. Noon. Parade with floats and bands.
    [Show full text]
  • 20? Meet the Candidates for State Senate
    Supporting Businesses ~ Supporting Our Community 2020 Are You Ready For Campaign ‘20? Meet The Candidates For State Senate While COVID-19 has captured most of the communications executive. public’s attention lately, the Nov. 3 election is She called small business “the backbone of our sneaking up on us all. The Chamber’s next Virtual local economy” and said her focus would be on Breakfast Meeting, scheduled for 9:00 a.m. Sept. 30, economic recovery after COVID-19. will feature four candidates running for the NY State “We have to support our business community Senate. through this challenging time and make sure they The candidates in the 46th Senate District are have the tools, resources and information to stay Democrat Michelle Hinchey and Republican Richard in business,” she said. “We also can’t hold small Amedure. Both are hoping to succeed Republican businesses to the same standards we hold large George Amedore, who is not seeking re-election. corporations and should ensure pathways to make In the 42nd Senate District, the candidates are it financially viable to stay and do business in New first-term incumbent Democrat Jen Metzger and York State. Republican challenger Mike Martucci. “We also need to find new and creative ways to The breakfast, with assistance from the League of ease the tax burden on working families and small Women Voters, will be broadcast on Facebook Live businesses because the old ways are not working.” from The Venue Uptown at Best Western Plus in Hinchey said her campaign would also focus on Kingston. environment protection and creating green jobs, as Hinchey, 31, lives in Saugerties and is the well as expanding rural broadband.
    [Show full text]
  • Lee, Massachusetts
    LEE, MASSACHUSETTS PROPERTY OVERVIEW LEE PREMIUM OUTLETS® LEE, MA MAJOR METROPOLITAN AREAS SELECT TENANTS 87 NH VT 90 Schenectady Albany: 44 miles Ann Taylor Factory Store, Banana Republic Factory Store, BCBG, Brooks MA 2 2 Springfield: 42 miles Brothers Factory Store, Calvin Klein Company Store, Coach, Cole Haan 88 7 Troy 91 Outlet, J.Crew Factory, LACOSTE Outlet, Lindt Chocolate of Switzerland, Albany 9 To Boston Michael Kors Outlet, Nautica, NikeFactoryStore, Polo Ralph Lauren Factory Pittsfield RETAIL 90 Springfield 90 Store, SKECHERS USA, Talbots, Tommy Hilfiger Company Store, Under NY MA MA GLA (sq. ft.) 225,000; 60 stores Armour CT 87 84 Hartford OPENING DATES TOURISM / TRAFFIC To New York City 7 Opened June 1997 The center is located at the scenic gateway to the Berkshires, the cultural hub and vacation locale for cities within a relatively short drive time including Boston and Springfield, MA; Albany, NY; and Hartford, PARKING RATIO CT. This area’s wealthy population base includes 3.8 million people 4.8:1 within 60 miles. This outlet destination is a tax-free shopping mecca, LEE conveniently positioned just off Exit 2 of the Massachusetts Turnpike. PREMIUM OUTLETS With a traffic count of 55,000 vehicles passing the center daily, it LEE, MA RADIUS POPULATION draws millions of annual visitors, which makes it Berkshire County’s 15 miles: 92,711 largest attraction. 30 miles: 355,945 45 miles: 1,862,334 MAJOR ATTRACTIONS Tourists visit the Berkshires for the mountains, lakes, shopping and AVERAGE HH INCOME small-town charm. Nearby Lenox is home to top-ranked Canyon 30 miles: $77,047 Ranch Resort and Cranwell Resort Spa & Golf Club.
    [Show full text]
  • CEDS 2019-2023 Final
    Hudson Valley Region Comprehensive Economic Development Strategy 2019-2023 November, 2019 Hudson Valley Regional Council Comprehensive Economic Development Strategy, 2019-2023 Contents Executive Summary ....................................................................................................................................... 1 About the Hudson Valley Regional Council .................................................................................................. 3 Our approach in developing the CEDS ...................................................................................................... 4 A Regional Overview ................................................................................................................................. 6 Summary Background ................................................................................................................................... 8 Geography as Destiny: the Hudson Valley and the Downstate/Upstate Nexus ...................................... 8 Indicators of Distress in Hudson Valley Communities ............................................................................ 10 Opportunity Zones in the Hudson Valley Region .................................................................................... 12 Economic Strengths: Traded Clusters .................................................................................................... 14 Emerging Industries ...........................................................................................................................
    [Show full text]
  • Ulster County
    2021 COMMUNITY RESOURCE GUIDE & MEMBERSHIP DIRECTORY ULSTER COUNTY www.UlsterChamber.org www.UlsterChamber.org 1 CONTENTS 4 Letter from the Chamber President Welcome to the 2021 Ulster County Regional Chamber of Commerce Community Resource Guide and Membership Directory CORPORATE SPONSORS 16 Accommodations CORPORATE LEADERS DropYourBags and Enjoy Mid-Hudson Valley Federal Credit Union 20 Business and Industry Nuvance Health Putting Us on the Map Rondout Savings Bank 28 A Community That Cares Emerson Resort & Spa Leveling the Playing Field with Love Ulster Savings Bank Central Hudson Gas & Electric 32 Education Overcoming COVID CORPORATE PARTNERS 34 Health and Wellness Hudson Valley Federal Credit Union Investing in Our People Sawyer Savings Bank 40 Homes and Lifestyles CORPORATE SUPPORTERS Red Hot Market Naccarato Insurance 46 Tourism Kimlin Energy Services America’s Best Escapes CareMount Medical Community Products, LLC 48 Categorical Member Listings Sickler, Torchia, Allen & Churchill, CPA’s, PC HealthAlliance - A Member of WMCHealth Network 48 Alphabetical Member Listings SUSTAINING SPONSORS 88 Advertising Index The UPS Store • Adams Fairacre Farms Ulster Federal Credit Union • UHY LLP The Ulster County Regional Chamber of Commerce would like to thank the following individuals and businesses for their contributions: Directory Coordinator and Advertising Sales – Carol Ricken Graphic Design and Layout – Allison Costanzo Editorial – Robert Mitchell & Paula Mitchell Photo Credits: Cover Photo: Allison Costanzo Accommodations: The Forsyth
    [Show full text]