Mack-Cali Realty Corp. said that Fabrication Enterprises Inc. had signed a six-year lease renewal for 21,000 square feet of space at the Cross Westchester Executive Park in Elmsford, and was expanding into an additional 16,000 feet.
The company makes and distributes products for physical therapy, rehabilitation, home health and sports medicine. It also renewed a lease for 21,000 square feet at a third location at the office park for six years.
The Westchester Medical Group said it will consolidate administrative offices at 32,000 square feet of space at 2700 Westchester Ave. in Purchase by the end of September. It will add 40 to 50 more employees at the site over the next 18 months.
Chief Financial Officer Clark Yoder said the group was moving administrative offices out of the third floor of 210 Westchester Ave. in Harrison, to accommodate more clinical practice there.
The new offices also will draw staff from two other offices in central Westchester. The medical group will consolidate billing, human resources, general finance, and a call center at the new site. The group employs 510 people plus 143 doctors, Yoder said. About 150 to 160 people work in administration.
CB Richard Ellis represented the medical group in the lease, which will run at least 10 years. The building, owned by Normandy Realty Partners, would be about one-third vacant once the medical group moves in.
In early 2010, Westchester Medical Group expects to open a $7 million surgical center in Rye.
Rockland Economic Development Corp. will hold a free program on how small businesses can obtain contracts with the Hudson Valley Municipal Purchasing Group.
The program starts at 9:30 a.m. on Thursday, June 11 at the Ellipse Room of the Technology Center of Rockland Community College at 145 College Road in Suffern. The program will discuss the local procurement process, what local governments buy, the laws governing the process, and the purchasing group itself and its on-line bidder notification system.
Representatives from Rockland, Orange, Dutchess, Putnam, and Westchester counties and representatives from the cities of Yonkers and Poughkeepsie will be present to speak with local business owners. To learn more, contact Pauline Drakopoulos at 845-735-7040 or firstname.lastname@example.org.
An impairment charge and a general decline in business led to a sharp first-quarter loss at Drew Industries Inc. of White Plains, a supplier of parts for manufactured homes and recreational vehicles.
The company lost $36.7 million, or $1.70 a share, on sales of $71 million. For the comparable quarter a year earlier, Drew had net income of $9.11 million, or 41 cents a share, on sales of $159.1 million.
Driving most of the loss last quarter was a non-cash charge of $29.4 million, or $1.36 a share. The company announced last month that it was taking the charge because of uncertainties in the economy in general, and in the RV and manufactured home industries.
USA Bank of Port Chester reported a net loss of $2.7 million, or 47 cents a share, on net interest income of $5.8 million for fiscal 2008, compared to a net loss of $4.3 million, or 75 cents a share, on net interest income of $4.1 million in fiscal 2007.
The bank said it incurred a one-time expense of $554,000 to buy out its lease at 800 Westchester Ave. in Rye Brook. It said it expects to save more than $30,000 monthly over the 29 months remaining in the lease. It moved its staff to the bank’s main office in Port Chester and an office site in Greenwich, Conn.
The bank increased its loan loss reserve in the face of higher bad loans.
Non-performing loans totaled $9.7 million at the end of 2008, up from $3.6 million a year earlier. It raised its provision for loan losses from $985,000 at the end of 2007 to $1.5 million at the end of 2008.
USA Bank had assets of $209.9 million at year’s end.
Motivational speaker and Paralympic athlete Ron Williams will speak at a free Financial Fitness Forum sponsored by Westchester County on Tuesday, May 12 from 5:30 to 9 p.m. at the County Center in White Plains.
The program will discuss how to manage personal finances and credit, save for college or retirement, deal with identity theft, and shop for mortgages. Williams will talk about overcoming challenges, setting goals and working toward them. He will make a connection between physical and financial fitness in terms of the discipline, skill and practice needed to achieve personal success.
The free program is part of a countywide financial education initiative that includes a money management Web site (www.westchestergov.com/managingmoney) and a “Dollar Sense” workshop series that will run throughout the year.
One workshop, aimed at seniors and retirees, will take place May 7 at the Neighborhood House in Tarrytown. It’s entitled, “Stretching Your Dollars: Managing Your Money Today.”
To sign up for the May 12 forum, register at www.westchestergov.com/financialforum or call (914) 995-2913.
Westchester Community College will hold a Diversity Job Fair for Adjunct Faculty on Wednesday, March 25 from 4:30-7:00 p.m. The free event will be held in the Harold L. Drimmer Library on the college campus at 75 Grasslands Road in Valhalla. Registration is at www.sunywcc.edu/jobs.
The fair will provide an opportunity to learn about current faculty openings for the summer and fall, and to learn about minority adjunct fellowships. Attendees can meet faculty, students, and administrators, tour the campus, and share their resume with Human Resources representatives at the event.
Â Â The Westchester County Association and Pace University have cancelled Friday morning’s event with U.S. Rep. Steve Israel at the Pace School of Law in White Plains. The Long Island Democrat will remain in Washington, D.C. as the House of Representatives considers a new Wall Street rescue bill.
Israel, a member of the House Appropriations Committee, planned to discuss funding for infrastructure improvements such as the Tappan Zee Bridge, and investments in renewable energy and advanced technologies. The college and the county association hope to reschedule the event.
Armonk-based IBM Corp. said today that for the second year in a row it outsold its competitors in sales of identity- and access-management software, citing analysis from independent analyst firm IDC.
The report noted that IBMâ€™s sales of such software rose 6 percent from 2006, while total worldwide sales of the software by all vendors grew last year to more than $3.1 billion.
Further, IDC anticipates revenues to rise to $5.3 billion by 2012, IBM said.
A 36-acre site in the town of Cortlandt opposite Cortlandt Town Center has been sold to a developer who plans to turn the parcel into a mixed-use complex of residences and retail stores.
Westrock Development LLC, based in Yonkers, plans to devote 10 of the acres to retail, creating Cortlandt Crossings, an 85,000-square-foot shopping center with 445 parking spaces and an additional 5,000-square-foot bank site, according to NAI Friedland Realty Inc., the Yonkers-based firm that brokered the sale.
Friedland will also act as leasing agent for the retail spaces. The shopping center, construction for which is expected to start in November 2009 with a planned opening date a year later, will join a mass of other retailers along the section of the Route 6 corridor, including Wal-Mart, Home Depot and Barnes & Noble.
(This posting corrects a previous post that contained incorrect information.)
The Pepsi Bottling Group Inc., the Somers company that bottles Pepsi products, today confirmed it expects to earn $2.30 to $2.38 a share this year.
The company said it expects revenues to grow in the mid-single digits. Operating profit growth will be in the low-single digits and operating free cash flow will be about $620 million, according to the company’s projections.
Pepsi Bottling also said that it will earn $1.02 to $1.06 a share in the third quarter. That would be 4 to 7 percent more than last year.
Revenues will rise 3 percent, the company said.
The Maxon Co., an Irvington-based manager of health care plans, has begun offering insurance to cover the cost of organ transplants.
Maxon said it is the first third-party administrator in the state to offer the insurance, which is offered to employees of companies with self-funded insurance plans.
The coverage is underwritten by AIG Medical Excess, a specialty medical insurer, and covers costs related to transplants of the heart, lung, liver, intestine, kidney, pancreas, bone marrow and stem cells, Maxon said.
The insurance covers all transplant-related expenses, including physician, hospital and drug charges, when in-network resources are used, Maxon said. Coverage begins at patient evaluation and continues for a year after the surgery, it said.
Westchester County will hold its third forum for people having mortgage troubles, or people thinking of buying a house, on Thursday from 7-8:30 p.m. at the council chambers at Mount Vernon City Hall at 1 S. Roosevelt Square.
A panel of experts will talk about how to prevent foreclosure, and what resources are available. County Planning Department staff also will discuss a program that provides funds to remove lead-based paint from older homes and apartments.
The program is sponsored by the Westchester County Office of African American Affairs, the African American Advisory Board, the Westchester County Planning Department and Westchester Residential Opportunities. Call (914) 428-4507 or (914) 995-2934 for more information.
Burlington Coat Factory will open a new store in White Plains in the Shoppes on Main retail complex on Aug. 29.
The 82,000-square-foot store at 255 Main St.Â will feature womenâ€™s and menâ€™s apparel and accessories, kids clothing, shoes and, of course, coats.
The outlet will also have a home dÃ©cor department selling bedding, home and bath accessories, housewares and gifts.
Burlington Coat Factory, which has 390 stores in 44 states, has one other store in the Lower Hudson Valley â€” in Yonkers.
(A previous posting on this blog contained incorrect information.)
Standard & Poorâ€™s Rating Services yesterday affirmed its AA financial-strength rating of MBIA Inc., and removed the rating from credit watch negative.
S&Pâ€™s outlook for the troubled Armonk-based bond insurer is negative, S&P said.
â€œWe assigned a negative outlook to MBIA due to its significant exposure to domestic nonprime mortgages and related exposures,â€ S&P credit analyst David Veno said in a statement.
Removal of the negative outlook, Veno said, â€œwill depend on clarification of ultimate potential losses as well as future business prospects.â€
The possibility of new regulations and the outcome of MBIAâ€™s business decisions are also factors, he said.
Students who graduate from Pace University can expect to earn roughly the same as those who graduate from Ivy League colleges, putting Pace among the top 50 colleges in the nation, a survey of salaries has shown.
Pace graduates earn a starting median salary of $53,200, only a few thousand less than graduates of Yale University, according to a recent article in BusinessWeek.
Yale was number one on the list with a starting median salary of $59,100. Other schools listed along with Pace include Dartmouth, Harvard, Princeton, Stanford and Columbia.
The article listed a mid-career median salary of $89,700 and top incomes of $187,000 for Pace graduates. Pace has campuses in Pleasantville, White Plains and Manhattan.
The BusinessWeek list was compiled from analysis on a report published by PayScale that lists Pace University as one of the â€œBest Northeastern Colleges in the U.S. by Salary Potential.â€
Visit BusinessWeek Web site to view the Pace listing.
The Journal News cut 12 jobs today citing further erosion in ad revenue from retail, housing, automotive and employment sectors of the economy.
The cuts were part of a larger plan by the newspaperâ€™s parent company, Gannett Co. Inc., to eliminate 1,000 jobs across the companyâ€™s 84 news properties in its Community Publishing division, which includes The Journal News and LoHud.com.
The number of positions eliminated at each newspaper was determined locally, McLean, Va.-based Gannett said.
ConEdison Solutions has been awarded a contract by the New York Power Authority to provide upgrades and services to the nationâ€™s largest state-owned power utility, ConEdison Solutions said today.
Under the contract, granted through competitive bids, ConEdison Solutions will provide efficiency upgrades, includingÂ lighting, motors and controls at NYPA plants in Westchester and New York City.
Services will include conducting feasibility studies, evaluating existing and proposed systems, developing designs, purchasing equipment, installation, supervision of installation and commissioning of equipment, said White Plains-based ConEdison Solutions, a subsidiary of Consolidated Edison Inc.
The amount of the contract will be based on costs associated with individual projects and has yet to be determined, said ConEdison Solutions spokeswoman Christine Nevin. However, the contractâ€™s value is estimated to be in the â€œlow millions,â€ she said.
Westchester County has signed a $150,000 contract with Westchester Residential Opportunities Inc., a nonprofit agency certified by the federal government, to reduce the number of evictions in the county caused by the nationâ€™s ongoing mortgage crisis.
The money was derived from a special fund the county set up to deal with emergencies, said County Legislator Peter Harckham, D-Katonah.
The agreement provides for the housing-support agency to use the funding to increase staffing to accommodate the growing number of requests for mortgage default and foreclosure counseling on its toll-free hotline, 877-976-4968, and the hotline’s continued operation.
The contract also calls for WRO officials to meet with top lenders and community stakeholders to discuss early intervention for potential defaulters, the county said.
WRO has offices at 470 Mamaroneck Ave. in White Plains and by appointment at the Mount Vernon Armory, 144 N. 5th Ave.
Its Web site is www.wroinc.org.
Universal American Corp. reported earnings rose to $28.4 million in the second quarter, including a net gain on investments of $1.8 million, compared to $22.3 million a year ago, a 27.5 percent rise.
Excluding the net gain of 2 cents a share, the Rye Brook insurer reported per-share earnings of 30 cents in the three months ending June 30, compared to 35 cents last year.
Revenues rose 77.3 percent to $1.3 billion, the company said, noting that excluding revenues from its MemberHealth business, acquired in September, revenues rose just 16.5 percent.