Joseph Simone says New York City’s land-use initiatives will deliver more housing and jobs

New York City’s plans to update neighborhood land uses will help businesses, create more housing, and promote sustainability, said Joseph Simone of Simone Development Companies.

“New York City’s ambitious plans for reducing greenhouse gas emissions include creating new job districts and allowing taller apartment buildings near train stations to reduce single-passenger car use. This policy will improve New Yorkers’ connections to new employment districts emerging near mass transit facilities,” said Joe Simone, President of Simone Development Companies.

The modernization of New York City’s land use rules is part of Mayor Eric Adams’ goal to build 500,000 new homes over the next decade. Under the mayor’s “Build Everywhere” initiative, up to 6,000 new housing units will be built in the East Bronx by 2027 near four new Metro-North Railroad stations also expected to open that same year. The Build Everywhere push in the East Bronx is projected to create 10,000 jobs near the new train stations, allowing workers to sustainably commute by public transportation.

One of the East Bronx neighborhoods targeted by the Build Everywhere initiative is Morris Park, already home to a large job center due to the presence of hospitals, the Albert Einstein College of Medicine and affiliated healthcare businesses. Simone Development Companies’ Hutchinson Metro Center represents a significant portion of the area’s employment numbers, and it sits next to the future Morris Park Train Station.

The Hutchinson Metro Center is a 42-acre, mixed-use campus planning a 33-acre expansion that may include life science labs, medical offices, and destination retail, among other uses.

“Simone Development Companies supports New York City’s effort to increase the quantity and quality of workforce housing, which is critical for the hospitals in Morris Park and for employers considering locating in our campus or anywhere in the region,” said Patricia Simone, principal and president of Simone Management Group.

Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail, and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.

2023-03-01T10:41:27-05:00March 1, 2023|
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Construction and Leasing Executives Join Simone Development Compaines

BRONX, NY (January 9, 2023) – Simone Development Companies has appointed two real estate industry veterans to senior positions in its construction and leasing departments.

Roger Merriman is Simone Development’s new Senior Vice President of Construction and Jeremy Schwartz is Director of Leasing. These executives possess years of experience in the real estate industry and have worked with leading real estate companies in the tristate area.

“Roger and Jeremy bring impressive backgrounds and skills to the Simone team in the realms of construction management, leasing, property marketing, underwriting and property portfolio management,” said Joseph Simone, President of Simone Development Companies. “Both of these individuals will help us strategically position ourselves for future growth as we build our operational capacity and scalability.”

Prior to joining Simone Development, Merriman served as Vice President of Construction at SL Green Realty Corp., where he managed a team of professionals, consultants, and contractors on construction projects for the largest commercial real estate portfolio in New York City.

Schwartz formerly worked as Assistant Vice President of Leasing at Urstadt Biddle Properties, where he successfully transacted on more than 300,000 square feet of space. He also managed the leasing and marketing of over 1,500,000 square feet of grocery-anchored shopping centers and office buildings throughout the tristate area.

About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.

2023-01-09T09:45:16-05:00January 9, 2023|
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NAVADERM Inks 6,400 SF Lease at Throggs Neck Shopping Center

Simone Development Companies Welcomes Dermatology Platform at the Now 100% Leased Bronx Shopping Center

BRONX, NY – June 27, 2022 – Simone Development Companies has announced that NAVADERM has signed a 10-year, 6,400-square-foot lease at the Throggs Neck Shopping Center in the Ferry Point section of The Bronx, bringing the 12-year-old shopping center to full occupancy.

Karnit Mosberg of Royal Properties represented the owner in the deal while Avison Young’s Michael Blue represented the tenant.

NAVADERM joins a remarkable and extensive group of tenants including retailers Target, TJ Maxx, Petco, Party City, and Skechers as well as restaurants Cap’t Louis Seafood Boil, Charleys Philly Steaks, Starbucks, Applebee’s, Subway, Chipotle, Sarku Japan, among others.

“We are proud to announce NAVADERM brings the incredibly successful Throggs Neck Shopping Center to full occupancy,” said Josh Gopan, AVP of Leasing for Simone Development. “The shopping center has remained incredibly attractive to both retailers and shoppers, even as we continue to navigate the pandemic’s aftermath. The center’s diverse roster of tenants along with its remarkable accessibility and ample parking have kept it as one of the Bronx’s most sought-after shopping centers.”

Since its construction by Simone Development Companies in 2010, Throggs Neck Shopping Center has created hundreds of new jobs and boosted the borough’s economy. The 300,000-square-foot, large-scale retail development is conveniently located at the intersection of Lafayette Avenue and the Hutchinson River Parkway, boasting secure free parking for over 600 cars and anchored by a 165,000+ square-foot Target department store, one of the most active in the nation.

2022-06-28T11:28:15-04:00June 28, 2022|
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New York City’s Booming Life Sciences Sector Driven By Investment and Real Estate Development

New construction of life-sciences real estate in New York City is driven by ample talent pools, venture capital and government support, said Joseph Simone of Simone Development Companies.

“The New York City region is now the nation’s largest life-sciences economy with more than a dozen innovation clusters. The presence of almost 5,100 life-sciences companies in this area is a tremendous opportunity for real estate developers,” said Joe Simone, President of Simone Development Companies.

According to a new report, the life sciences economy in the New York City metropolitan area generated more than $23 billion in wages in 2021. The report by the New York City Economic Development Corporation (NYCEDC) noted that over the last decade, more than 800 new diagnostic testing labs have opened in the region, a growth of 26%.

One of the thriving innovation clusters cited by the NYCEDC report is in the Bronx’s Morris Park neighborhood, where the Montefiore-Einstein Accelerated Biotechnology Research Center will soon open. This biomanufacturing operation will focus on cell, gene, and antibody therapy production.

Simone Development Companies’ 42-acre Hutchinson Metro Center is across the street from the Albert Einstein College and Montefiore Medical Center. The campus is anchored by Montefiore, which occupies the entirety of Tower Two and parts of Tower One.

“The launch of the Montefiore-Einstein biomanufacturing operation coincides with our planned expansion of the Hutchinson Metro Center campus to include life-science-focused laboratories for medical research,” said Patricia Simone, President of Simone Management Group. “As the NYCEDC report noted, the life-sciences sector depends on proximity and interactions among researchers, funders and entrepreneurs as they develop new technologies.”

The tristate New York area has more than 5.6 million square feet of new lab space under development. In recent years, New York City clarified its land-use rules to allow more lab and research spaces.

• • •

Simone Development Companies is a fully integrated private real estate investment and development company that acquires and develops healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its creatively oriented management team, long-term asset ownership and its pursuit of visionary development.

2022-06-22T09:08:39-04:00June 22, 2022|
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Simone Development Acquires Mixed-Use Retail/Healthcare Property at 459 East 149th Street for $32 Million

BRONX, NY (April 2022) — Simone Development Companies the leading Bronx-based developer, has purchased Triangle Plaza Hub, a 50,000 square-foot grocery anchored retail and medical office condominium in the Bronx’s Mott Haven neighborhood for $32 million from Triangle Equities.

Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller in the transaction.

Located at 459 East 149th Street, Triangle Plaza Hub features a healthcare and food-centric tenant-mix anchored by Fine Fare supermarket and Sun River Health. Other tenants at the property include DaVita, Dunkin, Boston Market and VistaSite Eyecare. The LEED certified complex was built in 2015 and is 97% occupied, with just 1,522 square feet available for rent. Metropolitan College of New York occupies 26,000 square feet at the property under separate ownership.

“Simone Development is extremely excited to add this mixed-use property to our portfolio. Supermarket and healthcare anchored centers provide essential services to the neighborhood that work well together and these assets proved to be extremely durable investments during the pandemic,” said Joseph Simone, president of Simone Development Companies. “Located in one of the Bronx’s fastest growing neighborhoods, Triangle Plaza Hub provides essential healthcare and retail amenities to the community.”

Triangle Plaza Hub is situated on a prime corner in a highly trafficked neighborhood and located within a three-minute walk of the 149th Street station serving the #2 and #5 subway lines. The property’s on-site parking offers tenants and customers convenient accessibility.

2022-05-10T12:55:45-04:00April 1, 2022|
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Simone Development Companies Signs Cap’t Loui Seafood Boil at Throggs Neck Shopping Center in the Bronx

BRONX, NY (March 2022) — Simone Development Companies has announced that Cap’t Loui Seafood Boil has signed a 2,123-square-foot, long-term lease at Throggs Neck Shopping Center in the Ferry Point section of The Bronx. This is the seafood restaurant’s fifth location in New York, which is expected to open to the public in Spring of 2022.

Karnit Mosberg of Royal Properties represented both the tenant and the owner in the deal.

“We are thrilled to welcome Cap’t Louis Seafood Boil to the highly successful Throggs Neck Shopping Center,” said Josh Gopan, Assistant Vice President of Leasing for Simone Development. “The shopping center has maintained its position as one of the most successful retail destinations in the Bronx due to its remarkable accessibility, plentiful parking, and diverse roster of tenants. Since its construction by Simone in 2010, the shopping center has created hundreds of new jobs and been responsible for boosting the area’s local economy. We are proud to see how Throggs Neck continues to be extremely attractive for retailers and shoppers alike.”

Cap’t Louis Seafood Boil joins an extensive and diverse roster of tenants including retailers Target, TJ Maxx, Petco, Party City, and Skechers as well as restaurants Charleys Philly Steaks, Starbucks, Applebee’s, Subway, Chipotle, Sarku Japan, among others. Throggs Neck Shopping Center is now 98% occupied, with just 6,404 square feet of space available for lease.

Throggs Neck Shopping Center is conveniently located at the intersection of Lafayette Avenue and the Hutchinson River Parkway. The borough’s 300,000-square-foot, large-scale retail development boasts secure free parking for over 600 cars and is anchored by a 165,000+ square-foot Target department store.

2022-05-10T12:54:52-04:00March 22, 2022|
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Simone Development: Exponential Growth In Life Sciences Lab Construction Requires Shovel-Ready Sites

BRONX, NY (March 2022) — A building boom for new life-sciences laboratories will benefit medical real estate developers that control shovel-ready properties, said Joseph Simone of Simone Development Companies.

According to recent figures from CBRE, a record 31 million square feet of life-science space was under development in the fourth quarter of 2021, both new construction and conversions. “Because of the costs associated with the essential lab infrastructure, real estate developers with vacant land near innovation corridors will benefit from cost savings and delivery-to-market advantages,” said Joe Simone.

Life sciences lab and innovation users typically require high-capacity power, high-velocity ducts, acid waste neutralization and tenant emergency power capacity—all costly retrofits for existing buildings.

In the first two months of 2022, CBRE reported that several life sciences mega-projects have been announced, including a 3 million square foot endeavor at the Philadelphia Navy Yard.

Joe Simone noted that over the past 25 years since the U.S. Navy closed Philadelphia’s Navy Yard, private investors have transformed a massive, outdated tract of land into a thriving community with more than 150 companies. “The key to this success was 1,200 acres of vacant or demolition-ready land near a major urban center,” said Joe Simone.

As with the ongoing Navy Yard transformation, Simone Development Companies successfully reinvented parts of the former Bronx Psychiatric Hospital into the Hutchinson Metro Center. Strategically located near the Albert Einstein College of Medicine and other life sciences hubs in Harlem and Long Island City, Simone Development Companies is proposing to build wet labs and for medical research on the southern portion of the property.

“The demand for new lab space shows no sign of receding,” said Patricia Simone, Principal and President of Simone Management Group. “Simone Development Companies is ready to build the facilities needed for the new generation of biotech start-ups.”

2022-05-10T11:33:18-04:00March 1, 2022|
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