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.
Joseph Simone Calls New York’s Workforce Development Essential for Life Sciences Real Estate Growth
New York’s planned investments in life science workforce training centers will help stimulate real estate development, said Joseph Simone of Simone Development Companies.
“New York is successfully attracting life science startups. The challenge now is to build talent pipelines to train the necessary workforce that will enable the state to achieve its employment goals,” said Joe Simone, President of Simone Development Companies. “State investments in the New York City regional workforce development plan ensure that growing life science companies seeking real estate in the tri-state area will find the right workers to fill new laboratories and facilities.”
The Long Island Investment Fund recently announced its intention to fund a life science workforce development training center. One of the fund’s goals is to supercharge the life sciences ecosystem in the region by developing workers with in-demand skills.
LifeSci NYC has a similar role in the five boroughs, and one target area is in the Bronx at the Montefiore-Einstein Accelerated Biotechnology Research Center (EMBARC), located across the street from Simone Development Companies’ Hutchinson Metro Center. EMBARC is a biomanufacturing operation focused on cell, gene, and antibody production. LifeSci NYC will invest $20 million to build a diverse pipeline of life sciences talent.
Simone Development Companies has anticipated growth in Morris Park’s biotech talent pool by planning for a live-work-play environment at the Hutchinson Metro Center, a mixed-use medical-office complex where future construction may include life science labs, housing, and destination retail catering to the employees of companies that grow out of EMBARC. This emerging innovation hub will be connected to New York City’s life sciences network by Metro-North’s future Morris Park train station, which will provide quick access to Penn Station in Manhattan.
“Since 2018, biotech research and development companies have increased employment by more than 8,000 people in the New York City metro area, an almost 20 percent increase. “Industry leaders say this growth will continue, and our Hutchinson Metro Center is well positioned to meet the increased demand for real estate that can accommodate life science facilities and workers,” said Megan Guy, Simone Development Companies’ Senior Vice President of Development.
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.
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.
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.
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.