NEW YORK—The multifamily development floodgates opened last year when developers put their money on the State Legislature enacting a replacement for the 421-a tax incentive legislation. New York Building Congress president and CEO Carlo A. Scissura believes that developers bet on New York State passing a new 421-a tax incentive program this past legislative session…
Read MoreWHITE PLAINS—If the Westchester County Board of Legislators wouldn’t take on Governor Andrew Cuomo and Entergy on the deal reached earlier this year to close Indian Point, Westchester County Executive Robert Astorino decided he would do it on his own. Astorino announced on May 9th that he had filed suit against New York State, Entergy…
Read MoreThe Federal Aviation Administration’s Small Unmanned Aircraft Rule (“FAA Rule”) was effective as of August 29, 2016 and permits the commercial use of drones without having to apply for a waiver or exemption from the Federal Aviation Administration. The former rule in place did require the granting of a waiver or exemption directly from the…
Read MoreWASHINGTON—As promised the Trump Administration unveiled a tax reform plan on Wednesday (April 26) that at first blush has some benefits and some drawbacks for the real estate industry. While representatives of the residential sector are pleased that the Trump economic plan does not tamper with the Mortgage Interest Deduction, the National Association of Realtors…
Read MoreGOSHEN—The developer of LEGOLAND New York hopes to secure approvals for its much anticipated, but somewhat controversial, $500-million theme park here by sometime this summer, which would allow the firm to begin construction before the end of this year. Phil Royle, head of community & project relations for LEGOLAND New York, speaking before about 70…
Read MoreWHITE PLAINS—The recent approval by the Westchester County Legislature of a planned $1.2-billion biotechnology park on mostly county-owned land in Valhalla is a clear sign that political and business leaders are counting on the biotechnology and healthcare sectors to be economic engines for the region in coming years. Earlier this month, the Westchester County Board…
Read MoreWHITE PLAINS—Hudson Valley Realtors are overwhelmingly confident the heady times of strong sales and rising prices will continue throughout this year. However, there is also a consensus that continued declines in for-sale inventory will limit buyer options and could put a damper on buyer demand sometime in the future. First quarter home sales in the…
Read MoreA Conversation with Westchester County Executive Robert Astorino WHITE PLAINS—As Westchester County enters the second quarter of 2017, the commercial and residential real estate markets are robust as businesses and new residents invest in the county. The county’s biotech and healthcare industries are driving economic growth and creating new jobs in their respective sectors, as…
Read MoreWHITE PLAINS— High sales rates, a sharp decline in inventory, and an uneven pattern of price increases across the region marked 2017’s first quarter entry to the real estate market recovery of the past five years, according to the recently released “2017 First Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland and Orange…
Read MoreBUCHANAN—Westchester County Executive Robert Astorino is seeking permission from the Westchester County Board of Legislators to file an Article 78 proceeding to require New York State to conduct an environmental review of the impacts of the Indian Point closure deal with Entergy Corp. At press time, however, it appears the county executive may not be…
Read MoreWHITE PLAINS—In what county officials say is the largest public-private partnership in Westchester County history, County Executive Robert P. Astorino and Board of Legislators Chairman Michael Kaplowitz announced the approval of the $1.2-billion Westchester Bioscience & Technology Center project on 80 acres of vacant land in Valhalla. The two county leaders staged a press conference…
Read MoreHAVERSTRAW—Rockland County Executive Ed Day has a simple but stern warning to landlords who operate illegal apartment units: “We are coming to get you and when we find you it is not going to be a simple matter of a $250 fine. The fine is going to be significant.” As part of a multifaceted codes…
Read MoreWHITE PLAINS—White Plains Mayor Thomas Roach says the city will soon be issuing a solicitation for interested developers on plans to develop what will likely be highly sought after city-owned property around the White Plains Metro North train station. Mayor Roach, who was the guest speaker at the March 23rd meeting of the Hudson Gateway…
Read MoreWHITE PLAINS—In what Westchester County officials describe as an “across the board victory,” New York State Supreme Court Justice Gretchen Walsh has dismissed the City of Rye’s court case against Westchester County’s plans to revitalize the storied Rye Playland amusement park. County officials stated on Tuesday (March 21) that the ruling allows the county to…
Read MoreTARRYTOWN—The suburbs surrounding New York City, including Westchester County, are now in the throes of a multifamily development boom as major investors flock to downtown districts in White Plains, New Rochelle, Yonkers and Mount Vernon to build transit-oriented communities. A panel of real estate investors at an event staged by The Business Council of Westchester…
Read MoreALBANY—Gov. Andrew Cuomo announced the formation of an Indian Point Closure Task Force the same day as a joint meeting of committees of the State Assembly and Senate convened on the business and economic impacts the planned closure of the nuclear facility in Buchanan might have on the state and local economies. The newly formed…
Read MoreWHITE PLAINS—In the first of its kind outreach to the general membership, HGAR President Dorothy Botsoe has launched her “Tea with the President” program at HGAR’s White Plains, Goshen and West Nyack offices. HGAR President Botsoe, who was installed as 2017 HGAR President in January, developed the idea as a way to encourage more participation…
Read MoreReform of the Tax Code is important, but must not eliminate the tax benefits of homeownership. Since its inception over a century ago, the U.S. income tax system has recognized the positive effects of homeownership for families, communities, and society by granting certain tax benefits to homeowners. The result has been a home-owning society that…
Read MoreYONKERS—After securing a partial victory last year in its efforts to have New York State finance most of its planned $2-billion capital program for the Yonkers school district, Yonkers Mayor Mike Spano re-launched the “Rebuild Yonkers Schools” campaign to secure more favorable terms from the State Legislature. Last year, Yonkers was successful in its first…
Read MoreOSSINING—Three Westchester County real estate professionals are leading a citizens group called the “Ossining Committee for Fair Taxation” that is looking to have the Town of Ossining, which recently undertook a town-wide property reassessment, ensure that condominiums in the town are assessed at full value, the same as single-family residences and commercial properties. The trio…
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