WASHINGTON— Existing U.S. home sales rebounded in May following a notable 2.3% decline in April, and low inventory levels helped propel the median sales price to a new high while pushing down the median days a home is on the market to a new low, according to a report released on June 21 by the…
Read MoreALBANY—The New York State Assembly and Senate passed the top legislative item on the Realtor agenda this legislative session—the First-Time Homebuyer Savings Account. The Assembly passed the measure on June 19th by a 142-1 vote with the only negative vote by Westchester County State Assembly Member Sandy Galef. The measure passed the Senate the same…
Read MorePEEKSKILL—Ginsburg Development Companies, joined with City of Peekskill and Westchester County officials on June 13 in breaking ground on a $64.5-million mixed-use project that will transform the former St. Mary’s convent property into a resort-style tourist destination. The new development will include luxury rentals apartments as well as a spa, hotel and restaurant. Called “Fort…
Read MoreNEW ROCHELLE— Political, civic and business officials from the City of New Rochelle were on hand for Monday’s groundbreaking for a new residential project whose name all but gives away its target market—the “Millennia.” New Rochelle Mayor Noam Bramson, along with officials from the New Rochelle Industrial Development Agency, the Community Preservation Corporation, and Tompkins…
Read MoreWHITE PLAINS—Reports of the demise of bricks and mortar retail are premature, so says a panel of retail executives that appeared at the June 1st meeting of the Hudson Gateway Association of Realtors’ Commercial Investment Division. The panel participants also agreed that while bricks and mortar retail faces many challenges today and in the future,…
Read MoreWASHINGTON—Declining for-sale home inventory may finally be catching up with the nation’s residential sales market. The National Association of Realtors reports that pending home sales in April fell for the second consecutive month. NAR in a report released on May 31st, stated that its Pending Home Sales Index fell 1.3% to 109.8 in April from…
Read MoreWHITE PLAINS—Sumitomo Mitsui Banking Corp., which had been in the market for some time looking for approximately 100,000 square feet of available space in White Plains, has finally picked its new office location—the Gateway Building in Downtown White Plains. CBRE reports it has brokered a 101,000-square-foot lease with Tokyo-based Sumitomo Mitsui Banking Corp. at the…
Read MoreYONKERS—A decade’s old historic building turned eyesore has been transformed into a modern mixed-use center of commerce in Yonkers. On May 24th, Simone Development officials were joined by county and city officials to cut the ribbon on the new Boyce Thompson Center, formerly the Boyce Thompson Institute plant research center that sat vacant with graffiti-strewn…
Read MoreNEW 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…
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