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Westchester to Present Minority/Women-Owned Businesses (MWBEs) Conference on Sept. 25

August 2019

WHITE PLAINS—The Westchester County Office of Economic Development in partnership with the Town of Yorktown and the Yorktown Small Business Association has announced conXpo North, a conference where Minority/Women-Owned Businesses (MWBEs), Service Disabled Veteran Owned Businesses (SDVOBs) and Disadvantage Business Enterprises (DBEs) can attend informative workshops, connect with county departments, and network with local businesses.…

Report: New York City Needs to Control Rising Costs for Leased Space

August 2019

NEW YORK—A report released this week by the Citizens Budget Commission calls for the city to better manage city government leased space costs, which rose to $1.1 billion in 2018. Given the rising costs, the Department of Citywide Administrative Services, which manages the city’s real estate portfolio, should accelerate efforts to improve its management, monitoring…

Project Update: Yonkers Firm Looks to Complete Ultra-Luxury St. Regis Residences Next Year

August 2019

RYE—A little over a year after breaking ground on the project and just a few months after sales at the development were officially launched, buyer activity has been brisk at the St. Regis Residences, Rye. Construction continues on the 55-and-older development that will include 95 one-to-four bedroom luxury condominiums in five interconnected three-to-four story buildings…

Robert Martin Execs Discuss Growth Plans After $487.5 Million Mega Purchase Deal

August 2019

(Part two of two) ELMSFORD— Real Estate In-Depth recently sat down with Robert Martin Co. CEO Timothy Jones and Managing Director Greg Berger, to discuss the particulars of the firm’s $487.5-million purchase of a 56-building portfolio, most of which was originally developed by Robert Martin and later sold to the predecessor of Mack-Cali in the…

HGAR’s Haggerty Makes the Case for a Unified Listing System

August 2019

NEW YORK—Inaccurate data is the major driver of financial and time drains for residential real estate professionals, according to Richard Haggerty, CEO of the Hudson Gateway Association of Realtors, Inc., and president of the New York MLS, LLC. That’s why the time has come for a unified Multiple Listing Service in New York, he noted.…

Peekskill Scores $10 Million to Improve Downtown

August 2019

PEEKSKILL—New York Gov. Andrew Cuomo traveled from Albany down to Peekskill on Aug. 13 to announce that the city had been selected as the Mid-Hudson winner of the fourth round of the governor’s Downtown Revitalization Initiative. As this year’s winner, Peekskill be awarded $10 million in state funding and investments to revitalize its downtown neighborhoods…

Experts Decry Rent Laws’ ‘Disastrous’ Impacts

August 2019

NEW YORK—More than 125 commercial and residential real estate professionals heard a rather sobering outlook of what the recently enacted new rent control regulations enacted by the State Legislature and signed into law by Gov. Andrew Cuomo will have on the region’s real estate market. The morning session was held on Aug. 7 at the…

13 Things to Know: Expansion of Rent Regulation and Tenant Protection

July 2019

Author: Harris Beach Attorneys at Law, PLLC Editor’s Note: The New York State Association of Realtors released the following column for Realtors authored by Harris Beach Attorneys at Law, PLLC in respect to recent rent regulation and tenant protection legislation that was signed into law by Gov. Andrew Cuomo. BACKGROUND: On June 14, 2019, the…

NAR: Pending Home Sales in Northeast Rose 2.7% in June

July 2019

WASHINGTON—Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.8% to…

HGAR’s CID, Bronx-Manhattan North Association to Tackle the New Rent Laws at Aug. 7th Seminar

July 2019

NEW YORK—The Hudson Gateway Association of Realtors’ Commercial Investment Division and the Bronx-Manhattan North Association of Realtors have scheduled a breakfast seminar on Wednesday, Aug. 7 to discuss the impacts of the new rent control regulations in New York. The “The New Rent Laws - What Happens Now?” seminar will be held at the Hutchinson…

Northeast Home Sales Rise Nearly 2% in June; Sales Lower Nationwide

July 2019

WASHINGTON—Existing-home sales in the U.S. weakened in June falling less than 2% after a previous month of sales gains, the National Association of Realtors reported on July 23. Two of the four major U.S. regions recorded minor sales jumps, including the Northeast (+1.5%), while the other two—the South and the West—experienced greater declines last month.…

NY, CT, NJ File SALT Lawsuit Against IRS

July 2019

NEW YORK —New York State Attorney General Letitia James filed a lawsuit on July 17 against the Internal Revenue Service, along with New Jersey, and Connecticut, that argued against the new IRS Rule that would prevent residents from obtaining charitable deductions for contributions to local governments. “The IRS’s move to end tax benefits for charitable…

Regional Home Sales Demand Remains Strong, SALT Cap Having Some Impact on Markets

July 2019

WHITE PLAINS—The residential home sales market in the Hudson Valley continues to be a tale of two markets. Due in part to the impacts of the SALT deduction cap imposed by federal tax reform, and low for-sale inventory, sales declined in the second quarter in most markets serviced by members of the Hudson Gateway Association…

Robert Martin Makes Historical Investment That Brings Firm Back to its Roots

July 2019

“Our assets are coming home.” Greg Berger, partner, Robert Martin Co. (Part one of two) ELMSFORD—Earlier this year Robert Martin Co. reached back to its storied past to reshape its future when it acquired a 3.1-million-square-foot industrial/flex portfolio its company founders had originally developed from the 1970s through the 1990s. The $487.5-million purchase of the…

Massive STEM High School Project At IBM Back Before Somers Boards

July 2019

SOMERS—Perhaps the most significant project in Northern Westchester County since the IBM property and nearby PepsiCo buildings were constructed here more than three decades ago is set for a public hearing next month. The Somers Town Board announced at its session on July 11 that a joint meeting between the Town Board and other municipal…

Toll Brothers Acquires The Collection Development Property

July 2019

WHITE PLAINS-After securing the approval of the Westchester County Industrial Development Agency to assign the rights to financial incentives for The Collection mixed-use project here, Toll Brothers Apartment Living acquired the 2.97-acre fully approved development site for $32.76 million. Saber Real Estate Advisors, LLC, which secured the approvals for the $136.2 million mixed-use residential development…

New Rochelle City Council Oks New 24-Story TRYP Hotel by Wyndham

July 2019

NEW ROCHELLE— Add another high-rise development to the list of projects under construction or in the pipeline in the Queen City. The New Rochelle City Council on June 25th approved the development of a 24-story, 225-key globally-branded luxury hotel and event center at 115 Cedar St. When complete, the TRYP Hotel by Wyndham will be…

College of New Rochelle Campus to Close and be Sold

June 2019

NEW ROCHELLE—The unpleasant, but inevitable, is at hand for students and alumni of the storied College of New Rochelle. The private college, which served Westchester County and the surrounding area for more than a century, will cease operations later this summer and its 15.6-acre campus here sold. New York City-based A&G Realty Partners and B6…

WCA, HVEDC Call Off Pending Merger Deal

June 2019

POUGHKEEPSIE—The Hudson Valley Economic Development Corp. and the Westchester County Association have called off their merger deal. The two business organizations, which had announced in late January their intent to merge, have mutually decided not to pursue the merger that was to be finalized this September. The HVEDC is a regional economic development organization based…

Saunders Named Secretary General of FIABCI

June 2019

WHITE PLAINS—Vanessa Saunders of Global Property Systems in White Plains was elected to a two-year term as Secretary General of the Marketing and Networking Committee of the International Real Estate Federation (FIABCI). Saunders is the first individual to be appointed to this position from the Hudson Valley region. Founded in 1951 in Paris, the FIABCI…