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HGAR to Lobby State Lawmakers On Key Consumer, Industry Bills

March 2018

ALBANY—A contingent of more than 40 members of the Hudson Gateway Association of Realtors are expected to travel to the state capital later this month to meet with state lawmakers and advocate for consumer and real estate industry reform legislation. The contingent will be led by Leah Caro and John Olivero, co-chairs of the HGAR…

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New Rochelle Mayor, RXR Realty Reveal $200M Project Will Move Forward

March 2018

NEW ROCHELLE—Another major mixed-use high-rise residential project is moving forward here. New Rochelle Mayor Noam Bramson announced at a business conference on Wednesday that RXR Realty will soon be presenting plans to the city for the long-anticipated development at Church and Division streets. Mayor Bramson and officials with RXR Realty, the master developer for the…

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Rockland Co-Op Purchase Reform to Become Law This Summer

March 2018

NEW CITY—Rockland County Executive Ed Day is allowing the recently passed co-op purchase reform bill to become law, but has requested the County Legislature go further and enact a provision that would require cooperative boards provide a reason for an applicant’s denial. County Executive Day announced that he would leave the bill, sponsored by County…

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Orange County Partnership Leads Coalition on Route 17 Initiative

March 2018

GOSHEN—The Orange County Partnership reports that it is leading a coalition that includes the Orange County Citizens Foundation and the Sullivan County Partnership for Economic Development in trying to have New York State fund necessary traffic improvements on Route 17 to alleviate congestion and facilitate economic development and growth. The three organizations are promoting an…

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Inventory Shortage Taking Toll on U.S. Existing-Home Sales

February 2018

WASHINGTON—The National Association of Realtors reported on Feb. 21 that existing-home sales slumped for the second consecutive month in January and experienced their largest decline on an annual basis in more than three years. All major regions saw monthly and annual sales declines last month, NAR stated. Total existing-home sales, which are completed transactions that…

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Port Authority Approves $30-Million Project At Stewart Int. Airport in Orange County

February 2018

NEW YORK—The tremendous success of international air service by Norwegian Airlines at Stewart International Airport in Orange County has prompted the Port Authority to expand services at the airport based in New Windsor in Orange County. Stewart International Airport will undergo a major expansion with the addition of a $30-million permanent U.S. Customs inspection area…

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JPMorgan Chase to Build New HQ Tower in Midtown

February 2018

NEW YORK—JPMorgan Chase announced plans on Feb. 21 to build a new 2.5-million-square-foot headquarters building at the site of its current headquarters location at 270 Park Ave. in Midtown Manhattan. The plan, if approved, would be the first major project to be developed under the city’s Midtown East Rezoning plan that was approved last year.…

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Compass To Acquire Westchester-Based Platinum Drive Realty

February 2018

SCARSDALE—Compass, a real estate technology company, announced today it has agreed to acquire Platinum Drive Realty, a growing real estate brokerage headquartered in Scarsdale. The acquisition comes on the heels of a recent $450-million investment in Compass by the Softbank Vision Fund and an expansion initiative to the Chicago, Dallas and San Diego markets. With…

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NAR: Federal Budget Deal Includes Several Pro-Real Estate Provisions

February 2018

WASHINGTON—The National Association of Realtors reported on Feb. 9, shortly after President Donald Trump signed the federal budget deal, that the agreement includes a number of benefits for the real estate industry, including a temporary extension of federal flood insurance and the extension of NAR-backed tax provisions that range from debt forgiveness relief, mortgage insurance…

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Sullivan County’s Resorts World Catskills Casino Resort Opens its Doors

February 2018

MONTICELLO—The more than 40-year gamble by Sullivan County to bring casino gaming to the former storied Borscht Belt came to a successful conclusion with the opening of the $1.2-billion Resorts World Catskills casino resort here today. The casino opening, which was a few weeks ahead of schedule, saw thousands of guests flock to the expansive…

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Rockland Legislature Passes Co-Op Purchase Reform Bill

February 2018

NEW CITY—Realtors who have pressed state and local lawmakers for years for cooperative purchase transaction reform scored a major victory on Tuesday night when the Rockland County Legislature passed unanimously a bill that requires co-op boards to make a timely decision on applications by prospective buyers. The bill, sponsored by Legislator Alden H. Wolfe, requires…

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Rockland County Investor Acquires Troubled Orange County Retail Complex

February 2018

MIDDLETOWN—The Playtogs Shopping Plaza, a troubled retail and office property on Dolson Avenue here, has been acquired by Rockland County-based Concord Capital New York. The investment firm acquired the 800,000-square-foot mixed-use site last month for approximately $4 million from CIII Asset Management, a loan servicer that foreclosed on the previous owner. Concord Capital reports that…

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Berkshire Hathaway HomeServices Expands New York City Presence

February 2018

NEW YORK—A little over a year after establishing a presence in New York City, Berkshire Hathaway HomeServices New York Properties reports it has merged with Manhattan-based RP Miller Realty Group, led by veteran residential broker Reba Miller. The RP Miller team, led by Miller, is comprised of Susan Rubell, Lee M. Frankel, Vanessa Spenuzza, Michelle…

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Brooklyn Navy Yard Unveils $2.5 Billion Expansion Plan

February 2018

NEW YORK—The Brooklyn Navy Yard announced on Jan. 31st ambitious plans to significantly grow manufacturing operations at the complex that would add 10,000 new middle-class jobs there. The plan, valued at $2.5 billion, would increase employment at the Brooklyn Navy Yard to 30,000 workers. The plan is the culmination of a two-year process that examined…

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HGAR, LIBOR in Talks to Create Regional MLS

February 2018

WHITE PLAINS—The respective leadership of the Hudson Gateway Association of Realtors and the Long Island Board of Realtors, the two largest Realtor organizations in New York State, announced on Feb. 1 that the two Realtor groups are in negotiations to create a regional multiple listing service that would service approximately 36,000 subscribers. When the Memorandum…

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Standard and Poor’s Upgrades Rockland County’s Bond Rating to A-

January 2018

NEW CITY—The financial turnaround of Rockland County continues. On Jan. 30, Rockland County Executive Ed Day announced that Standard and Poor's increased the county’s bond rating to A- rating. The rating increase from BBB+ by Standard and Poor's is the county's sixth consecutive bond upgrade since 2014, when Rockland's bonds were rated just above junk…

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Real Estate Experts Predict Stability in 2018 for Residential, Commercial Sectors Despite Headwinds

January 2018

NEW YORK—A comprehensive report issued today by the National Association of Realtors, Deloitte and Situs RERC predicts the residential and commercial real estate property markets will remain strong this year, despite continued political instability in our nation’s capital, as well as other market specific negative influencers. Situs RERC, Deloitte and the National Association of Realtors…

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New York, Connecticut and New Jersey to Sue Over Tax Reform

January 2018

ALBANY—A coalition has been formed consisting of the states of New York, New Jersey and Connecticut that intend to file suit against the federal government over the recently enacted federal tax reform law. The suit, which has yet to be filed, specifically targets changes made to state and local tax deductibility. The Tax Cuts and…

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