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…
Read MoreNEW 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…
Read MoreNEW 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.…
Read MoreSCARSDALE—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…
Read MoreWASHINGTON—Despite weakening optimism from non-homeowners at the end of last year that now is a good time to buy, an overwhelming majority said they do want to own a home in the future and believe homeownership is part of their American Dream. That is according to new consumer survey data released recently by the National…
Read MoreWASHINGTON—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…
Read MoreMONTICELLO—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…
Read MoreNEW 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…
Read MoreMIDDLETOWN—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…
Read MoreNEW 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…
Read MoreNEW 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…
Read MoreWHITE 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…
Read MoreNEW 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…
Read MoreNEW 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…
Read MoreALBANY—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…
Read MoreWHITE PLAINS—The residential home sales market in the Hudson Valley remained robust in 2017, rising 4% over 2016’s sales totals. However, the rate of growth declined sharply from the 12.5% sales increase posted in 2016. Realtors interviewed by Real Estate In-Depth believe that the positive sales momentum will continue in 2018, despite the expected impacts…
Read MoreSEATTLE—The multi-billion dollar sweepstakes for Amazon’s second North American headquarters (HQ2) is now down to 20 locations. Although some New York City suburban locations submitted bids for Amazon’s HQ2 including Westchester County, 19 mostly urban cities and Toronto, Canada made the final 20 cut. Amazon considered a total of 238 proposals. Amazon’s corporate headquarters is…
Read MoreTARRYTOWN—Both at his recent inauguration and again in a speech before the Westchester County Association earlier this week, Westchester County Executive George Latimer stressed that his administration will be one that promotes “respect and cooperation” and will solicit ideas from both sides of the aisle. An overflow crowd attended the inauguration of the 64-year-old veteran…
Read MoreWHITE PLAINS—Commercial brokers believe that the commercial office market in Westchester County is strong enough that if conditions continue over the next few years the county could see the first new commercial office development project in decades. Approximately 80 real estate professionals attended the annual Commercial Broker Roundtable program staged by the Hudson Gateway Association…
Read MoreWHITE PLAINS—2017 proved to be another positive year for residential sales in the Hudson Valley following the remarkably strong sales of 2016. Participants in the Hudson Gateway Multiple Listing Service Inc., a subsidiary of the Hudson Gateway Association of Realtors, Inc., reported total residential sales of 18,854, which was a 4% increase in sales over…
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