News

New Rochelle Picks Developer for $110M High-Rise Project

June 2017

NEW ROCHELLE—The New Rochelle City Council on Tuesday selected MacQuesten Development, LLC of Pelham as the winning bidder to develop a 27-story $110-million mixed-use building at the current site of the city’s Fire Station #1 at 45 Harrison St. New Rochelle Mayor Noam Bramson at a meeting of the Empire Chapter of the Women’s Council…

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Developer Pinpoints Westchester’s Challenges and Opportunities

June 2017

WHITE PLAINS—Seth Pinsky, executive vice president with RXR Realty, which is building major multifamily projects in New Rochelle and Yonkers, believes that Westchester County is at a crossroads where it can either take advantage or miss out on the current investment climate. Pinsky, who was the guest speaker at the Hudson Gateway Association of Realtors’…

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U.S. Existing-Home Sales Rise in May; NY Home Sales Set New Record

June 2017

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…

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Realtors Score Legislative Victory as State Legislature Passes NY First Home Bill

June 2017

ALBANY—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…

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Report: Jury Orders Raveis to Pay $5M in Agent Poaching Case

June 2017

NEW YORK—A civil jury has awarded Douglas Elliman approximately $5 million in damages in its court battle with rival brokerage firm William Raveis over allegations Raveis poached Elliman agents to its Armonk office, according to a report in the Real Deal. The trade publication reported that the jury awarded the monetary damages on Tuesday in…

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White Plains Begins Competition for Transit Center Project

June 2017

WHITE PLAINS—While developers have stepped up and broken ground on huge projects downtown and have ambitious mixed-use plans in all corners of the city, the City of White Plains has begun seeking investor interest in what will likely be the most attractive and strategically located transit-oriented parcels anywhere in the city. The development to be…

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NAR White Paper Gets to Root of Depressed Homeownership Rate

June 2017

BERKELEY, CA—Despite steadily improving local job markets and historically low mortgage rates, the U.S. homeownership rate is stuck near a 50-year low because of a perverse mix of affordability challenges, student loan debt, tight credit conditions and housing supply shortages. That’s according to findings of a new white paper titled, “Hurdles to Homeownership: Understanding the…

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Ginsburg Development Begins New Peekskill Rental Project

June 2017

PEEKSKILL—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…

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New $30M ‘Millennia’ Breaks Ground in New Rochelle

June 2017

NEW 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…

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Trion Sells $9.7M Property in Mount Vernon

June 2017

MOUNT VERNON– Trion Holdings, a Yonkers and New York City-based investment firm, announced earlier this month it had sold 55 Sheridan Ave. in Mount Vernon to 55 Sheridan Gardens LLC for $9.7 million. The closing on the property was on April 21, 2017. Trion Holdings sold the property after 13 years of ownership. The sale…

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Movie Studio Coming to the Bronx

June 2017

Lights, Camera Action! NEW YORK CITY—Construction began earlier this month on York Studios’ heralded $100-million “Michaelangelo Campus” film and television production complex in the Soundview section of the Bronx. A host of city and state officials were on hand for the groundbreaking ceremony for the project on May 6th including New York State Lt. Gov.…

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Multifamily Investment Finds Long-Ignored City of Mount Vernon

June 2017

MOUNT VERNON—Multifamily investors, who have bypassed this storied Southern Westchester locale for decades for such Westchester cities as Yonkers, New Rochelle and White Plains, are finally taking notice of the City of Mount Vernon for both its opportunities and challenges. Mayor Richard Thomas, who took office in January 2016 on a platform of reform, an…

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Bricks and Mortar Retail—Not Dead, but Challenged

June 2017

WHITE 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,…

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Former Legoland Project Site in Rockland County on Market for Sale

June 2017

HAVERSTRAW—The Letchworth Village site here, once coveted by Legoland developer Merlin Entertainments for a major theme park, is back on the market for sale. The Town of Haverstraw has hired Cushman & Wakefield’s Capital Markets Group to market and eventually sell the 173-acre Letchworth Village development parcel. Developer Merlin Entertainments had considered the Letchworth Village…

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NAR’s Yun Says High Foot Traffic Not Translating to More Sales

June 2017

WASHINGTON—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…

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Sumitomo Bank Signs Major Lease in Downtown White Plains

May 2017

WHITE 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…

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Foreign Buyers, Immigration Expected to Drive Demand for Housing

May 2017

WASHINGTON—U.S. real estate markets are increasingly becoming international, and changing demographics brought forth by immigration and growing interest from foreigners are positioned to bolster home sales activity and prices. That was the collective forecast from speakers at an international real estate forum organized by the REALTOR® University Richard J. Rosenthal Center for Real Estate Studies…

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Rockland County Exec. ‘Drawing the Line’ on Irresponsible Development

May 2017

RAMAPO—At a press conference staged near a controversial housing development at Patrick Farm here, Rockland County Executive Ed Day signed an Executive Order prohibiting county departments from issuing permits that do not comply with the General Municipal Law. “When it comes to development, for far too long we see laws disregarded or broken—with no consequences,”…

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Simone Development Cuts Ribbon on $35M Boyce Thompson Center Redevelopment

May 2017

YONKERS—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…

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