News

Mack-Cali Sells Elmsford Distribution Center for $70M

January 2019

ELMSFORD, NY—Mack-Cali Realty Corp. in a deal that continues its exit from the flex-industrial warehouse business, has sold the six-building Elmsford Distribution Center here. The Jersey City, NJ-based REIT sold the more than 386,000-square-foot industrial park complex to Realterm Logistics of Annapolis, MD for $70.25 million. Mack-Cali noted that the disposition deal represents the next…

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NAR’s Malta Tells Congress Housing Finance Reform Must Be Bipartisan

December 2018

WASHINGTON—On Dec. 21, National Association of Realtors President-Elect Vince Malta testified before the House Financial Services Committee. During the hearing, “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Financing Reform Act of 2018,” Malta, a third-generation Realtor and the CEO and broker of Malta & Co., Inc. in San Francisco,…

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Retail Mega Broker Faith Hope Consolo Passes Away

December 2018

NEW YORK CITY—Longtime Manhattan retail real estate mega broker Faith Hope Consolo, who was known in some circles as the “Queen of Retail,” died on Sunday, Dec. 23rd at her home here, according to multiple press reports. Consolo, who was the chairperson of Douglas Elliman’s Retail Group, was 69 years old. In October 2017, Consolo…

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$850M Empire City Casino Sale to Close in January

December 2018

YONKERS—MGM Resorts International reports its previously announced $850-million purchase of the Empire City Casino property here is scheduled to close in a January. MGM recently announced the planned closing of its purchase in connection with its appointment of Uri Clinton as president and chief operating officer of Empire City Casino. Clinton will head operations at…

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County Executive Day Discusses Sain Building, Deed Verification Fee

December 2018

NEW CITY—Real Estate In-Depth recently sat down with Rockland County Executive Ed Day to discuss some of the pressing issues facing the county as it enters 2019. Day, who was re-elected to a second term of office in November 2017, spoke frankly on ongoing fiscal reform. the failed Sain Building sale and the proposed $200…

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NAR Releases Reports on Blockchain Technology And Consumer Home Buying Preferences/Trends

December 2018

WASHINGTON—The National Association of Realtors unveiled a Blockchain Guidance Paper earlier this month during a webinar designed to keep real estate at the forefront of conversations surrounding the emerging technology. NAR also authored a paper that found buyers continue to overwhelmingly utilize both the Internet and real estate agents in the home-buying process. Although blockchain…

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Google Plans $1Billion Expansion in NYC

December 2018

NEW YORK CITY—Add Google to the list of mega US tech companies that are planning major expansion initiatives in New York City. Ruth Porat, senior vice president and CFO of Google and its parent company Alphabet Inc., announced in a blog released this morning that Google plans to invest more than $1 billion in capital…

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Orange County Partnership Hands Out Honors

December 2018

NEW WINDSOR—A record crowd attended the 32nd annual Orange County Partnership awards event held on Dec. 4 at Anthony’s Pier 9 here. The partnership handed out its top awards at the event, that also featured a special tribute to outgoing New York State Senators John Bonaccic and Bill Larkin. From left, New York State Senators…

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Marlene Zarfes Named New Exec. Director Of Westchester Residential Opportunities

December 2018

WHITE PLAINS—Westchester Residential Opportunities, Inc., a non-profit housing counseling organization, announced on Dec. 3 the promotion of Marlene Zarfes to the position of Executive Director. Zarfes joined WRO in 2010, serving as Fair Housing Director and then as Deputy Executive Director. Before joining WRO, she had a long career as a corporate attorney, most recently…

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Yonkers IDA Approves Adaptive Reuse ‘Mill’ Project

December 2018

YONKERS—The Board of Directors of the Yonkers Industrial Development Agency has approved a resolution of intent earlier this month with the developer of a former loft warehouse in the Carpet Mills Art District. The project by Momentum Realty Associates of Yonkers will convert the light-industrial building at 222 & 252C Lake Street into an office…

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Lakeview Plaza Shopping Center Trades for $12 Million

December 2018

SOUTHEAST, NY—The grocery-anchored Lakeview Plaza Shopping Center here has been acquired by Greenwich, CT-based Urstadt Biddle Properties in what the new owner calls a “deep discount” at $12 million. The retail REIT has added the 177,000-square-foot shopping center on Route 22 to its portfolio of more than five million square feet. The shopping center, located…

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Most Counties in HGAR Region See Increased Home Loan Limits

December 2018

WASHINGTON—On Nov. 27, the Federal Housing Finance Agency announced it will raise the national conforming loan limit for 2019 by 6.9% from $453,100 to $484,350. In addition, the high-cost limit will rise from $679,650 to $726,525. As a result, loan limits will be higher in all but 47 counties or county equivalents across the country…

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December Legislative Update: Proposed Increase to Residential Appraisal Threshold

December 2018

On Nov. 20, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively "the agencies") released a proposed rule that would increase the current threshold for residential real estate transactions requiring an appraisal to $400,000. The current threshold is $250,000.…

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Rising Prices and Rates Cause New Home Sales to Fall Sharply

November 2018

WASHINGTON—Sales of newly built, single-family homes fell to a seasonally adjusted annual rate of 544,000 units in October after an upwardly revised September report, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the lowest sales pace since December 2016. However, on a…

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NAR: Existing-Home Sales Increase for the First Time in Six Months

November 2018

WASHINGTON—Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors. Three of four major U.S. regions saw gains in sales activity last month. Total existing-home sales, https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.4% from September to a seasonally adjusted…

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March of Dimes Hands Out Annual Real Estate Awards

November 2018

From left; Joseph Simone, president, Simone Development Companies and presenter of the Martin S. Berger Award for Lifetime Achievement; Patricia Valenti, executive managing director, Newmark Knight Frank, and Chair of the 2018 Real Estate Awards Breakfast; Michael Weinstock, Market President-Connecticut, M&T Bank and recipient of the March of Dimes Legacy Award; Peter S. Duncan, president…

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Survey Suggests Strong Black Friday Sales Expected

November 2018

NEW YORK CITY—A survey released recently by the International Council of Shopping Centers reports that retailers are gearing up for another successful Thanksgiving Weekend as consumers plan to spend an average of $554.90 with $207.30 dedicated to holiday gifts. Omnichannel retailers stand to benefit the most, with 93% of shoppers planning to spend with retailers…

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