News

NYC Comptroller Urges City Act Now To Bridge Future Budget Shortfalls

August 4, 2020

NEW YORK—New York City Comptroller Scott M. Stringer released a report on Aug. 3 on New York City’s Fiscal Year 2021 Adopted Budget that found an overreliance on one-time actions in the adopted budget to close the $8.33-billion shortfall brought about by the economic crisis caused by the COVID-19 pandemic. With significant budget gaps looming…

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Keller Williams Signs 20,000 SF Sublease Near Grand Central

August 4, 2020

NEW YORK—Helmsley Spear, LLC, reported recently it had brokered a 20,000-square-foot sublease with Keller Williams for the 10th floor of 99 Park Ave. Gould Paper Corp., the current tenant, will continue to occupy 8,718 square feet of the space. The sublease term runs through December, 2023. The Helmsley Spear leasing agents for this sublease were…

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HGRF Volunteers Brave the Heat to Help Clean Up Twin Lakes Park

July 30, 2020

EASTCHESTER—Despite temperatures soaring into the 90's, a group of dedicated Hudson Gateway Realtor Foundation volunteers braved the heat and humidity recently to help clean up Twin Lakes Park in Eastchester. The volunteers were on land and in canoes, hand-pulling water chestnuts, which are invasive aquatic plants in the lake. The clearing project not only served…

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Ramapo-Based Investment Firm Reportedly Acquires NJ Complex for Nearly $34 Million

July 29, 2020

MORRISTOWN, NJ—An affiliate of Northeast Capital Group, which is based in Rockland County, has acquired the Offices at Bedminster office complex here from New York Life Real Estate Investors. Commercial brokerage firm JLL marketed the 194,000-square-foot office complex for seller New York Life Real Estate Investors. JLL did not disclose the sale price. In a…

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Yorktown Joins Growing List of Municipalities to Launch Marketing Campaign

July 29, 2020

YORKTOWN—Joining the City of Yonkers and the Town of Cortland, which recently inaugurated efforts to attract new business, the Town of Yorktown has launched a new marketing campaign that will promote the Northern Westchester municipality as a prime investment and relocation destination. The campaign’s theme—Yorktown: Up where you belong!—is a nod to the town’s welcoming…

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WRO Seeking Donations for Upcoming Online Fundraiser

July 27, 2020

WHITE PLAINS—Donations are now being accepted for a planned online (Facebook) auction to benefit Westchester Residential Opportunities, Inc., a White Plains-based non-profit organization whose mission is to promote equal, affordable and accessible housing opportunities for all residents of our region. Please help WRO prevent mortgage defaults and evictions during this difficult time. Anyone wishing to…

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State Senate Passes Bill Penalizing R.E. Brokers For Engaging in Housing Discriminatory Practices

July 23, 2020

ALBANY—The New York State Senate overwhelmingly passed legislation (S.6874A) on July 22 to hold real estate professionals accountable for discriminatory housing practices. The bill, sponsored by Senator James Gaughran, penalizes licensed real estate brokers and salespersons by either revocation or suspension of their licenses, or makes them subject to a fine if they violate the…

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Global Site Selector Tells OC Partnership to ‘Keep Calm and Embrace the Chaos’

July 23, 2020

While most economic news of late in this time of the coronavirus is usually described as “bleak” or “grim,” an international site selector speaking to a virtual meeting of the Orange County Partnership on July 22 indicated that the county’s prime location, available workforce and lower cost of land and housing will attract investment, particularly…

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NAR Looks to Drum Up Support for Rep. Maloney’s ‘First Time Homebuyer Pandemic Savings Act’

July 22, 2020

WASHINGTON—U.S. Rep. Sean Patrick Maloney (NY-18) introduced the “First Time Homebuyer Pandemic Savings Act” on Wednesday (July 22), a new bill that will help first-time homebuyers realize their dreams of homeownership, during and after America’s recovery from the coronavirus public health and economic crisis. Shortly after its introduction, the National Association of Realtors issued a…

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NAR: Existing-Home Sales Climb Record 20.7% in June

July 22, 2020

WASHINGTON—As states across the nation continued to reopen their economies, existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic. A report released today indicated that each of the four major regions achieved month-over-month growth, with the…

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Hudson Valley Unemployment Rate Rises to Record-High 12.2% in June

July 22, 2020

ALBANY—The New York State Department of Labor announced on Tuesday, July 22 that the Hudson Valley unemployment rate rose to 12.2% in June, up from the 11.1% jobless rate in May 2020 for the region. According to preliminary data, New York State’s area unemployment rate seasonally-adjusted unemployment rate increased from 14.5% in May to 15.7%…

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AIG to Relocate Global Headquarters to Rockefeller Center in 2021

July 22, 2020

NEW YORK—American International Group, Inc. announced on July 21 that it will relocate its global headquarters in New York City to 1271 Avenue of the Americas, where it will occupy eight floors totaling 325,000 square feet. The firm also reported it will consolidate its remaining New York City area footprint into approximately 450,000 square feet…

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Westchester County Executive Latimer Signs Term Limits Bill

July 16, 2020

WHITE PLAINS—Westchester County Executive George Latimer’s proposal for imposing term limits on the county’s chief executive officer was approved by the Board of Legislators by a vote of 12-4 on July 13 and signed into law by Latimer two days later. The legislation submitted and signed by Latimer reduces the existing three term limit (12…

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Westchester IDA Approves Assistance Program; OKs Incentives for Two Major Mixed-Use Projects

July 16, 2020

WHITE PLAINS—The Westchester County Industrial Development Agency at its session on July 9 approved a new financial assistance program designed to ensure the short-term viability of both small businesses and not-for-profit corporations negatively impacted by COVID-19. The program allows the IDA to provide financial assistance through the State Disaster and Emergency Loan and Grant Program.…

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Business Council of Westchester Honors 2020 Hall of Fame Award Winners

July 16, 2020

RYE BROOK—The Business Council of Westchester presented its prestigious Business Hall of Fame Awards on July 14 during a virtual ceremony, recognizing Westchester’s top business leaders. Six top organizations were honored as part of the 2020 Business Hall of Fame Awards. “The quality of this year’s inductees is truly outstanding. They represent the very best…

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State Launches New COVID Rental Assistance Program

July 15, 2020

ALBANY—Governor Andrew M. Cuomo announced on July 14th the launch of an emergency rental assistance program that will help keep low-income families throughout New York in their homes. The program, which is designed to reach those individuals and families with the greatest need, will provide direct aid for tenants who lost income due to the…

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Realtors Believe Worst of Pandemic’s Impacts are Behind Us

July 15, 2020

WHITE PLAINS—The second quarter home sales market in the Hudson Valley, dominated by restrictions to prevent the spread of the coronavirus in New York State, struggled mightily with sales activity down significantly. Second quarter home sales, according to a recently released report by OneKey™ Multiple Listing Service LLC, were down anywhere from 39.8% in the…

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