RYE BROOK— A host of business and non-for-profit executives offered their recommendations on how best to restart the Westchester County economy at a virtual Town Hall meeting of the newly formed Business Council of Westchester’s Economic Recovery Task Force. Formed on April 24, the task force is made up of more than 40 high level…
Read MoreALBANY—Local sales tax collections dropped 24.4% in April compared to April 2019, leaving many of New York’s local governments grappling with shortfalls, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Sales tax collections totaled $1.02 billion in April. Plummeting sales tax collections were widespread, leaving counties, cities and some…
Read MoreEarlier this week, New York Gov. Andrew Cuomo in his daily COVID-19 briefings gave a preview of the likely regions that will be allowed to start a phased re-opening of their economies, noting that the Finger Lakes, Southern Tier and Mohawk Valley regions have met all the necessary metrics to allow the process to begin…
Read MoreWASHINGTON—Nearly all of the nation’s metro areas saw price growth and had minimal inventory increases in the first quarter of 2020, according to the latest quarterly report by the National Association of Realtors. The Northeast saw an increase of just under 10% in single-family home prices in the region. Median single-family home prices increased year-over-year…
Read MoreYONKERS—In a ceremony that took place on a location that overlooks the Hudson River and the Palisades at Lenoir Preserve, Westchester County officials on May 6 dedicated a new memorial—the Ribbons of Remembrance—for the more than 1,100 Westchester County residents who have lost their lives to COVID-19. The memorial is a short walk away from…
Read MoreIndianapolis-based Simon Property Group announced on Tuesday that it plans to open its New York State retail properties, including Woodbury Common Premium Outlet in Central Valley and The Westchester in White Plains, on May 16. The planned opening of the two popular retail properties, along with other Simon retail properties on Long Island and upstate,…
Read MoreWASHINGTON—More than three in four Realtors (76%) currently working with sellers this week reported their clients haven’t reduced listing prices to attract buyers, according to a survey released recently by he National Association of Realtors. That’s up from 74% who said the same a week ago. “Nearly 70% of Americans have secure employment and those…
Read MoreRYE BROOK—As New York State prepares to begin reopening its economy in the wake of the COVID-19 pandemic, the newly formed Business Council of Westchester’s Economic Recovery Task Force is forging ahead with developing a comprehensive plan to provide specific recovery measures and recommendations keyed to assisting Westchester’s diverse business and not-for-profit sectors. The Task…
Read MoreMIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…
Read MoreWHITE PLAINS—U.S. Rep. Sean Patrick Maloney (D-NY-18) in a more than 50-minute online session hosted by the Hudson Gateway Association of Realtors recently offered his views on the COVID-19 crisis’ impacts on the real estate industry and how the federal government going forward will be assisting businesses in New York State affected by the pandemic.…
Read MoreWASHINGTON—Pending home sales fell in March as a result of the Coronavirus outbreak, according to the National Association of Realtors. Each of the four major regions saw drops in month-over-month contract activity and year-over-year pending home sales transactions, NAR reported on April 29. The Pending Home Sales Index in the month of March in the…
Read MoreWHITE PLAINS—The Westchester County Office of Economic Development released the results of a survey on April 29 that showed county businesses are highly anxious about their survival and frustrated with the process of applying for COVID-19 financial assistance. The survey respondents also indicated they are looking for county government and local Chambers to be their…
Read MoreALBANY—The New York State Division of the Budget released a report on Saturday that estimates a $13.3-billion shortfall, or 14%, in revenue from the Fiscal Year 2021 Executive Budget Forecast released in January. The report estimates a $61-billion state revenue decline through Fiscal Year 2024 as a direct consequence of the COVID-19 pandemic. The 463-page…
Read MoreALBANY, NY—It appears New York State could allow the reopening of some business operations in the construction and manufacturing sectors in the upstate region beginning as early as after May 15. New York Gov. Andrew Cuomo in his daily COVID-19 update on Sunday April 26 announced the state may begin a phased restart of the…
Read MoreWASHINGTON—Existing-home sales fell in March following a February that saw significant nationwide gains, according to the National Association of Realtors. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease. Sales in the Northeast dipped more than 7%, NAR reported. Total existing-home sales, (https://www.nar.realtor/existing-home-sales), completed transactions that…
Read MoreWASHINGTON, DC—The National Multifamily Housing Council reported today that apartment market conditions weakened in the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions for April 2020, as the industry confronts the ongoing COVID-19 pandemic. The Market Tightness (12), Sales Volume (6), Equity Financing (13), and Debt Financing (20) indexes all came in…
Read MoreALBANY—The New York State Department of Labor reported the launch of a new application on April 20 for New Yorkers to apply for traditional Unemployment Insurance or the new COVID-19 Pandemic Unemployment Assistance. This one-stop-shop for unemployment benefits will connect New Yorkers with the benefits they deserve faster, without requiring them to call the Department…
Read MoreWHITE PLAINS—Westchester County Executive George Latimer received permission from Gov. Andrew Cuomo on April 21 to go forward with his plan to remove late fees for certain county residents and business for the late payment of their property taxes per the governor's Executive Order No. 202.22. Latimer said: “I want to thank Gov. Cuomo for…
Read MoreBUFFALO—New York Gov. Andrew Cuomo in this morning’s COVID-19 update briefing here said that the reopening of the state’s economy will be performed by region. He announced that Lt. Gov. Kathleen Hochul will be in charge of studying the Western New York region, including determining how and when the economy will reopen there, while former…
Read MoreGovernors Make Appointments to Council Charged with Restoring Northeast Economy NEW YORK—Perhaps the beginning of the end or at the very least the end of the beginning of the COVID-19 pandemic and the restoration of the regional economy are at hand. On Sunday, New York Gov. Andrew M. Cuomo, New Jersey Gov. Phil Murphy, Connecticut…
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