News

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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New York City Building Boom Fueled By Expected 421-a Successor Law

May 2017

NEW YORK—The multifamily development floodgates opened last year when developers put their money on the State Legislature enacting a replacement for the 421-a tax incentive legislation. New York Building Congress president and CEO Carlo A. Scissura believes that developers bet on New York State passing a new 421-a tax incentive program this past legislative session…

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Ginsburg Cuts Ribbon on $100M Yonkers Multifamily Project

May 2017

YONKERS—Westchester County Executive Robert Astorino, Yonkers Mayor Mike Spano and other state and city officials joined Ginsburg Development Corp. in cutting the ribbon on its $100-million River Tides at Greystone luxury rental apartment project. The 330-unit building is GDC’s third major luxury rental development to open in Westchester since the veteran development firm shifted its…

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County Execs. Discuss Shared Services, Key Economic Development Initiatives

May 2017

PLEASANTVILLE—The lower Hudson Valley's three county executives detailed their top economic development initiatives that ranged from public-private partnerships involving airport operations, an amusement park and a $1.9-billion bioscience park, to a sewer pact with an out-of-state city during a Hudson Valley Pattern For Progress breakfast on May 15th at Pace University’s Pleasantville campus. About 130…

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Astorino Defies County Board in Filing Indian Point Suit

May 2017

WHITE PLAINS—If the Westchester County Board of Legislators wouldn’t take on Governor Andrew Cuomo and Entergy on the deal reached earlier this year to close Indian Point, Westchester County Executive Robert Astorino decided he would do it on his own. Astorino announced on May 9th that he had filed suit against New York State, Entergy…

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Moving With Pets Doesn’t Have to be a ‘Cat-astrophe!’

May 2017

Buying or selling a home can be stressful enough for humans, but when you enter your four-legged family members into the mix, the fur could really start to fly! In addition to constantly cleaning up shedding pet hair, home sellers are often at a quandary of where to keep their pets during home showings. Dana…

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County Executive Neuhaus Snares Partnership’s MVP Award

May 2017

GOSHEN—The Orange County Partnership announced on May 1st that Orange County Executive Steve Neuhaus is the economic development agency’s MVP (Most Valuable Partner) Award winner for 2017. Orange County Partnership President and CEO Maureen Halahan announced Neuhaus’ selection by a unanimous vote of its Board of Directors at a press conference staged earlier this month…

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LEGISLATIVE AFFAIRS: Don’t Panic, Take Action on Tax Reform

May 2017

Tax reform has been proposed. Do not panic yet. Why do I say that? Because even though the Trump Administration has laid out the tax reform proposal, Congress has not weighed in as yet. In order for long-term tax reform to work where deductions are eliminated or modified, the Senate needs 60 votes. Right now…

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Danone Exec. Talks Westchester and Evolving Food Industry

May 2017

TARRYTOWN—Danone’s US operations headquartered in Westchester County have been making national as well as local news of late that has involved a multi-billion dollar acquisition that more than doubled its size and an impending move of its corporate headquarters from Greenburgh to Downtown White Plains. Danone President, USA Yogurt Sergio Fuster detailed the latest news…

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Bronxville Real Estate Rebrands as Park Sterling Realty

May 2017

BRONXVILLE—Citing a continuing trend in the real estate brokerage business away from provincial offices that service a few communities, the ownership of Bronxville Real Estate announced today that it will now operate as Park Sterling Realty. The firm’s rebranding is intended to convey the geographic reach of its customer base that far extends from the…

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Appeals Court Says County Engaging in ‘Total Obstructionism’

May 2017

NEW YORK—The Second Circuit Court of Appeals in a unanimous ruling found that Westchester County has failed to comply with certain requirements of the 2009 fair housing court settlement. In a scathing rebuke of the county’s long-held arguments to the contrary, the Second Circuit Court upheld previous federal district court rulings that the county had…

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