News

Inadequate Infrastructure Tops Issues Affecting Real Estate

August 2019

CHICAGO—The Counselors of Real Estate has identified the current and emerging issues expected to have the most significant impact on real estate, with U.S. infrastructure being the leading concern of the 1,100-member organization. “Inadequate infrastructure creates a hard ceiling to economic development, and real estate values are tied to sustainable growth,” said Julie Melander, CRE,…

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13 Things to Know: Expansion of Rent Regulation and Tenant Protection

July 2019

Author: Harris Beach Attorneys at Law, PLLC Editor’s Note: The New York State Association of Realtors released the following column for Realtors authored by Harris Beach Attorneys at Law, PLLC in respect to recent rent regulation and tenant protection legislation that was signed into law by Gov. Andrew Cuomo. BACKGROUND: On June 14, 2019, the…

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NAR: Pending Home Sales in Northeast Rose 2.7% in June

July 2019

WASHINGTON—Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.8% to…

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Westchester to Receive $4.1M in Fed Funds To Address Lead Paint Hazards in Homes

July 2019

OSSINING—At a press conference here. Westchester County Executive George Latimer announced that for the first time since 2010, the county will receive federal funding to conduct healthy home assessments and help low income homeowners remediate lead-based paint in their homes. The county will receive a total of $4.1 million in federal funding. Westchester County has…

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Construction to Begin in 2020 on Senior Housing Development at Purchase College

July 2019

PURCHASE— Broadview – Senior Living at Purchase College is moving forward with its development of 220 independent living homes for ages 62 and older. When built, the project will be the first senior housing development to be located on a college campus in Westchester County. The firm expects to begin construction on the development project…

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New Windsor Multifamily Trades for $19M

July 2019

NEW WINDSOR—The Southgate Village Apartments here has been acquired by an affiliate of JP Management for $19 million. Woodbridge, NJ-based The Kislak Company Inc. reported the sale of the 192-unit multifamily property. Kislak marketed the property at 2300 Vails Gate Heights Drive on an exclusive with senior vice president Janet Bortz handling the assignment on…

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Sales Strong at Tarrytown Luxury Project Despite Soft Market

July 2019

TARRYTOWN—Despite the current soft luxury housing market in Westchester County, the Greystone on Hudson development here recently enjoyed a busy spring sales season. Houlihan Lawrence, the exclusive marketing and sales agent for the 23-unit Greystone on Hudson, reports that sales in May topped $14.5 million which included the sale of 20 Carriage Trail for $9.5…

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Northeast Home Sales Rise Nearly 2% in June; Sales Lower Nationwide

July 2019

WASHINGTON—Existing-home sales in the U.S. weakened in June falling less than 2% after a previous month of sales gains, the National Association of Realtors reported on July 23. Two of the four major U.S. regions recorded minor sales jumps, including the Northeast (+1.5%), while the other two—the South and the West—experienced greater declines last month.…

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NY, CT, NJ File SALT Lawsuit Against IRS

July 2019

NEW YORK —New York State Attorney General Letitia James filed a lawsuit on July 17 against the Internal Revenue Service, along with New Jersey, and Connecticut, that argued against the new IRS Rule that would prevent residents from obtaining charitable deductions for contributions to local governments. “The IRS’s move to end tax benefits for charitable…

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Massive STEM High School Project At IBM Back Before Somers Boards

July 2019

SOMERS—Perhaps the most significant project in Northern Westchester County since the IBM property and nearby PepsiCo buildings were constructed here more than three decades ago is set for a public hearing next month. The Somers Town Board announced at its session on July 11 that a joint meeting between the Town Board and other municipal…

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Westchester County Approves 35K Lease For New Family Court in New Rochelle

July 2019

WHITE PLAINS—The Westchester County Board of Legislators approved a new long-term lease for a new county Family Court location in New Rochelle at a building to be constructed near the New Rochelle Transit Center. The Board of Legislators approved on July 15 a 30-year lease with landlord The Mark95, LLC for 35,000 square feet at…

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George Comfort Acquires Avon Building in Rye

July 2019

RYE—New York City-based real estate investment firm George Comfort & Sons, in partnership with the Feil Organization and O’Connor Capital Partners, has added the former Avon Global Data Center here to its Westchester office portfolio. The 176,000-square-foot multi-purpose facility situated on 18.13 acres at 601 and 621 Midland Ave. was sold by Avon Capital Corp.…

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Robert Martin Hosts Broker Events In Westchester, Fairfield Counties

July 2019

ELMSFORD—Robert Martin Company LLC recently held a pair of broker events in both Westchester and Fairfield counties, sharing information about the firm’s recently-acquired 3.1 million-square-foot industrial/flex portfolio. In March, Robert Martin Co. completed its acquisition of Mack-Cali Realty Corporation’s 56-building industrial/flex portfolio for $487.5 million, marking the largest commercial real estate transaction in Westchester County…

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Toll Brothers Acquires The Collection Development Property

July 2019

WHITE PLAINS-After securing the approval of the Westchester County Industrial Development Agency to assign the rights to financial incentives for The Collection mixed-use project here, Toll Brothers Apartment Living acquired the 2.97-acre fully approved development site for $32.76 million. Saber Real Estate Advisors, LLC, which secured the approvals for the $136.2 million mixed-use residential development…

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PSC Approves Westchester County Clean Energy Plan

July 2019

ALBANY — The New York State Public Service Commission approved on July 11 the implementation of a consumer awareness campaign to encourage the installation of renewable energy and energy efficiency resources in Westchester County. The program was developed in consultation with the New York State Energy Research and Development Authority (NYSERDA) and Westchester County to…

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Grand Lux Realty Closes on Mega $4.7M Deal

July 2019

RYE—Grand Lux Realty of Armonk recently announced the closing of 300 Grace Church St. in Rye for a sale price of $4,651,667. The transaction, which closed on May 22nd, was the most expensive in the history of Grand Lux Realty. The seven- bedroom, six-and-a-half bath colonial was sold by Shauna Brika, a new agent at…

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Kathleen Abels Named New President of Putnam EDC

July 2019

CARMEL—The Putnam County Economic Development Corp. (EDC) announced on July 9 that Kathleen Dennehy Abels was named president of the agency. Abels began working at PEDC effective July 1. Abels has decades of experience in public relations, customer service, marketing, construction and project management. She recently completed a career at New York State Electric &…

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NY Developers Acquire Troubled United Hospital Property

July 2019

PORT CHESTER—Starwood Capital Group, which acquired the shuttered United Hospital property here 13 years ago and proposed a $450-million redevelopment at the site, has sold the complex to partners Rose Associates and BedRock Real Estate Partners of New York City. No financial details of the transaction were disclosed. The sale of the 15.45-acre site that…

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