News

Westchester Foreclosure Filings Fell in 2016 But Judgments Remained Troublingly High

April 2017

WHITE PLAINS—Statistics released by the Westchester County Clerk’s office on April 10 point to a falling market share for foreclosed and distressed properties in Westchester County. Westchester County Clerk Timothy C. Idoni reported that foreclosure filings in 2016 were down 54.8% from their all-time high in 2009 (3,123), but judgments on foreclosure actions last year…

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CE Touts Transit-Oriented Development, Public-Private Partnerships and Bristles Over Indian Point’s Closure

April 2017

A Conversation with Westchester County Executive Robert Astorino WHITE PLAINS—As Westchester County enters the second quarter of 2017, the commercial and residential real estate markets are robust as businesses and new residents invest in the county. The county’s biotech and healthcare industries are driving economic growth and creating new jobs in their respective sectors, as…

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The ‘On or About’ Closing Date and ‘Time of the Essence’ Letter

April 2017

Important Elements of The Real Estate Transaction: Real estate closings in parts of New York State do not always go as smoothly as one would like. In many other states, real estate transactions are handled primarily by the real estate agents and not the attorneys, who negotiate the offers between sellers and buyers and primarily…

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Hudson Valley Home Sales Rise, Inventory Falls in First Quarter

April 2017

WHITE PLAINS— High sales rates, a sharp decline in inventory, and an uneven pattern of price increases across the region marked 2017’s first quarter entry to the real estate market recovery of the past five years, according to the recently released “2017 First Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland and Orange…

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Astorino’s Plan to Sue State Over Indian Point Closure Appears Short Circuited

April 2017

BUCHANAN—Westchester County Executive Robert Astorino is seeking permission from the Westchester County Board of Legislators to file an Article 78 proceeding to require New York State to conduct an environmental review of the impacts of the Indian Point closure deal with Entergy Corp. At press time, however, it appears the county executive may not be…

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SPOTLIGHT ON: Donna Riniti

April 2017

Daily Puzzle Solver Donna Riniti, senior managing director of Coldwell Banker’s 63-person Yorktown Heights office, credits a bad experience years ago with a Texas real estate agent for prompting her to get into the real estate business. Originally from Texas, Riniti decided to sell her home on her own prior to moving to the Northeast.…

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Haverstraw Establishes ‘No Knock Registry’

April 2017

HAVERSTRAW—The Town of Haverstraw has joined a growing number of Rockland County municipalities to enact a “No-Knock” registry. The Haverstraw Town Board recently approved an amendment to its peddling and solicitor law and established a no-knock registry, according to a report in the Journal News. Town Supervisor Howard Philips told the newspaper that the amendment…

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U.S. Office Tenant Demand Cools in Face of Rising Supply

April 2017

CHICAGO—Tenant demand for U.S. office space continued to cool off in the first quarter of 2017. Brokerage firm Cushman & Wakefield reports that overall occupancy levels remained stable, while rents continued to rise in most major markets. Neighboring Fairfield County, CT had the highest first quarter office vacancy rate in the nation at 23.1%, followed…

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HGAR Panel Helps Debunk Section 8 Myths

April 2017

WHITE PLAINS—Approximately 100 real estate professionals attended a program on April 4th at the Hudson Gateway Association of Realtors’ offices in White Plains that provided answers to the sometimes complex and often-times confusing regulations surrounding Section 8 housing and Source of Income legislation. The “Breakfast with Benefits” program entitled “Common Myths About Section 8 Housing”…

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BARRISTER'S BRIEFING: What Personal Assistants Can and Cannot Do

April 2017

Personal assistants, although typically unlicensed, can provide an enormous benefit to Brokers and Office Managers in performing necessary administrative tasks. There are instances in which a personal assistant may also be licensed as either a Salesperson or Associate Broker, and work in that capacity as well. However, those types of rare instances invoke tax and…

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$1.2B Bioscience Project Clears Major Regulatory Hurdle

April 2017

WHITE PLAINS—In what county officials say is the largest public-private partnership in Westchester County history, County Executive Robert P. Astorino and Board of Legislators Chairman Michael Kaplowitz announced the approval of the $1.2-billion Westchester Bioscience & Technology Center project on 80 acres of vacant land in Valhalla. The two county leaders staged a press conference…

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HG Realtor Foundation’s Donation Helps Fund Food Bank’s BackPack Program

April 2017

ELMSFORD—The Hudson Gateway Realtor Foundation’s $5,000 donation last year to the Food Bank for Westchester helped supply funding for the Elmsford-based charity’s BackPack Program, designed to help alleviate child hunger. Created in 2009, the program provides Westchester’s at-risk children with nutritious, easy-to-prepare food for weekends and school vacations. Members of the Hudson Gateway Realtor Foundation…

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LEGISLATIVE AFFAIRS: Latest Realtor News from Washington, DC

March 2017

There are many issues of concern to Realtors on the political horizon this year. Congress is currently absorbed considering the nomination of a Supreme Court Justice as well as the Affordable Care Act (“Obamacare”) so, tax reform, while currently not yet at the forefront, has serious implications for Realtors. 1031 exchanges are being targeted in…

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NAR Sounds Alarm on Upcoming Flood Insurance Expiration

March 2017

WASHINGTON—The National Association of Realtors is urging Realtors as well as consumers to the pending expiration of the National Flood Insurance Program on Sept. 30. NAR officials warn that a possible program expiration would harm consumers and threaten the health of the residential real estate market. While NAR is working closely with federal regulators and…

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Key Yonkers Development Projects Get Green Light

March 2017

YONKERS—While some major multifamily construction projects in Yonkers have already broken ground, the City Council and the Yonkers Industrial Development Agency have recently granted approvals for a host of new development ventures in the city. The Yonkers City Council voted on March 21 to rezone 705 Bronx River Road from commercial to residential use, which…

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White Plains to Move Forward With Train Station Initiative

March 2017

WHITE PLAINS—White Plains Mayor Thomas Roach says the city will soon be issuing a solicitation for interested developers on plans to develop what will likely be highly sought after city-owned property around the White Plains Metro North train station. Mayor Roach, who was the guest speaker at the March 23rd meeting of the Hudson Gateway…

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Report: Hudson Valley Cities Will Power Region’s Growth

March 2017

SPARKILL—The not-for-profit regional think tank Hudson Valley Pattern for Progress released a report earlier this month entitled “Urban Action Agenda-A Program in Motion” that theorizes the Hudson Valley region can attract new residents, including Millennials, into urban and downtown districts if proper planning and development takes place. The report included extensive research on 25 urban…

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Ginsburg Debuts Newest Rental Property in Downtown White Plains

March 2017

WHITE PLAINS—Longtime residential development firm Ginsburg Development Companies of Valhalla recently unveiled its most recent addition to its multifamily portfolio—the newly renamed “The Metro” in Downtown White Plains. GDC Principal Martin Ginsburg took the wraps off his firm's 124-unit, 12-story asset at 25 Martine Ave. at an event held on March 20th. The firm acquired…

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