News

Trump Suspends FHA Mortgage Insurance Premium Reduction

January 2017

WASHINGTON—A cut in the FHA annual mortgage insurance premium announced in the final days of the Obama Administration earlier this month, was “suspended indefinitely” in the initial hours of the new Trump Administration. The move was part of a host of executive orders issued by President Donald Trump in his first week in office that…

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LEGISLATIVE AFFAIRS: How Debts and Deficits Could Impact Real Estate

January 2017

Debts and deficits run by the federal government, despite experiencing declines over the past seven years, have been at record levels for several reasons. The lack of revenue to the government, coupled with high federal spending, has contributed to the problem. We also experienced a financial crisis that crippled our economy for many years. We…

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Poll: NY First Home Proposal Overwhelmingly Supported by New Yorkers

January 2017

ALBANY—According to results from a Homeownership Poll conducted by the Siena Research Institute, 84% of New York voters support the NY First Home proposal that would create a tax-free savings account to help New Yorkers save for a first home. Support for the program was bi-partisan and spread across the entire state. Specifically, the NY…

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Hudson Valley Home Sales Soared 12.5% in 2016

January 2017

WHITE PLAINS—As the new year begins, the Hudson Valley home sales market seems to be running on close to all cylinders with strong sales in Westchester, Rockland, Orange and Putnam counties. All indications are that the region’s economic fundamentals will continue to fuel activity and perhaps spark even higher price appreciation in some markets in…

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HGAR Makes History With Dorothy Botsoe Installation

January 2017

Renee Zurlo to Lead HGMLS for Second Term TARRYTOWN—On Jan. 19, the Hudson Gateway Association of Realtors achieved another significant milestone in its storied 101-year history with the installation of its first black President, veteran Realtor Dorothy Botsoe. The Hudson Gateway Association of Realtors held its annual Installation Gala at Abigail Kirsch at Tappan Hill…

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Houlihan Lawrence Acquired by Warren Buffett’s Brokerage Firm

January 2017

RYE BROOK—In a surprise move, Houlihan Lawrence whose roots in Westchester County date back to 1888, has been acquired by Warren Buffet’s Home Services of America, Inc. of Minneapolis, MN. Both parties in the transaction did not release financial terms of the deal that was announced on Tuesday, Jan. 17th. Nancy Seaman, chairman of Houlihan…

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Hudson Valley Posts Strongest Home Sales Since Recession

January 2017

2016 ANNUAL AND FOURTH QUARTER REAL ESTATE SALES REPORT Westchester, Putnam, Rockland and Orange Counties, New York WHITE PLAINS—2016 posted the region’s best real estate sales results since the post-recession recovery period that commenced in 2011. Realtors participating in the four-county Hudson Gateway Multiple Listing Service, Inc., a subsidiary of the Hudson Gateway Association of…

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A.S.A.P. Mortgage Schedules Grand Opening Of Fourth Westchester County Location

January 2017

CROTON-ON-HUDSON—A.S.A.P. Mortgage Corp. will be celebrating the opening of its fourth Westchester County branch location at 125 Grand St. here with an open house and ribbon cutting celebration on Thursday, February 9th at 11 a.m. “We are excited to be opening our fourth Westchester County branch office and expanding our team of seasoned mortgage professionals,”…

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New Rochelle Issues RFP to Redevelop Harrison Street Fire Station #1 Property

January 2017

NEW ROCHELLE—The City of New Rochelle issued a Request for Proposal for the redevelopment of Fire Station #1 at 45 Harrison St. on Jan. 2. The city-owned property is not included in the portfolio of properties in the city’s far reaching Master Development Agreement with RDRXR, a partnership of Renaissance Downtowns and RXR Realty, according…

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Reaction Mixed to Reported Indian Point Closure Deal

January 2017

BUCHANAN—The devil will certainly be in the details of the widely reported tentative deal between Gov. Andrew Cuomo and Entergy Corp. to shutter the two nuclear reactors at Indian Point Energy Center here by 2021. The New York Times initially reported the deal between the Cuomo administration and Entergy on Friday that calls for one…

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Exclusive: Higher Than Expected Development Costs Prompt Rockland Firm to Scrap Warwick Plant Project

January 2017

WARWICK—A family-owned fine flavor manufacturing firm that dates back to 1890—Star Kay White Inc. of Congers—has decided not to move forward on a planned multi-million dollar expansion at the Warwick Valley Office & Technology Park, Real Estate In-Depth has learned, due to higher than expected construction costs. Benjamin Katzenstein, president of Star Kay White, informed…

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Newburgh Seeks Broker to Market City-Owned Properties

January 2017

NEWBURGH—The City of Newburgh has issued a Request for Qualifications for a real estate broker to help sell some city-owned properties. The city issued a Request for Qualifications on Dec. 23 for New York State licensed real estate brokers “to provide professional brokerage services for marketing, listing and selling select city-owned properties.” RFQ submittals are…

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BARRISTER'S BRIEFING: Key Takeaway From Standard of Practice 3-6

January 2017

In the Realtor Code of Ethics, Standard of Practice (S.O.P.) 3-6 states: “Realtors shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.” This particular Standard of Practice is illustrative of the overarching requirement of Realtors under Article 3: “Realtors shall cooperate with other brokers except when cooperation…

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Regeneron to Buy Headquarters Property in Blockbuster $720M Deal

January 2017

TARRYTOWN—Regeneron Pharmaceuticals, Inc. has entered into a purchase agreement with the owner of the Landmark at Eastview, an affiliate of BioMed Realty, L.P., to acquire the nearly 1.5-million-square-foot office and laboratory complex on approximately 150 acres for $720 million. The fast-growing pharmaceutical firm reported the transaction in its Form 8-K filing with the Securities and…

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Faranda, Rand Make Inman’s ‘Influencer’ List

January 2017

NEW YORK CITY—Inman recently announced its “Real Estate Influencers of 2017” and several Hudson Valley-based real estate professionals made the prestigious list. Among the Influencer selections by the real estate industry media website included J. Philip Faranda, broker/owner of J. Philip Real Estate LLC, an independent real estate brokerage firm based in Briarcliff Manor and…

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Galleria at Crystal Run Losing One of its Anchors

January 2017

TOWN OF WALLKILL—The Sears department store and adjoining Sears Auto Center at the Galleria at Crystal Run mall here will close by mid-April. Sears has been a staple in the retail market in Orange County and particularly in the Middletown-Wallkill area for decades. Sears is an original anchor of the Galleria at Crystal Run, which…

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Putnam’s Odell Touts Tilly Foster, Danbury Sewer Deal

December 2016

CARMEL—Putnam County Executive MaryEllen Odell said recently that her “Year of Business Development” launched in March 2016 as part of her State of the County Address has achieved some significant goals by year’s-end. Among the economic development oriented initiatives highlighted by the County Executive included approved plans for a new senior center at the Butterfield…

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