News

The Mariner Multifamily Property in Port Chester Trades for $32M

December 4, 2020

PORT CHESTER—The eight-year-old The Mariner multifamily property here at 21 Willett Ave. has been sold in a deal valued at $32.25 million. The transaction was reported by Bethesda, MD-based brokerage firm Walker & Dunlop Inc., which represented the seller—institutional investors advised by J.P. Morgan Asset Management—in the deal. The firm did not identify the buyer…

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Governor Says Pfizer COVID Vaccine to Arrive in NY on Dec. 15

December 2, 2020

ALBANY—In another sign of some light at the end of the tunnel on the COVID crisis, at a press conference on Wednesday, Gov. Andrew Cuomo announced that New York State will soon receive an initial delivery of enough COVID-19 vaccine doses for 170,000 New Yorkers. If all safety and efficacy approvals are granted by the…

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Rockland County Legislature Unanimously Adopts Amended 2021 County Budget

December 2, 2020

NEW CITY—Rockland County legislators voted unanimously (16-0) on Dec. 1 to adopt an amended 2021 County Budget that lowers property taxes to less than 1% next year, and has no sales tax rate increases, layoffs or program cuts. “This budget recognizes and implements the recommendations made by our independent fiscal auditor, and by extension, provides…

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Northeast Pending Home Sales Dropped Nearly 6% in October

December 2, 2020

WASHINGTON—Pending home sales fell slightly in October, according to the National Association of Realtors. Contract activity was mixed among the four major U.S. regions, with the only positive month-over-month growth happening in the South, although each region achieved year-over-year gains in pending home sales transactions. The Pending Home Sales Index, a forward-looking indicator of home…

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NY Entering New COVID Phase; Hospital Capacity, Staffing Now Top Concern

November 30, 2020

ALBANY—In response to rising COVID hospitalizations throughout the state, New York Gov. Andrew Cuomo said today that the state is entering a new phase in its “war against COVID.” The governor and the New York State Department of Health are issuing directives that focus on a new strategy geared to ensuring sufficient hospital capacity throughout…

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Developer Breaks Ground on 500,000 SF ‘Spec’ Logistics Project in Orange County

November 30, 2020

GOSHEN—Officials with Boston-based development firm GFI Partners and commercial brokerage firm Resource Realty of Parsippany, NJ were joined by county and local dignitaries on Nov. 24 to turn the first dirt on the largest speculative industrial project in memory in Orange County. The local officials that attended the event celebrating the launch of the 500,000-square-foot…

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Morgan Stanley Plans $200M Renovation of Harrison Office Complex Thanks to Westchester IDA Incentives

November 27, 2020

WHITE PLAINS—The Westchester County Industrial Development Agency announced on Nov. 25 it recently granted final approval for incentives ranging from $6.5 million to $13 million to Morgan Stanley for the financial services firm’s planned more than $200-million renovation of its corporate office complex at 2000 Westchester Ave. in Harrison. The Industrial Development Agency stated that…

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NYC-Based Monday Properties Acquires Stamford Office Complex for $27.25M

November 25, 2020

STAMFORD, CT—Monday Properties, a national real estate firm based in New York City, has acquired a two-building office complex totaling 224,000 square feet at 900 Long Ridge Road in Stamford, CT for $27.25 million. The deal marks Monday Properties’ second acquisition in less than two months and the first this year in the New York…

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Yonkers IDA Grants Preliminary Approval of Incentives For Acquisition, Rehab of Affordable Housing Complex

November 25, 2020

YONKERS—The Yonkers Industrial Development Agency (YIDA) Board voted on Nov. 23 to grant preliminary approval of financial incentives for the $37.6-million acquisition and rehabilitation of the Jackson Terrace Apartments, a complex featuring 181 affordable low-income housing units. Located at 100 Herriot St., the 12-story building is being acquired by the New York City-based Hudson Valley…

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Nanuet Investment Firm Acquires Mack-Cali Office Building for $12.75M

November 24, 2020

PARSIPPANY, NJ—The Birch Group of Nanuet has acquired from Mack-Cali Realty Corp., a 154,820-square-foot office building at 7 Campus Drive here for $12.75 million. The sale by Jersey-based Mack-Cali is part of an ongoing disposition of its office assets. The firm reported that the sale brings its year-to-date suburban office dispositions to $270.35 million. “We…

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NRC Approves License Transfer of Indian Point Energy Center

November 24, 2020

WASHINGTON—The Nuclear Regulatory Commission announced on Monday (Nov. 23) it had approved the transfer of the Indian Point nuclear power plant licenses from Entergy Nuclear Operations to Holtec International, as owner, and Holtec Decommissioning International as decommissioning operator. Holtec and HDI have announced that they intend to expedite the decommissioning and dismantling of the power…

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ULI Forecast Says Worst U.S. Economic Fears Have Eased

November 23, 2020

While the economic impact of the coronavirus this year has been dramatic, two recently released reports indicate that the real estate industry and the U.S. economy are expected to fare better in 2021. The Urban Land Institute’s latest Real Estate Economic Forecast predicts less of a slump for the rest of this year than was…

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CoStar to Acquire Homesnap in $250M Deal

November 23, 2020

WASHINGTON—CoStar Group Inc. reported on Sunday that it had reached an agreement to acquire Homesnap, Inc. for $250 million in cash. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. More than 300,000 agents nationwide use the application an…

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Douglaston Companies Announces Launch of Nationwide Development Venture

November 23, 2020

NEW YORK—Jeffrey E. Levine, the founder and chairman of New York City-based The Douglaston Companies, announced on Nov. 23 the launch of DD Nationwide, which will be under The Douglaston Companies umbrella. DD Nationwide was established to pursue real estate development opportunities outside of the New York metropolitan area to further broaden Douglaston’s robust scope…

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Spotlight On: Editor of Real Estate in Depth, Named HGAR 2020 Affiliate of the Year

November 22, 2020

Anyone who knows John Jordan also knows that he is the consummate news professional who has served as Editor of Real Estate In-Depth for 25 years. Throughout his career he has written for numerous publications including the New York Times, Gannett Suburban Newspapers, Westchester County Business Journal, Westchester Magazine, Construction News, Westchester Commerce Magazine, Real…

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NAR Apologizes for Past Policies that Contributed to Racial Inequality

November 20, 2020

CHICAGO—Newly-installed National Association of Realtors President Charlie Oppler issued a formal apology on Nov. 19 for the association's past policies that contributed to segregation and racial inequality in America. During a virtual fair housing summit hosted by The Hill and co-sponsored by NAR, Oppler offered an emotional apology on behalf of the industry for NAR's…

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Westchester Launches Free Mentoring, Training Program

November 20, 2020

WHITE PLAINS—Focused on supporting local businesses struggling during the pandemic, Westchester County Executive George Latimer and the Westchester County Office of Economic Development unveiled on Nov. 19, Westchester RISES, a free program designed to support existing businesses that are looking to pivot or rebuild in response to the pandemic, or build resilience to prepare for…

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