NEW YORK—An affiliate of Mack Real Estate Credit Strategies reported on Aug. 16 it provided a $199-million loan to refinance the Courtyard by Marriott Hudson Yards hotel, recently built by companies affiliated with hotelier David Marx. The loan proceeds will be used to take out a construction loan and other previous financing ahead of the…
Read MoreYONKERS—Although the Sears department store shut down there recently, the Cross County Shopping Center continues to draw new tenants. The ownership of the storied shopping center announced recently that it will add three new retailers to its tenant roster in 2019. New to the complex will be Mito Asian Fusion, Invicta Watches and Carvel Ice…
Read MoreNEW WINDSOR—Talk about a double gut-punch to the Mid-Hudson economy. Empire Resorts, Inc, after suffering continued losses at its Resorts World Catskills Casino in Sullivan County, revealed recently that it may have to file for Chapter 11 bankruptcy and has agreed to be taken private by its majority shareholder. In Orange County, the success story…
Read MoreNEW YORK—Country Bank, which began operations in 1988 and later relocated its headquarters to New York City, will be merged into OceanFirst Bank in a deal valued at $102.2 million. Toms River, NJ-based OceanFirst Financial Corp., parent company of OceanFirst Bank announced its intent to merge with Country Bank Holding Company, Inc., parent company of…
Read MoreCARMEL—Tracey Walsh, a lifelong Carmel resident with deep knowledge of the county and a clear vision for its potential, will be the new Putnam County Director of Tourism, County Executive MaryEllen Odell announced on Aug. 7. The appointment was made after the Putnam County Legislature officially established the Department of Tourism at its Aug. 6th…
Read MoreNEW YORK—More than 125 commercial and residential real estate professionals heard a rather sobering outlook of what the recently enacted new rent control regulations enacted by the State Legislature and signed into law by Gov. Andrew Cuomo will have on the region’s real estate market. The morning session was held on Aug. 7 at the…
Read MoreALBANY—A six-month New York State investigation into code enforcement practices in New York State found systemic failures to prioritize code enforcement at all levels of government. The State Senate investigative report identified common shortfalls, recommended sweeping legislative and regulatory changes, and urged both municipalities and the state to take code enforcement more seriously. In the…
Read MoreNEW YORK—The New York Times Co., which has been expanding its workforce recently, will be relocating approximately 350 workers from its headquarters building at 620 Eighth Ave. in Manhattan to Court Square Place in Long Island City, Queens. The media organization signed a lease for 57,846 square feet of space at 24-01 44th Road. Court…
Read MoreCHICAGO—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,…
Read MoreAuthor: 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…
Read MoreWASHINGTON—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…
Read MoreOSSINING—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…
Read MorePURCHASE— 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…
Read MoreNEW 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…
Read MoreTARRYTOWN—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…
Read MoreWASHINGTON—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.…
Read MoreNEW 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…
Read MoreWHITE PLAINS—The residential home sales market in the Hudson Valley continues to be a tale of two markets. Due in part to the impacts of the SALT deduction cap imposed by federal tax reform, and low for-sale inventory, sales declined in the second quarter in most markets serviced by members of the Hudson Gateway Association…
Read MoreSOMERS—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…
Read MoreWHITE 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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