News

Broadview – Senior Living at Purchase College Secures Sufficient Funding to Start Construction Next Year

May 2020

PURCHASE—Broadview – Senior Living at Purchase College, currently under development at the Purchase College campus, has reached the halfway point to financing to enable its developer to pencil in the start construction for the 220-resident retirement community for individuals 62 and older next year. Located on a 40-acre grassy and wooded landscape, Broadview will offer…

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EXCLUSIVE: County Executives Believe Mid-Hudson Economy on Cusp of Reopening

May 2020

WHITE PLAINS—It appears the reopening of the Mid-Hudson economy, which was all but shut down back on March 22 when Gov. Andrew Cuomo put “New York on Pause” to prevent the spread of the Novel Coronavirus, is finally at hand. After a setback earlier this week, Westchester County Executive George Latimer and Orange County Executive…

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Eastern Union Launches New 'Distressed Notes Initiative'

May 2020

BROOKLYN—To help commercial lenders minimize the future damage that the COVID-19 pandemic will inevitably inflict upon their balance sheets, Eastern Union has launched a Distressed Notes Initiative that will identify investors interested in purchasing lenders' troubled mortgages. The company will leverage its extensive database of investors to help community banks and private debt funds find…

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DiNapoli: April Sales Tax Collections Decline More Than 24% After COVID-19 Shutdown

May 2020

ALBANY—Local sales tax collections dropped 24.4% in April compared to April 2019, leaving many of New York’s local governments grappling with shortfalls, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Sales tax collections totaled $1.02 billion in April. Plummeting sales tax collections were widespread, leaving counties, cities and some…

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Metro Home Prices Rise in 96% of Metro Areas in First Quarter of 2020

May 2020

WASHINGTON—Nearly all of the nation’s metro areas saw price growth and had minimal inventory increases in the first quarter of 2020, according to the latest quarterly report by the National Association of Realtors. The Northeast saw an increase of just under 10% in single-family home prices in the region. Median single-family home prices increased year-over-year…

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Westchester Dedicates ‘Ribbons of Remembrance’ to COVID-19 Victims

May 2020

YONKERS—In a ceremony that took place on a location that overlooks the Hudson River and the Palisades at Lenoir Preserve, Westchester County officials on May 6 dedicated a new memorial—the Ribbons of Remembrance—for the more than 1,100 Westchester County residents who have lost their lives to COVID-19. The memorial is a short walk away from…

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Majority of Realtors Report Sellers Haven’t Lowered Listing Prices

May 2020

WASHINGTON—More than three in four Realtors (76%) currently working with sellers this week reported their clients haven’t reduced listing prices to attract buyers, according to a survey released recently by he National Association of Realtors. That’s up from 74% who said the same a week ago. “Nearly 70% of Americans have secure employment and those…

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BCW’s Economic Recovery Task Force Looks To Create Action Plan to Help Re-open Economy

May 2020

RYE BROOK—As New York State prepares to begin reopening its economy in the wake of the COVID-19 pandemic, the newly formed Business Council of Westchester’s Economic Recovery Task Force is forging ahead with developing a comprehensive plan to provide specific recovery measures and recommendations keyed to assisting Westchester’s diverse business and not-for-profit sectors. The Task…

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Orange Bank & Trust Provides More Than $100M in PPP Loans

May 2020

MIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…

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As Pending Sales Fall Sharply, NAR Says Housing Market Slump will be Temporary

April 2020

WASHINGTON—Pending home sales fell in March as a result of the Coronavirus outbreak, according to the National Association of Realtors. Each of the four major regions saw drops in month-over-month contract activity and year-over-year pending home sales transactions, NAR reported on April 29. The Pending Home Sales Index in the month of March in the…

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Recovery from COVID-19 Downturn in NY Will Take Longer than ‘Great Recession’

April 2020

ALBANY—The New York State Division of the Budget released a report on Saturday that estimates a $13.3-billion shortfall, or 14%, in revenue from the Fiscal Year 2021 Executive Budget Forecast released in January. The report estimates a $61-billion state revenue decline through Fiscal Year 2024 as a direct consequence of the COVID-19 pandemic. The 463-page…

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Gov. Cuomo Could Begin Restart of Economy After May 15

April 2020

ALBANY, NY—It appears New York State could allow the reopening of some business operations in the construction and manufacturing sectors in the upstate region beginning as early as after May 15. New York Gov. Andrew Cuomo in his daily COVID-19 update on Sunday April 26 announced the state may begin a phased restart of the…

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US Home Sales Increased Year-Over-Year Despite March Sales Decline Due to COVID-19 Impacts

April 2020

WASHINGTON—Existing-home sales fell in March following a February that saw significant nationwide gains, according to the National Association of Realtors. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease. Sales in the Northeast dipped more than 7%, NAR reported. Total existing-home sales, (https://www.nar.realtor/existing-home-sales), completed transactions that…

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