News

Fareri to Revitalize Longstanding Goshen Retail Eyesore

January 2019

GOSHEN—The developer who earlier this month signed a contract with Westchester County to build a more than $1-billion bioscience park in Valhalla, has proposed a$60-million plan to rid the Village of Goshen of a mostly vacant and blighted property. Fareri Associates of Greenwich, CT presented the Goshen Planning Board on Jan.22 a plan to redevelop…

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Little of Old Tappan Zee Bridge Remains

January 2019

On Jan. 15, Tappan Zee Constructors, the contractor for the new Tappan Zee Bridge (Mario M. Cuomo Bridge), lowered the 672-foot section of steel, using charges to deliberately fail vertical members supporting the span. Portions of the old east anchor span, currently above the water line, will remain visible as it is removed from the…

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Hudson Valley Home Sales Market Remained Strong in 2018. Sales Slow Down, But Median Prices Continue to Rise in Region

January 2019

WHITE PLAINS—The Hudson Valley residential sales market remained strong in 2018, despite lower sales due mainly to a lack of available inventory. In a report released earlier this month by the Hudson Gateway Multiple Listing Service, Inc., the overall five-county market serviced by HGMLS (Westchester, Rockland, Orange, Putnam and Sullivan counties) saw a 2.6% decline…

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Veteran Realtor Ron Garafalo Installed as 2019 HGAR President

January 2019

CENTRAL VALLEY—More than 250 Realtors, Affiliates, friends and family were on hand on Jan. 17 to celebrate the installation of former OCAR President and Realtor Ron Garafalo as 2019 President of the Hudson Gateway Association of Realtors. In addition to Garafalo, sales manager with John J. Lease Realtors in Middletown, Renee Zurlo, regional manager with…

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LEGAL CORNER: The Shutdown’s Effect on Real Estate Transactions

January 2019

On Dec. 21, 2018, the federal government partially shutdown all non-essential services. At press time, this is now the longest government shutdown in U.S. history. As a result, some federal loan programs have been affected. The shutdown is also affecting conventional loans, causing delays and even cancellations of transactions. Real estate professionals should understand how…

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Hudson United Mortgage Extends ‘Second Look’ Program

January 2019

NYACK--- Hudson United Mortgage Services, LLC reported on Jan. 8 the firm is now accepting appointments for its Second Look Program, back by popular demand. Any prospective homebuyer is encouraged to meet with a Hudson United Mortgage loan officer once they have received a mortgage estimate from another lender to receive competitive rates and discuss…

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Orange Bank & Trust Opens New Thornwood Office

January 2019

THORNWOOD— The Board of Directors and CEO Michael Gilfeather of Orange Bank & Trust announced on Jan. 7 the opening of its full-service Thornwood branch at 859 Franklin Ave. “We are proud to continue to serve the Mount Pleasant community with our new branch in Thornwood,” said Joseph Ruhl, regional president at Orange Bank &…

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Houlihan Lawrence Holds Book Drive for Local Children in Need

January 2019

RYE BROOK—For the fourth consecutive year, real estate brokerage Houlihan Lawrence held a holiday book drive for local children in need, gathering more than 1,000 titles for preschool to middle school-aged readers. Collection bins were placed across the firm’s network of 30 field offices in New York and Connecticut, where they were quickly filled by…

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Yonkers Proposal Would Punish ‘Deadbeat’ Landlords

January 2019

YONKERS, NY—Yonkers Mayor Mike Spano and City Councilwoman Corazon Pineda-Isaac announced on Jan. 8 that they have proposed a bill that would target negligent or deadbeat landlords to pay costs now incurred by the city to relocate tenants from their unsafe properties. “After numerous condemnations of multi-family homes in Yonkers due to landlords not providing…

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Ginsburg Development Sells Three CT Properties for Nearly $22M

January 2019

BRIDGEPORT, CT—New York City real estate investment firm Time Equities Inc. has purchased three mixed-use properties here in a deal with Valhalla-based Ginsburg Development Companies for approximately $21.7 million. The deal involves the addition of 176 rental apartments and approximately 100,000 square feet of mostly retail space. The transaction was announced by brokerage firm HFF,…

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Mack-Cali Sells Elmsford Distribution Center for $70M

January 2019

ELMSFORD, NY—Mack-Cali Realty Corp. in a deal that continues its exit from the flex-industrial warehouse business, has sold the six-building Elmsford Distribution Center here. The Jersey City, NJ-based REIT sold the more than 386,000-square-foot industrial park complex to Realterm Logistics of Annapolis, MD for $70.25 million. Mack-Cali noted that the disposition deal represents the next…

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NAR’s Malta Tells Congress Housing Finance Reform Must Be Bipartisan

December 2018

WASHINGTON—On Dec. 21, National Association of Realtors President-Elect Vince Malta testified before the House Financial Services Committee. During the hearing, “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Financing Reform Act of 2018,” Malta, a third-generation Realtor and the CEO and broker of Malta & Co., Inc. in San Francisco,…

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Retail Mega Broker Faith Hope Consolo Passes Away

December 2018

NEW YORK CITY—Longtime Manhattan retail real estate mega broker Faith Hope Consolo, who was known in some circles as the “Queen of Retail,” died on Sunday, Dec. 23rd at her home here, according to multiple press reports. Consolo, who was the chairperson of Douglas Elliman’s Retail Group, was 69 years old. In October 2017, Consolo…

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$850M Empire City Casino Sale to Close in January

December 2018

YONKERS—MGM Resorts International reports its previously announced $850-million purchase of the Empire City Casino property here is scheduled to close in a January. MGM recently announced the planned closing of its purchase in connection with its appointment of Uri Clinton as president and chief operating officer of Empire City Casino. Clinton will head operations at…

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County Executive Day Discusses Sain Building, Deed Verification Fee

December 2018

NEW CITY—Real Estate In-Depth recently sat down with Rockland County Executive Ed Day to discuss some of the pressing issues facing the county as it enters 2019. Day, who was re-elected to a second term of office in November 2017, spoke frankly on ongoing fiscal reform. the failed Sain Building sale and the proposed $200…

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NAR Releases Reports on Blockchain Technology And Consumer Home Buying Preferences/Trends

December 2018

WASHINGTON—The National Association of Realtors unveiled a Blockchain Guidance Paper earlier this month during a webinar designed to keep real estate at the forefront of conversations surrounding the emerging technology. NAR also authored a paper that found buyers continue to overwhelmingly utilize both the Internet and real estate agents in the home-buying process. Although blockchain…

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Google Plans $1Billion Expansion in NYC

December 2018

NEW YORK CITY—Add Google to the list of mega US tech companies that are planning major expansion initiatives in New York City. Ruth Porat, senior vice president and CFO of Google and its parent company Alphabet Inc., announced in a blog released this morning that Google plans to invest more than $1 billion in capital…

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