Residential

CVS Signs Lease at The Rockwell Project in Downtown New Rochelle

June 2019

NEW ROCHELLE—Real estate development firm YoungCraft announced on June 4 that CVS Pharmacy signed a multi-year lease for 13,200 square feet of retail space at “The Rockwell,” the company’s mixed-use project currently under construction on North Avenue here. CVS will re-locate its current store at 625 North Ave., down the block to the brand-new “Rockwell”…

Read More

Report: Southeast Benefitting from Significant Northeast Migration

May 2019

NEW YORK—A recently published report by Bloomberg News reveals some unsettling news for New York State businesses and the real estate industry here. The report, an analysis by Bloomberg of state-to-state moves based on data from the Internal Revenue Service and the U.S. Census Bureau, shows that New York and Connecticut are losing billions in…

Read More

IDA-Issued Tax Breaks in NY Continue to Rise

May 2019

ALBANY—New York’s Industrial Development Agencies provided a total of $751 million in net tax exemptions for local economic development projects in 2017, an increase of more than 5% from the previous year, according to a report issued on May 29 by New York State Comptroller Thomas P. DiNapoli. The Mid-Hudson ($175 million) and Long Island…

Read More

$160M Rehab and Refi of Bronx Mitchell-Lama Completed

May 2019

NEW YORK—State officials announced on May 29 the completion of the $160-million rehabilitation and refinancing of the Michelangelo Apartments, a 494-unit Mitchell-Lama affordable housing development in the Melrose section of the Bronx. Michelangelo Apartments was originally built in 1975 and contains four towers with 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom…

Read More

River Club at Hudson Park Project Opens in Yonkers

May 2019

YONKERS—Strategic Capital, the investment arm of China Construction America, recently hosted an exclusive ribbon-cutting ceremony for the River Club at Hudson Park luxury rental apartment tower on the Hudson River waterfront here. The ceremony was attended by Ning Yuan, CCA Chairman and President and Strategic Capital Chairman and CEO; Huang Ping, Consul General of China…

Read More

Mounting Evidence of Some SALT Impact on Home Sales Market

May 2019

WHITE PLAINS—The data keeps indicating that the changes to the SALT deduction (cap of $10,000 on state and local tax deductions) imposed by the federal tax reform law is having an impact on some segments of the housing market in the area. The latest statistics that seem to back up that theory come from the…

Read More

Yonkers Mayor Introduces New Landlord Identification Bill

May 2019

YONKERS—Yonkers Mayor Mike Spano announced on May 6 plans to propose legislation to the Yonkers City Council expanding the responsibilities and accountability of local landlords in an effort to better protect the safety and well-being of their tenants. The local law would amend the “Housing and Building Maintenance Code” and would apply to residential buildings…

Read More

Bronx Multifamily Trades for First Time in Decades

May 2019

NEW YORK—A 28-unit multifamily building on Bainbridge Avenue in the Norwood section of the Bronx has changed hands for the first time in nearly 35 years. Cushman & Wakefield announced on May 8 that the firm had arranged the sale of 144 East 208th St., a 36,800-square-foot multifamily building in the Bronx. The final closing…

Read More

White Plains Expands Affordable Rental Housing Program

May 2019

WHITE PLAINS—The White Plains Common Council recently passed significant changes to the city’s Affordable Rental Housing Program at its May 6th session. The changes had originally been proposed in February by Mayor Tom Roach and represent a focused effort and commitment by the mayor and Common Council to increase the overall number of affordable housing…

Read More

U.S. Existing-Home Sales Slide 4.9% in March

April 2019

WASHINGTON—Existing-home sales retreated in March, following February’s surge of sales, according to the National Association of Realtors. Each of the four major U.S. regions saw a drop-off in sales, with the Midwest enduring the largest decline last month. Sales in the Northeast dropped nearly 3% in March, according to the NAR report. Total existing-home completed…

Read More

Developer Unveils Plans for Luxury Condos in Larchmont

April 2019

LARCHMONT—Rye-based developer Elk Homes has unveiled plans this week for “Centro Larchmont,” a new luxury condominium residence to be developed in the heart of the village. The new building will replace several aging commercial buildings that will be demolished. Located at 112 Chatsworth Ave. and 65 Wendt Ave., the 26-unit building will include 23 market…

Read More

Christie’s International Opens Office in Rockland County

April 2019

NEW CITY—Christie’s International Real Estate – Westchester & Hudson Valley, reported on April 17 it had launched its Rockland Regional Sales Gallery in New City at 340 South Main St. The opening of the office comes on the heels of a mid-February announcement by Christie’s International Real Estate that it was expanding its reach into…

Read More

Struggling Luxury Market a Drag on Region’s Home Sales

April 2019

Tale of Two Markets WHITE PLAINS—Home sales activity in the Hudson Valley in the first quarter of 2019 was mixed, with Rockland County leading the way with a 7.1% increase in overall sales, while Westchester, Putnam and Sullivan counties posted sales volume declines of 3.5%, 13% and 14.5% respectively. Orange County also posted a sales…

Read More

Construction Begins on $42M Senior Project in Rockland County

April 2019

NANUET—State officials announced on April 16 that construction had begun on a new $42-million senior affordable and supportive housing development here. The 93-unit Vincent’s Village community will be developed by the Sisters of Charity Housing Development Corp. of Staten Island and Rockabill Development, LLC of New York City. The development site is located adjacent to…

Read More