Residential

Construction Nears End on Luxury Apartment Project in New Rochelle

November 2, 2022

NEW ROCHELLE—Building on the leasing success of The Stella luxury high-rise, the development team of LMXD, an affiliate of L+M Development Partners, and WBP Development, have announced the debut of Twenty Five Maple, a boutique mid-rise residential rental apartment building in the heart of downtown New Rochelle. The property, currently under construction, will feature 184…

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Cappelli Cuts Ribbon on 28-Story Tower in New Rochelle

November 2, 2022

NEW ROCHELLE—City of New Rochelle and Westchester County officials joined with the Cappelli Organization recently to celebrate the grand opening of 3THIRTY3, a 28-story tower featuring 285 luxury apartments. Located at 333 Huguenot St. in the heart of downtown New Rochelle, 3THIRTY3 has seen strong demand. Since the start of leasing a few months ago,…

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Long Delayed Project at Shuttered Hospital Site Scheduled to Start Next Year

October 31, 2022

PORT CHESTER—It appears that plans to redevelop the long-shuttered United Hospital property off Route 1 in Port Chester can finally proceed to construction in 2023 after nearly two decades of false starts and community opposition that prevented shovels turning dirt on the venture. Rose Associates and BedRock Real Estate Partners announced they recently secured final…

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Northeast Pending Home Sales Fell 16.2% in September

October 31, 2022

WASHINGTON—Pending home sales fell for the fourth consecutive month in September, the National Association of Realtors reported on Oct. 28. All four major regions recorded month-over-month and year-over-year declines in transactions. The Pending Home Sales Index (PHSI) slumped 10.2% to 79.5 in September. Year-over-year, pending transactions slid by 31.0%. An index of 100 is equal…

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HGAR Wins Prestigious Platinum Global Achievement Program Award From NAR

October 31, 2022

WASHINGTON—The National Association of Realtors has notified the Hudson Gateway Association of Realtors that it will bestow the PLATINUM Global Achievement Program Award for 2022 to HGAR for its global services initiatives undertaken by its Global Business Council at a national conference in Orlando in a few weeks. The PLATINUM Global Achievement Program award is…

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FHFA Eliminates Upfront Fees for First-Time Homebuyers

October 25, 2022

WASHINGTON—The Federal Housing Finance Agency announced on Oct. 24 targeted changes to Fannie Mae’s and Freddie Mac's guarantee fee pricing by eliminating upfront fees for certain borrowers, including first-time homebuyers, and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans. As part of the pricing changes stemming from…

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Home Sales Decline Continues in NYC-Hudson Valley Markets

October 20, 2022

WHITE PLAINS—Home sales continued to decline in the third quarter of this year as the New York City and Hudson Valley markets grapple with stubborn low inventory levels, high inflation, rising interest rates and home prices. Overall home sales in the region fell in the fourth quarter of 2021 and now in the first three…

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New York City Council Passes Controversial Bruckner Blvd. Rezoning

October 17, 2022

NEW YORK—The controversial Bruckner Boulevard rezoning proposal that was supported by city leaders and labor unions, but was opposed by some community advocates, including Community Board 10, was passed unanimously by the New York City Council on Oct. 12 by a 48-0 vote. The approval is a victory for New York City Mayor Eric Adams,…

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National Rent Growth Cools to the Slowest Annual Pace in 16 Months

October 17, 2022

SANTA CLARA, CA— September data confirms a fall cooldown has come to the rental market, as national rent growth dropped to its lowest annual pace (+7.8%) since June 2021, according to the Realtor.com Monthly Rental Report released on Oct. 13. In another sign of more typical seasonal moderation than last year, the U.S. median rental…

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Bronx Real Estate Market Remains Strong Despite Economic Headwinds

October 17, 2022

The Bronx saw record dollar volume and the second most single-family home transactions ever recorded with $1.54 billion spent over 189 transactions. These were slight increases over the second half of 2021 and significant increases year over year. The overall increase in activity is an indication of the upside and opportunities found in the Bronx.…

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Howard Hanna | Rand Realty Expands into Ulster County

October 12, 2022

NANUET—Howard Hanna | Rand Realty reported on Oct. 11 it had acquired Murphy Realty Group, located at 304 Wall St. in Kingston in Ulster County. The firm’s entrance into Ulster County, NY, adds more than 40 hand-selected local agents, well-known for their experience and knowledge in the area, in an office recognized for more than…

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Getting to Know The Bronx: HGAR Holds First Ever Historical Bronx Tour

October 11, 2022

NEW YORK—Did you know that The Bronx is the oldest borough in New York City, or that it’s also home to the oldest golf course in the country—Van Cortlandt Park Golf Course? Historical sites are scattered throughout The Bronx as well, including the Edgar Allen Poe Cottage, Van Cortlandt House Museum, Woodlawn Cemetery and the…

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HGAR Joins FIABCI for International Trade Mission in NYC

October 6, 2022

NEW YORK—The Hudson Gateway Association of Realtors, Inc. joined FIABCI, the International Real Estate Federation, and real estate colleagues from 15 countries around the globe to showcase New York City’s assets as part of a two-day international trade mission. HGAR is a principal member of FIABCI-USA, and one of its members, Susan Greenfield, associate broker…

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NYC, Hudson Valley Residential Market’s Resiliency Still Evident in Third Quarter, Despite Headwinds

October 4, 2022

NEW YORK—The real estate market in the lower Hudson River Valley and greater New York City suburban area continued to be battered by chronic low inventory, rising interest rates and persistent inflation during the third quarter of 2022. However, even given these adverse conditions, resiliency and consistent buyer demand are still evident, especially when compared…

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California Firm Pays $113 Million for White Plains Apartment Building

October 3, 2022

WHITE PLAINS—The Friedkin Property Group of San Francisco has acquired the 260-unit Windsor at The Gramercy apartment property in White Plains for $113 million. The sale transaction for the property at 2 Canfield Ave., was brokered by CBRE, which represented the seller—national real estate investment management firm GID—in the deal. CBRE also procured the buyer.…

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