Residential

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…

Multifamily Market Conditions Weakened in First Quarter Due to COVID-19

April 2020

WASHINGTON, DC—The National Multifamily Housing Council reported today that apartment market conditions weakened in the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions for April 2020, as the industry confronts the ongoing COVID-19 pandemic. The Market Tightness (12), Sales Volume (6), Equity Financing (13), and Debt Financing (20) indexes all came in…

NYS Department of Labor Launches New COVID-19 Unemployment Application

April 2020

ALBANY—The New York State Department of Labor reported the launch of a new application on April 20 for New Yorkers to apply for traditional Unemployment Insurance or the new COVID-19 Pandemic Unemployment Assistance. This one-stop-shop for unemployment benefits will connect New Yorkers with the benefits they deserve faster, without requiring them to call the Department…

COVID-19 Update 4/21/2020: State Allows Westchester County to Remove Late Fees for Certain Businesses, Residents

April 2020

WHITE PLAINS—Westchester County Executive George Latimer received permission from Gov. Andrew Cuomo on April 21 to go forward with his plan to remove late fees for certain county residents and business for the late payment of their property taxes per the governor's Executive Order No. 202.22. Latimer said: “I want to thank Gov. Cuomo for…

COVID-19 Update 4/21/2020: Gov. Cuomo Says NY Biz Reopening to Be Done by Region

April 2020

BUFFALO—New York Gov. Andrew Cuomo in this morning’s COVID-19 update briefing here said that the reopening of the state’s economy will be performed by region. He announced that Lt. Gov. Kathleen Hochul will be in charge of studying the Western New York region, including determining how and when the economy will reopen there, while former…

COVID-19 Update for Monday, April 20, 2020

April 2020

Governors Make Appointments to Council Charged with Restoring Northeast Economy NEW YORK—Perhaps the beginning of the end or at the very least the end of the beginning of the COVID-19 pandemic and the restoration of the regional economy are at hand. On Sunday, New York Gov. Andrew M. Cuomo, New Jersey Gov. Phil Murphy, Connecticut…

Breaking News: Governor Extends Coronavirus Restrictions Until May 15

April 2020

ALBANY—While President Donald Trump is pondering whether to restarting some segments of the economy in some areas by May 1, New York Gov. Andrew Cuomo announced today that he will extend the state’s “On Pause” restrictions until May 15. The governor said the extension of the restrictions that include the closure of non-essential businesses, schools,…

Hudson Valley Home Sales Market Entered Coronavirus Crisis with Strong Demand

April 2020

WHITE PLAINS—The Novel Coronavirus has all but put the Hudson Valley real estate market “on pause” with Realtors forced since March 22 to navigate a myriad of regulations, including virtual showings only, to close residential transactions. A recently released report by OneKey Multiple Listing Service indicated that the market area of the Hudson Gateway Association…

HGAR, NY Realtors Enter Brave New Video World

April 2020

WHITE PLAINS—The COVID-19 virus has changed all of our lives. Surgical masks and gloves are now part of our daily attire and “social distancing” has become the norm. Restaurants and bars are just empty shells of their past lives, nightclub floors are devoid of bands, movie theaters are ghost towns and video chatting has replaced…

Northeast States Form Council to Study Re-opening of Economy

April 2020

ALBANY—In nearly a month of difficult economic news and tragic fatality numbers due to the Novel Coronavirus pandemic, a glimmer of hope has emerged that the state is beginning to consider how and when non-essential businesses could reopen in New York State. On Monday April 13, Gov. Andrew Cuomo announced a regional initiative with six…

DeCicco & Sons to Open at Edge on Hudson Development in 2022

April 2020

SLEEPY HOLLOW—Construction is expected to begin next year on a new DeCicco & Sons market at the Edge on Hudson project being developed at the former General Motors Assembly plant here. The deal marks the first retail property to sign on at the Edge on Hudson development and marks the first grocer to operate in…

Anthos Properties Secures Financing for Port Chester Multifamily Buy

April 2020

PORT CHESTER—Anthos Properties of Nanuet has acquired The Castle luxury multifamily development here from institutional investors advised by J.P. Morgan Asset Management for $38.6 million. In connection with the purchase, Anthos Properties secured a $28-million loan with Fannie Mae. The financing was arranged by JLL Capital Markets. Built in 2015, The Castle is a luxury,…

GDC Acquires Stratus on Hudson in Yonkers for Nearly $40M

April 2020

YONKERS—Ginsburg Development Companies has added to its portfolio of multifamily properties in the Greystone section of Yonkers with the recent purchase of the Stratus on Hudson, a 74-unit luxury rental building located at 1077 Warburton Ave. GDC purchased the property in Northwest Yonkers from Stamford, CT developer Randy Salvatore’s RMS Companies who completed the building…

HGAR Leadership Expands Role of its 2020 Regional Directors

April 2020

WHITE PLAINS—In an ongoing effort to create stronger member engagement, awareness and communication in a continually growing association, the HGAR leadership is expanding the role of its five regional directors covering Westchester, Putnam, Rockland and Orange counties, as well as Manhattan. “As our membership and our territory increases in size, we think it’s very important…

Pre-Coronavirus: HGAR Reports Strong First Quarter Sales Regionwide

April 2020

WHITE PLAINS—Residential home sales figures for the first quarter of 2020 were strong and indicated that a robust year for residential sales in the lower Hudson Valley region, now served by OneKey Multiple Listing Service, would follow. According to a report released by OneKey Multiple Listing Service earlier this month, that aforementioned assumption has, of…

State Clarifies Position on Property Showings—Can Only be Performed Online

April 2020

ALBANY—Less than 24 hours after the real estate industry was led to believe that in-person real estate showings were permitted by New York State comes a statement from Empire State Development that only virtual/online showings are permissible. On the evening of April 2, an official with Empire State Development Corp. in a clarification of the…

BREAKING NEWS: Empire State Development Deems Some Facets of Residential, Commercial Real Estate as ‘Essential’

April 2020

ALBANY—Commercial and residential real estate brokers and agents received some welcome if not surprising news on April 1 when the Empire State Development Corp. clarified existing regulations, put in place in response to the Novel Coronavirus Pandemic, and deemed residential and commercial showings and back office real estate work as “essential.” The clarification therefore allows…

The Louis R. Cappelli Foundation Pledges $200,000 To RXR’s COVID Relief Efforts in New Rochelle

April 2020

NEW ROCHELLE—RXR Realty announced on March 31 that the Louis R. Cappelli Foundation had pledged $200,000 to RXR’s COVID relief efforts in New Rochelle, for a total of $1.2 million to support organizations helping New Rochelle residents impacted by the COVID-19 public health crisis. Funding will go towards programs to address both immediate needs, as…

Mortgage Forbearance Does Not Mean Mortgage Forgiveness

March 2020

As I sit here trying to find words of advice for consumers to navigate through the financial portion of COVID-19, my emotions are all over the place. It’s difficult to talk about finances when we’re all going through so much more, although, I know this information is important and crucial for some to protect against…

NAR Survey: Half of Realtors Say Buyer Interest Has Decreased Due to the Coronavirus Outbreak

March 2020

WASHINGTON—Nearly half of Realtors—48%—said home buyer interest had decreased due to the coronavirus outbreak, according to a new survey from the National Association of Realtors released on March 19. That percentage tripled from a week earlier when it stood at 16%. Almost seven in 10 Realtors—69%—said there’s no change in the number of homes on…