NEW YORK—Commercial real estate brokerage firm Marcus & Millichap recently released its latest report on the New York City multifamily market, which predicts strong demand will keep apartment vacancy in Manhattan below 2%. The report stated that New York City apartments continue to benefit from some of the strongest demand dynamics in the country. Job…
Read MoreNEW YORK—More than 125 commercial and residential real estate professionals heard a rather sobering outlook of what the recently enacted new rent control regulations enacted by the State Legislature and signed into law by Gov. Andrew Cuomo will have on the region’s real estate market. The morning session was held on Aug. 7 at the…
Read MoreALBANY—A six-month New York State investigation into code enforcement practices in New York State found systemic failures to prioritize code enforcement at all levels of government. The State Senate investigative report identified common shortfalls, recommended sweeping legislative and regulatory changes, and urged both municipalities and the state to take code enforcement more seriously. In the…
Read MoreAuthor: Harris Beach Attorneys at Law, PLLC Editor’s Note: The New York State Association of Realtors released the following column for Realtors authored by Harris Beach Attorneys at Law, PLLC in respect to recent rent regulation and tenant protection legislation that was signed into law by Gov. Andrew Cuomo. BACKGROUND: On June 14, 2019, the…
Read MoreWASHINGTON—Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.8% to…
Read MoreOSSINING—At a press conference here. Westchester County Executive George Latimer announced that for the first time since 2010, the county will receive federal funding to conduct healthy home assessments and help low income homeowners remediate lead-based paint in their homes. The county will receive a total of $4.1 million in federal funding. Westchester County has…
Read MorePURCHASE— Broadview – Senior Living at Purchase College is moving forward with its development of 220 independent living homes for ages 62 and older. When built, the project will be the first senior housing development to be located on a college campus in Westchester County. The firm expects to begin construction on the development project…
Read MoreNEW WINDSOR—The Southgate Village Apartments here has been acquired by an affiliate of JP Management for $19 million. Woodbridge, NJ-based The Kislak Company Inc. reported the sale of the 192-unit multifamily property. Kislak marketed the property at 2300 Vails Gate Heights Drive on an exclusive with senior vice president Janet Bortz handling the assignment on…
Read MoreTARRYTOWN—Despite the current soft luxury housing market in Westchester County, the Greystone on Hudson development here recently enjoyed a busy spring sales season. Houlihan Lawrence, the exclusive marketing and sales agent for the 23-unit Greystone on Hudson, reports that sales in May topped $14.5 million which included the sale of 20 Carriage Trail for $9.5…
Read MoreNEW YORK—The Hudson Gateway Association of Realtors’ Commercial Investment Division and the Bronx-Manhattan North Association of Realtors have scheduled a breakfast seminar on Wednesday, Aug. 7 to discuss the impacts of the new rent control regulations in New York. The “The New Rent Laws - What Happens Now?” seminar will be held at the Hutchinson…
Read MoreWASHINGTON—Existing-home sales in the U.S. weakened in June falling less than 2% after a previous month of sales gains, the National Association of Realtors reported on July 23. Two of the four major U.S. regions recorded minor sales jumps, including the Northeast (+1.5%), while the other two—the South and the West—experienced greater declines last month.…
Read MoreNEW YORK —New York State Attorney General Letitia James filed a lawsuit on July 17 against the Internal Revenue Service, along with New Jersey, and Connecticut, that argued against the new IRS Rule that would prevent residents from obtaining charitable deductions for contributions to local governments. “The IRS’s move to end tax benefits for charitable…
Read MoreWHITE PLAINS—The residential home sales market in the Hudson Valley continues to be a tale of two markets. Due in part to the impacts of the SALT deduction cap imposed by federal tax reform, and low for-sale inventory, sales declined in the second quarter in most markets serviced by members of the Hudson Gateway Association…
Read MoreWHITE PLAINS-After securing the approval of the Westchester County Industrial Development Agency to assign the rights to financial incentives for The Collection mixed-use project here, Toll Brothers Apartment Living acquired the 2.97-acre fully approved development site for $32.76 million. Saber Real Estate Advisors, LLC, which secured the approvals for the $136.2 million mixed-use residential development…
Read MoreALBANY — The New York State Public Service Commission approved on July 11 the implementation of a consumer awareness campaign to encourage the installation of renewable energy and energy efficiency resources in Westchester County. The program was developed in consultation with the New York State Energy Research and Development Authority (NYSERDA) and Westchester County to…
Read MoreRYE—Grand Lux Realty of Armonk recently announced the closing of 300 Grace Church St. in Rye for a sale price of $4,651,667. The transaction, which closed on May 22nd, was the most expensive in the history of Grand Lux Realty. The seven- bedroom, six-and-a-half bath colonial was sold by Shauna Brika, a new agent at…
Read MoreALBANY—Gov. Andrew M. Cuomo announced on July 11 the first round of funding for the $15-million Future Grid Challenge, a program to help solve technical challenges utilities face with energy transmission and distribution when integrating renewable energy resources into New York's electric grid. In this first round of funding, up to $6 million is available…
Read MoreThe first of HGAR volunteer events at Habitat for Humanity in Newburgh was held on July 11. Thanks to all who came out to volunteer, including HGAR President Ron Garafalo (second group far left)..Among the other Realtors who participated at the event included: Amanda Martinez, Tim Countryman, Micaela Stanaland and Liz Ramirez.
Read MoreEditor’s Note: The following is the text of the 2019 SECOND QUARTER RESIDENTIAL REAL ESTATE SALES REPORT Westchester, Putnam, Rockland, Orange, Sullivan Counties, New York released on July 8th by the Hudson Gateway Multiple Listing Service Inc. Residential sales for the second quarter in the lower Hudson Valley region served by the Hudson Gateway Multiple…
Read MoreNEW YORK—Camber Property Group, a developer of affordable and mixed-income projects in New York City, and partner Belveron Real Estate Partners have acquired the 400-unit high-rise Highbridge House apartment building in the Bronx for $76.25 million. The 26-story property at 1133 Ogden Ave. was sold by Stellar Management of New York City. Aaron Jungreis of…
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