Residential

Learn More About the CFA Process

June 2019

WHITE PLAINS—The Westchester County Office of Economic Development is urging businesses, organizations and municipalities to attend informational workshops being held this month to learn more about funding opportunities in the next round of the Mid-Hudson Consolidated Funding Application (CFA). The Westchester County Office of Economic Development will hold a series of informational sessions throughout Westchester…

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NAHREP Launches Westchester County Chapter

June 2019

WHITE PLAINS—The National Association of Hispanic Real Estate Professionals officially launched its Westchester County Chapter recently with a kick-off party at an office rooftop in White Plains. The event drew more than 150 people and included special guest Chef Barret Bayer of the “Hell’s Kitchen” and “Million Dollar Listing” TV shows. NAHREP currently has more…

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Hudson Valley Region Renters and Homeowners Struggle with Affordability

June 2019

ALBANY—The affordable housing crisis continues in New York State, according to a report released on June 6 by New York State Comptroller Thomas DiNapoli. The report stated that nearly 1.4 million households paid half or more of their income in 2017 towards housing costs. “The high cost of housing can force some New Yorkers to…

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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”…

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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…

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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…

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$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…

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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…

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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…

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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…

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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…

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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…

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