Residential

Elmsford Housing Developer Tabbed to Build Housing at Former Reader’s Digest Headquarters

September 2016

CHAPPAQUA—Development firm Wilder Balter Partners of Elmsford has been selected to turn the iconic cupola building of the former Reader’s Digest headquarters here into a unique and innovative mix of market rate, workforce and affordable apartment homes—The Apartments at Chappaqua Crossing. The Elmsford-based developer has signed a long-term lease for the classic building with Summit/Greenfield…

Orange County Housing Market Moving in Right Direction

September 2016

The real estate market in 2016 has been extremely busy in Orange County. I believe that the biggest change this year has been the large increase in the number of homes that have sold. In both the first and second quarter, Orange County has seen an increase in the number of homes sold by about…

NAR, HGAR Planning Grants to Spark Newburgh Neighborhood Revitalization

September 2016

NEWBURGH—Can aiding one neighborhood help an entire city? A set of grants from the National Association of Realtors and the Hudson Gateway Association of Realtors will look to do just that in the City of Newburgh with the assistance of the nonprofit research and policy group Hudson Valley Pattern for Progress. Grants totaling $16,500 have…

AvalonBay Sells Nanuet Complex for $147 Million

September 2016

NANUET—Holliday Fenoglio Fowler, L.P. announced earlier this month it had closed the $147-million sale of eaves Nanuet, a 504-unit multi-housing community in Nanuet in Rockland County. HFF marketed the property exclusively on behalf of the seller, AvalonBay Communities, Inc. A joint venture between Harbor Group International, LLC and Azure Partners LLC purchased the asset free…

Coldwell Banker Residential Golf Tournament Raises More Than $60,000 For Friends of Karen Charity

September 2016

YORKTOWN HEIGHTS—Coldwell Banker Residential Brokerage in Connecticut and Westchester County announced that $61,600 was raised for Friends of Karen Inc. through the 10th annual Coldwell Banker-Erin O’Connor Memorial Golf Outing. The tournament is held annually in memory of Erin O’Connor and raises funds for Friends of Karen, a nonprofit organization that supports critically ill children…

LEGISLATIVE AFFAIRS: 421-a Gets New Life

August 2016

421-a is a concession for multi-family residential buildings in New York City that allows developers to obtain a tax abatement in order to create affordable housing. The abatement freezes taxes for many years in exchange for additional inventory at below market rate rentals. Critics contend the program does not really provide an adequate number of…

Kiryas Joel Looks to Form Town of North Monroe

August 2016

KIRYAS JOEL—Representatives of the Village of Kiryas Joel announced a plan earlier this week to begin a petition drive that would seek to have the Orange County Legislature approve the formation of the new Town of North Monroe, which would consist of the existing Kiryas Joel community and reportedly an additional 382 acres outside of…

Debunking the Myth that Millennials Hate the Suburbs

August 2016

WHITE PLAINS—The popular lore for some time among many real estate professionals and most media pundits is that Millennials are shunning the suburbs and instead are flocking to major cities in search of collaborative office space and rental housing in a “24-7 live-work environment.” A report appropriately entitled “Myth Buster: Young Americans Do Like The…

Better Homes and Gardens Rand Realty Voted Top Real Estate Agency in the Hudson Valley

August 2016

NANUET—Better Homes and Gardens Rand Realty has announced it was awarded the Middletown Times Herald-Record’s Readers’ Choice Award for top real-estate agency in the Hudson Valley. “We’re honored to be given this recognition by one of the region’s top publications,” said Joseph Rand, managing partner of Better Homes and Gardens Rand Realty. “The Hudson Valley…

Condo Reform Bill Signed Into Law

August 2016

WASHINGTON—On Friday, July 29th, President Barrack Obama signed into law H.R. 3700, the "Housing Opportunity Through Modernization Act.” The legislation includes reforms to current Federal Housing Administration restrictions on condominium financing, among other provisions, and was long supported by the National Association of Realtors. The U.S. Senate had approved the measure by unanimous consent on…

Westchester Residential Broker Sells Maya Angelou’s Townhome for Record Price

July 2016

NEW YORK—The late poet and author Maya Angelou’s former brownstone townhouse in Harlem was sold by Westchester brokerage firm Link NY Realty for a reported purchase price of approximately $4 million. Listing Broker Valon Nikci, CEO of Bronxville-based Link NY, said, “The home is a record breaker, being the most expensive single-family home per square…

Esplanade Owner Agrees to Pay More Than $528,000 to Displaced Seniors

July 2016

WHITE PLAINS—The ownership of the Esplanade Senior Residences of White Plains has agreed to pay more than $528,000 to 139 elderly residents who were allegedly forced from their homes to make way for the development of a luxury rental apartment development there. New York State Attorney General Eric T. Schneiderman announced the settlement agreement on…

MacQuesten Companies Purchases Mount Vernon West Train Station

July 2016

MOUNT VERNON—In a deal the development firm says reaffirms and expands its investment in the economic revival of the City of Mount Vernon, the MacQuesten Companies reported recently it had purchased the Mount Vernon West station on Metro-North’s Harlem Line. While the station’s platforms are owned by Metro-North, the station building has been privately owned…

Hudson Valley Second Quarter Home Sales Soar to Five-Year High

July 2016

Editor’s Note: The following is the full text version of the 2016 Second Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland and Orange Counties, New York released recently by the Hudson Gateway Multiple Listing Service. WHITE PLAINS—Prospective homebuyers who were out in force during the first several months of 2016 came to the…

Westchester Realty NY Affiliates With Coldwell Banker Dobbs Ferry

July 2016

DOBBS FERRY— Joseph A. Valvano, president of Coldwell Banker Residential Brokerage in Connecticut and Westchester County reported on July 1 that Mark Turken, Pedro Hidalgo and Jonathan Klein of Westchester Realty NY LLC have affiliated with Coldwell Banker’s Dobbs Ferry office. Turken is an award-winning real estate broker who established Westchester Realty NY, a real…

Veteran Realtor R.J. Smith to Be Honored In November by Community Foundation

July 2016

MONTGOMERY— R.J. Smith and Gerald and Rosemary Skoda, outstanding business and civic leaders, will be honored by the Community Foundation of Orange and Sullivan during its annual reception on Nov. 16, at Anthony’s Pier 9 in New Windsor. More than 400 community and key business leaders are expected to attend the dinner event, where the…

Houlihan-Parnes Firm Celebrates 125th Anniversary

July 2016

RYE—On June 9th, Houlihan-Parnes Realtors celebrated the firm’s 125th anniversary at the Westchester Country Club in Rye. Founded in 1891 by Daniel J. Houlihan, an Irish immigrant, the company has always been family owned and operated and is proudly celebrating its 125th year of continuous operation. Since the late 1800s, the firm originally was founded…

18-Year Saga Ends in Ossining As Harbor Square Project Opens

June 2016

OSSINING—A host of state, county and local dignitaries joined veteran residential real estate developer Martin Ginsburg on June 23rd in cutting the ribbon on Harbor Square, a $65-million luxury multifamily waterfront project here. The Harbor Square development site has been the focal point of development for nearly 20 years. In 1998, Westchester developer Louis Cappelli’s…

LEGISLATIVE AFFAIRS: Realtors Flying High After Victory on Drone Use

June 2016

Drones have become increasingly popular as an advertising tool for real estate professionals. Regulators have heretofore compelled drone operators to apply for a “Section 333” waiver from the FAA before they are ready to go airborne. With Google Earth and other live images already out there, it would have been unlikely for the government to…

Gov. Cuomo Signs ‘Zombie’ Property Bill

June 2016

ALBANY—Gov. Andrew Cuomo signed into law the “zombie property” bill on June 23rd. The legislation, which passed the State Legislature, is geared to combating the blight of vacant and abandoned properties throughout the state providing further assistance to those in danger of losing their homes, and in some cases expediting the foreclosure process. Gov. Cuomo…