Residential

$91-Million Williamsbridge Gardens Project Completed

July 28, 2023

NEW YORK—New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas announced on July 27 the completion of Williamsbridge Gardens, a $91-million affordable and supportive housing development in the Williamsbridge section of the Bronx. The development includes 170 affordable apartments, including 85 with on-site supportive services for formerly homeless households. Williamsbridge Gardens consists of two…

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Pending Home Sales Rose 0.3% in June; NAR’S Yun Says ‘Housing Recession is Over’

July 27, 2023

WASHINGTON—Pending home sales registered a modest increase of 0.3% in June from the previous month—the first increase since February—the National Association of Realtors reported today (July 27). The South and West posted monthly losses, while sales in the Northeast and Midwest grew marginally. All four U.S. regions saw year-over-year declines in transactions. “The recovery has…

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New York State Issues RFP for Purchase and Redevelopment of Downstate Correctional Facility

July 26, 2023

ALBANY—Gov. Kathy Hochul announced recently that Empire State Development, in partnership with the Office of General Services and Department of Corrections and Community Supervision, has issued a Request for Proposals for the former Downstate Correctional Facility located in Fishkill, Dutchess County. The Request for Proposals advances recommendations made by the Prison Redevelopment Commission and builds…

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Westchester County Commercial Market Posts Mixed Results in Second Quarter

July 26, 2023

RYE BROOK—The Westchester County commercial market ended the first half of 2023 with mixed results showing continued strength in multifamily developments and solid performance in the industrial/flex market. Meanwhile, demand for retail space weakened modestly and office buildings struggled with lower occupancies due to the work from home environment, according to the recently released Houlihan…

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Yorktown Planning Board Approves Site Plan for Residential Project at Former School

July 24, 2023

YORKTOWN—The Yorktown Planning Board recently approved a site plan for a redevelopment of the former Soundview Preparatory School campus. The approval on July 17 allows for the construction of a mixed-use development at 370 Underhill Ave. with 148 residential units and 11,000 square feet of commercial space, along with the preservation of the property’s historic…

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Biden Administration Issues Major Disaster Declaration for Upstate, Mid-Hudson Counties

July 24, 2023

ALBANY—On Friday, New York Gov. Kathy Hochul announced that President Biden approved her request for a Major Disaster Declaration to provide federal assistance to communities impacted by flooding from heavy rainstorms across much of Upstate New York. The declaration releases critical federal assistance to support recovery and reconstruction efforts in Clinton, Dutchess, Essex, Hamilton, Ontario,…

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U.S. Existing-Home Sales Retreated 3.3% in June; Monthly Median Sales Price Reached Second-Highest Amount Ever

July 20, 2023

WASHINGTON—Existing-home sales slipped more than 3% in June, according to the National Association of Realtors. Sales varied among the four major U.S. regions, with the Northeast experiencing gains, the Midwest holding steady, and the South and West posting decreases. All four regions recorded year-over-year sales declines. Total existing-home sales—completed transactions that include single-family homes, townhomes,…

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Brokers Say Low Inventory Has Not Tempered Housing Demand

July 20, 2023

WHITE PLAINS—Sales volume in the market area of the Hudson Gateway Association of Realtors fell sharply in the second quarter of this year with all counties posting significant sales declines ranging from as low as 19% to a high of nearly 27%. Sales prices continue to rise in the Hudson Valley/Bronx region, although at more…

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HGAR Holds Rockland County Day Program

July 20, 2023

NYACK—In the first of a series of programs that will focus on the key market areas serviced by the Hudson Gateway Association of Realtors, the association staged a highly-informative and well-attended “Rockland County Day” program on July 17 at the Nyack Seaport here. The event brought together Realtors, local politicians, economic development officials and other…

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OneKey MLS: NY Regional Closed Median Sale Price Increased by 3.40% in June

July 20, 2023

FARMINGDALE—OneKey MLS reported a regional closed median sale price of $612,000 in June, a 3.40% increase as compared to the $592,000 reported in May 2023. In a year-over-year comparison, the closed median sale price held steady, decreasing less than 1.00% from the $615,000 reported in June 2022. The OneKey MLS report released on July 18th…

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MAG Partners Secures $196-Million Refinancing Loan for Ruby in West Chelsea

July 14, 2023

NEW YORK—MAG Partners announced on July 13 that it had secured a $196-million loan from funds managed by Elliott Investment Management L.P., in joint venture with an investment platform formed by Adi Chugh, to refinance Ruby, a luxury rental building in West Chelsea that began leasing in late March. The 480-unit luxury residential building, designed…

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2023 NAR Member Profile:
Nearly One-Third of Realtors Say Lack of Inventory Stopped Their Clients from Buying Homes in 2022

July 11, 2023

WASHINGTON—Amid a significant shortage of housing supply in 2022, 32% of Realtors named a lack of inventory as the most important factor limiting potential clients from making a purchase, according to the National Association of Realtors’ 2023 Member Profile released on July 11. This annual report analyzes members’ business activity and demographics from the prior…

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Storms Battered Sections of Hudson Valley; Caused Extensive Infrastructure Damage

July 11, 2023

HIGHLAND FALLS—The storm damage from the torrential rains that hit the Hudson Valley on Sunday is considerable. At a press conference on Monday, Orange County Executive Steve Neuhaus said the damage in the Highland Falls/West Point area alone is in the “tens of millions of dollars.” Gov. Kathy Hochul, Neuhaus and other state, county and…

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NAR: Pending Home Sales in Northeast Soar by Nearly 13% in May

July 6, 2023

WASHINGTON—Pending home sales shrunk 2.7% in May from the previous month, the National Association of Realtors reported recently. Three U.S. regions posted monthly losses, while sales in the Northeast surged. All four regions saw year-over-year declines in transactions. “Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,”…

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Regulators: Take Steps to Recognize Warehouse Lenders’ Important Role in Today’s Housing Finance Market

July 5, 2023

This is a difficult time for the housing industry, and those challenges extend to all corners—not only mortgage lenders but also the warehouse lenders, vendors, title companies, and real estate agents that support the housing and mortgage finance ecosystem. Over the past 24 months, there has been a sharp pivot from historically high origination volume—spurred…

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Corcoran Baer & McIntosh Grows New Jersey Footprint

June 29, 2023

NYACK—Corcoran Baer & McIntosh, a franchisee of Corcoran Group LLC, which has operations in Orange and Rockland counties in New York State and sections of New Jersey, reported on June 28 its acquisition of Ocean Pointe Realtors, located in Sea Girt, NJ. The addition of Ocean Pointe Realtors’ agents and prime Sea Girt office space…

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Realtor.com: Home Prices Post First Annual Decline Since Before 2017

June 29, 2023

SANTA CLARA, CA—The U.S. median home listing price slipped -0.9% annually in June, posting the first yearly decline since 2017—the start of Realtor.com's trends data—according to its June Monthly Housing Trends Report released on June 29. At the same time, while home shoppers had more homes to choose from this month, improvement stalled as the…

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