WASHINGTON—A host of housing and finance organizations have expressed support for the plans submitted by the Trump Administration, specifically the Treasury Department and the U.S. Department of Housing and Urban Development, earlier this month to reform the housing finance system and the Government-Sponsored Enterprises Fannie Mae and Freddie Mac. The Treasury Housing Reform Plan consists…
Read MoreAfter a public hearing and discussion, on Dec. 14, 2018, Westchester County enacted the Cooperative Housing Corporation Disclosure Law. The provisions of the Disclosure Law went into effect on Dec. 14, 2018. The Disclosure Law can be found in Section 700.21-a of the Westchester County Fair Housing Law. Westchester County joins the following municipalities and…
Read MoreNEW YORK—While visionary commercial and residential developer Robert Weinberg passed away at his home in Manhattan at the age of 90 on Sept. 3, his legacy in Westchester County and the surrounding suburbs will live on for generations to come. Weinberg will be best remembered for co-founding Robert Martin Company of Elmsford with partner Martin…
Read MoreWASHINGTON—Uncertainty over the direction of the U.S. economy has trumped very low mortgage interest rates, according to the National Association of Realtors. NAR recently reported that pending sales in the United States fell 2.5% in July. Pending sales in the Northeast fell less than 2% in July, as compared to a month earlier. Of the…
Read MoreYONKERS—The 311-unit Parkledge apartment tower here has been acquired by the Hudson Valley Property Group, LLC for $48.3 million. The transaction for the affordable rental apartment complex was reported by CBRE Affordable Housing and CBRE’s New York Institutional Group. Tim Flint, executive vice president of CBRE Affordable Housing, along with CBRE’s Jeff Dunne, Gene Pride…
Read MoreRYE—A little over a year after breaking ground on the project and just a few months after sales at the development were officially launched, buyer activity has been brisk at the St. Regis Residences, Rye. Construction continues on the 55-and-older development that will include 95 one-to-four bedroom luxury condominiums in five interconnected three-to-four story buildings…
Read MoreNEW YORK—Inaccurate data is the major driver of financial and time drains for residential real estate professionals, according to Richard Haggerty, CEO of the Hudson Gateway Association of Realtors, Inc., and president of the New York MLS, LLC. That’s why the time has come for a unified Multiple Listing Service in New York, he noted.…
Read MoreTOWN OF POUGHKEEPSIE—A joint venture of Saber Real Estate North, LLC of Armonk and EnviroFinance Group, LLC of Emeryville, CA has broken ground on the $300-million redevelopment of the former Hudson River State Hospital campus here. The project, being built on 156 acres on Route 9, calls for a mixed-use development that will include rental…
Read MoreNEW 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…
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