YONKERS—The Yonkers Industrial Development Agency announced on May 2 it had granted preliminary approval of a $49.6 million, 10-story mixed-use residential building on Main Street and Riverdale Avenue. The project will feature 76 affordable rental dwelling units and ground floor commercial space. Called St. Clair Residences, the project is located on vacant parcels at 36-38…
Read MoreWASHINGTON—The first quarter of 2022 saw more markets reach double-digit annual price gains than the previous quarter, according to the National Association of Realtors' latest quarterly report released on May 3. Seventy percent of 185 measured metros experienced such price gains, up from 66% in the preceding quarter. These increases come as median single-family existing-home…
Read MoreNEW YORK—A host of federal, state and city agencies have closed on the refinancing of a $621.5-million U.S. Housing and Urban Development loan with Riverbay Corp., the management company for Co-op City in the Bronx. The refinancing deal announced on April 27, provides Riverbay Corp. with $124 million in proceeds that will be used for…
Read MoreNEW HAVEN, CT—An affiliate of Paredim Partners LLC, which is headquartered in Elmsford, has acquired The Taft Apartments, a landmark apartment and commercial property in New Haven, CT. Situated across from Yale's Old Campus and the historic New Haven Green, this landmark 14-story building contains 194 studio, one and two-bedroom homes with commanding views of…
Read MoreWASHINGTON—While U.S. pending home sales fell for the fifth consecutive month in March, pending sales in the Northeast bucked that trend. The other three other major U.S. regions experienced declines in transactions and all four regions reported decreases in year-over-year contract activity. The Pending Home Sales Index, a forward-looking indicator of home sales based on…
Read MoreNEWBURGH—The City of Newburgh has recently issued two Request for Proposals (RFPs) that represent what it terms are “exciting and unique development opportunities” for several city-owned properties, including City Hall. The first, RFP #11.22, seeks proposals for the creative redevelopment of numerous city-owned properties—both existing buildings and vacant parcels—that the city hopes will result in…
Read MoreWASHINGTON—The number of Realtors involved with buying or selling a property with green features has significantly increased in the past year, according to a study released on April 26 by the National Association of Realtors. The “2022 Realtors and Sustainability Report” surveyed NAR members nationwide regarding sustainability issues currently facing the real estate industry. Half…
Read MoreNEW YORK--Berkshire Hathaway HomeServices New York Properties announced on April 25 the addition of Steven James as its president and chief executive officer and Brad Loe as its executive vice president, director of sales as the company commences a significant brand expansion across the New York City residential brokerage market. The newly expanded New York…
Read MoreWHITE PLAINS—Realtors believe that the lower home sales numbers registered in the first quarter of this year were due primarily to record low inventory and not any sharp decline in buying demand. In fact, brokers interviewed by Real Estate In-Depth agree that current economic headwinds in the form of high inflation, rising mortgage interest rates…
Read MoreARMONK—A recently released study commissioned by The Welcome Home Westchester campaign has found there wasn’t any data from recent large multifamily developments in suburban Westchester communities to substantiate fears of a surge in student enrollment expressed by local opponents of those development projects. Not only have these projects been harmless to the districts, they have…
Read MoreWASHINGTON—Existing-home sales decreased in March, marking two consecutive months of declines, according to a report released today by the National Association of Realtors. Month-over-month, sales in March waned in three of the four major U.S. regions while holding steady in the West. Sales were down across each region year-over-year. Existing-home sales in the Northeast slid…
Read MoreALBANY—The most consequential economic development project for the mid-Hudson Valley region in decades is not a major corporate relocation, a large lease deal or a new massive warehouse developed by a national e-commerce giant. Instead, it will be a major infrastructure project that will surely facilitate mega deals like those mentioned above in the coming…
Read MoreWHITE PLAINS—The two leading realty and building advocacy organizations in Westchester County—the Hudson Gateway Association of Realtors of White Plains and The Building and Realty Institute of Armonk—are urging State Senators to confront the region’s legacy of deliberate housing segregation by passing a bill that would eliminate discriminatory restrictive covenants that continue to exist in…
Read MoreBRIARCLIFF MANOR—Michele Johnson has been named Chief Financial Officer at locally-based independent real estate brokerage firm J. Philip Real Estate. In this position she will be responsible for the brokerage’s financial matters, including budgeting, reporting, statutory compliance, forecasting and company planning. Johnson has more than 35 years of financial and management experience. For the past…
Read MoreALBANY—The New York State Association of Realtors issued a “Call to Action” on April 12 to alert its membership that the State Legislature is considering passage of “Good Cause Eviction” legislation, which would restrict the ability of a landlord to evict a tenant, even in cases where their lease has expired so long as the…
Read More“In the current hot market, people who have traditionally enjoyed homeownership can capitalize on those gains to realize new opportunities. Meanwhile, the market becomes increasingly unaffordable, and the obstacles greater, for those trying to enter the market.” WASHINGTON—The lack of affordable homes is the top obstacle holding back potential home buyers of all races, but…
Read MoreWHITE PLAINS—Furniture Sharehouse, one of the many charities supported by the Hudson Gateway Realtor Foundation, recently celebrated 15 years of serving Westchester County at its modest location at the Westchester County Airport in White Plains. “We could not have reached this amazing milestone without the incredible support of the HG Realtor Foundation and others who…
Read MoreThere are a lot of questions and concerns from our members relating to the newly instituted Standard Operating Procedures (SOPs). This month’s article can serve as a “cheat sheet” on the basics and, hopefully, will answer many of your questions. NYSAR’s SOPs template can be found here. • The new SOPs requirement is effective April…
Read MoreEveryone remembers the old children’s rhyme, “First Comes Love, Then Comes Marriage,” but within the past few years there’s been a growing trend for couples of all ages to put real estate deals first before marriage, or in some cases, just forgo that stroll down the aisle altogether. According to a recent Realtor.com survey, 31%…
Read MoreSANTA CLARA, CA—Realtor.com released survey data on April 6 that shows homeowners are gearing up to sell this spring and summer. According to the report, 64% of prospective 2022 sellers anticipate doing so within the next six months, and with high expectations for making a profit. The potential uptick in newly-listed homes indicates some much-needed…
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