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…
Read MoreALBANY—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…
Read MoreNEW 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…
Read MoreNEW YORK—Top real estate experts joined event sponsors the Hudson Gateway Association of Realtors and RISMedia at “The State of Real Estate Data in NYC” on May 20 to discuss the importance of accurate data in residential listings and the need for a unified system. Richard Haggerty, CEO of HGAR and president of the New…
Read MoreYONKERS—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…
Read MoreWHITE 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…
Read MoreWHITE PLAINS—The development community in Westchester County is being forced to adapt to a new norm—a moratorium on new natural gas connection hookups imposed by utility Con Edison on March 15. Thus far, there have been no reports of developers walking away from their projects in the county due to the imposition of the moratorium.…
Read MoreJoseph Rand, the chief creative officer for Better Homes and Gardens Real Estate | Rand Realty, has just published his latest book, “How to be a Great Real Estate Agent.” In it, he discusses how agents can build their business by becoming better at their actual jobs. REID: One of the main points in your…
Read MoreNEW YORK—Starwood Capital Group announced on May 9 that an affiliate had reached an agreement to develop a 147,000 square-foot mixed-use facility in a designated Opportunity Zone in the South Bronx. The 10-story development, located at 425 Westchester Ave., will be anchored by a PK-8 charter school and include office space for a non-profit organization…
Read MoreALBANY—Approximately 60 members of the Hudson Gateway Association of Realtors traveled to Albany on Tuesday, May 7 to join hundreds of Realtors from across the state and present the real estate association’s 2019 legislative priorities to state lawmakers that represent Assembly and Senate districts in the Hudson Valley and New York City. Tops on the…
Read MoreYONKERS—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…
Read MoreNEW 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…
Read MoreWHITE 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…
Read MoreNEW YORK CITY—Con Edison has proposed a major project that could bring sufficient natural gas to sections of Westchester County impacted by the utility’s moratorium imposed last month. The only problem is the remedy won’t be online for four-and-a-half years at the earliest. Utility Con Edison reported on April 24 that it reached an agreement…
Read MoreWASHINGTON—Existing-home sales retreated in March, following February’s surge of sales, according to the National Association of Realtors. Each of the four major U.S. regions saw a drop-off in sales, with the Midwest enduring the largest decline last month. Sales in the Northeast dropped nearly 3% in March, according to the NAR report. Total existing-home completed…
Read MoreLARCHMONT—Rye-based developer Elk Homes has unveiled plans this week for “Centro Larchmont,” a new luxury condominium residence to be developed in the heart of the village. The new building will replace several aging commercial buildings that will be demolished. Located at 112 Chatsworth Ave. and 65 Wendt Ave., the 26-unit building will include 23 market…
Read MoreNEW CITY—Christie’s International Real Estate – Westchester & Hudson Valley, reported on April 17 it had launched its Rockland Regional Sales Gallery in New City at 340 South Main St. The opening of the office comes on the heels of a mid-February announcement by Christie’s International Real Estate that it was expanding its reach into…
Read MoreTale of Two Markets WHITE PLAINS—Home sales activity in the Hudson Valley in the first quarter of 2019 was mixed, with Rockland County leading the way with a 7.1% increase in overall sales, while Westchester, Putnam and Sullivan counties posted sales volume declines of 3.5%, 13% and 14.5% respectively. Orange County also posted a sales…
Read MoreNANUET—State officials announced on April 16 that construction had begun on a new $42-million senior affordable and supportive housing development here. The 93-unit Vincent’s Village community will be developed by the Sisters of Charity Housing Development Corp. of Staten Island and Rockabill Development, LLC of New York City. The development site is located adjacent to…
Read MoreWHITE PLAINS—The mayors of White Plains and New Rochelle agree that the impacts thus far from the natural gas connection moratorium imposed by utility Con Edison on March 15 has not been severe. White Plains Mayor Thomas Roach and New Rochelle Mayor Noam Bramson agreed that real estate developers are attempting to adapt to the…
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