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OneKey MLS Expands Regional Presence With Acquisition of Mid-Hudson MLS

December 8, 2023

FARMINGDALE, NY—OneKey MLS reported on Dec. 8 its acquisition of Poughkeepsie-based Mid-Hudson MLS, a privately, broker-owned multiple listing service with more than 1,400 agents and approximately 350 offices throughout Dutchess County. The acquisition brings OneKey MLS's subscriber base to nearly 50,000 real estate professionals in more than 4,800 participating offices, serving Montauk to Manhattan and…

Governor Unveils Massive New Housing Plan at Creedmoor Site in Queens

December 7, 2023

ALBANY—New York Gov. Kathy Hochul unveiled the Creedmoor Community Master Plan, a massive mixed-use project to redevelop underutilized land at the 125-acre Creedmoor Psychiatric Center campus in Eastern Queens. The plan, released on Dec, 6 looks to transform approximately 58 acres of the state-owned Creedmoor campus from surface parking lots, overgrowth, and vacant buildings into…

Report: Taxpayers Moving Out of State Spiked in 2020, Led by Those Leaving NYC

December 7, 2023

ALBANY—Shortly after a Fiscal Policy Institute study found that the migration of high-income earners out of New York City had dropped substantially after the COVID-19 pandemic subsided and a greater share of workforce (middle-class families) are leaving the state, comes a newly released report by New York State Comptroller Thomas DiNapoli that reveals the pandemic…

NY State Selects Winning Team to Redevelop Former Correctional Facility in Harlem

December 6, 2023

ALBANY—New York Gov. Kathy Hochul unveiled Seneca, the selected proposal to redevelop the former Lincoln Correctional Facility in Manhattan on Dec. 5. The proposed condominium project would invest more than $90 million in Harlem, bringing 105 affordable homeownership units, community spaces, and jobs with ambitious MWBE contracting and local hiring goals. A 65% Minority-Owned Business…

Middle Class Workers, Not Millionaires Moving Out of New York

December 5, 2023

ALBANY—While the COVID pandemic may have driven out a good number of millionaires and other high-income earners out of New York City and New York State, with the pandemic on the wane, the out-migration trends have reversed. A newly released report by the Fiscal Policy Institute reveals that the richest New Yorkers are now far…

EXCLUSIVE: New York Power Authority Seeks New Corporate Headquarters in Downtown White Plains

December 2, 2023

WHITE PLAINS—Real Estate In-Depth has learned exclusively that the New York Power Authority is currently reviewing proposals for a brand new 250,000-square-foot Class A state-of-the-art corporate headquarters in Downtown White Plains and a decision on the utility’s new site requirement could come in three to four months. One of the options the New York Power…

Yonkers IDA Grants Preliminary Approval of Incentives for $458-Million Teutonia Hall Project

December 1, 2023

YONKERS—In what Yonkers Industrial Development Agency officials describe as the largest development project to come before the agency in several years, the YIDA Board voted on Nov. 21 its preliminary approval of financial incentives for Teutonia Hall, a $458-million mixed-use residential complex featuring two luxury 41-story towers. To be located at 4 Buena Vista Ave.,…

MGM Resorts Takes the Wraps Off of Empire City Expansion if Granted Full Casino License

December 1, 2023

YONKERS—MGM Resorts International unveiled its vision yesterday to transition Empire City Casino by MGM Resorts into a world-class entertainment destination, MGM Empire City, if awarded a commercial casino license for its Yonkers site. Key elements of the phase one design include a comprehensive casino floor redevelopment and expansion, 5,000-capacity entertainment venue, state-of-the-art “BetMGM sportsbook,” food…

Report: The South Bronx Posts Impressive Economic Growth Despite Pandemic Challenges

November 29, 2023

ALBANY—The COVID-19 pandemic hit the South Bronx especially hard, but the area’s economy has shown resiliency, according to a report released recently by New York State Comptroller Thomas P. DiNapoli. “The South Bronx was hard hit by the COVID-19 pandemic but was resilient because of dedicated and hardworking neighborhood groups and advocates, and the strength…

Realtor.com 2024 Housing Forecast: Housing Affordability Finally Begins to Turnaround

November 29, 2023

SANTA CLARA, CA—Lower mortgage rates and easing prices will help spark the beginning of an affordability turnaround in 2024, according to the Realtor.com 2024 Housing Forecast released today. But the supply of existing homes will still be tight and renting will remain a competitive option in most markets. Overall, in 2024, Realtor.com forecasts that buyers…

Eight Questions for NAR Interim CEO Nykia Wright

November 21, 2023

Chicago-based business executive Nykia Wright takes the helm Monday as interim CEO of the National Association of Realtors. Wright, who earned an MBA in General Management and Strategy from Tuck School of Business at Dartmouth and was named to the Crain’s Chicago Business 2018 40 Under 40, doesn’t shy away from a challenge. In her…

NAR Attorneys: Buyer Representation Is Not a Thing of the Past

November 17, 2023

The Sitzer/Burnett verdict does not prohibit the practice of making offers of cooperating compensation, NAR attorneys said Monday at NAR NXT, The REALTOR® Experience in Anaheim, CA. Listing brokers decide how much compensation to offer to serve in their seller’s best interest. This is solely a matter that’s negotiated between brokers and their clients. Following…

Real Estate In-Depth to Enter New Era

November 15, 2023

As regular and longtime readers of this publication will attest, I rarely write opinion pieces because I believe my primary role in producing this newspaper each month and online is as an objective reporter. My opinion is not important, or in my view, warranted or wanted in most cases. Therefore, it has been rare indeed…

NAR Chief Economist Forecasts Existing Home Sales Will Rise 15% Next Year; Mortgage Rates Will Range Between 6%-7% by Spring 2024

November 15, 2023

ANAHEIM, CA—Elevated mortgage rates, high home prices and limited housing inventory are making the dream of homeownership difficult for Americans, according to NAR Chief Economist Lawrence Yun. Yun analyzed the current state of the U.S. residential real estate market and shared his 2024 outlook yesterday (Nov. 14) during the Residential Economic Issues and Trends Forum…

Affordable Housing Stood Out as Recurring Theme of 2023 ‘Putnam County Day’

November 13, 2023

CARMEL—More than 100 people filled the banquet room at the Putnam County Golf Course recently for HGAR’s annual Putnam County Day. Invited legislative guests included New York State Senator Pete Harckham, New York State Assemblyman Matt Slater and Putnam County Executive Kevin Byrne. Commercial brokers from Houlihan Lawrence were also invited to speak. While it’s…

NAR: Typical Home Buyer's Annual Household Income Climbed to Record-High $107,000 in 2023

November 13, 2023

WASHINGTON—The median household income for home buyers jumped to $107,000 from $88,000 last year, underscoring the increasing income required to purchase a home, according to the National Association of Realtors' 2023 Profile of Home Buyers and Sellers released today. The annual survey of recent home buyers and sellers—this year tracking transactions between July 2022 and…

SPOTLIGHT ON: HGAR Affiliate of the Year John Dolgetta, Esq.

November 8, 2023

All in the Family John Dolgetta, Esq., HGAR’s 2023 “Affiliate of the Year,” has been a part of the association since 2001—back in the days when it was known as the Westchester County Board of Realtors. “When they called my name for this award, I was not expecting this at all,” he admitted. “It really…

Co-op Transactions: Unmasking Hidden Discrimination

November 7, 2023

Reprinted from REALTOR® Magazine by permission of the National Association of REALTORS®. Copyright 2023. All rights reserved. Editor’s Note: The push by the real estate industry to bring transparency to the co-op transaction process, particularly by the Hudson Gateway Association of Realtors and the New York State Association of Realtors, was the subject of a…

Report: New York State IDAs Generated $141 Billion in Wages; Created, Retained 1.3-Million Jobs in 2021

November 3, 2023

ALBANY—In light of some criticism being leveled against Industrial Development Agencies in New York State, particularly the need and financial returns of incentives granted to development projects by IDAs, a newly released report commissioned by The New York State Economic Development Council calculates the benefits of IDA incentives in 2021 in the billions of dollars…

NAR Replaces Goldberg with Nykia Wright as Interim CEO

November 2, 2023

CHICAGO—The National Association of Realtors announced today that Nykia Wright has been appointed its interim Chief Executive Officer, starting November 20, 2023. Bob Goldberg, who announced his planned retirement in June of this year, will serve as an executive consultant to NAR to help support the transition. Goldberg has been with NAR for 30 years…