NYCEDC Issues Request for Proposals for Kingsbridge Armory Redevelopment Project

September 26, 2023

NEW YORK—New York City Economic Development Corporation released a Request for Proposals (RFP) on Sept. 25 for a developer to lease, redevelop, and operate the Kingsbridge Armory, one of the largest armory buildings in the world and a landmarked structure that contains approximately 570,000 square feet of space. The RFP follows the release of the…

Read More

Governor Signs Bill Requiring Disclosure of Flood Risk, History by Home Sellers

September 25, 2023

ALBANY—New York Gov. Kathy Hochul signed a bill on Friday, Sept. 22 that requires home sellers to inform home buyers as to whether a property is located in a flood risk area or has previously flooded. The governor signed legislation (A.1967/S.5400) which establishes a flood risk “right to know” for homebuyers. Previously sellers could opt…

Read More

Northeast Home Sales Flat in August; Down Nearly 23% From Year Earlier

September 22, 2023

WASHINGTON—Existing-home sales moved lower in August, according to the National Association of Realtors. Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines. Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—slid…

Read More

Woodbury Common Submits Plans for $250-Million Expansion

September 21, 2023

CENTRAL VALLEY—Experts that contend brick and mortar retail is dead, apparently have not heard of Woodbury Common Premium Outlets in Orange County. Owner Simon Property Group announced today it has officially presented plans for another expansion of the property located at the intersection of I-87 and Route 17. The latest expansion plan is valued at…

Read More

New NAR President Promises Change In Aftermath of Harassment Scandal

September 19, 2023

CHICAGO—In a video message posted on Sept. 7, National Association of Realtors President Tracy Kasper acknowledged the pain caused by the charges of harassment and discrimination at NAR that led to the resignation of former NAR President Kenny Parcell on Aug. 28. Kasper, who was named NAR President on Aug. 28, acknowledged that in the…

Read More

Construction to Begin This Fall on $350-Million Movie Studio at Pier 94 on Manhattan’s West Side

August 30, 2023

NEW YORK—The developers of the long-anticipated movie/television studio project at Pier 94 on Manhattan’s West Side say that construction is expected to begin this fall on the $350-million, public-private partnership venture. On Aug. 29, Vornado Realty Trust, Hudson Pacific Properties, Blackstone, the City of New York, and the New York City Economic Development Corporation announced…

Read More

NAR President Parcell Resigns Amid Sexual Harassment Allegations

August 29, 2023

CHICAGO—Two days after a New York Times report that detailed claims of sexual harassment against National Association of Realtors President Kenny Parcell, the Utah-based Realtor executive, while denying the allegations, resigned from the post on Monday (Aug. 28) effective immediately. President-Elect Tracy Kasper took over as NAR President effective immediately. The allegations and subsequent fallout…

Read More

Westchester Medical Center’s New Patient Care Tower Secures $195M in Bond Financing from Westchester LDC

August 25, 2023

WHITE PLAINS—The Westchester County’s Local Development Corporation voted on Aug. 23 final approval of $195-million in tax-exempt bond financing for the development of a new 162,626-square-foot Patient Care Tower on the campus of Westchester Medical Center in Valhalla. The $221.3-million Patient Care Tower project will feature a five-story, 128-bed structure with all of its inpatient…

Read More

Update: HGAR’s Relief Effort Providing Much Needed Assistance to Flood Victims in Hudson Valley

August 24, 2023

GOSHEN—The Hudson Gateway Association of Realtors was one of the first private organizations to provide much-needed financial assistance to homeowners in the flood-ravaged Highlands/West Point area and other sections of the Hudson Valley region that suffered significant damage from the devastating heavy rains on July 9-10. The Hudson Gateway Association of Realtors applied for and…

Read More

Broad-Based Housing and Lending Coalition Warns FHFA Against Rent Control, Rent Stabilization Policies

August 11, 2023

WASHINGTON—A broad-based coalition of 18 associations representing housing providers, lenders and residents sent a letter on Thursday, Aug. 10 to Federal Housing Finance Agency Director Sandra Thompson warning that mandatory rent control and rent stabilization policies will increase rents, reduce the capital needed to boost the supply of housing, and ultimately hurt current and future…

Read More

Hudson Gateway Association of REALTORS® Announces $500,000 in Relief Assistance Now Available for Hudson Valley Residents Affected by July Flash Flooding

August 8, 2023

WHITE PLAINS, NY - The Hudson Gateway Association of REALTORS® (HGAR) is excited to announce that the National Association of REALTORS®’ Realtors Relief Foundation (RRF) has approved our grant request for a half million dollars to help REALTOR® members and residents throughout the Hudson Valley affected by the flash flooding on July 9 and 10.…

Read More

First Metro-North TOD Project Opens in Harrison

August 8, 2023

HARRISON—New York Gov. Kathy Hochul was joined by leaders from the Metropolitan Transportation Authority and officials from residential development firm AvalonBay Communities on Aug. 7 in announcing the completion of Avalon Harrison, a transit-oriented development located at the Harrison Metro-North Railroad station built with support from the MTA. “My administration is continuing to do everything…

Read More

Luxury Real Estate Market Sales Plummet Almost 40%

August 7, 2023

The luxury housing market in the New York metro area remains icy with scarce inventory, as mortgage interest rates continue to rise. The latest data from the National Association of Realtors indicates a 36.5% drop in sales of properties over $1 million in April. While February and March were slightly better, at 29.4% and 28.9%…

Read More

NAR: Foreign Investment in U.S. Existing-Home Sales Declined 9.6% to $53.3 Billion

August 2, 2023

WASHINGTON—Foreign buyers purchased $53.3 billion worth of U.S. existing homes from April 2022 through March 2023, slipping 9.6% from the previous 12-month period, according to a new report released by the National Association of Realtors on August 1. Foreign buyers purchased 84,600 properties, down 14.2% from the prior year and the fewest number of homes…

Read More

HGAR Realtor Rides for Charity

July 28, 2023

NYACK—Matt McAllister, an agent with Corcoran Baer & McIntosh in Nyack and COO at Statewide Abstract, embarked on a 142-mile bike ride earlier this month to fundraise for the Hudson Gateway Realtor Foundation (HGRF). McAllister, who also chairs the HGRF Project Committee that plans volunteer events, will ride in the Steamboat Gravel bike race in…

Read More

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…

Read More

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…

Read More

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,…

Read More