NEW YORK—The real estate market in the lower Hudson River Valley and greater New York City suburban area continued to be battered by chronic low inventory, rising interest rates and persistent inflation during the third quarter of 2022. However, even given these adverse conditions, resiliency and consistent buyer demand are still evident, especially when compared…
Read MoreHARRISON—The continued adaptive reuse and redevelopment of office properties along the Platinum Mile and particularly in a section in Harrison called the “Teardrop Neighborhood” continues. In recent years, at the former Platinum Mile suburban office corridor in Harrison and White Plains along I-287, developers have torn down or rebuilt underutilized office properties for multifamily and…
Read MoreGlobalization has long impacted the location decisions of manufacturing firms; many have decided to locate overseas over the last 20 years. Fast forward to 2022—global pandemics, geopolitical uncertainty, and heightened supply chain risks have complicated economic development and location decision making. As documented in a recent Wall Street Journal article, American companies are on pace…
Read MoreGOSHEN—Now in his third term of office, Orange County Executive Steven M. Neuhaus is looking beyond the COVID-19 pandemic to the future of Orange County. Neuhaus, at a recent meeting of the Alliance for Balanced Growth, did not hold back and offered his frank assessment of the economy and what he believes is the proper…
Read MoreWASHINGTON—Existing-U.S. home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to a report released today by the National Association of Realtors. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop. On a year-over-year basis,…
Read MoreWHITE PLAINS—Richard Haggerty, who has been serving the Hudson Gateway Association of Realtors and its predecessor organizations for nearly four decades, informed the HGAR Board of Directors earlier this month that he will be leaving the organization at the end of this year to take over as Chief Executive Officer of its subsidiary organization, OneKey…
Read MoreWASHINGTON—I had the privilege of attending earlier this month RISMedia’s 34th Annual CEO & Leadership Exchange 2022 at the iconic Mayflower Hotel in Washington D.C. It was a top-notch high-energy event. Talks and panels shared everything from game planning in a shifting market, changing consumer expectations and adapting to new and efficient strategies. The real…
Read MoreWHITE PLAINS—Affordable housing, commercial development, energy resources and community safety were among the issues discussed recently at a live “Meet the Mayors” panel held by the Women’s Council of Realtors on Sept. 12 at HGAR’s headquarters in White Plains. Moderated by Leah Caro, Co-Chair of HGAR’s Legislative Committee, the panel included the mayors of White…
Read MoreNEW YORK—A consensus of real estate and finance experts predicted that a recession is likely in 2023 as the Federal Reserve will continue to hike rates this year to battle rising inflation. The experts were part of a virtual panel discussion held on Sept. 7 hosted by Fordham University’s Real Estate Institute and The Business…
Read MoreNEW ROCHELLE—An affiliate of Boston-based The DSF Group, which has been a very active player in the Westchester County multifamily sector, has sold Halstead Station, a 24-story, 408-unit, luxury tower adjacent to the New Rochelle Metro North train station, for $200 million. The deal was announced by brokerage firm JLL, which represented The DSF Group…
Read MoreALBANY—New York State Gov. Kathy Hochul and Attorney General Letitia James announced on Aug. 30 the state had reached settlements with three Long Island real estate brokerage firms found to have engaged in discriminatory practices and Fair Housing Law violations first uncovered in an investigation by Newsday in late 2019. Following the Newsday report, the…
Read MoreRYE BROOK—In 2001, Dr. Marsha Gordon took the reins of The Business Council of Westchester. In those more than 20 years, she has increased the organization’s membership and elevated its reputation as a respected business advocacy organization not only in Westchester, but in the Hudson Valley and throughout the state. With the specter of a…
Read MoreThe phrase “affordable housing” may seem like an oxymoron in the Hudson Valley, where second quarter median sales prices for single-family homes soared to $885,000 in Westchester, $645,000 in Rockland, $617,500 in the Bronx, $480,000 in Putnam, and $415,000 in Orange County. Only Sullivan County held out as somewhat affordable with a median single-family home…
Read MoreCHICAGO—Hudson Gateway Association of Realtors’ President Anthony Domathoti and Treasurer Carmen Bauman have been named to the roster of the National Association of Realtors’ 2023 Leadership Academy class. The National Association of Realtors announced the full roster of its 2023 Leadership Academy class on Aug. 10 that included 20 Realtors from across the country who…
Read MoreNEW YORK—The details of the Metropolitan Transportation Authority’s long-delayed and controversial congestion pricing plan were unveiled on Aug. 10. The plan, which will now be the subject of public hearings later this month, calls for the implementation of peak tolls to enter Manhattan’s Central Business District ranging from $9 to as high as $23. The…
Read MoreWHITE PLAINS—Westchester County Executive George Latimer announced on Aug. 9 the county had established a $10-million fund for small landlords to make repairs on their apartments with the proviso that they maintain affordable rent levels at their properties. The Landlord Tenant Assistance Program will allow small landlords who own eight units or less, who maintain…
Read MoreELMSFORD—A joint venture of affiliates of Norfolk, VA-based Harbor Group International, LLC and Azure Partners of New York City has acquired the Avalon Green multifamily community in Elmsford for $306 million. The joint venture announced on July 25 that it would further implement a $9.2-million capital improvement program across the 617-unit community to refresh amenities…
Read MorePEARL RIVER—Global pharmaceutical firm Pfizer Inc. reports that it will spend $470 million to expand its vaccine research and development operations here. As Bloomberg first reported, Pfizer confirmed to Real Estate In-Depth that it plans over the next three years to secure necessary approvals and expand and modernize its campus with a new 260,000-square-foot lab…
Read MoreWith the Federal Reserve poised to ratchet up short-term rates by 75 to as much as 100 basis points later this month and inflation currently at a four-decade high of 9.1%, fears in the investment and real estate communities are that a recession could be on the horizon. While the current economy differs widely from…
Read MoreWHITE PLAINS—If Realtors are feeling a sense of deja vu when it comes to current home sales activity, perhaps they are recalling how conditions were back in 2018 and 2019, which were both considered strong markets at the time. However, the boom market of 2021, with surging sales and soaring prices throughout the region, has…
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