ALBANY—As the New York State economy continues its reopening process and the state continues to post low COVID infection numbers, local sales tax collections are improving, although still down compared to last year. Sales tax revenue for local governments in July fell 8.2% compared to the same period last year, according to New York State…
Read MoreNEW YORK—Fort Schuyler House, Inc., MDG Design + Construction, LLC, Smith & Henzy Advisory Group, Inc., Concord Management of New York, and partners recently celebrated the completion of the $52.7-million revitalization and refinancing of Fort Schuyler House, an affordable senior housing development in the Bronx. The project preserves the affordability of Fort Schuyler House’s 138…
Read MoreALBANY—The COVID-19 pandemic has negatively affected many local governments’ revenues and its impact will likely be severe for many municipalities’ finances, according to a report released on July 9 by New York State Comptroller Thomas P. DiNapoli. As sales tax revenues fall by double-digits and state aid is reduced or delayed, DiNapoli called on the…
Read MoreEach commercial real estate asset class has been impacted by the COVID-19 pandemic in one way or another. Many commercial lenders extended 90-day payment deferments to their borrowers as a way to help relieve immediate financial hardship in case the tenants (sometimes the borrowers themselves) were unable to pay rent. These deferments are ending in…
Read MoreAs we head into another re-opening phase, let’s take a moment to reflect on our current events as well as our present state of affairs. After enduring a three-month pandemic that stopped the world, it is only now that we begin to emerge from a “shelter in place.” The phrase itself, “shelter in place,” is…
Read MoreIt’s no secret that COVID-19 has wreaked havoc on the commercial real estate market in the Hudson Valley, the nation, and the world. Small “mom and pop” stores, restaurants, bars, hotels, landlords, developers and even major retailers were all slammed by the three-month shut-down mandate to curb the spread of the deadly disease. As a…
Read MorePEEKSKILL—A.S.A.P. Mortgage announced on June 8 it has relocated its corporate headquarters from Cortlandt Manor to Peekskill. Originally scheduled for mid-April, the opening of A.S.A.P.’s new headquarters was delayed until June 1 due to the coronavirus pandemic. The new headquarters is located at 2 South Division St., at the intersection of Division Street and Central…
Read MoreBy Mike Fratantoni and Joel Kan The extraordinary impact from COVID‐19 social distancing measures and business closings is impacting the economy and job market in unprecedented ways. While April economic data has been uniformly awful, more recent data on purchase applications indicate significant pent up demand for housing. Housing demand is strengthening as more states…
Read MoreWHITE PLAINS—A group of Westchester landlords who own rental properties in Elmsford, Port Chester and Yonkers filed suit on May 25 in U.S. District Court for the Southern District in White Plains against Gov. Andrew Cuomo for his extension of regulations that prohibits landlords from initiating or continuing residential evictions. The suit also contests the…
Read MoreWASHINGTON—The Federal Housing Finance Agency (FHFA) announced on May 19 that Fannie Mae and Freddie Mac have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance or buy a new home. Borrowers are eligible to refinance or buy a new home if they…
Read MoreBROOKLYN—To help commercial lenders minimize the future damage that the COVID-19 pandemic will inevitably inflict upon their balance sheets, Eastern Union has launched a Distressed Notes Initiative that will identify investors interested in purchasing lenders' troubled mortgages. The company will leverage its extensive database of investors to help community banks and private debt funds find…
Read MoreTHIELLS—Rockland County government has confirmed that longtime Rockland County Clerk Paul Piperato passed away on May 6 at the age of 61. At press time the cause of death was not known. Rockland County Executive Ed Day released the following statement on Piperato’s passing: “Today Rockland County mourns. The loss of County Clerk Paul Piperato…
Read MoreDuring these turbulent times, many lenders are suspending activity or taking very conservative views on ongoing business. Investors are in a panic, not knowing what will be their best path forward. Having navigated previous financial crises from the Savings and Loan scandal to 9/11 to the Great Recession and with more than 30 years of…
Read MoreMIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…
Read MoreAs I sit here trying to find words of advice for consumers to navigate through the financial portion of COVID-19, my emotions are all over the place. It’s difficult to talk about finances when we’re all going through so much more, although, I know this information is important and crucial for some to protect against…
Read MoreWASHINGTON—Existing-home sales climbed substantially in February after a slight decline in January, according to a report released by the National Association of Realtors on March 20. Of the four major regions, only the Northeast reported a decrease in sales (-4.1%), while other areas saw increases, including sizable sales gains in the West. Total existing-home sales…
Read MoreALBANY—The New York State Department of Financial Services announced on March 24 the issuance of an emergency regulation requiring New York State-regulated financial institutions provide residential mortgage forbearance on property located in New York for a period of 90 days to any New York resident who demonstrates financial hardship as a result of the COVID-19…
Read MoreWASHINGTON—Mortgage applications decreased 8.4% during the week ending March 13 from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on March 18. The Market Composite Index, a measure of mortgage loan application volume, decreased 8.4% on a seasonally adjusted basis from one week earlier. On an…
Read MoreWASHINGTON—The Mortgage Bankers Association Builder Application Survey (BAS) data for January 2020 released on Feb. 18 showed mortgage applications for new home purchases increased 35.3% compared from a year ago. Compared to December 2019, applications increased by 40%. This change does not include any adjustment for typical seasonal patterns. MBA estimates new single-family home sales…
Read MoreSection 1302 of the New York State Real Property Actions and Proceedings Law (RPAPL) has been recently amended to include a new sub-section 1302-A. The result of the revised law is to prohibit a defendant from waiving the defense that the plaintiff lacks standing to bring the foreclosure action. This prohibition extends even after the…
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