NEW YORK—New York Gov. Kathy Hochul announced on Aug. 1 a total of $682 million in bonds and subsidies had been awarded to create or preserve more than 1,600 affordable, sustainable and supportive homes across the state. The developments will leverage an additional $218 million in private funding to create an overall investment of nearly…
Read MoreMONTGOMERY—A host of state, county and local officials joined Medline executives on Monday for the official opening of its nearly 1.4 million-square-foot distribution center here. The facility, the largest building in Orange County, according to Orange County Partnership President and CEO Maureen Halahan, cost more than $120 million to build. The new Medline property handles…
Read MoreHARRISON—With the multimillion-dollar renovation of City Square at 50 Main St./1-11 Martine Ave. in Downtown White Plains, New York now complete, owner Ginsburg Development Company has awarded locally-based RM Friedland the exclusive office leasing assignment for the relaunch of its signature property consisting of 360,000 square feet of office space. RMF’s Office Managing Director, Chris…
Read MoreNEW YORK—New York Gov. Kathy Hochul and New York City Mayor Eric Adams were among the dignitaries on hand for the July 27th groundbreaking on a $189-million affordable housing development in the Morris Heights section of the Bronx. Starhill Phase I will feature 326 affordable apartments, including 200 homes with supportive services for individuals experiencing…
Read MoreWASHINGTON—The U.S. Department of the Treasury announced on July 27 new guidance to increase the ability of state, local, and tribal governments to use American Rescue Plan funds to boost the supply of affordable housing in their communities. The new guidance follows a commitment in the administration’s recently released Housing Supply Action Plan to leverage…
Read MoreWASHINGTON—New home sales in June fell to the lowest level since April 2020, reflecting declining builder sentiment as construction bottlenecks continue to slow new home building and raise housing costs, the National Association of Home Builders reported on July 26. Sales of newly built, single-family homes in June fell 8.1% to a 590,000 seasonally adjusted…
Read MoreNEW YORK—The Corcoran Group, LLC is expanding its brokerage operations to the Jersey City-Hoboken markets with its affiliation with Sawyer Smith Residential. Sawyer Smith Residential is owned and led by Timothy Sawyer Smith and serves Hoboken and Jersey City. The firm will now operate as Corcoran Sawyer Smith. The deal was announced by Corcoran President…
Read MoreHARRISON—Daybase, a hybrid work company, held an opening ceremony on July 25 for its first Westchester location in Harrison. The founders of Daybase were joined at the event by Harrison Mayor Richard Dionisio, along with members of the Harrison Town Council, Harrison Planning Board as well as Westchester County Executive George Latimer and Deputy County…
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…
Read MoreWASHINGTON—Foreign buyers purchased $59 billion worth of U.S. existing homes from April 2021 through March 2022, an 8.5% increase from the previous 12-month period and halted a three-year skid in foreign investment in U.S. residential real estate, according to a new report from the National Association of Realtors released on July 18. Foreign buyers purchased…
Read MoreNEWBURGH, NY—A recently released study by regional research group Pattern for Progress found that media reports and sentiments of area Realtors of a significant exodus of New York City residents to the Hudson Valley were indeed accurate. The Pattern for Progress study released on July 8 found that during 2020—the first year of the COVID-19…
Read MoreGOSHEN—Terming it as one of the most important efforts it has launched in more than 20 years, The Orange County Partnership officially unveiled its “Site Inventory Program” (SIP) that will, over the coming months, seek municipal government input from across Orange County to determine all available properties that could be developed in their respective jurisdictions.…
Read MoreOLD TAPPAN, NJ—Howard Hanna | Rand Realty announced on July 14 that it has increased its presence in the State of New Jersey, and specifically in Bergen County, with its merger with Lancia Realty of Old Tappan, NJ. Lancia Realty, located at 12 Bi-State Plaza, Old Tappan, is now operating as Howard Hanna | Rand…
Read MoreNEW YORK—New York Gov. Kathy Hochul announced on July 13 a total of $200 million in funding for two major downtown revitalization initiatives: NY Forward, a new program aimed at rejuvenating smaller and rural communities, and Round 6 of the state's Downtown Revitalization Initiative. The funding announcement was made in Jamaica, Queens at the ribbon-cutting…
Read MoreALBANY—Property tax levy growth will again be capped at 2% for 2023 for local governments that operate on a calendar-based fiscal year, according to data released on July 13 by New York State Comptroller Thomas P. DiNapoli. This figure affects tax cap calculations for all counties, towns, and fire districts, as well as 44 cities…
Read MoreTARRYTOWN—Northpath Investments, the owner of the two-building office lab/R&D complex at 500 and 540 White Plains Road in Tarrytown, has secured $18.2 million in financing. JLL Capital Markets arranged the financing—a two-year bridge loan with multiple extension options—through Prime Finance. 500 and 540 White Plains Road are located within the Tarrytown Corporate Center in Westchester…
Read MoreHAVERSTRAW—An affiliate of Spring Valley-based Northeast Capital Group has acquired Samsondale Plaza, a 156,185-square-foot shopping center in Haverstraw, for $26.5 million. JLL Capital Markets marketed the property on behalf of the seller, a joint venture between Mark Holdings LLC and Paragon Realty Group LLC. The buyer is an affiliate of Northeast Capital Group. Samsondale Plaza…
Read MoreWHITE PLAINS—The City of White Plains and DSD Renewables (DSD) have completed the construction of a nine-site, 6.8-megawatt (MW) community solar portfolio, the largest municipal solar energy deployment in Westchester County. The portfolio is expected to generate 8,100 megawatt-hours (MWh) of energy annually, tripling the amount of solar energy produced in Westchester County and enough…
Read MoreYONKERS—On July 6, Yonkers Mayor Mike Spano announced the city had reached an agreement to purchase eight parcels of land along the Hudson River in the Ludlow section of the city to be developed into a new waterfront park. The City of Yonkers and Westchester County have committed a total of $20 million towards the…
Read More