News

The New Manhattan

August 19, 2021

Despite the recent uptick in Delta variant COVID cases in the New York metro area, New York City is essentially open for business. Most Broadway theaters are reopening in September, restaurants and bars are now allowing vaccinated patrons to dine indoors and the residential real estate market is back in full swing. New developments are…

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Christie's International RE Opens New Office in Nyack

August 19, 2021

NYACK—Christie's International Real Estate Westchester | Hudson Valley recently announced the opening of its new, state of the art sales gallery in Nyack, as part of the company’s ongoing expansion in the southern New York region. The new sales gallery is located in a prime location at 2-4 Franklin St. Christie’s has experienced great success…

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Five Questions With Bess Freedman, CEO, Brown Harris Stevens

August 19, 2021

During the COVID-pandemic, Brown Harris Stevens Chief Executive Officer Bess Freedman has participated in several webinars hosted by the Hudson Gateway Association of Realtors and OneKey MLS and offered some frank assessments of market conditions, as well as her views on lockdowns and tax policies and their impacts on the market. In preparing for this…

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Harbor Group to Acquire CBS Building In Midtown Manhattan for $760 Million

August 17, 2021

NEW YORK—Harbor Group International, LLC, a privately owned international real estate investment and management firm headquartered in Norfolk, VA, has entered into an agreement to acquire 51 W. 52nd St. in Midtown Manhattan for $760 million. Known as the “CBS Building” or “Black Rock,” this purchase marks the first sale since it opened in 1964.…

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Keller Williams Realty: First in NY Opens New Office in Newburgh

August 12, 2021

CHESTER—Locally-based Keller Williams Realty: First in New York reported that its new office in Newburgh has launched operations recently, the result of the firm’s prior acquisition of the top-producing “Licensed2Sell Team,” which consists of eight agents led by veteran Realtors Dickie Baxter and Vinny Reda. The firm’s new office is located at 254 Route 17K,…

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WRO Files Housing Discrimination Complaint Against Upstate Apartment Management Firm

August 12, 2021

WHITE PLAINS— Westchester Residential Opportunities, Inc., a non-profit fair housing agency based in White Plains, announced on Aug. 11 it had filed a housing discrimination complaint against Albany-based Dawn Homes Management and DHM Properties, the manager and owner of at least 36 apartment buildings in New York, Massachusetts and Connecticut. The complaint, filed with the…

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BREAKING NEWS: Gov. Cuomo Resigns Effective in 14 Days

August 10, 2021

NEW YORK—After his attorney provided a detailed point-by-point rebuttal of allegations by 11 women of improper conduct and sexual harassment, Gov. Andrew Cuomo, somewhat surprisingly, announced he would resign from office effective in 14 days (Aug. 24). While he said that his instinct is to fight the charges because he felt they were politically motivated,…

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Westchester County Executive Latimer, HGAR Make Case for Robust Housing Market

August 6, 2021

WHITE PLAINS— At a press conference yesterday afternoon, Westchester County Executive George Latimer attempted to dispel the online myth that many people are fleeing the county. To prove his point, he enlisted key representatives of the Hudson Gateway Association of Realtors who, armed with the latest sales data from OneKey MLS, noted that demand from…

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Westchester’s Commercial Market Continues to Show Signs of Recovery

August 5, 2021

RYE BROOK—The Westchester County commercial market continues to show signs of strength with a rebound in office leasing while the demand for industrial/flex space remains strong and multi-family rents continue to make gains, according to the Houlihan Lawrence Second Quarter Commercial Market Report. Officials with Houlihan Lawrence Commercial note that the retail sector continues to…

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William Raveis Real Estate Acquires Sarasota, FL Firm

August 5, 2021

SHELTON, CT—William Raveis Real Estate, Mortgage & Insurance has acquired Sarasota, FL-based Key Solutions Real Estate, a leading luxury and family-owned brokerage with 44 professional sales associates, effective on Aug. 2. Key Solutions’ offices on Siesta Key and in Lakewood Ranch will reopen under the William Raveis Real Estate luxury brand. The acquisition marks WRRE’s…

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CPC Deploys Nearly $940 Million to Support More Than 260 Affordable Housing Projects

August 4, 2021

NEW YORK—The Community Preservation Corporation (CPC) announced on Aug. 2 that it had deployed approximately $937 million in capital to support impactful housing and community development projects during a record-breaking 2021 fiscal year that ran from July 1, 2020 through June 30, 2021. CPC’s work across its construction, permanent, and agency lending and investing platforms…

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BHHS NY Properties Names Diane Ramirez Chief Strategy Officer

August 4, 2021

NEW YORK—Berkshire Hathaway HomeServices New England/ Westchester/New York Properties announced on Aug. 3 that Diane Ramirez has been named Chief Strategy Officer of its New York City brokerage. Ramirez was most recently the executive chairman and senior advisor of Brown Harris Stevens, as well as the co-founder of Halstead. In her new role, Ramirez will…

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Mount Pleasant IDA Grants Incentives For Hawthorne Multifamily Development

August 4, 2021

VALHALLA—The Mount Pleasant Industrial Development Agency voted at its July 29th meeting final approval of financial incentives for the construction of a three-story building with 16 apartments and underground parking located at 500 Commerce St. in Hawthorne. The residential project, which received preliminary approval at the IDA’s June 2 meeting, represents a total private investment…

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Owner of Empire City Casino in Yonkers to be Acquired in $17.2 Billion Deal

August 4, 2021

NEW YORK—The ownership of Empire City Casino in Yonkers is being acquired by New York City-based gaming, hospitality and entertainment REIT VICI Properties Inc. in a deal valued at $17.2 billion. VICI Properties reported that it had entered into a definitive agreement (Master Transaction Agreement) with MGM Growth Properties LLC and MGM Resorts International (MGM…

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Dottie Herman Steps Down as Douglas Elliman CEO

August 3, 2021

NEW YORK—Residential brokerage firm Douglas Elliman, announced today that Dottie Herman has stepped down as its Chief Executive Officer. The firm has promoted President and Chief Operating Officer Scott Durkin to Chief Executive Officer, effective immediately. Herman, who purchased Douglas Elliman in 2003 in partnership with Douglas Elliman Chairman Howard M. Lorber, has been named…

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State to Provide $200M for Housing Projects in Westchester, Bronx

July 30, 2021

ALBANY—Gov. Andrew Cuomo announced on July 29 that as part of his $20-billion program to combat homelessness and create affordable housing, the state will provide a total of $195.5 million in financing for two housing developments in Westchester and two in the Bronx. The governor announced $270 million in financing for six affordable housing developments…

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Gov. Cuomo Mandates All State Workers to be Vaccinated by Labor Day

July 28, 2021

ALBANY—Several days after New York City issued the mandate, Gov. Andrew Cuomo on Wednesday announced that all New York State employees—about 130,000 people—will be required to get vaccinated for COVID-19 by Labor Day. The governor also announced that all patient-facing healthcare workers at state-run hospitals will be required to get vaccinated for COVID-19 by Labor…

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Annual Foreign Investment in U.S. Existing-Home Sales Falls to Lowest Level in a Decade

July 28, 2021

WASHINGTON—Foreign buyers purchased $54.4 billion worth of U.S. existing homes from April 2020 through March 2021, a 27% decrease from the previous 12-month period and the fourth consecutive annual decline in foreign investment in U.S. residential real estate, according to a new report released by the National Association of Realtors. Foreign buyers purchased 107,000 properties,…

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Boston Properties to Acquire 360 Park Ave. South for $300M

July 28, 2021

BOSTON—Boston Properties, Inc. reported on July 27 it had agreed to acquire 360 Park Ave. South, an existing 450,000 square foot, 20-story office property in the Midtown South submarket of Manhattan for $300 million. The property is currently fully leased to a single tenant who will be vacating in late 2021 providing BXP with the…

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New York Region Tops Nation in Commercial/Multifamily Construction Starts

July 28, 2021

HAMILTON, NJ—The value of commercial and multifamily starts in the top 20 metropolitan areas of the U.S. gained 12% during the first six months of 2021 relative to the first half of 2020, according to a report released on July 27 by Dodge Data & Analytics. Nationally, commercial and multifamily construction starts were 10% higher…

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