By Eric Pierson, AICP Editor’s Note: The following analysis was originally published on the Business Council of Westchester’s Data Exchange (https://thebcw.org/data/)on July 9, 2020. As we get farther away from the beginning of the COVID-19 pandemic in the United States, a clearer picture is beginning to emerge of the economic damage rendered by this disease.…
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 MoreYONKERS, CORTLANDT—The City of Yonkers and the Town of Cortlandt have unveiled new marketing plans geared to bring new business to their respective communities as they attempt to re-emerge from the economic downturn caused by the COVID-19 pandemic. On July 8, Yonkers Mayor Mike Spano unveiled the new marketing campaign entitled “Yonkers is Back to…
Read MoreYONKERS—Yonkers Mayor Mike Spano announced on July 7 the creation of two new business assistance programs geared toward assisting Yonkers businesses that were negatively impacted by the COVID-19 pandemic, including those serving in low income or highly distressed areas. Eligible businesses will be provided funding through the Yonkers Industrial Development Agency and Community Development Block…
Read MoreNEW YORK—In a press conference this morning Gov. Andrew Cuomo announced that the state will allow enclosed shopping malls in regions that have entered phase four to open on Friday, July 10 as long as they install air filtration systems to help prevent the spread of COVID-19. The governor said that shopping mall owners must…
Read MoreWHITE PLAINS—Continuing the work of its Crisis Advisory Task Force, the Westchester County Office of Economic Development announced on July 1 the launch of a one-on-one mentoring advisory service for small business owners who are struggling financially during the COVID-19 pandemic. The county is recruiting a team of seasoned professionals who will serve as volunteer…
Read MoreWASHINGTON—Pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic, according to the National Association of Realtors. Every major region recorded an increase in month-over-month pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions.…
Read MoreWHITE PLAINS—The membership of the Hudson Gateway Association of Realtors, Inc. that participated in a more than two-hour virtual Special Meeting today, overwhelmingly approved a merger agreement with the Bronx Manhattan-North Association of Realtors, Inc. The more than 400 members who participated in the session, held via Zoom, also approved a number of bylaws amendments…
Read MoreGOSHEN—Orange County announced on June 24 it had issued separate Request for Proposals to developers and investors for the purchase of the massive Camp LaGuardia property in Chester and Blooming Grove and three iconic properties in Downtown Newburgh. Both the Camp LaGuardia and Grand Street properties are county-owned. The Camp LaGuardia property, a former New…
Read MoreWHITE PLAINS—The luxury Ritz-Carlton New York, Westchester hotel in Downtown White Plains is closing its doors in September, but Real Estate In-Depth has learned the property will reopen in early 2021 after a multi-million-dollar renovation. The ownership, Glacier Capital Partners, reports that the hotel property will reopen under a new brand as one of Marriott…
Read MoreALBANY—The New York State Department of State announced that the new regulations for real estate professionals to help combat housing discrimination took effect on June 20, 2020. The new regulations, which the New York State Real Estate Board approved in December 2019, mandate enhanced disclosures by real estate professionals to help ensure prospective home buyers,…
Read MoreWASHINGTON—Existing-home sales fell in May, marking a three-month decline in sales as a result of the coronavirus outbreak, according to the National Association of Realtors. Each of the four major regions witnessed dips in month-over-month and year-over-year sales, with the Northeast experiencing the greatest month-over-month drop at 13%. Total existing-home sales, completed transactions that include…
Read MoreWHITE PLAINS—At press time, the Hudson Gateway Association of Realtors, Inc. and the Bronx-Manhattan North Association of Realtors, Inc. have scheduled votes of their respective memberships to approve a proposed merger of the two Realtor organizations, Real Estate In-Depth has learned. The Hudson Gateway Association of Realtors has scheduled a special virtual meeting on July…
Read MoreA Special Meeting of the Members of the Hudson Gateway Association of REALTORS®, Inc. (“HGAR”) will take place on July 1, 2020 at 10:00 AM via a Zoom Meeting Audio-Visual Conference. The Members’ Meeting can be accessed by the Members by utilizing the following registration link: https://zoom.us/webinar/register/WN_8yOwKy-rTpKcwHmCehEH0w which will provide the necessary registration and login…
Read MoreWHITE PLAINS—Stark Office Suites reported on June 16th it has increased its Westchester executive office suite footprint and now occupies the entire 11th floor at 445 Hamilton Avenue, the company’s flagship site in the heart of Downtown White Plains. Offering more than 26,000 square feet, this location is the largest suburban space in the Stark…
Read MoreA large office condominium on the Grand Concourse in the Bronx that has been turned around by a partnership of Sam Jemal of JJ Operating, Inc. of New York City and members of his family together with James J. Houlihan and members of Houlihan-Parnes Realtors, LLC of White Plains, secured a $29-million first mortgage on…
Read MoreNEW YORK—The first regional MLS in the New York Metro area, OneKey MLS, has announced the launch of its new consumer search website—OneKeyMLS.com. The new listing search portal offers consumers more than 40,000 listings and some 500 communities throughout the New York Metropolitan area, making it the largest selection of for sale and lease listings…
Read MoreALBANY—Sales tax revenue for local governments in May fell 32.3% compared to the same period last year, according to State Comptroller Thomas P. DiNapoli. Sales tax collections for counties and cities in May totaled $918 million, or $437 million less than 2019. The sharp decline in revenues was widespread around the state, ranging from a…
Read MoreNEW YORK—The owners of Terra Holdings announced recently that brokerage firm Halstead is now part of Brown Harris Stevens. The strategic restructuring of Terra Holdings subsidiaries significantly expands the footprint and resources of Brown Harris Stevens residential brokerage. The transition will occur with a phased in approach beginning in New York City. Senior management of…
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…
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