POUGHKEEPSIE—An ongoing study on the costs of improvements to Route 17, including the possible construction of a third lane in both the eastbound and westbound directions could cost anywhere from as little as $245 million to as much as $1 billion, depending upon the scope of the project. Members of the New York State Department…
Read MoreYONKERS—A group that now consists of 60 labor, business and community organizations in the New York metro region held a rally on June 2 at the Empire City Casino in Yonkers to press Gov. Andrew Cuomo and state legislators to grant a full casino gaming license to Empire City Casino. Earlier this year in his…
Read MoreWHITE PLAINS—There are few positive things people can point to during the coronavirus pandemic. On June 2, a host of political dignitaries, hospital executives and hundreds of staff celebrated the completion of a $272-million project that serves as a concrete testament to the courage and dedication of White Plains Hospital workers and the construction workers…
Read MoreThe past year has been a very turbulent time for commercial property owners. Many lenders are suspending activity or taking very conservative views on ongoing business leaving some investors in a panic, not knowing what their best path will be forward. While some financial institutions have curtailed loans, revised their parameters, or removed certain lending…
Read MoreMORRIS PLAINS, NJ—Howard Hanna | Rand Realty announced on June 1 the opening of its new office in Morris Plains, NJ at 374 Speedwell Ave. Company officials said the opening marked the continued expansion for the brokerage firm in the New York/New Jersey market. “Howard Hanna | Rand Realty is making a tremendous effort to…
Read MoreBUCHANAN—The nuclear age in Westchester County and the Hudson Valley officially ended late last month with the sale of the Indian Point Energy Center in Buchanan by Entergy Corp. to decommissioning firm Holtec International. On May 28, Entergy announced it had completed the sale of the Indian Point complex to subsidiaries of Camden, NJ-based Holtec…
Read MoreRAMAPO—Locally-based commercial real estate services firm Northeast Capital Group has acquired Woodbridge Corporate Plaza, a six-building Class A office complex in Iselin, NJ for $88 million. The property, which includes 629,189 square feet of office space, was sold by KBS, an Iselin, NJ-based commercial real estate investment firm. Newmark represented KBS in the transaction KBS…
Read MoreALBANY—The Hudson Valley region continues to show signs of recovery from the coronavirus pandemic. The unemployment rate for the Hudson Valley region fell from 6% in March to 5.3% in April, according to figures released by the New York State Department of Labor. April 2021’s unemployment rate was down significantly from a year earlier during…
Read MoreALBANY—New York Gov. Andrew Cuomo announced on May 25 that the state’s $2.7 billion emergency rental assistance program for struggling New Yorkers impacted by the COVID-19 pandemic will begin on June 1 when applications for funding will first be accepted. He also announced that online applications for $800-millon in small business recovery grants will be…
Read MoreWASHINGTON—Rising building materials costs and low inventory have caused new home sales prices to jump 20% on a year-over-year basis, harming housing affordability and driving down the pace of new home sales, the National Association of Home Builders reported on May 25. Sales of newly built, single-family homes fell 5.9% in April, following a significant…
Read MoreNEW YORK—Oak Brook, IL-based CenterPoint Properties has acquired a 145,144-square-foot Class A urban logistics center at 1080 Leggett Ave. in the Bronx for $116.5 million. CenterPoint purchased the fully-leased property from Goldman Sachs Asset Management and Blumenfeld Development Group, Ltd. Brokerage firm JLL represented the seller in the transaction. The deal comes less than 18…
Read MoreWASHINGTON—Existing-home sales waned in April, marking three straight months of declines, according to the National Association of Realtors. All but one of the four major U.S. regions witnessed month-over-month drops in home sales, but each registered double-digit year-over-year gains for April. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped…
Read MoreNEW YORK—Top New York real estate professionals zoomed in on the region’s luxury housing market to analyze the wave of multimillion-dollar sales, and weighed in on pricing, buying trends and prized locations at a virtual panel May 13 hosted by the Hudson Gateway Association of Realtors, Inc. and OneKey™ MLS. Hundreds of industry professionals registered…
Read MoreMIDDLETOWN—The 150-unit Crestwood Apartments multifamily property at 92 Fitzgerald Drive here has been sold for $19 million. The deal was reported by Woodbridge, NJ-based brokerage firm The Kislak Company, Inc. which did not identify the purchaser. The Real Deal reported that the buyer of Crestwood Apartments was Chestnut Ridge-based North Point Management. Last July, North…
Read MoreWASHINGTON—Realtors cite a lack of inventory as the leading cause for limiting potential clients from completing a transaction, according to the National Association of Realtors' 2021 Member Profile, an annual report analyzing members' business activity and demographics from the prior year. However, in spite of a global pandemic, its drastic impacts on how business was…
Read MoreGOSHEN—Probably the biggest thing to happen in the Mid-Hudson in decades that could help rebuild the region’s economy devastated by the coronavirus pandemic is getting close. Children’s theme park LEGOLAND New York announced on Wednesday that it will open the resort in Goshen for previews beginning May 29 as the theme park prepares for its…
Read MoreA transformation is taking place in the City of Yonkers that is radically changing its public/affordable housing stock. Under the guidance of the administration of Yonkers Mayor Mike Spano and the president and CEO of the Municipal Housing Authority for the City of Yonkers Wilson Kimball, nearly three quarters of a billion dollars is being…
Read MoreWASHINGTON—The Urban Land Institute’s (ULI) latest Real Estate Economic Forecast released today predicts that the real estate sector is poised for a rebound, with the single-family housing sector, hotel and industrial returns forecast to strongly increase over the next three years. The report’s conclusions are based on an April-May survey of 42 economists and analysts…
Read MoreGOSHEN—Orange County Executive Steven M. Neuhaus announced on Monday that the county and the Open Space Institute are working to build a new 9.8-mile trail that will span from Camp La Guardia in the Town of Chester to the Moodna trestle in Salisbury Mills. The proposed Schunnemunk Rail Trail would be utilized by commuters, cyclists,…
Read MoreHARTSDALE—Madison, NJ-based real estate franchise Better Homes and Gardens Real Estate LLC reports that it has affiliated with locally-based brokerage firm Westchester Choice Realty Inc. The deal, BHGRE officials state fortifies its New York Metropolitan footprint. The newly named Better Homes and Gardens Real Estate Choice Realty has locations in Scarsdale and Hartsdale and serves…
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