WHITE PLAINS—In what is clearly the most anticipated development proposal to hit the desks of city leaders in decades, Pacific Retail Capital Partners, The Cappelli Organization, SL Green Realty Corporation, and Aareal Bank, owners of The Galleria at White Plains, presented a $2.5-billion redevelopment plan for the property to the White Plains Common Council on…
Read MoreWASHINGTON—Pending home sales slid 7.1% in August, according to data released by the National Association of Realtors on Sept. 28. All four U.S. regions posted monthly losses and year-over-year declines in transactions. Northeast home sales fell less than one percentage point as compared to August 2022. “Mortgage rates have been rising above 7% since August,…
Read MoreYONKERS—New York Gov. Kathy Hochul joined officials with state and City of Yonkers officials and representatives of the developer on Sept. 27 to officially begin construction on the St. Clair affordable housing development. The 76-unit affordable housing project is located on vacant parcels at 36-38 Main St., 32 Main St., and 1-3 Riverdale Ave. and…
Read MoreALBANY—New York Gov. Kathy Hochul announced on Sept. 26 that Empire State Development had issued of a request for proposals to redevelop the former Bayview Correctional Facility, located at 550 West 20th St. in West Chelsea in Manhattan into a primarily residential development providing supportive housing, affordable housing, and onsite community uses that will benefit…
Read MoreNEW YORK—New York City Economic Development Corporation released a Request for Proposals (RFP) on Sept. 25 for a developer to lease, redevelop, and operate the Kingsbridge Armory, one of the largest armory buildings in the world and a landmarked structure that contains approximately 570,000 square feet of space. The RFP follows the release of the…
Read MoreALBANY—New York Gov. Kathy Hochul signed a bill on Friday, Sept. 22 that requires home sellers to inform home buyers as to whether a property is located in a flood risk area or has previously flooded. The governor signed legislation (A.1967/S.5400) which establishes a flood risk “right to know” for homebuyers. Previously sellers could opt…
Read MoreWASHINGTON—Existing-home sales moved lower in August, according to the National Association of Realtors. Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines. Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—slid…
Read MoreThe Alliance for Balanced Growth at its recent second quarter session entitled “Construction Development in the New Clean Energy Economy” tackled the complex and sometimes confusing seismic shift of New York State’s energy grid from fossil fuels to renewable green energy sources—solar, wind, biomass, water and geothermal. Participating panelists at the program held at The…
Read MoreMIDDLETOWN—The Orange County Partnership has announced that Kelly Naughton, partner at the Goshen law firm Naughton & Torre, LLP, has been named the organization’s 2023 “Woman of Achievement in Economic Development” honoree. Naughton, a resident of The Town of Wallkill, will receive her award at the Orange County Partnership’s Investor Breakfast on Tuesday, Oct. 3…
Read MoreCENTRAL VALLEY—Experts that contend brick and mortar retail is dead, apparently have not heard of Woodbury Common Premium Outlets in Orange County. Owner Simon Property Group announced today it has officially presented plans for another expansion of the property located at the intersection of I-87 and Route 17. The latest expansion plan is valued at…
Read MoreGOSHEN—Orange County operates US Foreign Trade Zone #37. The Foreign Trade Zone was established by the federal government in May of 1978. It was intended to provide an economic boost to the greater Newburgh/New Windsor area that endured a significant blow when Stewart Air Force Base closed in 1971. Presently, the Orange County-Foreign Trade Zone…
Read MoreMIDDLETOWN—More than 300 people attended the second annual Orange County Economic Summit on Friday, Sept. 15 which focused on the county’s high-growth tourism, hospitality and film production industries. The program, held at Orange Hall at the SUNY Orange campus in Middletown, featured presentations and panel discussions by a host of political and economic development leaders,…
Read MoreAs we enter Hispanic Heritage Month, we come together not only to celebrate the rich history, vibrant cultures, and significant contributions of Hispanic individuals to our society, but also to recognize the deep personal connection many of us have to this celebration. This month, observed from Sept. 15th to Oct. 15th, is a time to…
Read MoreNEW YORK—OneKey MLS announced on Thursday, Sept. 14 it had launched an enhanced version of OneKeyMLS.com, the consumer property search portal offering property listings in New York City, Long Island and the Hudson Valley region from 49,000 subscribers and 4,500 participating offices in the New York regional coverage area. The new site features more in-depth…
Read MoreNEWBURGH—Hudson Valley Pattern for Progress released a new report on Sept. 12 that clearly identifies an affordability crisis for housing in the region, fueled by stagnant wages, increasing rents, and skyrocketing home prices that have stretched household budgets to their limits. The report, Out of Reach Hudson Valley 2023, uses federal and local data to…
Read MorePEEKSKILL—State and local officials joined the developer on Sept. 11 to celebrate the completion of a $51-million affordable housing project in Downtown Peekskill. The 645 Main St. development includes 82 apartments affordable to households earning between 40% and 80% of the Area Median Income, and a 140-space parking garage. The developers are the Housing Action…
Read MoreSLEEPY HOLLOW—The mixed-use Edge-on-Hudson community being built at the former site of a General Motors minivan assembly plant on the shores of the Hudson River has achieved a series of construction and sales milestones as the project enters new project phases of development. Project developers noted that it has been four years since home sales…
Read MoreWASHINGTON—The Mortgage Bankers Association reported on Sept. 6 that mortgage applications decreased 2.9% from one week earlier, according to data from the association’s Weekly Mortgage Applications Survey for the week ended Sept. 1, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9% on a seasonally adjusted basis from one week…
Read MoreNEWBURGH—New York State, county and city officials announced on Sept. 6 the completion of the $37-million East End II affordable housing project in the City of Newburgh. The East End II project has encompassed the renovation or construction of 24 properties and created 62 affordable homes, including 10 units with supportive services. The project also…
Read MoreALBANY—The COVID-19 pandemic has caused property tax disparity to worsen in New York City, driving housing costs higher for many, according to a report released on Sept. 6 by New York State Comptroller Thomas P. DiNapoli. Property tax disparities have been well documented for decades by advocates, fiscal monitors and the city, but the report…
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