News

State Supreme Court Judge Strikes Down NYC Broker Fee Ban

April 11, 2021

ALBANY—New York State Supreme Court Judge Susan Kushner issued a ruling that is being viewed as a major victory for the real estate industry, terming Department of State guidance that banned New York State apartment tenants from paying broker fees “an error of law.” The ruling, first reported by The Real Deal, was handed down…

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Annual Lobby Day to be Held Virtually on April 27

April 9, 2021

ALBANY—The annual NYSAR Lobby Day event will be held virtually due to the COVID-19 pandemic. The conventional program will be held on Tuesday, April 27 from 8 a.m. to noon. In advance of Lobby Day, HGAR’s Legislative Council has advanced a preliminary Public Policy Priorities Agenda for HGAR’s Westchester, Putnam, Orange, Rockland, Bronx and Manhattan…

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First Quarter Home Sales in HGAR Region Were Simply ‘Staggering’

April 7, 2021

WHITE PLAINS—Officials with OneKey MLS and the Hudson Gateway Association of Realtors described first quarter 2021 residential sales in Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx counties as “staggering” and “unprecedented” with sales in certain markets as much as 62% higher than a year earlier. Editor’s Note: The following is the full text of the…

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Three Major NYC Residential Brokerages Join OneKey MLS

April 6, 2021

NEW YORK—The Hudson Gateway Association of Realtors, Inc. and OneKey MLS, the New York metro area’s first regional multiple listing service, reported on April 6 that a slate of new members has joined OneKey MLS in order to take advantage of the MLS’s reach and the rich data available to service their clients from Montauk…

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Yonkers Makes State Comptroller’s ‘Cities in Significant Fiscal Stress’ List

April 5, 2021

ALBANY—State Comptroller Thomas P. DiNapoli’s Fiscal Stress Monitoring System has identified eight villages and three cities in New York that were in some level of fiscal stress in 2020, based on scores that largely reflect the time period before the COVID-19 pandemic. DiNapoli, in a report released on April 2, evaluated all non-calendar year local…

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NY State, Port Authority Look to ‘Re-Energize’ NY Stewart International Airport

April 2, 2021

ALBANY—New York Gov. Andrew M. Cuomo announced on March 30 three major Port Authority of New York and New Jersey initiatives to re-energize New York Stewart International Airport, whose domestic air operations have been battered by the COVID-19 pandemic. The Port Authority unveiled a new air carrier incentive program, a new airport marketing campaign to…

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UPDATE: Orange County IDA Board Terminates Managing Director, CEO Resigns

March 31, 2021

NEW WINDSOR—At a special meeting of the newly constituted Board of Directors of the Orange County Industrial Development Agency on Tuesday, March 30, the IDA Board voted to terminate the contracts of the managing director of the IDA and its Accelerator programs. On April 5, the chief executive officer of the IDA submitted her resignation. The…

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Gov. Cuomo Signs Recreational Marijuana Legalization Bill into Law

March 31, 2021

ALBANY—After last night’s passage by the New York State Legislature of the Marijuana Regulation and Taxation Act, which will legalize the adult use of marijuana in New York for individuals 21 years of age and older, Gov. Andrew Cuomo signed the bill into law today. The bill (S.854-A/A.1248-A) establishes the Office of Cannabis Management and…

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HGAR Launches ‘Fair Housing Challenge’ Initiative In Observance of National Fair Housing Month

March 31, 2021

WHITE PLAINS—The Hudson Gateway Association of Realtors has announced it is launching its “Fair Housing Challenge” initiative in observance of the U.S. Housing and Urban Development’s “National Fair Housing Month” for April. HGAR’s “Fair Housing Challenge” has been distributed to its 13,000 Realtor members stretching from Manhattan to Orange County, and consists of three segments—a…

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City of Newburgh Issues RFPs on Three East End Development Sites

March 30, 2021

NEWBURGH—The City of Newburgh is seeking development proposals for three city-owned properties located in the heart of the Newburgh’s East End Historic District. The city announced on March 17 that the first proposal calls for the rehabilitation of 120 Grand St., formerly known as the “City Club” building. A second proposal seeks the restoration of…

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Construction Begins on $36M Affordable Seniors Housing Project in White Plains

March 30, 2021

WHITE PLAINS—The New York State Homes and Community Renewal, MDG Design + Construction LLC, Smith & Henzy Advisory Group, Inc., and partners announced on March 29 the start of a $35.8-million rehabilitation of Kingsley House, a 164-unit affordable, Mitchell-Lama housing development for seniors in White Plains. The project will preserve affordability for residents while modernizing…

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Yonkers IDA Grants Preliminary Approvals Of Incentives for Projects Valued at $144M

March 30, 2021

YONKERS—The Board of Directors of the Yonkers Industrial Development Agency voted to grant preliminary approval of financial incentives for three new development projects—Horizon at Ridge Hill, Hudson Hill and a CubeSmart storage facility. The three projects, which received preliminary approval at the IDA’s March 25 meeting, represent a total private investment of $144.3 million and…

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Report: Wall Street's 2020 Bonuses Rose Amid Volatility

March 29, 2021

ALBANY—The average bonus paid to employees in New York City’s securities industry grew by 10% in 2020 to $184,000, in line with the city’s most recent 9.9% projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas…

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New York Lawmakers Push for SALT Cap Repeal

March 26, 2021

WHITE PLAINS—New York federal representatives and Westchester County Executive George Latimer staged a press conference on March 25th at the home of a White Plains resident to push for the repeal of the controversial SALT (State and Local Tax) deduction cap. U.S. Rep. Mondaire Jones (NY-17), U.S. Rep. Tom Suozzi (NY-03), U.S. Rep. Jamaal Bowman…

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St. Thomas Aquinas Pays $7 Million to Expand Campus Footprint

March 24, 2021

SPARKILL—St. Thomas Aquinas College has acquired the 12-acre Camp Venture property here for $7 million, which increases its campus footprint by 20%. The college’s campus now has been expanded to 72 acres. The deal includes the 12-acres adjoining the St. Thomas Aquinas campus and a 100,000-square-foot building at 230 Route 340. The deal initially involves…

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NAR Warns of Possible Slowdown Due To Low Inventory, Rising Interest Rates

March 23, 2021

WASHINGTON—Existing-home sales declined in February, following two prior months of gains, reported the National Association of Realtors on March 22. Month-over-month, only one major region saw an increase in February, but all four U.S. regions recorded year-over-year gains. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.6% from January…

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Edge-on-Hudson Earns National NAHB Awards

March 19, 2021

SLEEPY HOLLOW—The Edge-on-Hudson, a mixed-use, transit-oriented community under development in Sleepy Hollow was honored in March with the Gold Award for 2021 MultiFamily Community of the Year at the National Association of Home Builder’s The Nationals awards program. Additionally, Edge-on-Hudson earned Gold Awards for Best Video and Best MultiFamily Model Home for The Carroll by…

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NAR: Millennials Dominate Home Buying Market, Generation Z Now Active Buyers as Well

March 17, 2021

WASHINGTON—The popularity of multigenerational homes increased over the last year, as a rising number of homebuyers purchased larger residences compared to prior years, including millennials who continue to make up the largest share of homebuyers at 37%, the National Association of Realtors reported on March 16. The finding is one of a number of trends…

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