NEW ROCHELLE—Designated developer for the City of New Rochelle RXR Realty has secured a $131.2-million construction loan for its 28-story, mixed-use apartment tower at 26 South Division St. here. Capital One reported on Feb. 20 that it served as the lead bank for the construction loan for the ground-up development of 26 South Division. The…
Read MoreWASHINGTON—The United States homeownership rate has recently seen a rebound to 65.1% in the fourth quarter of 2019 from a low of 62.9% in the second quarter of 2016. While the increase in the overall homeownership rate is encouraging, there continues to be a significant racial homeownership gap in America that needs to be addressed.…
Read MoreMOUNT VERNON—Westchester County Executive George Latimer is hoping to move forward with a $25-million plan to make significant improvements to the once iconic Memorial Field here. The County Executive briefed members of the Mount Vernon City Council earlier this month on plans for the project that have been forwarded to the Westchester County Board of…
Read MoreBRONXVILLE—Locally-based Park Sterling Realty reports that the majority of the sales force of longtime Hastings-on-Hudson residential brokerage Peter J Riolo Real Estate, including its co-owner and president Peter J. Riolo, Jr., have joined the firm. Leah Caro, co-owner of Park Sterling Realty, states that Peter J. Riolo Jr., along with office manager Sharlene Forman and…
Read MoreFrom left, Bonnie Koff received the NYSAR Community Service Award at the NYSAR mid-year meetings. HGAR Past PZresident Dorothy Botsoe received the Lawrence B. Caldwell RPAC Service Award for her longstanding efforts promoting and supporting RPAC.
Read MoreWHITE PLAINS—City Wide, the nation's largest facility management solutions company, announced its second New York location with the opening of a new office in Westchester County that will serve Westchester, Rockland and Bronx counties. Former Wall Street finance professional, Michael Binz, opened the doors to City Wide of Westchester at 280 Dobbs Ferry Road in…
Read MoreMONTGOMERY, NY—The more than 1-million-square-foot Amazon warehouse project here was granted approval earlier this month for a 15-year PILOT agreement by the Montgomery Industrial Development Agency that will allow the e-commerce giant to begin construction shortly on the project. Published reports value the Amazon project at more than $75 million and L. Todd Diorio, president…
Read MoreNEW YORK—After being selected as the winning developer from a Request for Proposals issued by The New York Botanical Garden in the Bronx, Douglaston Development of New York City reports it will begin construction this year on a two-phased mixed-use project a block from the facility’s 250-acre grounds. Douglaston is entering into a 99-year lease…
Read MoreALBANY– Two bills sponsored by New York State Sen. Pete Harckham (D, WF-40th District) that will study the use of tax exemptions and the burdens they cause to municipalities and taxpayers were passed on Feb. 11 by the State Senate. Both bills now await passage by the State Assembly and approval from Gov. Andrew M.…
Read MoreINDIANAPOLIS—Retail giant Simon Property Group reported on Feb. 10 its intent to acquire retail shopping mall owner Taubman Centers, Inc. in a deal valued at $3.6 billion. Terms of the deal would have Simon acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership. Simon, through its operating partnership, Simon Property Group, L.P.,…
Read MoreALBANY—Overall growth in local sales tax collections statewide in 2019 was relatively strong, according to a report released on Feb. 3 by New York State Comptroller Thomas P. DiNapoli. Collections across the state, which totaled $18.3 billion in 2019, grew by $815 million or 4.7%, from the previous year. While this was slower than the…
Read MoreNEW ROCHELLE—Mill Creek Residential of Boca Raton, FL has acquired a little more than two acres of land that housed the former Blessed Sacrament elementary school and will develop a new eight-story 334-unit multifamily project at the site. The sale of the property was reported by commercial brokerage firm CBRE on Feb. 5, which represented…
Read MoreNEW YORK—Terming the recently released guidance by the Department of State on brokerage commissions as “misguided” and “harmful,” the New York State Association of Realtors and the Manhattan-based Real Estate Board of New York announced on Feb. 7 their intent to file suit against New York State charging that the DOS overstepped its legal authority.…
Read MoreALBANY—The New York real estate industry, particularly downstate, is reeling from guidance recently released by the Department of State that now among other changes regarding regulations on landlords and agents, prohibits a landlord’s agent from collecting a broker/fee commission from a tenant in residential rental transactions. The guidance, part of a sweeping update released by…
Read MoreNEW YORK—With the official launch of the OneKey MLS set for early spring, OneKey MLS executives took to the airwaves on Feb. 4 to promote the merits of the groundbreaking new regional multiple listing service that currently boasts more than 42,000 subscribers across the New York metropolitan area. Richard Haggerty, president and chief strategic growth…
Read MoreNEW ROCHELLE—A former student housing development redeveloped into a transitional supportive housing community has secured refinancing funding in the form of a $9-million Freddie Mac Optigo Targeted Affordable Housing loan. The refinancing deal for 21 Fountain Place was announced on Jan. 29 by CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation, Palladium…
Read MoreWEST NYACK—Arena STEM, a newly established retail center offering a combination of entertainment, education and retail, will open its flagship store at Palisades Center this spring. The new 12,200-square-foot store will be located on Level 3 near the Food Court. Arena STEM, founded by Sergei and Julia Manevich of New Jersey, is a new and…
Read MoreTARRYTOWN—Hudson Gateway Realtor Foundation, the charitable arm of the Hudson Gateway Association of Realtors, recently presented a check for $10,000 to Make-A-Wish Hudson Valley, located in Tarrytown. Make-A-Wish creates life-changing wishes for children with critical illnesses. Since 1986, Make-A-Wish Hudson Valley has granted the wishes of more than 2,800 children in the Hudson Valley region…
Read MoreYORKTOWN HEIGHTS—In what agents for the brokerage firm reportedly described as a “win-win,” select Coldwell Banker Residential Brokerage real estate offices serving Westchester, Putnam, Rockland, Orange and Dutchess counties will be merged and will be now known as the “Lower Hudson Valley Regional Office.” The company announced on Jan. 27 that signage and marketing collateral…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency announced recently it provided financial incentives for a wide range of new commercial developments that accounted for approximately $1.6 billion in new investment in Westchester County. The projects incentivized in 2019 involved more than 2,800 in new proposed residential units. Some of the projects involved repurposing vacant office…
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