TARRYTOWN—A host of state, county and local dignitaries were on hand on June 9 for the groundbreaking for 62 Main, a $53-million affordable housing development in the village of Tarrytown that involves the adaptive reuse of the historic YMCA facility. The development will also entail the construction of an additional building to create 109 affordable…
Read MoreNEW YORK—The COVID-19 pandemic hit the Bronx harder than any other borough, according to an economic analysis released on June 8 by New York State Comptroller Thomas P. DiNapoli. As vaccinations rise and restrictions ease, the Bronx has begun to repair the significant economic damage caused by the coronavirus that included a nearly 25% unemployment…
Read MoreMOUNT KISCO—Locally-based Cafe Realty has teamed up with commercial, land development and luxury brokerage, McGrath Realty Inc. After eight years in business the community-focused Cafe Realty will use their strengths, talents and skills to become the new face of McGrath Realty Inc’s residential services operations, company officials stated. Café Realty will take on the new…
Read MoreALBANY—The New York State Senate approved legislation (S.5116C) on June 8 introduced by State Senator Pete Harckham (D-40th District) geared at protecting and regulating freshwater wetlands in the state. The measure still must secure approval from the New York State Assembly. “Because of a patchwork of federal and state regulations, freshwater wetlands in New York…
Read MoreALBANY—In a shakeup of the leadership of the Metropolitan Transportation Authority, New York Gov. Andrew M. Cuomo announced on June 8 the nomination of Sarah E. Feinberg as Board Chair and the appointment of Janno Lieber as the CEO of the New York MTA. Pat Foye, who has led the agency as president as well…
Read MoreSLEEPY HOLLOW— Construction on a new 30,000-square-foot DeCicco & Sons market at the Edge-on-Hudson in Sleepy Hollow is set to begin later this year. The Village of Sleepy Hollow Planning Board recently approved plans for the market, which will include a second story glass-enclosed beer and wine café, oriented towards the Hudson River. An adjacent 10,000…
Read MoreCENTRAL VALLEY—A.S.A.P. Mortgage Corp. CEO and Founder Irene Amato has announced that the mortgage brokerage firm has opened its newest branch here on Route 32. A.S.A.P. Mortgage’s new Orange County branch at 237 Route 32 opened its doors on June 3 and will offer a full array of mortgage products, the most competitive rates and…
Read MoreNEW YORK—Penn South, an affordable housing cooperative located in the Chelsea section of Manhattan, announced on June 3 it had selected MaryAnne Gilmartin’s MAG Partners to redevelop 335 Eighth Ave. into a mixed-income apartment building with ground floor commercial space, including a grocery store. The new 200-unit building will be developed under the Affordable NY…
Read MorePOUGHKEEPSIE—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…
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