MORRISTOWN, NJ—An affiliate of Northeast Capital Group, which is based in Rockland County, has acquired the Offices at Bedminster office complex here from New York Life Real Estate Investors. Commercial brokerage firm JLL marketed the 194,000-square-foot office complex for seller New York Life Real Estate Investors. JLL did not disclose the sale price. In a…
Read MoreYORKTOWN—Joining the City of Yonkers and the Town of Cortland, which recently inaugurated efforts to attract new business, the Town of Yorktown has launched a new marketing campaign that will promote the Northern Westchester municipality as a prime investment and relocation destination. The campaign’s theme—Yorktown: Up where you belong!—is a nod to the town’s welcoming…
Read MoreWHITE PLAINS—Donations are now being accepted for a planned online (Facebook) auction to benefit Westchester Residential Opportunities, Inc., a White Plains-based non-profit organization whose mission is to promote equal, affordable and accessible housing opportunities for all residents of our region. Please help WRO prevent mortgage defaults and evictions during this difficult time. Anyone wishing to…
Read MoreALBANY—The New York State Senate overwhelmingly passed legislation (S.6874A) on July 22 to hold real estate professionals accountable for discriminatory housing practices. The bill, sponsored by Senator James Gaughran, penalizes licensed real estate brokers and salespersons by either revocation or suspension of their licenses, or makes them subject to a fine if they violate the…
Read MoreWhile most economic news of late in this time of the coronavirus is usually described as “bleak” or “grim,” an international site selector speaking to a virtual meeting of the Orange County Partnership on July 22 indicated that the county’s prime location, available workforce and lower cost of land and housing will attract investment, particularly…
Read MoreWASHINGTON—U.S. Rep. Sean Patrick Maloney (NY-18) introduced the “First Time Homebuyer Pandemic Savings Act” on Wednesday (July 22), a new bill that will help first-time homebuyers realize their dreams of homeownership, during and after America’s recovery from the coronavirus public health and economic crisis. Shortly after its introduction, the National Association of Realtors issued a…
Read MoreWASHINGTON—As states across the nation continued to reopen their economies, existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic. A report released today indicated that each of the four major regions achieved month-over-month growth, with the…
Read MoreNEW YORK— Tishman Speyer President and CEO Rob Speyer announced on July 20 that the firm has hired Gary Rodney to help establish and manage a new affordable housing platform that will initially focus on the New York City region. Rodney will help Tishman Speyer source opportunities to acquire, redevelop and engage in ground-up construction…
Read MoreALBANY—The New York State Department of Labor announced on Tuesday, July 22 that the Hudson Valley unemployment rate rose to 12.2% in June, up from the 11.1% jobless rate in May 2020 for the region. According to preliminary data, New York State’s area unemployment rate seasonally-adjusted unemployment rate increased from 14.5% in May to 15.7%…
Read MoreNEW YORK—American International Group, Inc. announced on July 21 that it will relocate its global headquarters in New York City to 1271 Avenue of the Americas, where it will occupy eight floors totaling 325,000 square feet. The firm also reported it will consolidate its remaining New York City area footprint into approximately 450,000 square feet…
Read MoreWHITE PLAINS—Westchester County Executive George Latimer’s proposal for imposing term limits on the county’s chief executive officer was approved by the Board of Legislators by a vote of 12-4 on July 13 and signed into law by Latimer two days later. The legislation submitted and signed by Latimer reduces the existing three term limit (12…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency at its session on July 9 approved a new financial assistance program designed to ensure the short-term viability of both small businesses and not-for-profit corporations negatively impacted by COVID-19. The program allows the IDA to provide financial assistance through the State Disaster and Emergency Loan and Grant Program.…
Read MoreRYE BROOK—The Business Council of Westchester presented its prestigious Business Hall of Fame Awards on July 14 during a virtual ceremony, recognizing Westchester’s top business leaders. Six top organizations were honored as part of the 2020 Business Hall of Fame Awards. “The quality of this year’s inductees is truly outstanding. They represent the very best…
Read MoreALBANY—Governor Andrew M. Cuomo announced on July 14th the launch of an emergency rental assistance program that will help keep low-income families throughout New York in their homes. The program, which is designed to reach those individuals and families with the greatest need, will provide direct aid for tenants who lost income due to the…
Read MoreWHITE PLAINS—The second quarter home sales market in the Hudson Valley, dominated by restrictions to prevent the spread of the coronavirus in New York State, struggled mightily with sales activity down significantly. Second quarter home sales, according to a recently released report by OneKey™ Multiple Listing Service LLC, were down anywhere from 39.8% in the…
Read MoreBy Eric Pierson, AICP Editor’s Note: The following analysis was originally published on the Business Council of Westchester’s Data Exchange (https://thebcw.org/data/)on July 9, 2020. As we get farther away from the beginning of the COVID-19 pandemic in the United States, a clearer picture is beginning to emerge of the economic damage rendered by this disease.…
Read MoreALBANY—The COVID-19 pandemic has negatively affected many local governments’ revenues and its impact will likely be severe for many municipalities’ finances, according to a report released on July 9 by New York State Comptroller Thomas P. DiNapoli. As sales tax revenues fall by double-digits and state aid is reduced or delayed, DiNapoli called on the…
Read MoreYONKERS, CORTLANDT—The City of Yonkers and the Town of Cortlandt have unveiled new marketing plans geared to bring new business to their respective communities as they attempt to re-emerge from the economic downturn caused by the COVID-19 pandemic. On July 8, Yonkers Mayor Mike Spano unveiled the new marketing campaign entitled “Yonkers is Back to…
Read MoreNEW YORK—Blaming health concerns and the devastating financial impacts felt by Catholic families and the Archdiocese, the Office of the Superintendent of Schools of the Archdiocese of New York announced today that 20 Catholic schools in New York City and the Hudson Valley will be unable to reopen in the wake of the COVID-19 pandemic.…
Read MoreYONKERS—Yonkers Mayor Mike Spano announced on July 7 the creation of two new business assistance programs geared toward assisting Yonkers businesses that were negatively impacted by the COVID-19 pandemic, including those serving in low income or highly distressed areas. Eligible businesses will be provided funding through the Yonkers Industrial Development Agency and Community Development Block…
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