News

Wall Street Profits Plunge 56% in First Half of 2022

October 26, 2022

ALBANY—Wall Street’s pandemic boom came to an end in 2022, with pretax, first half profits of $13.5 billion, down 56.3% from the $31 billion earned in the same period last year, according to State Comptroller Thomas P. DiNapoli’s annual report on New York City’s securities industry released on Oct. 25. “The last two years of…

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FHFA Eliminates Upfront Fees for First-Time Homebuyers

October 25, 2022

WASHINGTON—The Federal Housing Finance Agency announced on Oct. 24 targeted changes to Fannie Mae’s and Freddie Mac's guarantee fee pricing by eliminating upfront fees for certain borrowers, including first-time homebuyers, and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans. As part of the pricing changes stemming from…

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New Jersey Firm Acquires Rockland County Shopping Center for $30 Million

October 25, 2022

NEW CITY—The KABR Group and joint venture partner BTF have recently completed the $30-million purchase of the 125,110-square-foot New City Shopping Center, located at 78 North Main Street here. The retail site is currently 96% leased that is anchored by a ShopRite grocery store. KABR and BTF report they are planning a comprehensive modernization of…

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National Rent Growth Cools to the Slowest Annual Pace in 16 Months

October 17, 2022

SANTA CLARA, CA— September data confirms a fall cooldown has come to the rental market, as national rent growth dropped to its lowest annual pace (+7.8%) since June 2021, according to the Realtor.com Monthly Rental Report released on Oct. 13. In another sign of more typical seasonal moderation than last year, the U.S. median rental…

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Bronx Real Estate Market Remains Strong Despite Economic Headwinds

October 17, 2022

The Bronx saw record dollar volume and the second most single-family home transactions ever recorded with $1.54 billion spent over 189 transactions. These were slight increases over the second half of 2021 and significant increases year over year. The overall increase in activity is an indication of the upside and opportunities found in the Bronx.…

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Howard Hanna | Rand Realty Expands into Ulster County

October 12, 2022

NANUET—Howard Hanna | Rand Realty reported on Oct. 11 it had acquired Murphy Realty Group, located at 304 Wall St. in Kingston in Ulster County. The firm’s entrance into Ulster County, NY, adds more than 40 hand-selected local agents, well-known for their experience and knowledge in the area, in an office recognized for more than…

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Toll Brothers Co-Founder Robert I. Toll Dies

October 11, 2022

NEW YORK—Robert I. Toll, the co-founder of national homebuilder Toll Brothers, died on Oct. 7 at his home in New York, the company reported. Toll, the former Chairman and Chief Executive Officer, passed away surrounded by his family following a long battle with Parkinson’s disease at the age of 81. He was an iconic industry…

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California Firm Pays $113 Million for White Plains Apartment Building

October 3, 2022

WHITE PLAINS—The Friedkin Property Group of San Francisco has acquired the 260-unit Windsor at The Gramercy apartment property in White Plains for $113 million. The sale transaction for the property at 2 Canfield Ave., was brokered by CBRE, which represented the seller—national real estate investment management firm GID—in the deal. CBRE also procured the buyer.…

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Houston-Based Firm Acquires White Plains Office Building

October 3, 2022

WHITE PLAINS—Commercial brokerage firm CBRE reports it has recently brokered the sale of 1311 Mamaroneck Ave., a more than 320,000-square-foot office property in White Plains. The property, which totals 323,431 square feet of office space, was acquired by Interra Capital Group of Houston. The property is currently 53% leased. The CBRE Institutional Properties team of…

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Yonkers IDA Takes Actions on Projects Valued at More Than $182 Million

September 28, 2022

YONKERS—The Yonkers Industrial Development Agency reported that it recently voted to grant preliminary and final approvals of financial incentives for new residential and commercial projects representing a total private investment of $182.2 million, The developments are projected to create more than 600 construction jobs and over 300 apartments including affordable housing for low-income seniors. “These…

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NAR: Pending U.S. Home Sales Fall for Third Straight Month in August

September 28, 2022

WASHINGTON—Pending home sales sagged for the third straight month in August, the National Association of Realtors reported today. Three out of four major regions experienced month-over-month decreases in transactions, however, the West saw a modest gain. Year-over-year, all four regions posted double-digit declines. The national Pending Home Sales Index (PHSI) fell 2.0% to 88.4 in…

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Orange County Partnership’s Site Inventory Program Seeks to Take Advantage of Key Growth Industries

September 22, 2022

In a highly informative session of The Alliance for Balanced Growth, officials with the Orange County Partnership and the Orange County Industrial Development Agency provided updates on the Orange County Partnership’s Site Inventory Program (SIP) and the IDA’s Shovel Ready Program, key initiatives geared at sustaining the impressive growth the county has achieved in spite…

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NAR: U.S. Existing-Home Sales Slipped 0.4% in August; Northeast Home Sales Grew 1.6%

September 21, 2022

WASHINGTON—Existing-U.S. home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to a report released today by the National Association of Realtors. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop. On a year-over-year basis,…

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Haggerty to Leave HGAR at Year's End To Take Over Leadership of OneKey MLS

September 20, 2022

WHITE PLAINS—Richard Haggerty, who has been serving the Hudson Gateway Association of Realtors and its predecessor organizations for nearly four decades, informed the HGAR Board of Directors earlier this month that he will be leaving the organization at the end of this year to take over as Chief Executive Officer of its subsidiary organization, OneKey…

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