NEW YORK—Commercial brokerage firm CBRE reports that the New York Tri-State was one of the top markets for data center leasing activity during the first half of 2022. As a result of robust activity and strong demand, the vacancy rate fell to an all-time low of 9.0%. “The financial services sector remained the dominant player…
Read MoreALBANY—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…
Read MoreWASHINGTON—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…
Read MoreNEW 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…
Read MoreWASHINGTON—Existing-home sales fell in September, the eighth month in a row of declines, according to the National Association of Realtors. Three out of the four major U.S. regions notched month-over-month sales contractions, while the West held steady. On a year-over-year basis, sales dropped in all regions. Existing-home sales in the Northeast dwindled 1.6% from August…
Read MoreSANTA 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…
Read MoreThe 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.…
Read MoreNEW YORK—Regional Realtor associations from New York, New Jersey and Connecticut are joining forces to present the Global Real Estate Summit NYC on Thursday, Oct. 20, bringing together top minds in the industry to discuss emerging trends and share best practices for leveraging opportunities in the global marketplace. The summit, now in its 16th year,…
Read MoreNEW YORK—Gov. Kathy Hochul and New York City Mayor Eric Adams jointly announced on Oct. 13 the launch of a $1.6-billion public-private partnership with The City University of New York to build a new science and research park at Hunter College’s Brookdale Campus on East 25th Street and First Avenue in the Kips Bay section…
Read MoreNANUET—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…
Read MoreNEW 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…
Read MoreALBANY—For those who were wondering if construction on a third lane on Route 17 in Orange and Sullivan counties would come sooner or later, the answer unfortunately for project advocates is later. New York Gov. Kathy Hochul confirmed today what was first reported in Real Estate In-Depth, that the study of the $1-billion Route 17…
Read MoreWHITE 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.…
Read MoreWHITE 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…
Read MoreWHITE PLAINS—The Hudson Gateway Association of Realtors, Inc. and OneKey MLS recently hosted a virtual panel discussion where financial and real estate experts explored the impacts of rising interest rates and return-to-work orders on the New York City housing market in the fourth quarter of 2022. Panelists agreed home buyers may want to move sooner…
Read MoreYONKERS—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…
Read MoreWASHINGTON—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…
Read MoreIn 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…
Read MoreWASHINGTON—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,…
Read MoreWHITE 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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