News

Report: Homeownership Growth Continues For Latinos, but Strong Headwinds Persist

March 16, 2022

WASHINGTON—The National Association of Hispanic Real Estate Professionals released the 12th publication of its annual State of Hispanic Homeownership Report on March 16 on the final day of NAHREP’s National Convention & Housing Policy Summit in Washington D.C. The report found that in 2021, the Hispanic homeownership rate increased to 48.4%, consistent with the trendline…

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IBM Signs 328,000 SF Anchor Lease at One Madison Ave.

March 15, 2022

NEW YORK—SL Green Realty Corp. announced on March 15 it had signed a 16-year, 328,000-square foot lease with International Business Machines Corp. at its One Madison Ave. tower building currently under construction. The lease covers portions of floors two and seven and the entire eighth through 10th floors and a portion of the ground floor…

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Westchester Marriott Sold for $40 Million New Owners Plan $30 Million in Upgrades

March 14, 2022

TARRYTOWN—One of the most recognizable hotel properties in Westchester County—the Westchester Marriott—has changed hands in a $40-million transaction. New York City-based Taconic Capital Advisors, HEI Hotels & Resorts of Norwalk, CT partnered to acquire the Westchester Marriott, a 444-key hotel in Tarrytown, from Ares Commercial Real Estate Corp. of New York City for $40 million.…

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New York Blood Center Signs Major Lease Deal in Rye

March 10, 2022

RYE—While the transaction comes with few details at the moment, the New York Blood Center has confirmed reports in the Westchester County commercial brokerage sector that it recently signed a lease for 187,181 square feet at 601 Midland Ave. in Rye. The deal, which was finalized in the fourth quarter of 2021, was the largest…

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Longtime New Rochelle Official to Retire

March 10, 2022

NEW ROCHELLE—A longtime city official, Charles B. Strome III, who has served as New Rochelle City Manager for the past two decades, will retire at the end of this year, the city announced on March 9. Strome announced his retirement to the City Council at its March 8 meeting and will remain with the city…

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Market Expansion Prompts Corporate Name Change For Local Berkshire Hathaway HomeServices Firm

March 10, 2022

NEW YORK—Berkshire Hathaway HomeServices New England/Westchester/New York/Hudson Valley Properties announced on March 9 that the company will begin operating as Berkshire Hathaway HomeServices (BHHS) New England/New York/Hudson Valley Properties, effective immediately. The firm's Westchester offices servicing Eastchester, Larchmont, Rye, Scarsdale and surrounding towns, will now be known as Berkshire Hathaway HomeServices New York Properties in…

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U.S. Middle-Income Households Gain $2.1 Trillion in Housing Wealth in a Decade

March 9, 2022

WASHINGTON—Homeownership is widely recognized as the leading source of net worth among families. Housing wealth itself is primarily achieved by price appreciation gains, and the nation has seen home prices accelerate at a record pace during the course of the last decade, according to a National Association of Realtors study released on March 9. The…

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NewYork-Presbyterian Spends Nearly $84 Million To Convert Office Space to Ambulatory Care Facility

March 9, 2022

WHITE PLAINS—NewYork-Presbyterian has acquired the WestPark office complex at 1111-1129 Westchester Ave. here and has plans to convert the nearly 367,000 square feet of office space on the 25-acre property into a new state-of-the-art, multi-specialty ambulatory care facility. Multiple published reports put the purchase price at $83.5 million, citing recently filed land records with the…

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Westchester County Accepting Applications For 2022 Business FIRST Grant Program

March 7, 2022

WHITE PLAINS—The Westchester County Office of Economic Development is now accepting applications for the 2022 Westchester County Business FIRST grant program. This year’s grant program will provide up to $17 million to support nonprofits and religious organizations facing challenges as a result of the COVID-19 crisis. Applications were being accepted online starting on March 4…

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New Rochelle Tower Project Secures $294 Million Construction Financing Deal

March 1, 2022

NEW ROCHELLE—BRP Companies, the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), New York State Homes and Community Renewal, Westchester County, Interfaith Dwellings Corporation, Merchants Bank of Indiana, Wells Fargo, and Fannie Mae announced on Feb. 28 the closing of $294 million in construction financing for the 477-unit, mixed-use development located at 500…

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Work Could Begin on Regeneron Pharmaceutical’s $1.4 Billion Expansion Project This Spring

February 28, 2022

WHITE PLAINS—Regeneron Pharmaceuticals, Inc. believes work could begin as early as this April on its $1.394-billion “Loop Road” expansion project in the Town of Greenburgh if the company secures necessary incentives from the Westchester County Industrial Development Agency and other sources totaling approximately $172.9 million and another $100 million in other public incentives. The Tarrytown-based company’s…

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In Memoriam: Nick Beilenson Founder Westchester Residential Opportunities

February 24, 2022

A tireless civil rights and housing rights activist, Nick Beilenson passed away on Feb. 22 at the age of 85 due to complications from COVID-19. The White Plains resident founded Westchester Residential Opportunities in 1968 at the height of the civil rights movement. He served as WRO’s first executive director and served on the board…

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Five Questions With NYSAR President Jennifer Vucetic

February 23, 2022

The recently installed 2022 President of the New York State Association of Realtors Jennifer Vucetic AHWD, CIPS, GREEN, MRP, SFR, PMN, CBR, ITI, C2EX, EPRO, takes the helm of the organization at a time of drastic change with COVID infections on the decline throughout the state, but the specter of rising interest rates and low…

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Commercial Brokers See Many Opportunities in Post-COVID Market

February 23, 2022

WHITE PLAINS—A panel of commercial real estate brokers from the New York City/Hudson Valley market that were part of a recent virtual panel hosted by the Hudson Gateway Association of Realtors were upbeat about many sectors in 2022, particularly the industrial, flex, health care and medical office segments. The region’s office market remains troubled as…

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Invesco RE Acquires Cortlandt Crossing Shopping Center

February 23, 2022

CORTLANDT MANOR—Dallas-based Invesco Real Estate, a global real estate manager, has acquired the 122,225-square-foot Cortlandt Crossing shopping center here. The grocery-anchored shopping center at 3144 East Main St. in Cortlandt Manor was sold by Rye-based Acadia Realty Trust. Cortlandt Crossing is a newly developed, 95% leased center anchored by ShopRite and HomeSense. Additional tenants include…

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Experts Bullish on Continued Manhattan, NYC Metro Housing Recovery

February 23, 2022

WHITE PLAINS—A panel of real estate executives agreed that the exodus from Manhattan due to COVID-19 is over and that the recovery in the Manhattan luxury housing market has gained momentum that will continue this year. In addition, the recovery, fueled by a roaring stock market, low interest rates and rapidly declining COVID infection rates,…

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