News – Real Estate In-Depth

News

White Plains-Based Reich Brothers JV Acquires 4 Million SF Caterpillar Campus

March 25, 2020

MONTGOMERY, IL—Reich Brothers, which is headquartered in White Plains, and partner HFZ Capital Group of New York City, have purchased the four-million-square-foot Caterpillar manufacturing and distribution complex here for $68.5 million. The deal for the 350-acre campus also features a sale-leaseback component with Deerfield, IL-based Caterpillar Inc. The construction equipment manufacturer plans to keep approximately…

Gov. Cuomo Puts State’s Real Estate Industry ‘On Pause’ To Prevent Further Spread of Coronavirus Pandemic

March 23, 2020

WHITE PLAINS—The real estate industry, except for those undertaking limited virtual business, was all but shut down by New York Gov. Andrew Cuomo effective 8 p.m. Sunday, March 22 in an attempt to prevent the further spread of the Coronavirus. The Executive Order issued on March 20 mandated the temporary closure of all in-office personnel…

State Comptroller Pegs Coronavirus Impact Between $4 Billion to More Than $7 Billion

March 18, 2020

ALBANY—New York State Comptroller Thomas P. DiNapoli issued a revised revenue projection for the 2020-2021 state budget that estimates tax revenue will be at least $4 billion below the projections in the Executive Budget of $87.9 billion if a mild recession results from the novel coronavirus pandemic. He also offered one alternative scenario if a…

Modell’s Files Bankruptcy; 137 Store Leases Available

March 18, 2020

MELVILLE, NY—Days after sporting goods retailer Modell’s Sporting Goods filed for Chapter 11 bankruptcy, Melville, NY-based A&G Real Estate Partners is marketing 137 Modell’s store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia. The retailer, founded in 1889, operates 153 stores located in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island,…

Coronavirus Pandemic Cause Mortgage Applications to Fall 8.4%

March 18, 2020

WASHINGTON—Mortgage applications decreased 8.4% during the week ending March 13 from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on March 18. The Market Composite Index, a measure of mortgage loan application volume, decreased 8.4% on a seasonally adjusted basis from one week earlier. On an…

Hudson Gateway Realtor Foundation Donates to My Sisters’ Place

March 17, 2020

WHITE PLAINS—The Hudson Gateway Realtor Foundation, the charitable arm of the Hudson Gateway Association of Realtors, recently presented a check for $2,500 to My Sisters’ Place of White Plains. For more than 40 years, My Sisters’ Place has been Westchester's pioneering leader and resource in the field of domestic violence and human trafficking. MSP provides…

Realtors Volunteer at Ronald McDonald House in Valhalla

March 12, 2020

VALHALLA—A contingent of HGAR Realtors recently volunteered their morning to make breakfast and lunch, clean up, and organize toys at the Ronald McDonald House of the Greater Hudson Valley in Valhalla. The volunteer events, set up by members of the Hudson Gateway Realtor Foundation’s Program Committee, go hand-in-hand with the Foundation’s fundraising efforts. Located next…

Medline Looks to Start Construction Soon on $120M Project

March 11, 2020

MONTGOMERY—One of the more controversial commercial projects in Orange County secured a key approval on March 8 that will likely facilitate groundbreaking on the $120-million distribution facility later this spring if building restrictions related to the Coronavirus are lifted. The Montgomery Planning Board approved Medline Industries’ Final Environmental Impact Statement on its proposed 1.3-million-square-foot distribution…

SPOTLIGHT ON: Amanda Martinez

March 11, 2020

A Lifetime of Volunteering After spending 32 years working with the New York City Housing Authority, it’s no surprise that Amanda Martinez has a knack for finding people homes. The Better Homes and Gardens Rand Realty agent actually started her real estate career just two years ago in the brokerage firm’s Goshen office, but has…

WRO Alleges Rockland County Apartment Complex Discriminated Against People with Mental Disabilities

March 11, 2020

WHITE PLAINS—Non-profit fair housing agency Westchester Residential Opportunities, Inc. reported on March 9 it had filed suit against the ownership and manager of the 370-unit Tor View Village Apartments in Garnerville for alleged violations of federal, state and county fair housing laws. WRO charges in its litigation that individuals with mental disabilities were the subject…

White Plains Office Buildings Sold to NYC-Based Investment Firm for Nearly $43 Million

March 4, 2020

WHITE PLAINS—The office complex at 140 and 150 Grand Street has been sold by Westport Capital Partners to a joint venture between New York City-based Jack Sitt Real Estate LLC and GII, LLC, a United Arab Emirates-based financial services firm for $42.5 million. The properties, known as Grand Street Plaza, consist of two adjacent office…

Turnbridge Equities Proposes 1.24M SF Distribution Center in the South Bronx

March 4, 2020

NEW YORK—Real estate investment firm Turnbridge Equities reported on March 2 it had completed a 14.2-acre assemblage in the South Bronx, where it will build the four-story, 1.24-million-square-foot Class-A, Bronx Logistics Center. The New York City-based firm states the last-mile distribution facility will offer direct tractor-trailer ramp access to three levels, van access to the…

BARRISTER'S BRIEFING: MLS is Coming—Here are the New Changes!

March 4, 2020

OneKey MLS, our new joint venture multiple listing service, will go live March 24, 2020. With this new change comes modifications to what you will see and input into our Matrix system, as well as some procedural changes. This article will address the most notable and important changes. New Status Changes Pending: As you may…

Hudson Gateway Realtor Foundation Donates $3,000 to the Food Bank of the Hudson Valley

February 26, 2020

CORNWALL ON HUDSON—The Hudson Gateway Realtor Foundation, the charitable arm of the Hudson Gateway Association of Realtors, recently presented a $3,000 donation check to the Food Bank of the Hudson Valley, based here. The Food Bank of the Hudson Valley is dedicated to alleviating hunger, while preventing the waste of wholesome food. It is a…

Robert Martin Inks 10,000 SF Lease with Child Care Center in Elmsford

February 26, 2020

ELMSFORD—Locally-based Robert Martin Company LLC announced on Feb. 25 it had signed a 10,000-square-foot lease for a new child care center at The Elm, a new luxury rental mixed-use building located adjacent to the Saw Mill Parkway in Elmsford. The new child care center, which is expected to have its grand opening this summer, will…

RXR Secures $131M in Construction Financing for New Rochelle High-Rise

February 26, 2020

NEW ROCHELLE—Designated developer for the City of New Rochelle RXR Realty has secured a $131.2-million construction loan for its 28-story, mixed-use apartment tower at 26 South Division St. here. Capital One reported on Feb. 20 that it served as the lead bank for the construction loan for the ground-up development of 26 South Division. The…

NAR Report Finds Minority Homeownership Rates Continue to Lag Behind National Average

February 26, 2020

WASHINGTON—The United States homeownership rate has recently seen a rebound to 65.1% in the fourth quarter of 2019 from a low of 62.9% in the second quarter of 2016. While the increase in the overall homeownership rate is encouraging, there continues to be a significant racial homeownership gap in America that needs to be addressed.…

Westchester County Looks to Spend $25M to Restore Memorial Field

February 26, 2020

MOUNT VERNON—Westchester County Executive George Latimer is hoping to move forward with a $25-million plan to make significant improvements to the once iconic Memorial Field here. The County Executive briefed members of the Mount Vernon City Council earlier this month on plans for the project that have been forwarded to the Westchester County Board of…

Park Sterling Realty Expands with Addition of Majority of Hastings Firm’s Sales Force

February 21, 2020

BRONXVILLE—Locally-based Park Sterling Realty reports that the majority of the sales force of longtime Hastings-on-Hudson residential brokerage Peter J Riolo Real Estate, including its co-owner and president Peter J. Riolo, Jr., have joined the firm. Leah Caro, co-owner of Park Sterling Realty, states that Peter J. Riolo Jr., along with office manager Sharlene Forman and…

HGAR Leaders Honored for Service at NYSAR Conference

February 20, 2020

From left, Bonnie Koff received the NYSAR Community Service Award at the NYSAR mid-year meetings. HGAR Past PZresident Dorothy Botsoe received the Lawrence B. Caldwell RPAC Service Award for her longstanding efforts promoting and supporting RPAC.