ALBANY—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…
Read MoreNEW YORK—In a press conference this morning Gov. Andrew Cuomo announced that the state will allow enclosed shopping malls in regions that have entered phase four to open on Friday, July 10 as long as they install air filtration systems to help prevent the spread of COVID-19. The governor said that shopping mall owners must…
Read MoreWHITE PLAINS—Continuing the work of its Crisis Advisory Task Force, the Westchester County Office of Economic Development announced on July 1 the launch of a one-on-one mentoring advisory service for small business owners who are struggling financially during the COVID-19 pandemic. The county is recruiting a team of seasoned professionals who will serve as volunteer…
Read MoreWASHINGTON—Pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic, according to the National Association of Realtors. Every major region recorded an increase in month-over-month pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions.…
Read MoreWHITE PLAINS—The membership of the Hudson Gateway Association of Realtors, Inc. that participated in a more than two-hour virtual Special Meeting today, overwhelmingly approved a merger agreement with the Bronx Manhattan-North Association of Realtors, Inc. The more than 400 members who participated in the session, held via Zoom, also approved a number of bylaws amendments…
Read MoreGOSHEN—Orange County announced on June 24 it had issued separate Request for Proposals to developers and investors for the purchase of the massive Camp LaGuardia property in Chester and Blooming Grove and three iconic properties in Downtown Newburgh. Both the Camp LaGuardia and Grand Street properties are county-owned. The Camp LaGuardia property, a former New…
Read MoreWHITE PLAINS—The luxury Ritz-Carlton New York, Westchester hotel in Downtown White Plains is closing its doors in September, but Real Estate In-Depth has learned the property will reopen in early 2021 after a multi-million-dollar renovation. The ownership, Glacier Capital Partners, reports that the hotel property will reopen under a new brand as one of Marriott…
Read MoreALBANY—The New York State Department of State announced that the new regulations for real estate professionals to help combat housing discrimination took effect on June 20, 2020. The new regulations, which the New York State Real Estate Board approved in December 2019, mandate enhanced disclosures by real estate professionals to help ensure prospective home buyers,…
Read MoreWASHINGTON—Existing-home sales fell in May, marking a three-month decline in sales as a result of the coronavirus outbreak, according to the National Association of Realtors. Each of the four major regions witnessed dips in month-over-month and year-over-year sales, with the Northeast experiencing the greatest month-over-month drop at 13%. Total existing-home sales, completed transactions that include…
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