ALBANY—State Comptroller Thomas P. DiNapoli’s Fiscal Stress Monitoring System has identified eight villages and three cities in New York that were in some level of fiscal stress in 2020, based on scores that largely reflect the time period before the COVID-19 pandemic. DiNapoli, in a report released on April 2, evaluated all non-calendar year local…
Read MoreALBANY—New York Gov. Andrew M. Cuomo announced on March 30 three major Port Authority of New York and New Jersey initiatives to re-energize New York Stewart International Airport, whose domestic air operations have been battered by the COVID-19 pandemic. The Port Authority unveiled a new air carrier incentive program, a new airport marketing campaign to…
Read MoreNEW WINDSOR—At a special meeting of the newly constituted Board of Directors of the Orange County Industrial Development Agency on Tuesday, March 30, the IDA Board voted to terminate the contracts of the managing director of the IDA and its Accelerator programs. On April 5, the chief executive officer of the IDA submitted her resignation. The…
Read MoreALBANY—After last night’s passage by the New York State Legislature of the Marijuana Regulation and Taxation Act, which will legalize the adult use of marijuana in New York for individuals 21 years of age and older, Gov. Andrew Cuomo signed the bill into law today. The bill (S.854-A/A.1248-A) establishes the Office of Cannabis Management and…
Read MoreWASHINGTON—Three in five residential (62%) and commercial (59%) Realtors selected a real estate career path on their own and a majority of them say self-motivation and good people and problem-solving skills are the most important traits for success, according to a new survey from the National Association of Realtors released on March 30. “NAR's Career…
Read MoreWHITE PLAINS—The Hudson Gateway Association of Realtors has announced it is launching its “Fair Housing Challenge” initiative in observance of the U.S. Housing and Urban Development’s “National Fair Housing Month” for April. HGAR’s “Fair Housing Challenge” has been distributed to its 13,000 Realtor members stretching from Manhattan to Orange County, and consists of three segments—a…
Read MoreNEWBURGH—The City of Newburgh is seeking development proposals for three city-owned properties located in the heart of the Newburgh’s East End Historic District. The city announced on March 17 that the first proposal calls for the rehabilitation of 120 Grand St., formerly known as the “City Club” building. A second proposal seeks the restoration of…
Read MoreWHITE PLAINS—The New York State Homes and Community Renewal, MDG Design + Construction LLC, Smith & Henzy Advisory Group, Inc., and partners announced on March 29 the start of a $35.8-million rehabilitation of Kingsley House, a 164-unit affordable, Mitchell-Lama housing development for seniors in White Plains. The project will preserve affordability for residents while modernizing…
Read MoreYONKERS—The Board of Directors of the Yonkers Industrial Development Agency voted to grant preliminary approval of financial incentives for three new development projects—Horizon at Ridge Hill, Hudson Hill and a CubeSmart storage facility. The three projects, which received preliminary approval at the IDA’s March 25 meeting, represent a total private investment of $144.3 million and…
Read MoreALBANY—The average bonus paid to employees in New York City’s securities industry grew by 10% in 2020 to $184,000, in line with the city’s most recent 9.9% projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas…
Read MoreWHITE PLAINS—New York federal representatives and Westchester County Executive George Latimer staged a press conference on March 25th at the home of a White Plains resident to push for the repeal of the controversial SALT (State and Local Tax) deduction cap. U.S. Rep. Mondaire Jones (NY-17), U.S. Rep. Tom Suozzi (NY-03), U.S. Rep. Jamaal Bowman…
Read MoreSPARKILL—St. Thomas Aquinas College has acquired the 12-acre Camp Venture property here for $7 million, which increases its campus footprint by 20%. The college’s campus now has been expanded to 72 acres. The deal includes the 12-acres adjoining the St. Thomas Aquinas campus and a 100,000-square-foot building at 230 Route 340. The deal initially involves…
Read MoreNYACK—Corcoran Group, LLC announced on March 23 the launch of its newest affiliate, Corcoran Baer & McIntosh, based in Nyack. The announcement was made via virtual appearance by Pamela Liebman, president and CEO of The Corcoran Group. This is the second Corcoran affiliate to launch since the start of the year—just weeks after the one-year…
Read MoreWASHINGTON—Existing-home sales declined in February, following two prior months of gains, reported the National Association of Realtors on March 22. Month-over-month, only one major region saw an increase in February, but all four U.S. regions recorded year-over-year gains. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.6% from January…
Read MoreSLEEPY HOLLOW—The Edge-on-Hudson, a mixed-use, transit-oriented community under development in Sleepy Hollow was honored in March with the Gold Award for 2021 MultiFamily Community of the Year at the National Association of Home Builder’s The Nationals awards program. Additionally, Edge-on-Hudson earned Gold Awards for Best Video and Best MultiFamily Model Home for The Carroll by…
Read MoreWASHINGTON—The popularity of multigenerational homes increased over the last year, as a rising number of homebuyers purchased larger residences compared to prior years, including millennials who continue to make up the largest share of homebuyers at 37%, the National Association of Realtors reported on March 16. The finding is one of a number of trends…
Read MoreWHITE PLAINS— A panel of economic development officials from throughout the Hudson Gateway Association of Realtors’ market area are generally upbeat about their respective markets, all reporting that they expect targeted industries to bring new investment to their markets to reduce inflated unemployment rates post pandemic. With COVID-19 vaccine inoculations continuing, they also believe that…
Read MoreNEW YORK—As a result of a year-long probe, the Housing Rights Initiative, The Legal Aid Society and the Washington, D.C.-based law firm Handley Farah & Anderson filed a federal lawsuit today against a total of 88 landlords, real estate managers and brokers for illegally discriminating against low-income tenants with Housing Choice vouchers in New York…
Read MoreCHAPPAQUA—Grand Lux Realty announced on March 12 that it had opened its new office in Chappaqua at 101 King St. “We established our Armonk office back in 2006,” said Michael Levy, founder and principal broker, Grand Lux Realty. “This move is bittersweet, but we are not saying goodbye to Armonk or our long-time clients. While…
Read MoreALBANY—The employment numbers for 2020 released by the New York State Department of Labor for the Hudson Valley region on March 11 were not surprising in the least, with leisure and hospitality leading the way with job losses during the 12-month period, exacerbated by the coronavirus pandemic, that exceeded 22,000 jobs. However, job numbers released…
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