News – Real Estate In-Depth

News

Governor Imposes New Restrictions on COVID Hot Zones In Rockland, Orange Counties, Brooklyn and Upstate

October 7, 2020

ALBANY—Gov. Andrew Cuomo in response to significant spikes in new COVID-19 cases in sections of Rockland and Orange counties, Brooklyn, Queens and upstate Broome County, imposed restrictions including school and non-essential business closures, as well as limits on gatherings and dining. The new “Cluster Action Initiative” announced on Oct. 6 classified the Town of Palm…

Westchester IDA Grants Preliminary Approvals For Renovations of Affordable Housing Projects

October 6, 2020

WHITE PLAINS—The Westchester County Industrial Development Agency recently granted preliminary approval of $912,062 in financial incentives for the renovation of two affordable housing developments in Mount Vernon and Tarrytown. The two projects comprise a total of 250 units of affordable housing. The IDA Board gave preliminary approval of $653,672 of financial incentives and $27.5 million…

Breaking News: HGAR’s Dorothy Botsoe Named NYSAR Realtor of the Year

October 5, 2020

ALBANY—The New York State Association of Realtors announced today at its 2020 Virtual Fall Business Meetings that veteran Westchester Realtor Dorothy Botsoe, Broker/Owner of Dorothy Jensen Realty, Inc. of White Plains, has been named NYSAR 2020 Realtor of the Year. Botsoe, who has more than 30 years real estate experience, made history three years ago…

MacQuesten Cuts Ribbon on $95M Affordable Housing Project

September 30, 2020

MOUNT VERNON—Lieutenant Governor Kathy Hochul joined MacQuesten Development LLC Founder and CEO Rella Fogliano and other city, county and state leaders at a ribbon cutting ceremony to celebrate the opening of “22 South West” on Tuesday, Sept. 29th. The $95-million mixed-use/mixed income project features 4,200 square feet of street level retail/office space along with 189…

Houlihan Lawrence Announces New Executive Leadership Team

September 30, 2020

RYE BROOK — Houlihan Lawrence, formally announced on Sept. 30 that its current president, Liz Nunan, has also assumed the role of Chief Executive Officer of the 1,300-agent firm. The residential brokerage firm has also welcomed John Canniffe, who recently served as the head of the Residential Listing Service at REBNY, as Chief Operating Officer.…

Hudson Gateway Association of Realtors Officially Concludes Merger Deal with Bronx-Manhattan North Assoc. of Realtors

September 30, 2020

NEW YORK—At a press conference staged outside the Castle Hill YMCA today, officials with the Hudson Gateway Association of Realtors and the Bronx-Manhattan North Association of Realtors celebrated the official merger of the two organizations. Eliezer Rodriguez, CEO of the former BMNAR, officiated the festivities that included speeches by a host of Bronx dignitaries, HGAR…

Rand Realty Forms Partnership with Howard Hanna Realty

September 30, 2020

NANUET—One of the largest residential brokerage firms in the Hudson Valley region has formed a new partnership with Howard Hanna Real Estate Services that significantly expands Howard Hanna Real Estate’s presence in Downstate New York State. The deal was announced today by Marsha Rand, founder and President of Rand Realty, and Helen Hanna Casey, CEO…

State Comptroller Puts Westchester County on Fiscal ‘Significant Stress’ List

September 28, 2020

ALBANY—New York State Comptroller Thomas P. DiNapoli released his fiscal stress list for 2019 and unfortunately, the Hudson Valley was well represented. On the State Comptroller’s “Significant (Fiscal) Stress” list in the New York metro area were Westchester County, Poughkeepsie in Dutchess County, Suffolk County and Long Beach in Nassau County. Other locations on the…

Dinosaurs Coming to Wallkill?

September 25, 2020

WALLKILL—A firm that is looking to develop and operate a Dinosaur theme park here just off Route 17 in Fair Oaks has filed applications with the Town of Wallkill and the Orange County Planning Department, Real Estate In-Depth has learned. Orange County Executive Steve Neuhaus and Town of Wallkill Supervisor Frank DenDanto confirmed that Orange…

NYC Investment Firm Lands $107M Loan to Acquire Norwalk, CT Multifamily

September 24, 2020

NORWALK, CT—New York City-based Invictus Real Estate Partners has secured acquisition financing totaling $107.25 million for its purchase of The Waypointe multifamily property here. JLL Capital Markets arranged the financing through Freddie Mac and worked on behalf of the borrower. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo…

Hudson Valley Unemployment Rate Falls to 10.5% in August

September 23, 2020

ALBANY—The New York State Department of Labor released on Sept. 22 preliminary local area unemployment rates for August 2020. Both the statewide and Hudson Valley unemployment rates fell more than 3% respectively. From August 2019 to August 2020, the state’s private sector employment count decreased by 1,096,900. The state’s seasonally adjusted unemployment rate decreased from…

Hudson Valley County Executives Urge President, Congress to Provide $12B to Prevent MTA Cuts

September 23, 2020

GOSHEN—County Executives from Orange, Putnam, Dutchess Rockland, and Westchester counties are urging President Donald Trump and leaders of Congress to provide $12 billion in funding to avert drastic service cuts and the elimination of commuter rail service in some sections of the Hudson Valley by the Metropolitan Transportation Authority. On Sept. 22, Orange County Executive…

RM Friedland Enters Office Brokerage Sector With Hiring of Veteran Broker O’Callaghan

September 22, 2020

HARRISON—In conjunction with the hiring of veteran commercial office broker Chris O’Callaghan, RM Friedland announced on Sept. 21 it has formed an office brokerage division. O’Callaghan joins Harrison-based RM Friedland after serving as Managing Director for Jones Lang LaSalle since 2013 where he was responsible for the Westchester County market for the commercial brokerage firm.…

Haverstraw Issues RFEI to Developers For Long-Vacant Waterfront Parcel

September 21, 2020

HAVERSTRAW—The Village of Haverstraw is taking a significant step in developing a long vacant and underutilized downtown waterfront parcel with the issuance of a Request for Expressions of Interest to development firms. The village, which issued the RFEI today, is hoping to find a developer that will embrace its vision of developing a mixed-use project…

New York State’s Jobless Rate Falls to 12.5%

September 18, 2020

ALBANY—The New York State Department of Labor announced on Sept. 17 that the state’s seasonally adjusted unemployment rate decreased from 15.9% to 12.5% in August 2020. In August 2020, the number of unemployed New York State residents decreased by 339,000, while labor force levels decreased by 86,700. In August 2020, the number of private sector…

Westchester Rolls Out Comprehensive COVID Aid Program To Help Suffering Homeowners, Tenants and Landlords

September 18, 2020

WHITE PLAINS—Westchester County has rolled out four distinct housing assistance programs that are being funded by HUD and the CARES Act geared to offering a comprehensive approach in dealing with the economic and social impacts of the COVID-19 pandemic. Westchester County Executive George Latimer announced the “Community Build Back Program” on Sept. 17 that includes…

Yonkers IDA Grants Preliminary Approval For $72-Million Apartment Development

September 18, 2020

YONKERS—The Board of Directors of the Yonkers Industrial Development Agency recently granted preliminary approval of financial incentives for a $72-million multifamily project that will redevelop a blighted and vacant block in the Warburton Ravine Urban Renewal Area. Point & Ravine Apartments, which is a public partnership between developer Conifer Realty LLC and the City of…

Five Questions With National Association of Realtors CEO Bob Goldberg

September 17, 2020

As the real estate industry in the Hudson Valley and the New York City metro region continues to adhere to new practices and safety protocols brought on by the coronavirus pandemic, Realtors’ acceptance and adaption to new technologies have been seen by many observers as critical in preventing the sector’s economic collapse in the spring…

Hudson Valley Home Sales Market in Full Recovery; In Midst of Pandemic, Record Sales Volume Projected

September 16, 2020

WHITE PLAINS—While the third quarter 2020 residential sales numbers will not be released by OneKey MLS until next month, the consensus from Realtor executives is that thanks to the resiliency of real estate professionals throughout the region, the Hudson Valley home sales market is on a torrid pace to perhaps shatter sales records. The pent-up…

Westchester County Business FIRST Grant Program To Provide $10M for Local Businesses, Nonprofits

September 16, 2020

WHITE PLAINS—Westchester County Executive George Latimer announced on Sept. 16 a $10-million funding initiative to support small businesses and nonprofits facing challenges due to COVID-19. The Westchester County Business FIRST: Financial Investments for Recovery and a Sustainable Tomorrow grant program is designed to offer immediate financial relief to organizations in Westchester County that have been…