ALBANY—Gov. Andrew Cuomo announced today that pending the required training of contact tracers over the Memorial Day weekend, the Mid-Hudson regional economy will begin phase one of its economy’s reopening on Tuesday, May 26. The governor in his daily COVID-19 briefing on Saturday said the Mid-Hudson region had met the metric in terms of COVID…
Read MoreNEWBURGH—During a virtual press conference focused on the merits of the Heroes Act passed by Congress recently, U.S. Rep. Sean Patrick Maloney and the county executives of Westchester, Orange and Dutchess counties agreed that the Mid-Hudson region’s economy should be re-opened by New York State soon. The online event on Thursday featured in addition to…
Read MoreWASHINGTON—The Federal Housing Finance Agency (FHFA) announced on May 19 that Fannie Mae and Freddie Mac have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance or buy a new home. Borrowers are eligible to refinance or buy a new home if they…
Read MorePURCHASE—Broadview – Senior Living at Purchase College, currently under development at the Purchase College campus, has reached the halfway point to financing to enable its developer to pencil in the start construction for the 220-resident retirement community for individuals 62 and older next year. Located on a 40-acre grassy and wooded landscape, Broadview will offer…
Read MoreBROOKLYN—To help commercial lenders minimize the future damage that the COVID-19 pandemic will inevitably inflict upon their balance sheets, Eastern Union has launched a Distressed Notes Initiative that will identify investors interested in purchasing lenders' troubled mortgages. The company will leverage its extensive database of investors to help community banks and private debt funds find…
Read MoreGOSHEN—Orange County Executive Steven Neuhaus revealed in his daily COVID-19 Update on Saturday that the governor’s office notified counties in the Mid-Hudson region that the region had not met one of the key metrics for reopening and that the state is “restarting the clock,” which could mean a delay in the region’s economy’s opening by…
Read MoreLOS ANGELES—Most companies included in an analysis by commercial brokerage firm CBRE plan to take a gradual, cautious approach to bringing employees back to their workplaces as governments begin to lift restrictions tied to COVID-19. Roughly half of the 203 company operations that CBRE studied across the globe are implementing touchless technology to enhance cleanliness.…
Read MoreRYE BROOK— A host of business and non-for-profit executives offered their recommendations on how best to restart the Westchester County economy at a virtual Town Hall meeting of the newly formed Business Council of Westchester’s Economic Recovery Task Force. Formed on April 24, the task force is made up of more than 40 high level…
Read MoreALBANY—Local sales tax collections dropped 24.4% in April compared to April 2019, leaving many of New York’s local governments grappling with shortfalls, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Sales tax collections totaled $1.02 billion in April. Plummeting sales tax collections were widespread, leaving counties, cities and some…
Read MoreEarlier this week, New York Gov. Andrew Cuomo in his daily COVID-19 briefings gave a preview of the likely regions that will be allowed to start a phased re-opening of their economies, noting that the Finger Lakes, Southern Tier and Mohawk Valley regions have met all the necessary metrics to allow the process to begin…
Read MoreWASHINGTON—Nearly all of the nation’s metro areas saw price growth and had minimal inventory increases in the first quarter of 2020, according to the latest quarterly report by the National Association of Realtors. The Northeast saw an increase of just under 10% in single-family home prices in the region. Median single-family home prices increased year-over-year…
Read MoreYONKERS—In a ceremony that took place on a location that overlooks the Hudson River and the Palisades at Lenoir Preserve, Westchester County officials on May 6 dedicated a new memorial—the Ribbons of Remembrance—for the more than 1,100 Westchester County residents who have lost their lives to COVID-19. The memorial is a short walk away from…
Read MoreIndianapolis-based Simon Property Group announced on Tuesday that it plans to open its New York State retail properties, including Woodbury Common Premium Outlet in Central Valley and The Westchester in White Plains, on May 16. The planned opening of the two popular retail properties, along with other Simon retail properties on Long Island and upstate,…
Read MoreWASHINGTON—More than three in four Realtors (76%) currently working with sellers this week reported their clients haven’t reduced listing prices to attract buyers, according to a survey released recently by he National Association of Realtors. That’s up from 74% who said the same a week ago. “Nearly 70% of Americans have secure employment and those…
Read MoreRYE BROOK—As New York State prepares to begin reopening its economy in the wake of the COVID-19 pandemic, the newly formed Business Council of Westchester’s Economic Recovery Task Force is forging ahead with developing a comprehensive plan to provide specific recovery measures and recommendations keyed to assisting Westchester’s diverse business and not-for-profit sectors. The Task…
Read MoreMIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…
Read MoreWHITE PLAINS—U.S. Rep. Sean Patrick Maloney (D-NY-18) in a more than 50-minute online session hosted by the Hudson Gateway Association of Realtors recently offered his views on the COVID-19 crisis’ impacts on the real estate industry and how the federal government going forward will be assisting businesses in New York State affected by the pandemic.…
Read MoreWASHINGTON—Pending home sales fell in March as a result of the Coronavirus outbreak, according to the National Association of Realtors. Each of the four major regions saw drops in month-over-month contract activity and year-over-year pending home sales transactions, NAR reported on April 29. The Pending Home Sales Index in the month of March in the…
Read MoreWHITE PLAINS—The Westchester County Office of Economic Development released the results of a survey on April 29 that showed county businesses are highly anxious about their survival and frustrated with the process of applying for COVID-19 financial assistance. The survey respondents also indicated they are looking for county government and local Chambers to be their…
Read MoreALBANY—The New York State Division of the Budget released a report on Saturday that estimates a $13.3-billion shortfall, or 14%, in revenue from the Fiscal Year 2021 Executive Budget Forecast released in January. The report estimates a $61-billion state revenue decline through Fiscal Year 2024 as a direct consequence of the COVID-19 pandemic. The 463-page…
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