News

Closed Median Home Sale Price in NY Metro Region Holds Steady in August

September 20, 2022

WEST BABYLON—For August 2022, OneKey MLS reported on Sept. 20 a regional closed median sale price of $621,500, representing a 0.20% increase over the reported $620,000 in July 2022. Between July and August 2022, closed regional sales transactions, including residential, condo, and co-op sales, in the region covering Montauk to Manhattan, north through the Hudson…

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Orange County Leads New York State in Growth of Visitor Spending

September 19, 2022

GOSHEN—Orange County is on top of the tourism market according to a new report that indicates a 63.4% growth in visitor spending in 2021. Surpassing the Hudson Valley and New York State percentage increases as a whole, visitor spending increased 49.5% throughout the Hudson Valley and 53.4% statewide. The international research firm Tourism Economics, an…

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Orange County to host Economic Summit on September 30th

September 19, 2022

MIDDLETOWN—Orange County Executive Steven Neuhaus has announced that the county will be holding its first-ever Economic Summit on Friday, Sept. 30th at SUNY Orange in Middletown. The theme of the 2022 Orange County Economic Summit that will run from 8:30 a.m. to 12:30 p.m. will be “Positive Growth and Infrastructure: Progress Today and Planning Tomorrow.”…

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Rand Commercial’s Adler Honored by Legal Services of the Hudson Valley

September 16, 2022

RYE—The Legal Services of the Hudson Valley held its annual Equal Access to Justice Gala on Sept. 14 that honored New York Gov. Kathy Hochul with the Champion of Justice Award, Paul Adler, Chief Strategy Officer, Rand Commercial, and Jonathan C. Harris, General Counsel and Secretary, MBIA Inc, who each received the Access to Justice…

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EPA: General Electric Co. to Study Lower Hudson River Contamination

September 14, 2022

ALBANY—Under a legal agreement with the U.S. Environmental Protection Agency announced on Sept. 13, General Electric Co. has agreed to investigate the Lower River portion of the Hudson River PCBs Superfund site to determine next steps for addressing contamination. Under the terms of the legal administrative agreement, GE will immediately develop a plan for extensive…

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MBA: Rising Rates Cause Mortgage Applications to Continue to Fall

September 14, 2022

With inflation still high, mortgage application activity fell 1.2% for the week ended Sept. 9 as compared to a week earlier, according to data from the Mortgage Bankers Association. Mortgage activity is expected to continue to be adversely impacted by economic conditions and the likelihood that the Federal Reserve will hike rates by another 0.75%…

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Condo Project at Edge-on-Hudson Property Secures $142M Financing Package

September 8, 2022

SLEEPY HOLLOW—The condominium project called “The Daymark” to be built at the Edge on Hudson property—the site of a former General Motors assembly plant—has secured $142 million in financing. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers that manages capital on behalf of third-party investors, announced on Sept. 7 that it will provide a…

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Mortgage Applications Continue to Decline; Rates Rise to Nearly 6%

September 7, 2022

WASHINGTON—Mortgage applications decreased 0.8% last week from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Sept. 2, 2022, the MBA announced on Sept. 7. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week. The…

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Orange County to Host First Economic Summit on September 30

August 31, 2022

GOSHEN—Orange County Executive Steven Neuhaus has announced that the county will be holding an Economic Summit on Friday, Sept. 30th at SUNY Orange in Middletown. The theme of the 2022 Orange County Economic Summit will be “Positive Growth and Infrastructure: Progress Today and Planning Tomorrow.” The Economic Summit will bring together key stakeholders, including elected…

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Panel to Discuss Future of NY Region’s Commercial Real Estate Market on Sept. 7

August 30, 2022

NEW YORK—With rising interest rates, historic inflation and global economic uncertainty, all eyes are on commercial real estate. What will this mean for demand and value? Will commercial real estate remain a hedge against inflation? What’s next for the New York market? The Fordham Real Estate Institute and The Business Council of Westchester will bring…

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$36 Million Rehab of Affordable Housing Development in White Plains Completed

August 25, 2022

WHITE PLAINS—New York Gov. Kathy Hochul announced on Aug. 18 the completion of a $36-million rehabilitation of Kingsley House, an affordable housing development for seniors in the City of White Plains. The renovations at the Mitchell-Lama complex upgraded apartment at 41 Barker Ave. upgraded amenities and will improve the building's safety, promote energy efficiency, and…

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HGAR CEO Haggerty to be Featured at RISMedia’s CEO and Leadership Exchange in Washington DC

August 25, 2022

WHITE PLAINS—Richard Haggerty, CEO of the Hudson Gateway Association of Realtors, Inc. (HGAR) and President and Chief Strategic Growth Officer of OneKey MLS, has been selected to participate in RISMedia’s prestigious 2022 CEO & Leadership Exchange in Washington, D.C. The renowned educational and networking event—scheduled for Sept. 6-8—brings together the residential real estate industry’s top…

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Two Adjoining Middletown Hotels Sell for $34 Million

August 24, 2022

MIDDLETOWN—The Marriott Courtyard and Hampton Inn hotels on Crystal Run Crossing off Exit 120 of Route 17 in Middletown have been sold for $34 million. Brokerage firm Marcus & Millichap reported that the two properties, which combined total 261 rooms, were sold by a limited liability company to a regionally based buyer. Marcus & Millichap…

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Northeast Pending Home Sales Fell Nearly 2% in July

August 24, 2022

WASHINGTON— Pending home sales declined for the second consecutive month in July, and for the eighth time in the last nine months, according to the National Association of Realtors reported today. Three out of four major regions registered month-over-month decreases, though the West notched a minor gain. Year-over-year, all four regions saw double-digit percentage slides,…

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Five Questions With Marsha Gordon President, CEO Business Council of Westchester

August 18, 2022

RYE BROOK—In 2001, Dr. Marsha Gordon took the reins of The Business Council of Westchester. In those more than 20 years, she has increased the organization’s membership and elevated its reputation as a respected business advocacy organization not only in Westchester, but in the Hudson Valley and throughout the state. With the specter of a…

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U.S. Existing Home Sales Fell Nearly 6% in July; Northeast Sales Down 7.5%

August 18, 2022

WASHINGTON—Existing-home sales fell for the sixth straight month in July, the National Association of Realtors reported on Aug. 18. All four major U.S. regions recorded month-over-month and year-over-year sales declines. A highlight of the report was NAR Chief Economist Lawrence Yun’s assessment of a “housing recession” in several segments of the residential market in the…

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Rockland County Multifamily Portfolio Trades in 1031 Deal for $19.2 Million

August 15, 2022

PEARL RIVER—In a deal recently announced by New Jersey-based brokerage firm The Kislak Company, Inc. a three-property multifamily portfolio in Nanuet and Pearl River in Rockland County has traded for $19.2 million. The portfolio includes Buckingham Gardens with 64 units at 249 North Middletown Road in Nanuet, Henry Street Apartments with 18 units at 31-33…

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