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News

US Home Sales Increased Year-Over-Year Despite March Sales Decline Due to COVID-19 Impacts

April 22, 2020

WASHINGTON—Existing-home sales fell in March following a February that saw significant nationwide gains, according to the National Association of Realtors. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease. Sales in the Northeast dipped more than 7%, NAR reported. Total existing-home sales, (https://www.nar.realtor/existing-home-sales), completed transactions that…

Multifamily Market Conditions Weakened in First Quarter Due to COVID-19

April 22, 2020

WASHINGTON, DC—The National Multifamily Housing Council reported today that apartment market conditions weakened in the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions for April 2020, as the industry confronts the ongoing COVID-19 pandemic. The Market Tightness (12), Sales Volume (6), Equity Financing (13), and Debt Financing (20) indexes all came in…

NYS Department of Labor Launches New COVID-19 Unemployment Application

April 22, 2020

ALBANY—The New York State Department of Labor reported the launch of a new application on April 20 for New Yorkers to apply for traditional Unemployment Insurance or the new COVID-19 Pandemic Unemployment Assistance. This one-stop-shop for unemployment benefits will connect New Yorkers with the benefits they deserve faster, without requiring them to call the Department…

COVID-19 Update 4/21/2020: State Allows Westchester County to Remove Late Fees for Certain Businesses, Residents

April 21, 2020

WHITE PLAINS—Westchester County Executive George Latimer received permission from Gov. Andrew Cuomo on April 21 to go forward with his plan to remove late fees for certain county residents and business for the late payment of their property taxes per the governor's Executive Order No. 202.22. Latimer said: “I want to thank Gov. Cuomo for…

COVID-19 Update 4/21/2020: Gov. Cuomo Says NY Biz Reopening to Be Done by Region

April 21, 2020

BUFFALO—New York Gov. Andrew Cuomo in this morning’s COVID-19 update briefing here said that the reopening of the state’s economy will be performed by region. He announced that Lt. Gov. Kathleen Hochul will be in charge of studying the Western New York region, including determining how and when the economy will reopen there, while former…

COVID-19 Update for Monday, April 20, 2020

April 20, 2020

Governors Make Appointments to Council Charged with Restoring Northeast Economy NEW YORK—Perhaps the beginning of the end or at the very least the end of the beginning of the COVID-19 pandemic and the restoration of the regional economy are at hand. On Sunday, New York Gov. Andrew M. Cuomo, New Jersey Gov. Phil Murphy, Connecticut…

Planned Parenthood Hudson Peconic to Relocate to Lockwood Medical Campus

April 16, 2020

NEW ROCHELLE—Planned Parenthood Hudson Peconic Inc. has signed a lease to occupy the entire ground level of the Lockwood Medical Campus here. Rand Commercial, the exclusive leasing agent for the 100,000-square-foot Lockwood Medical Campus at 150 Lockwood Ave., reported that Planned Parenthood Hudson Peconic has signed a long-term lease for more than 5,600 square feet…

Zeta Charter School Signs 65,000 SF Lease in the Bronx

April 16, 2020

NEW YORK—Zeta Charter Schools has signed a 65,000-square-foot lease deal for a new elementary school at 1910 Arthur Ave. in the Bronx. Called Zeta Bronx Tremont Park Elementary, the school is scheduled to open in August 2021 for the 2021-2022 academic year and will ultimately serve students in pre-K through fifth grade, according to Transwestern…

Longtime State Assemblyman Richard Brodsky Dies at 73

April 15, 2020

ALBANY—Richard Brodsky, one of the most powerful state legislators for nearly three decades, passed away on April 8 at the age of 73. Initial published reports stated that Brodsky died from complications of the Coronavirus, but a family member told the New York Times that the longtime lawmaker passed away from a heart attack and…

Great Point and National Resources Secure $40M Construction Loan for Yonkers Movie Studio Project

April 9, 2020

YONKERS—Great Point Capital Management and National Resources announced on April 7 they had closed a $40-million loan with CIT to complete the financing of Great Point’s first construction project, a major film and television studio complex at the i.Park Hudson complex in Yonkers. The loan is the last step before construction begins on the production…

International Tech. Firm to Relocate North American HQ to Rye Brook

April 8, 2020

RYE BROOK— SCHOTT Corporation has signed a lease for more than 14,000 square feet of space at Kingsbrook, a recently renovated six building complex located at 1100 King St. in Rye Brook owned by New York City-based George Comfort & Sons, Inc. The international technology company that specializes in the areas of specialty glass and…

DeCicco & Sons to Open at Edge on Hudson Development in 2022

April 8, 2020

SLEEPY HOLLOW—Construction is expected to begin next year on a new DeCicco & Sons market at the Edge on Hudson project being developed at the former General Motors Assembly plant here. The deal marks the first retail property to sign on at the Edge on Hudson development and marks the first grocer to operate in…

Survey Indicates Increased Future Support Of Remote Work Due to COVID-19 Pandemic

April 7, 2020

ARLINGTON, VA—A Gartner, Inc. survey of 317 CFOs and finance leaders on March 30, 2020 revealed that 74% intend to move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19. “This data is an example of the lasting impact the current coronavirus crisis will have on the way companies do…

Anthos Properties Secures Financing for Port Chester Multifamily Buy

April 7, 2020

PORT CHESTER—Anthos Properties of Nanuet has acquired The Castle luxury multifamily development here from institutional investors advised by J.P. Morgan Asset Management for $38.6 million. In connection with the purchase, Anthos Properties secured a $28-million loan with Fannie Mae. The financing was arranged by JLL Capital Markets. Built in 2015, The Castle is a luxury,…

GDC Acquires Stratus on Hudson in Yonkers for Nearly $40M

April 7, 2020

YONKERS—Ginsburg Development Companies has added to its portfolio of multifamily properties in the Greystone section of Yonkers with the recent purchase of the Stratus on Hudson, a 74-unit luxury rental building located at 1077 Warburton Ave. GDC purchased the property in Northwest Yonkers from Stamford, CT developer Randy Salvatore’s RMS Companies who completed the building…

Innovo Property, Square Mile Capital Close $305M Construction Financing for Bronx Logistics Project

April 7, 2020

NEW YORK—- Innovo Property Group and Square Mile Capital Management LLC have obtained construction financing totaling $305 million for their development of a one million square foot two-story Class A logistics and distribution facility at 2505 Bruckner Blvd. in the Bronx. The construction loans were provided by Bank OZK and the structured finance platform of…

HGAR Leadership Expands Role of its 2020 Regional Directors

April 7, 2020

WHITE PLAINS—In an ongoing effort to create stronger member engagement, awareness and communication in a continually growing association, the HGAR leadership is expanding the role of its five regional directors covering Westchester, Putnam, Rockland and Orange counties, as well as Manhattan. “As our membership and our territory increases in size, we think it’s very important…

State Clarifies Position on Property Showings—Can Only be Performed Online

April 3, 2020

ALBANY—Less than 24 hours after the real estate industry was led to believe that in-person real estate showings were permitted by New York State comes a statement from Empire State Development that only virtual/online showings are permissible. On the evening of April 2, an official with Empire State Development Corp. in a clarification of the…

Gov. Orders All Non-Essential Construction Shut Down

April 1, 2020

NEW YORK—Most private construction in New York State, including major development projects in New Rochelle, Yonkers and White Plains, have been temporarily shut down as a means to prevent the spread of the Coronavirus Pandemic. At a press briefing at the Javits Center in New York City on March 27, New York Gov. Andrew Cuomo…

The Louis R. Cappelli Foundation Pledges $200,000 To RXR’s COVID Relief Efforts in New Rochelle

April 1, 2020

NEW ROCHELLE—RXR Realty announced on March 31 that the Louis R. Cappelli Foundation had pledged $200,000 to RXR’s COVID relief efforts in New Rochelle, for a total of $1.2 million to support organizations helping New Rochelle residents impacted by the COVID-19 public health crisis. Funding will go towards programs to address both immediate needs, as…