WASHINGTON—Inventory levels hovering at all-time lows weighed down home sales and fueled faster price appreciation during the first three months of the year, according to the latest quarterly report by the National Association of Realtors released on May 14. The national median existing single-family home price in the first quarter was $245,500, which was up…
Read MoreWASHINGTON—Recently released mortgage finance activity data released by the Mortgage Bankers Association indicate mixed results during the month of April. The Mortgage Bankers Association Builder Applications Survey data for April 2018 released on May 10 showed mortgage applications for new home purchases increased 7.5% compared to April 2017. Compared to March 2018, applications decreased by…
Read MoreTARRYTOWN The demolition of the now retired Tappan Zee Bridge reached a major milestone earlier this month with the lowering of the 532-foot center span onto a barge in the Hudson River. Gov. Andrew Cuomo and other dignitaries watched the span lowering from a boat during a media tour on May 8 of the construction…
Read MoreWHITE PLAINS—Avison Young’s New York Capital Markets Group reports it has arranged a $120.3-million financing package for the acquisition and redevelopment of the Westchester Financial Center, a 571,000-square-foot office complex located at 50 Main St/ and 1-11 Martine Ave. in White Plains. The buyers, a joint venture comprising Ginsburg Development Companies, LLC and Robert Martin…
Read MoreGREENBURGH—After reaching an agreement with the Town of Greenburgh, Westchester County Executive George Latimer announced on May 8th plans for the development of 74 units of affordable senior rental housing at the long vacant and controversial WestHELP site. The WestHELP site, a six-acre parcel located off Knollwood Road adjacent to the campus of Westchester Community…
Read MoreWHITE PLAINS—The Hudson Gateway Association of Realtors RPAC Committee is gearing up for another exciting networking mixer—this time at Haiku Asian Bistro on Mamaroneck Avenue in White Plains on Tuesday, June 5, from 5:30p.m. to 7:30 p.m. The event will feature complimentary appetizers consisting of a modern twist on classic Asian dishes of China, Thailand,…
Read MoreRYE BROOK—Filling a pressing need for comprehensive, in-depth data on Westchester County, The Business Council of Westchester unveiled on May 8th the BCW Data Exchange. The free, user-friendly, online portal will for the first time provide businesses, non-profits and the public with key data about Westchester all in one place. Demographics, data on workforce, housing,…
Read MoreWHITE PLAINS—Realtor Chirag Shah, Principal Broker/Owner of Gateway Realty of Mamaroneck and Lifestyle Westchester, will be honored next month along with the rest of the “Rising Stars” selected by the Business Council of Westchester. The Business Council of Westchester announced its 2018 class of “Rising Stars” on May 3. The winners will be honored on…
Read MoreMIDDLETOWN—A rebuff by the Town Board of Hamptonburgh has Orange County political leaders and economic development officials scrambling to save a mega-warehouse project valued at $100 million. Medline, a health care distribution company based in Middletown, had hoped to build a 1.2-million-square-foot warehouse project in the Town of Hamptonburgh. However, members of the Town Board…
Read MoreTalk about great timing! Newly appointed MTA Metro-North President Catherine Rinaldi will likely be asked what she thinks about a recently released proposal by the Regional Plan Association, pegged at $71.4- billion, to merge the MTA’s Metro-North, Long Island Rail Road and New Jersey Transit rail lines. The merged regional commuter rail network, named the…
Read MoreWHITE PLAINS—A storied building that has been a staple for nearly a century in Downtown White Plains is being put on the market for sale. The YMCA of Central and Northern Westchester has decided to put the White Plains YMCA complex on Mamaroneck Ave. on the market for sale. Officials with the YMCA said that…
Read MoreMAHOPAC—The chief executives of Westchester, Putnam and Rockland counties discussed pressing issues facing their respective counties and the region, such as high taxes, the opioid epidemic, unfunded mandates and infrastructure needs at a session hosted by Pattern for Progress at the Putnam County Golf Course here. The program held on April 23 was moderated by…
Read MoreWASHINGTON—Existing-home sales grew for the second consecutive month in March, but lagging inventory levels and affordability constraints kept sales activity below year ago levels, according to the National Association of Realtors. Total existing-home sales, https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.1% to a seasonally adjusted annual rate…
Read MoreNEW ROCHELLE—Louis Cappelli, the developer of New Roc City and Trump Plaza in New Rochelle, has returned to the City of New Rochelle. Executives of the Cappelli Organization joined with New Rochelle city officials on April 25th for the groundbreaking of The Standard, a new 14-story residential building located on the site of the former…
Read MoreIRVINE, CA—A recently released report on property tax burden in cities and counties nationwide confirmed that New York and counties in the Hudson Valley region are or are among the highest in the nation. Property database curator firm AATOM Data Solutions reported that Westchester and Rockland counties came in at number one and two in…
Read MoreReal Estate In-Depth recently sat down with Laurence P. Gottlieb, president and CEO of the Hudson Valley Economic Development Corporation based in Goshen, to discuss the key strengths of the Hudson Valley region in advance of the “Hudson Valley Visionaries: A Look into the Future of Commercial Real Estate” conference on April 12. The conference…
Read MoreNEW YORK—In its second major real estate event in April, the Hudson Gateway Association of Realtors hosted a panel discussion focused on Westchester County at the 10th annual New York City Real Estate Expo held on April 18 at the New York Hilton Midtown. The afternoon program entitled “Westchester—Opportunity Knocks” was moderated by Westchester County…
Read MoreMIDDLETOWN—The craft brewing industry in the Hudson Valley and New York State for that matter has become a true economic engine. From what was a small niche sector six years ago, New York State and the Hudson Valley have seen exponential growth from this burgeoning sector. In March, Gov. Andrew Cuomo stated the number of…
Read MoreWASHINGTON—The National Association of Realtors is joining its 1.3 million members across the country to commemorate the 50th anniversary of the Fair Housing Act and further advocate for inclusion and diversity in the nation’s communities. NAR is also recognizing April as Fair Housing Month, with education and events for members and state and local Realtor…
Read MorePOUGHKEEPSIE—The recent “Hudson Valley Visionaries: A Look into the Future of Commercial Real Estate” conference covered a gamut of groundbreaking topics and interesting and salient viewpoints from the expert panel. The following are some further comments/issues raised by the real estate “visionaries.” Developer Robert Weisz discussed some interesting trends in terms of tenant requirements, including…
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