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Lagging Inventory Continues to be a Drag on U.S. Home Sales

April 26, 2018

WASHINGTON—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…

Cappelli Returns to Build Once Again in New Rochelle

April 26, 2018

NEW 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…

Report: Westchester, Rockland Tops In Property Tax Burden Nationwide

April 24, 2018

IRVINE, 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…

A Conversation With: HVEDC President & CEO Laurence P. Gottlieb

April 20, 2018

Real 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…

‘Live, Work, Play' Model is Alive And Well in Westchester County

April 20, 2018

NEW 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…

Craft Brewing Industry’s Growth Continues in Hudson Valley

April 19, 2018

MIDDLETOWN—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…

Realtors Commemorate 50th Anniversary of Fair Housing Act

April 19, 2018

WASHINGTON—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…

Key Takeaways From HV Visionaries Conference

April 19, 2018

POUGHKEEPSIE—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…

Realtors Predict Continued Strong Housing Market, Rising Prices, Buyer Frustration Over Lack of Inventory

April 18, 2018

WHITE PLAINS—The continuing decline in for-sale residential housing inventory in the Hudson Valley has put a crimp in overall sales, but has also placed upward pressure on home values. Realtors interviewed by Real Estate In-Depth say the current seller’s market is expected to remain static for most of this year, with strong buyer demand and…

Hudson United Approved as Mortgage Banker in New York

April 9, 2018

NANUET—Hudson United Mortgage recently announced that it has been approved as a mortgage banker in New York. The new license will allow Hudson United to operate as a correspondent lender in its own name, control more of the process, and bring on additional investors with niche products. “This is a tremendous achievement and opens an…

Urstadt Biddle Acquires Tanglewood Shopping Center in Yonkers

April 4, 2018

YONKERS—Urstadt Biddle Properties Inc. has acquired the Tanglewood Shopping Center complex on Central Park Avenue here. The Greenwich, CT-based equity REIT acquired the complex from a group of families that were descendants from the original developer of the property, according to James M. Aries, senior vice president, director of acquisitions for Urstadt Biddle. No financial…

‘Elvis’ to Rock the House at ‘Viva Las Vegas’ Event on May 8

April 3, 2018

NEW ROCHELLE—In a few weeks, “Elvis” will grace the stage at Glen Island Harbour Club in New Rochelle when the Hudson Gateway Realtor Foundation presents “Viva Las Vegas,” Tuesday, May 8 from 6 p.m. to 10 p.m. The fundraiser will support charities and non-profit organizations throughout the Hudson Valley and will feature “Elvis” tribute artist…

Latimer Administration, Legislators Reviewing Privatization Deals

March 29, 2018

TARRYTOWN—While not saying that he intends to scrap any of the public-private partnerships between the county and vendors for the management of Rye Playland and Westchester County Airport, Westchester County Executive George Latimer told a business group gathering recently that both deals are being reviewed by his administration. Latimer, in a speech before trades groups…

Passage of Omnibus Spending Bill Critical for Affordable Housing Funding, Flood Reauthorization

March 29, 2018

WASHINGTON—With six months remaining in the 2018 federal fiscal year the National Association of Realtors supported the passage of the $1.3-billion omnibus appropriations bill that was approved by the U.S. House and Senate on March 22, and signed by President Donald Trump, despite some misgivings, the next day. The measure funds the federal government through…

New York City’s Chelsea Market Trades for $2.4 Billion

March 21, 2018

NEW YORK—Goggle Inc., a major tenant at the property, has acquired the Chelsea Market here from Atlanta-based Jamestown for $2.4 billion. Jamestown announced the closing of the transaction for the nearly 1.2 million square-foot complex on Tuesday. The former Nabisco factory occupies a full block bound by Ninth and Tenth avenues between 15th and 16th…

Lack of Inventory Continues to Dog U.S. and New York State Housing Markets

March 21, 2018

WASHINGTON—Chief officials with the National Association of Realtors and the New York State Association of Realtors continue to point to low inventory levels as a continuing headwind for the residential sales market. The National Association of Realtors released home sales statistics for the month of February that showed a 3% sales volume increase nationally, however,…

UBS Settles NY Mortgage Securities Case for $230 Million

March 21, 2018

NEW YORK—New York State Attorney General Eric T. Schneiderman announced today (March 21) a $230-million settlement with UBS in connection with its packaging, marketing and issuance of residential mortgage-backed securities to investors prior to the housing crisis in 2006. The settlement includes $189 million worth of consumer relief for New York homeowners and communities and…

Health Care, Biotech Sectors Are Fueling Economic, Job Growth in Hudson Valley

March 16, 2018

WHITE PLAINS—The health care industry and the burgeoning biotech sector are expected to be growth industries for the Hudson Valley region in the coming years. Despite and perhaps because of the volatility in both sectors, billions of dollars in capital investment have been initiated by health care and biotech concerns throughout the region in the…

Advanced Imaging Technology Unveiled at Good Samaritan

March 16, 2018

SUFFERN—Good Samaritan Hospital, a member of the Westchester Medical Center Health Network, announced recently the launch of a new 3D imaging platform, enabling a major step forward in image-guided therapy. Good Samaritan Hospital is the only hospital in the region with this game-changing equipment, hospital officials stated. “This new platform allows doctors the ability to…

$92M Hospital Transformation Secures Key State Approval

March 16, 2018

KINGSTON—HealthAlliance of the Hudson Valley, a member of the Westchester Medical Center Health Network (WMCHealth), announced on March 8 it had received contingency approval from the New York State Department of Health for a transformative $92-million expansion and enhancement of HealthAlliance Hospital: Mary’s Avenue campus here. The reimagined HealthAlliance Hospital will have a new, four-story…