News

Hudson Companies Acquires TOD Site in Port Chester from Ivy Realty

November 9, 2022

PORT CHESTER—The Hudson Companies announced on Nov. 9 that it had closed on the acquisition of a fully-entitled development parcel at 27-45 North Main St. and 28 Adee St. in the Village of Port Chester. Company officials said plans for the site call for a mix of rental housing, retail space, and community facilities. The…

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NAR Report: Share of First-Time Home Buyers Smaller, Older than Ever Before

November 9, 2022

WASHINGTON—When compared to a year ago, the share of first-time home buyers dropped to a record low, while the age of a typical first-time buyer increased to an all-time high, according to a report released on Nov. 3 by the National Association of Realtors. The median distance buyers moved from their previous homes more than…

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Higher Interest Rates, Tighter Lending Regs Battering Region’s Development Markets

November 9, 2022

WHITE PLAINS—A panel of regional commercial developers offered a mixed outlook for the sector with somewhat optimistic forecasts for the medium- and long-term for Westchester County and the surrounding suburban markets, but a much darker view on prospects for the short term. One developer put it simply: “The federal government is undoubtedly trying to shut…

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Galleria at White Plains Redevelopment Taking Shape with New Partners; Portion of Mall Will Close in Early 2023

November 4, 2022

WHITE PLAINS—The long-promised redevelopment plan for The Galleria at White Plains, which was the focal point of the urban renewal of the downtown district in the late 1970s and early 1980s, is taking shape. While details are still sketchy at best, the owner of the 870,000-square-foot, four-level retail property—Pacific Retail Capital Partners and Aareal Bank—announced…

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Construction Nears End on Luxury Apartment Project in New Rochelle

November 2, 2022

NEW ROCHELLE—Building on the leasing success of The Stella luxury high-rise, the development team of LMXD, an affiliate of L+M Development Partners, and WBP Development, have announced the debut of Twenty Five Maple, a boutique mid-rise residential rental apartment building in the heart of downtown New Rochelle. The property, currently under construction, will feature 184…

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Cappelli Cuts Ribbon on 28-Story Tower in New Rochelle

November 2, 2022

NEW ROCHELLE—City of New Rochelle and Westchester County officials joined with the Cappelli Organization recently to celebrate the grand opening of 3THIRTY3, a 28-story tower featuring 285 luxury apartments. Located at 333 Huguenot St. in the heart of downtown New Rochelle, 3THIRTY3 has seen strong demand. Since the start of leasing a few months ago,…

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Long Delayed Project at Shuttered Hospital Site Scheduled to Start Next Year

October 31, 2022

PORT CHESTER—It appears that plans to redevelop the long-shuttered United Hospital property off Route 1 in Port Chester can finally proceed to construction in 2023 after nearly two decades of false starts and community opposition that prevented shovels turning dirt on the venture. Rose Associates and BedRock Real Estate Partners announced they recently secured final…

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Northeast Pending Home Sales Fell 16.2% in September

October 31, 2022

WASHINGTON—Pending home sales fell for the fourth consecutive month in September, the National Association of Realtors reported on Oct. 28. All four major regions recorded month-over-month and year-over-year declines in transactions. The Pending Home Sales Index (PHSI) slumped 10.2% to 79.5 in September. Year-over-year, pending transactions slid by 31.0%. An index of 100 is equal…

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Wall Street Profits Plunge 56% in First Half of 2022

October 26, 2022

ALBANY—Wall Street’s pandemic boom came to an end in 2022, with pretax, first half profits of $13.5 billion, down 56.3% from the $31 billion earned in the same period last year, according to State Comptroller Thomas P. DiNapoli’s annual report on New York City’s securities industry released on Oct. 25. “The last two years of…

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FHFA Eliminates Upfront Fees for First-Time Homebuyers

October 25, 2022

WASHINGTON—The Federal Housing Finance Agency announced on Oct. 24 targeted changes to Fannie Mae’s and Freddie Mac's guarantee fee pricing by eliminating upfront fees for certain borrowers, including first-time homebuyers, and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans. As part of the pricing changes stemming from…

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New Jersey Firm Acquires Rockland County Shopping Center for $30 Million

October 25, 2022

NEW CITY—The KABR Group and joint venture partner BTF have recently completed the $30-million purchase of the 125,110-square-foot New City Shopping Center, located at 78 North Main Street here. The retail site is currently 96% leased that is anchored by a ShopRite grocery store. KABR and BTF report they are planning a comprehensive modernization of…

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National Rent Growth Cools to the Slowest Annual Pace in 16 Months

October 17, 2022

SANTA CLARA, CA— September data confirms a fall cooldown has come to the rental market, as national rent growth dropped to its lowest annual pace (+7.8%) since June 2021, according to the Realtor.com Monthly Rental Report released on Oct. 13. In another sign of more typical seasonal moderation than last year, the U.S. median rental…

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Bronx Real Estate Market Remains Strong Despite Economic Headwinds

October 17, 2022

The Bronx saw record dollar volume and the second most single-family home transactions ever recorded with $1.54 billion spent over 189 transactions. These were slight increases over the second half of 2021 and significant increases year over year. The overall increase in activity is an indication of the upside and opportunities found in the Bronx.…

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