NEW YORK—New York Gov. Andrew M. Cuomo announced on Oct. 30 the start of construction on 1159 River Ave., a $126-million affordable development that will bring 245 homes to the South Bronx. The 19-story building will offer 148 apartments specifically for individuals and families who have previously been homeless, including those in need of supportive…
Read MoreRYE BROOK—It’s no secret that the COVID-19 pandemic has been a key factor in why many New York City residents are leaving the city and heading to Westchester County and nearby Fairfield County, CT. Brokerage firm Houlihan Lawrence reports that its data suggests that premise to be true and also indicates where in the region…
Read MoreNEW YORK—The Howard Hughes Corp. unveiled a comprehensive $1.4-billion proposal on Oct. 22 in the Lower Manhattan's Seaport area, including the transformation of an underutilized full-block surface parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development that would include some of the area's first new affordable housing in…
Read MoreWHITE PLAINS—Homes sales in the northern suburbs of New York City, with the exception of the Bronx, have emerged strong from the COVID-19 restrictions on real estate showings that were lifted in June and most brokerage firms expect that trend of high sales to continue for the remainder of this year. As Real Estate In-Depth…
Read MoreAs the COVID-19 pandemic continues to impact the Hudson Valley’s real estate market and overall economy, Real Estate In-Depth this month turned to a veteran real estate executive— Martin Ginsburg—who has for 57 years thrived in boom times and survived a number of major real estate downturns and deep recessions for some much needed perspective.…
Read MoreNEW YORK—Commercial real estate finance firm Greystone reports it has arranged the closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for The Summit multifamily rental tower in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251-million construction credit facility provided by…
Read MoreWHITE PLAINS—Recognizing the health, social and safety issues facing New York City at the moment that have led to an exodus by some residents to the suburbs, a panel of New York City and Westchester County real estate brokerage executives expressed confidence that the residential sales market in Manhattan will recover sooner rather than later…
Read MoreALBANY—Gov. Andrew Cuomo in response to significant spikes in new COVID-19 cases in sections of Rockland and Orange counties, Brooklyn, Queens and upstate Broome County, imposed restrictions including school and non-essential business closures, as well as limits on gatherings and dining. The new “Cluster Action Initiative” announced on Oct. 6 classified the Town of Palm…
Read MoreEditor’s Note: The following is the full text version of the 2020 Third Quarter Residential Real Estate Sales Report Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx Counties, New York released on Oct. 5 by OneKey™ Multiple Listing Service LLC. WHITE PLAINS—After experiencing solid first quarter sales, real estate practitioners in the lower Hudson Valley region,…
Read MoreWHITE PLAINS—The Westchester County Industrial Development Agency recently granted preliminary approval of $912,062 in financial incentives for the renovation of two affordable housing developments in Mount Vernon and Tarrytown. The two projects comprise a total of 250 units of affordable housing. The IDA Board gave preliminary approval of $653,672 of financial incentives and $27.5 million…
Read MoreRYE BROOK — Houlihan Lawrence, formally announced on Sept. 30 that its current president, Liz Nunan, has also assumed the role of Chief Executive Officer of the 1,300-agent firm. The residential brokerage firm has also welcomed John Canniffe, who recently served as the head of the Residential Listing Service at REBNY, as Chief Operating Officer.…
Read MoreNEW YORK—At a press conference staged outside the Castle Hill YMCA today, officials with the Hudson Gateway Association of Realtors and the Bronx-Manhattan North Association of Realtors celebrated the official merger of the two organizations. Eliezer Rodriguez, CEO of the former BMNAR, officiated the festivities that included speeches by a host of Bronx dignitaries, HGAR…
Read MoreNANUET—One of the largest residential brokerage firms in the Hudson Valley region has formed a new partnership with Howard Hanna Real Estate Services that significantly expands Howard Hanna Real Estate’s presence in Downstate New York State. The deal was announced today by Marsha Rand, founder and President of Rand Realty, and Helen Hanna Casey, CEO…
Read MoreWASHINGTON—Confirming what many Hudson Valley residential brokers have seen since the COVID-19 restrictions were lifted, the National Association of Realtors reported that the US existing home sales market is very hot. NAR reported that home sales in August were the highest in nearly 14 years (December 2006). Existing-home sales continued to climb in August, marking…
Read MoreHAVERSTRAW—The Village of Haverstraw is taking a significant step in developing a long vacant and underutilized downtown waterfront parcel with the issuance of a Request for Expressions of Interest to development firms. The village, which issued the RFEI today, is hoping to find a developer that will embrace its vision of developing a mixed-use project…
Read MoreWHITE PLAINS—Westchester County has rolled out four distinct housing assistance programs that are being funded by HUD and the CARES Act geared to offering a comprehensive approach in dealing with the economic and social impacts of the COVID-19 pandemic. Westchester County Executive George Latimer announced the “Community Build Back Program” on Sept. 17 that includes…
Read MoreYONKERS—The Board of Directors of the Yonkers Industrial Development Agency recently granted preliminary approval of financial incentives for a $72-million multifamily project that will redevelop a blighted and vacant block in the Warburton Ravine Urban Renewal Area. Point & Ravine Apartments, which is a public partnership between developer Conifer Realty LLC and the City of…
Read MoreWHITE PLAINS—While the third quarter 2020 residential sales numbers will not be released by OneKey MLS until next month, the consensus from Realtor executives is that thanks to the resiliency of real estate professionals throughout the region, the Hudson Valley home sales market is on a torrid pace to perhaps shatter sales records. The pent-up…
Read MoreNEW YORK—Finalizing a deal announced earlier this year, The New York Botanical Garden and Douglaston Development have closed two separate 99-year ground leases at 2856 Webster Ave. and 410 Bedford Park Blvd. in the Bronx that will in a few years feature affordable housing projects totaling more than 400 units. New York City-based Douglaston states…
Read MoreWHITE PLAINS—Westchester Residential Opportunities’ (WRO) online (Facebook) Auction is about to go live! Get a sneak peek at some of the wonderful auction items—bicycles, golf clubs, jewelry, artwork and so much more! Starting bids as low as $10. The auction will go live September 26 – October 3. The highest bidder and the item donator…
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