MIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…
Read MoreExecutives with Better Homes and Gardens Rand Realty and affiliate Rand Commercial say that business is continuing during the health crisis caused by the Novel Coronavirus and that the social and economic impacts, while severe, will not cause a crash in the residential or commercial real estate markets in the Hudson Valley. Rand executives appeared…
Read MoreWASHINGTON—Pending home sales fell in March as a result of the Coronavirus outbreak, according to the National Association of Realtors. Each of the four major regions saw drops in month-over-month contract activity and year-over-year pending home sales transactions, NAR reported on April 29. The Pending Home Sales Index in the month of March in the…
Read MoreWHITE PLAINS—The Westchester County Office of Economic Development released the results of a survey on April 29 that showed county businesses are highly anxious about their survival and frustrated with the process of applying for COVID-19 financial assistance. The survey respondents also indicated they are looking for county government and local Chambers to be their…
Read MoreWHITE PLAINS—The current leadership of the Hudson Gateway Association of Realtors recently held a virtual information session on its new initiative for 2020—the Leadership Accelerator Program. As a result of the association’s recently developed Strategic Plan, the goal of this program is identifying and developing new leaders for HGAR’s future. The current leadership of the…
Read MoreALBANY—The New York State Division of the Budget released a report on Saturday that estimates a $13.3-billion shortfall, or 14%, in revenue from the Fiscal Year 2021 Executive Budget Forecast released in January. The report estimates a $61-billion state revenue decline through Fiscal Year 2024 as a direct consequence of the COVID-19 pandemic. The 463-page…
Read MoreALBANY, NY—It appears New York State could allow the reopening of some business operations in the construction and manufacturing sectors in the upstate region beginning as early as after May 15. New York Gov. Andrew Cuomo in his daily COVID-19 update on Sunday April 26 announced the state may begin a phased restart of the…
Read MoreWASHINGTON—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…
Read MoreWASHINGTON, 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…
Read MoreALBANY—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…
Read MoreWHITE 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…
Read MoreBUFFALO—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…
Read MoreGovernors 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…
Read MoreALBANY—While President Donald Trump is pondering whether to restarting some segments of the economy in some areas by May 1, New York Gov. Andrew Cuomo announced today that he will extend the state’s “On Pause” restrictions until May 15. The governor said the extension of the restrictions that include the closure of non-essential businesses, schools,…
Read MoreWHITE PLAINS—The Novel Coronavirus has all but put the Hudson Valley real estate market “on pause” with Realtors forced since March 22 to navigate a myriad of regulations, including virtual showings only, to close residential transactions. A recently released report by OneKey Multiple Listing Service indicated that the market area of the Hudson Gateway Association…
Read MoreWHITE PLAINS—The COVID-19 virus has changed all of our lives. Surgical masks and gloves are now part of our daily attire and “social distancing” has become the norm. Restaurants and bars are just empty shells of their past lives, nightclub floors are devoid of bands, movie theaters are ghost towns and video chatting has replaced…
Read MoreALBANY—In nearly a month of difficult economic news and tragic fatality numbers due to the Novel Coronavirus pandemic, a glimmer of hope has emerged that the state is beginning to consider how and when non-essential businesses could reopen in New York State. On Monday April 13, Gov. Andrew Cuomo announced a regional initiative with six…
Read MoreSLEEPY 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…
Read MorePORT 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,…
Read MoreYONKERS—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…
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