Real Estate In-Depth recently interviewed and posed “Five Questions” to New York City Council Member and former New York State Assemblywoman Vanessa L. Gibson, who will be taking office in January 2022 as the new Borough President of the Bronx, succeeding Ruben Diaz Jr. who decided not to run for re-election after serving three terms.…
Read MoreCHICAGO—The National Association of Realtors announced on Nov. 15 the adoption of changes to its guidance for local Multiple Listing Service broker marketplaces that reinforce greater transparency for consumers. The changes ensure disclosure of compensation offered to buyer agents, ensure listings are not excluded from search results based on the amount of compensation offered to…
Read MoreWASHINGTON—Among repeat home buyers and home sellers over the last year, a key factor for moving was the desire to live closer to family and friends, while an equally important motivator was the need for more space or a bigger home. Sellers as a whole were able to benefit in these transactions, typically earning their…
Read MoreNEW YORK—The development team led by ELH Mgmt. LLC; The Kretchmer Companies; Xenolith Partners LLC and JASA, along with HPD; HDC; and NYCHA; celebrated the groundbreaking of a new senior housing development, Casa Celina on Oct. 19. Located on NYCHA’s Justice Sonia Sotomayor campus in the Soundview neighborhood of the Bronx, the 100% affordable project,…
Read MoreNEW YORK—It’s a “tale of two markets” for Bronx rentals. Sweeping regulations, shutdowns, and economic stimulus have had little effect on slowing the upward rent trajectory for New York City apartments, which once again have the nation’s most expensive rent. Meanwhile in the Bronx, where asking rents have reached peak levels with a median ask…
Read MoreWHITE PLAINS—The March of Dimes Greater NY Market held the 34th Annual Real Estate Awards Breakfast on Nov. 4th at the Opus Westchester in White Plains. The event shattered its fundraising goal, raising more than $1 million to support the March of Dimes’ mission to improve the health of moms and babies. Two visionary commercial…
Read MoreNEW YORK—Vector Group Ltd. announced on Nov. 8 that residential brokerage firm Douglas Elliman Inc. plans to file a Form 10 registration statement with the United States Securities and Exchange Commission in connection with its intended spin-off into a standalone, publicly traded company. The planned spinoff and IPO could take place as early as the…
Read MoreSUFFERN—Locally-based Castle Lanterra Properties has acquired two Class A communities totaling 316-units in West Hempstead and Hempstead, NY for $136 million. The transaction was reported by JLL Capital Markets on Nov. 3. JLL marketed the properties on behalf of the seller. Castle Lanterra Properties, which is headquartered in Suffern, acquired the assets. The portfolio consists…
Read MoreNEW YORK—New York Gov. Kathy Hochul announced on Nov. 3 the completion of a $47.9-million supportive and affordable housing complex in the Claremont Village section of the Bronx that will serve individuals experiencing chronic homelessness, including those with a serious mental illness, veterans with disabilities, and the elderly. Supported with $6.5 million through the Homeless…
Read MoreTARRYTOWN—At its 105th Annual Member Appreciation Day, held on Oct. 25 at the Sleepy Hollow Hotel & Conference Center in Tarrytown, the Hudson Gateway Association of Realtors awarded Ron Garafalo, sales manager with John J. Lease Realtors in Middletown, as its “Realtor of the Year” for 2021. David Singer, CEO of Robison Oil in Port…
Read MoreWHITE PLAINS—The Hudson Gateway Realtor Foundation, the charitable arm of the Hudson Gateway Association of Realtors, recently presented a check for $2,500 to Habitat for Humanity of Greater Newburgh. Founded in 1999, Habitat for Humanity of Greater Newburgh is dedicated to providing decent, affordable housing in partnership with families in need. Reaching across religious, cultural,…
Read MoreWHITE PLAINS—Two well-known Westchester planning and engineering firms who provide land use and project design services for many development projects in Westchester County and the New York metro and Hudson Valley regions have joined forces. Divney Tung Schwalbe, a White Plains-based planning, civil engineering and landscape architectural firm, and Provident Design Engineering, a traffic, transportation…
Read MoreWHITE PLAINS—The Hudson Gateway Association of Realtors reported recently that Michael Malone of Mahwah, NJ has been hired as the association’s new Director of Professional Development. Malone will be responsible for overseeing the Hudson Gateway School of Real Estate and its course offerings and events. Malone brings 30 years of experience in education and working…
Read MoreWASHINGTON—The National Association of Realtors has released an analysis of the framework released by the Biden administration yesterday of his now $1.75-billion “Build Back Better” plan that includes historic investment in affordable housing. The framework also features hard-fought NAR-backed priorities like investments in down-payment assistance and also spares real estate investment from the most feared…
Read MoreNEW ROCHELLE—Construction is nearing completion on a major mixed-use project in Downtown New Rochelle—“The Stella.” The first residents of the 27-story tower are expected to take occupancy in January 2022. The $190-million project, which is being developed by L&M Development Partners and Wilder Balter Partners, Inc., is comprised of 380 studio, one-, and two--bedroom apartments.…
Read MoreHARRISON—Crow Holdings, a Dallas-based national real estate investment and development firm, reports that its multifamily development company, Trammell Crow Residential, has partnered with Marcus Partners of Boston to develop Alexan Harrison, a 450-unit luxury multifamily residence in Harrison. The project under the firm’s Alexan brand marks Crow Holdings’ and Marcus Partners’ first New York State…
Read MoreWASHINGTON—Existing-home sales rebounded in September after seeing sales wane the previous month, according to the National Association of Realtors. Each of the four major U.S. regions witnessed increases on a month-over-month basis. From a year-over-year timeframe, one region held steady while the three others each reported a decline in sales. Total existing-home sales, completed transactions…
Read MoreWHITE PLAINS—It may seem like a broken record, but once again home sales in the Hudson Gateway Association of Realtors market area continued to be strong in the third quarter, with most counties posting impressive sales gains over last year. Analysts indicate that both nationally and locally, that tune will likely be playing well into…
Read MoreTUCKAHOE—Valon Nikci, president and principal broker of Link NY Realty of Bronxville, reports it represented the buyer in the $8-million purchase of 269-273 Columbus Ave. in Tuckahoe. The undisclosed buyer is a New York City landlord. The mixed-use property totals 34,888 square feet and features residential, office and retail uses. The new owner plans to…
Read MoreWHITE PLAINS—Emergency financial relief is flowing to county residents who applied for the New York State Emergency Rental Assistance Program (ERAP), which covers rent and utility arrears to Westchester households at risk of eviction due to the COVID-19 pandemic. More than $16 million has been issued directly to landlords and utility companies on behalf of…
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