WHITE PLAINS—With a backdrop of rising interest rates, slowing buying demand, high inflation and a turbulent stock market, some industry observers are questioning the strength of the residential sales market and forecasting hard times ahead. With the recent 0.75% increase in the short-term benchmark lending rate by the Federal Reserve to try and tame high…
Read MoreMAHWAH, NJ—The sold-out inaugural Diversity, Equity, and Inclusion (DEI) Summit attracted hundreds of Realtors from across the New York metro region and provided valuable insight into the need for Realtor associations and their members to implement programs and policies that embrace DEI and promote Fair Housing. The two-day DEI Summit was held at the Sheraton…
Read MoreWASHINGTON—U.S. Existing-home sales retreated for the fourth consecutive month in May, the National Association of Realtors announced today (June 21). Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions. The Northeast was the outlier with a 1.5% increase in single-family home sales in May. The…
Read MoreNEW YORK—They’re smart, tech-savvy and in the market for housing, and they’re using social media to see what’s trending and who’s selling. Generation Z—defined as the 72 million people born between 1997 and 2012—are not your typical buyers and that presents challenges and opportunities for Realtors and agents. Real estate experts explored Gen Z’s patterns…
Read MoreSEATTLE—Sales of luxury U.S. homes fell 17.8% year-over-year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent shockwaves through the housing market. By comparison, sales of non-luxury homes fell 5.4%. That's according to an analysis of luxury real estate trends released on June 10 by Redfin.…
Read MoreELMSFORD—The 416-unit The View on Nob Hill Apartments complex here has changed hands. The new ownership is a partnership of New York City-based MC Real Estate Partners, LLC and Tokyo Trust Capital. The off-market transaction conducted on behalf of a large Japanese financial institution was announced on June 9. The seller of the property was…
Read MoreWASHINGTON—The Federal Housing Finance Agency released Fannie Mae's and Freddie Mac's Equitable Housing Finance Plans for 2022-2024 that the agency said are designed to complement initiatives that promote the Enterprises' safety and soundness and foster housing finance markets. The plans, which were released on June 8, are intended to provide equitable access to affordable and…
Read MoreMy administration’s brand-new Office of Buildings and Codes (OBC) has been working tirelessly following the official takeover of the Building Department in the Village of Spring Valley on Feb. 14, 2022, a directive from the New York State Department of State following years of code enforcement issues. Since assuming control, the Rockland County Office of…
Read MoreNEW YORK—On June 7, New York Gov. Kathy Hochul signed legislation (S.4937C/A.6262B) to create more flexible rules for converting underutilized hotel space into permanent housing. Gov. Hochul signed the bills with New York State Senator Brian Kavanagh, New York City Mayor Eric Adams, and housing and labor advocates at an event held at 633 Third…
Read MoreNANUET—Matt Rand, CEO and President of Howard Hanna | Rand Realty, has been recently appointed to the Board of Directors of the Mid-Hudson Regional Economic Development Council. Rand becomes the first real estate professional to sit on Mid-Hudson Regional Economic Development Council (MHREDC) Board. MHREDC is the strategic economic advisory board representing the seven counties…
Read MoreFirst Economic Hub to Be Established in the Bronx NEW YORK – New York City Mayor Eric Adams laid out a plan to use the city’s zoning tools to support small businesses, create affordable housing and promote sustainability—part of his vision for New York to become a more inclusive, equitable “City of Yes.” The plan,…
Read MoreNEW YORK—The U.S. Department of Housing and Urban Development announced on May 27 it had awarded approximately $796 million in funding to 71 public housing authorities (PHAs) in New York to make capital investments in their public housing properties. This funding is part of $3.2 billion in Fiscal Year 2022 Capital Fund Program awards to…
Read MoreWASHINGTON—Pending home sales slipped in April, as contract activity decreased for the sixth consecutive month, the National Association of Realtors reported today. Only the Midwest region saw signings increase month-over-month, while the other three major regions reported declines. Each of the four regions registered a drop in year-over-year contract activity. The Pending Home Sales Index…
Read MoreNEW YORK CITY—The leadership of OneKey® MLS, the premier regional multiple listing service for New York, joined thousands of real estate colleagues on May 19 for The Real Deal’s New York City Showcase and Forum at The Metropolitan Pavilion in Manhattan. The day-long event attracted approximately 2,500 attendees from commercial and residential real estate, development,…
Read MoreWHITE PLAINS—ERA Insite Realty Services, a Top 50 ERA company headquartered in White Plains, is joining in the celebration of the franchise’s 50 years of global residential real estate franchising. The kickoff began at the franchise’s annual international business conference, FUEL 2022, held in Nashville, TN in March, which was attended by several of ERA…
Read MoreYONKERS—The Yonkers Industrial Development Agency announced on May 2 it had granted preliminary approval of a $49.6 million, 10-story mixed-use residential building on Main Street and Riverdale Avenue. The project will feature 76 affordable rental dwelling units and ground floor commercial space. Called St. Clair Residences, the project is located on vacant parcels at 36-38…
Read MoreRYE BROOK—Manhattan-based Cohen Brothers Realty Corporation announced on May 12 it will submit a proposal for what it termed will be a “dramatic redevelopment” of the shuttered Doral Arrowwood Hotel and Conference Center. The plan calls for the construction of a wellness-focused luxury boutique hotel and spa destination featuring multiple restaurants, celebrity-chef dining, extensive indoor…
Read MoreWASHINGTON—The initial reaction from the real estate industry to President Biden’s Housing Supply Action Plan that looks through a variety of measures to increase the affordable housing stock in the United States by preserving and building hundreds of thousands of units and closing the housing supply gap in the country within the next five years…
Read MoreCARMEL—Coldwell Banker Village Green Realty has acquired Coldwell Banker Fowkes Realty in Carmel. Thirteen new agents come under the CBVGR banner, with more than 40 years of expertise in Putnam, Westchester and southern Dutchess counties and northwestern Connecticut, company officials stated. “I am thrilled that Leonore Garvey and the team at Coldwell Banker Fowkes Realty…
Read MoreWHITE PLAINS — HGAR leadership and members of the HGAR Global Business Council welcomed, Olena Haidamakha, Board of Director of the Ukrainian Realtors Association, to the HGAR headquarters in White Plains on May 9 for a meeting and signing of a Memorandum of Understanding between the two associations. Haidamakha traveled to New York State following…
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