Residential

Affordable Housing Projects Planned Near The Botanical Garden in the Bronx

February 12, 2020

NEW YORK—After being selected as the winning developer from a Request for Proposals issued by The New York Botanical Garden in the Bronx, Douglaston Development of New York City reports it will begin construction this year on a two-phased mixed-use project a block from the facility’s 250-acre grounds. Douglaston is entering into a 99-year lease…

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GUEST VIEWPOINT: State Law Amended in Foreclosure Proceedings

February 12, 2020

Section 1302 of the New York State Real Property Actions and Proceedings Law (RPAPL) has been recently amended to include a new sub-section 1302-A. The result of the revised law is to prohibit a defendant from waiving the defense that the plaintiff lacks standing to bring the foreclosure action. This prohibition extends even after the…

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NY Senate Passes Two Property Tax Exemption Study Bills

February 12, 2020

ALBANY– Two bills sponsored by New York State Sen. Pete Harckham (D, WF-40th District) that will study the use of tax exemptions and the burdens they cause to municipalities and taxpayers were passed on Feb. 11 by the State Senate. Both bills now await passage by the State Assembly and approval from Gov. Andrew M.…

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HGAR Re-Launches Young Professionals Network Group for 2020

February 11, 2020

TARRYTOWN—The Hudson Gateway Association of Realtors has re-launched its Young Professionals Network group for 2020, following a two-year hiatus. YPN, which was originally established by the National Association of Realtors in 2006, is tasked with helping the younger generation of Realtors build a stronger link with the real estate industry and expand networking and business…

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Mill Creek Acquires Blessed Sacrament School Site

February 10, 2020

NEW ROCHELLE—Mill Creek Residential of Boca Raton, FL has acquired a little more than two acres of land that housed the former Blessed Sacrament elementary school and will develop a new eight-story 334-unit multifamily project at the site. The sale of the property was reported by commercial brokerage firm CBRE on Feb. 5, which represented…

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NYSAR Urges Realtors Take Action Against DOS Guidance Barring Certain Commissions

February 10, 2020

ALBANY—The New York real estate industry, particularly downstate, is reeling from guidance recently released by the Department of State that now among other changes regarding regulations on landlords and agents, prohibits a landlord’s agent from collecting a broker/fee commission from a tenant in residential rental transactions. The guidance, part of a sweeping update released by…

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OneKey MLS Leaders Tout Merits of New NYC Regional MLS

February 5, 2020

NEW YORK—With the official launch of the OneKey MLS set for early spring, OneKey MLS executives took to the airwaves on Feb. 4 to promote the merits of the groundbreaking new regional multiple listing service that currently boasts more than 42,000 subscribers across the New York metropolitan area. Richard Haggerty, president and chief strategic growth…

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New Rochelle Transitional Housing Project Secures $9 Million in Freddie Mac Funding

February 5, 2020

NEW ROCHELLE—A former student housing development redeveloped into a transitional supportive housing community has secured refinancing funding in the form of a $9-million Freddie Mac Optigo Targeted Affordable Housing loan. The refinancing deal for 21 Fountain Place was announced on Jan. 29 by CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation, Palladium…

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Coldwell Banker Forms Lower Hudson Valley Regional Office

January 29, 2020

YORKTOWN HEIGHTS—In what agents for the brokerage firm reportedly described as a “win-win,” select Coldwell Banker Residential Brokerage real estate offices serving Westchester, Putnam, Rockland, Orange and Dutchess counties will be merged and will be now known as the “Lower Hudson Valley Regional Office.” The company announced on Jan. 27 that signage and marketing collateral…

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Gail Fattizzi Takes Over as 2020 HGAR President

January 22, 2020

SOUTH SALEM—Veteran real estate broker and executive Gail Fattizzi was installed as the 2020 president of the Hudson Gateway Association of Realtors on Jan. 16 at a gala dinner event held at Le Chateau here. Fattizzi, who has served for 24 years as the executive director of the independent real estate brokerage network Westchester Real…

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New North Yonkers Luxury Apartment Building Opens

January 22, 2020

YONKERS—Stratus on Hudson, a new 74-unit luxury mid-rise apartment building, is now open in North Yonkers at 1077 Warburton Ave. Developed by RMS Companies, which is based in Stamford, CT, Stratus on Hudson sits atop a cliffside location just north of the Yonkers waterfront and adjacent to the Greystone Metro North train station. The building’s…

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CPC and L+M Close On $33 Million to Refi, Preserve 386 Units of Affordable Housing in the Hudson Valley

January 16, 2020

NEW YORK—The Community Preservation Corporation and L+M Development Partners recently announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in the Hudson Valley. Two of the properties are located in Rockland County and one in Dutchess County. The properties…

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HGMLS: Home Sales in Hudson Valley Remained Strong in 2019

January 9, 2020

WHITE PLAINS—Sales of residential real estate in the lower Hudson Valley remained strong in 2019, according to the recently released “2019 Annual And 4th Quarter Residential Real Estate Sales Report—Westchester, Putnam, Rockland, Orange and Sullivan Counties, New York” by the Hudson Gateway Multiple Listing Service, Inc. Overall residential sales, which include condominium, co-op and two…

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State to Preserve 4,000 Acres of Parkland in Hudson Valley

January 6, 2020

ALBANY—Gov. Andrew Cuomo announced on Jan. 5 as part of his State of the State message to be presented on Jan. 8, the state intends to preserve 4,000 acres of open space in the Mid-Hudson Valley. The latest open space acquisitions will expand a host of state parks, add new trails and viewpoints, as well…

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Bronx Park Mitchell-Lama Portfolio Trades for $166 Million

January 3, 2020

NEW YORK—A portfolio of eight Mitchell-Lama apartment buildings in the Bronx totaling 1,275 units has changed hands in a deal valued at $166 million. A partnership of LIHC Investment Group, Belveron Partners and Camber Property Group announced the acquisition on Jan. 3 of the Bronx Park portfolio from Cammeby’s International Group. The deal includes the…

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NAR: U.S. Pending Home Sales Expanded 1.2% in November

January 2, 2020

WASHINGTON—Pending home sales increased in November, rebounding from the prior month’s decline, according to the National Association of Realtors. The West region reported the highest growth in November, while the other three major U.S. regions saw only marginal variances in month-over-month contract activity. Pending home sales were up nationally and up in all regions compared…

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