NEW YORK—First quarter office leasing in Lower Manhattan was up from the previous quarter's record low but still more than 60% below the five-year quarterly average, according to the Alliance for Downtown New York's Lower Manhattan Real Estate Market Report, Q1 2021 released today. The report noted that while the commercial real estate market lags,…
Read MoreNEW YORK—New York City Mayor Bill de Blasio said on an appearance this morning on the MSNBC Program Morning Joe that New York City will “fully reopen” by July 1. The mayor said that at that time there would be no restrictions on restaurants and other businesses. Please check back for further updates on this…
Read MoreALBANY—Hundreds of Realtors from across the state, including approximately 100 Hudson Gateway Association of Realtors members, met virtually with state lawmakers earlier today to discuss key issues facing the real estate industry and consumers. After NYSAR cancelled last year’s Lobby Day program due to the COVID-19 pandemic, the program was held virtually via Zoom. NYSAR’s…
Read MoreWASHINGTON—Existing-home sales fell in March, marking two consecutive months of declines, according to the National Association of Realtors. The month of March saw record-high home prices and gains. While each of the four major U.S. regions experienced month-over-month drops, all four areas posted year-over-year gains in home sales. The median existing-home sales price in March…
Read MoreNEW YORK—Top real estate professionals joined social media strategists to talk tech and give a download on the latest trends industry professionals can use to manage transactions, attract clients and close deals at a virtual panel on April 15 hosted by the Hudson Gateway Association of Realtors, Inc. (HGAR) and OneKey MLS. Hundreds of industry…
Read MorePEARL RIVER—Webster Financial Corporation and Sterling Bancorp jointly announced today (April 19) that their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger deal that put the market value of the company at approximately $10.3 billion. Under the terms of the agreement,…
Read MoreTARRYTOWN—Wilder Balter Partners Inc. of Chappaqua has acquired the iconic YMCA building in Tarrytown for $6.45 million and plans to redevelop the property into affordable housing project. The development firm plans to convert the four-story brick building at 62 Main St. into 109 units of affordable housing. The project will also feature additional parking for…
Read MoreWHITE PLAINS—The first quarter of 2021 was “one for the books” for the suburban New York City residential market. In the era of COVID-19, residential sales in the Hudson Gateway Association of Realtors’ market area plummeted early on and slowly increased as restrictions were lifted. In the first quarter of 2021, sales skyrocketed to new…
Read MoreWASHINGTON—A newly released survey from the National Association of Realtors reveals that home staging continues to be a significant part of the home buying and selling process. The biennial report, the "2021 Profile of Home Staging" released on April 6, examines the elements of home staging, including the perspectives of both buyers' and sellers' agents,…
Read MoreThe cities of Peekskill in Westchester County and Newburgh in Orange County may be smaller than other major cities in the Hudson Valley, but both have some big development plans in the works. Peekskill, which has seen major changes over the past 10 years, is gearing up to add five new affordable and market rate…
Read MoreALBANY—New York State Supreme Court Judge Susan Kushner issued a ruling that is being viewed as a major victory for the real estate industry, terming Department of State guidance that banned New York State apartment tenants from paying broker fees “an error of law.” The ruling, first reported by The Real Deal, was handed down…
Read MoreWHITE PLAINS—Officials with OneKey MLS and the Hudson Gateway Association of Realtors described first quarter 2021 residential sales in Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx counties as “staggering” and “unprecedented” with sales in certain markets as much as 62% higher than a year earlier. Editor’s Note: The following is the full text of the…
Read MoreNEW YORK—The Hudson Gateway Association of Realtors, Inc. and OneKey MLS, the New York metro area’s first regional multiple listing service, reported on April 6 that a slate of new members has joined OneKey MLS in order to take advantage of the MLS’s reach and the rich data available to service their clients from Montauk…
Read MoreWASHINGTON—Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association's latest monthly CREF Loan Performance Survey. “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their…
Read MoreWASHINGTON—Three in five residential (62%) and commercial (59%) Realtors selected a real estate career path on their own and a majority of them say self-motivation and good people and problem-solving skills are the most important traits for success, according to a new survey from the National Association of Realtors released on March 30. “NAR's Career…
Read MoreWHITE PLAINS—The Hudson Gateway Association of Realtors has announced it is launching its “Fair Housing Challenge” initiative in observance of the U.S. Housing and Urban Development’s “National Fair Housing Month” for April. HGAR’s “Fair Housing Challenge” has been distributed to its 13,000 Realtor members stretching from Manhattan to Orange County, and consists of three segments—a…
Read MoreNEWBURGH—The City of Newburgh is seeking development proposals for three city-owned properties located in the heart of the Newburgh’s East End Historic District. The city announced on March 17 that the first proposal calls for the rehabilitation of 120 Grand St., formerly known as the “City Club” building. A second proposal seeks the restoration of…
Read MoreWHITE PLAINS—The New York State Homes and Community Renewal, MDG Design + Construction LLC, Smith & Henzy Advisory Group, Inc., and partners announced on March 29 the start of a $35.8-million rehabilitation of Kingsley House, a 164-unit affordable, Mitchell-Lama housing development for seniors in White Plains. The project will preserve affordability for residents while modernizing…
Read MoreWHITE PLAINS—New York federal representatives and Westchester County Executive George Latimer staged a press conference on March 25th at the home of a White Plains resident to push for the repeal of the controversial SALT (State and Local Tax) deduction cap. U.S. Rep. Mondaire Jones (NY-17), U.S. Rep. Tom Suozzi (NY-03), U.S. Rep. Jamaal Bowman…
Read MoreWHITE PLAINS—A bill that would amend existing county law relating to the sale of cooperative housing to now require cooperative boards of directors to disclose the reason for denial of a prospective purchaser was officially introduced for consideration by the Westchester County Board of Legislators on Monday, March 22. The pending bill, which now goes…
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