NEW YORK—MAG Partners announced on July 13 that it had secured a $196-million loan from funds managed by Elliott Investment Management L.P., in joint venture with an investment platform formed by Adi Chugh, to refinance Ruby, a luxury rental building in West Chelsea that began leasing in late March. The 480-unit luxury residential building, designed…
Read MoreWASHINGTON—Amid a significant shortage of housing supply in 2022, 32% of Realtors named a lack of inventory as the most important factor limiting potential clients from making a purchase, according to the National Association of Realtors’ 2023 Member Profile released on July 11. This annual report analyzes members’ business activity and demographics from the prior…
Read MoreAt the end of the second quarter of 2023, member firms of the Hudson Gateway Association of Realtors (HGAR) were reporting that buying demand remained high, however, buyer confidence had been shaken by the banking crisis, high interest rates, inflation and a predicted economic downturn or recession. The results of the second quarter clearly show…
Read MoreHIGHLAND FALLS—The storm damage from the torrential rains that hit the Hudson Valley on Sunday is considerable. At a press conference on Monday, Orange County Executive Steve Neuhaus said the damage in the Highland Falls/West Point area alone is in the “tens of millions of dollars.” Gov. Kathy Hochul, Neuhaus and other state, county and…
Read MoreWASHINGTON—Pending home sales shrunk 2.7% in May from the previous month, the National Association of Realtors reported recently. Three U.S. regions posted monthly losses, while sales in the Northeast surged. All four regions saw year-over-year declines in transactions. “Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,”…
Read MoreThis is a difficult time for the housing industry, and those challenges extend to all corners—not only mortgage lenders but also the warehouse lenders, vendors, title companies, and real estate agents that support the housing and mortgage finance ecosystem. Over the past 24 months, there has been a sharp pivot from historically high origination volume—spurred…
Read MoreNEW YORK—The New York City Economic Development Corporation, the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation, in partnership with the development team Gilbane Development Company, Hudson Companies, and MHANY Management Inc. announced on June 29 the closing on $297 million in financing for the second…
Read MoreNYACK—Corcoran Baer & McIntosh, a franchisee of Corcoran Group LLC, which has operations in Orange and Rockland counties in New York State and sections of New Jersey, reported on June 28 its acquisition of Ocean Pointe Realtors, located in Sea Girt, NJ. The addition of Ocean Pointe Realtors’ agents and prime Sea Girt office space…
Read MoreWHITE PLAINS—The Hudson Gateway Realtor Foundation (HGRF), the charitable arm of the Hudson Gateway Association of Realtors, donated $26,000 to 11 Hudson Valley charities during the first half of 2023. “It is extremely rewarding to present these checks to agencies that do so much to support our communities throughout the footprint of the Hudson Gateway…
Read MoreSANTA CLARA, CA—The U.S. median home listing price slipped -0.9% annually in June, posting the first yearly decline since 2017—the start of Realtor.com's trends data—according to its June Monthly Housing Trends Report released on June 29. At the same time, while home shoppers had more homes to choose from this month, improvement stalled as the…
Read MoreFARMINGDALE—OneKey MLS reported today that the median sale price in its coverage area in the New York metropolitan region rose 2.60% between April 2023 and May 2023. The regional closed median sale price in May was $590,000 as compared to the $575,000 reported in April 2023. OneKey MLS market area spans from Montauk to Manhattan,…
Read MoreWHITE PLAINS—Westchester County officials announced on June 22 that five Westchester municipalities—Bedford, Dobbs Ferry, Mount Kisco, Pelham and Port Chester—were the inaugural winners of the county’s Downtown Improvement Grants. Westchester County, along with the downtown experts from JGSC Group, created the unique Downtown Improvement Grant (DIG) Pilot Program to provide select municipalities with economic development…
Read MoreWASHINGTON—Existing-home sales marginally increased in May, according to the National Association of Realtors. Sales were mixed among the four major U.S. regions, with the South and West posting improvements and the Northeast and Midwest experiencing home sales pullbacks. All four regions experienced year-over-year sales declines. Existing-home sales in the Northeast declined 2.0% from April to…
Read MoreWHITE PLAINS—A new era is dawning at the Hudson Gateway Association of Realtors as the search for a new Chief Executive Officer has come to an end. The Hudson Gateway Association of Realtors announced on June 20 that veteran visionary association executive Lynda Fernandez, CAE, RCE, CIPS has been named HGAR’s new Chief Executive Officer.…
Read MoreA Modern-Day International Gypsy Christina Prostano, an Associate Broker with Compass in Manhattan, has been in the real estate business for almost 20 years, but traveled quite an eclectic career path to get there. A sort of modern-day international gypsy, Prostano has enjoyed stints as a wedding band singer, an indie rock band performer, a…
Read MoreWHITE PLAINS— The Westchester County Industrial Development Agency announced on June 14 that it recently issued final and preliminary approvals of financial incentives for two residential developments in White Plains—Armory Plaza and Modera White Plains. The two projects represent a total private investment of $121.5 million and will create a total of 241 rental units…
Read MoreWASHINGTON—The U.S. housing market is short more than 300,000 affordable homes for middle-income buyers, according to a new analysis released today by the National Association of Realtors and Realtor.com. The country's persistent housing inventory crunch impacts middle-income buyers more than any other income bracket. NAR and Realtor.com's housing affordability and supply report examines the number…
Read MoreSLEEPY HOLLOW—Organizers of the second annual Diversity, Equity, & Inclusion Summit were in agreement that this year’s event, held on June 5 and 6 at the Sleepy Hollow Hotel & Conference Center here, featured a wide-ranged offering of programs and discussions geared at providing insights for real estate brokers, agents, as well as association boards…
Read MoreNEW YORK—The Hudson Gateway Association of Realtors, Inc., OneKey MLS and TitleVest hosted a virtual panel recently featuring real estate industry leaders who discussed New York’s ever-evolving public space streetscapes, skylines and neighborhoods. Joined by top voices from Compass, the panel explored some of New York’s major neighborhood changes—past, present and future—spurred by at times…
Read MoreYONKERS— The Yonkers Industrial Development Agency announced recently it had voted to grant final approvals of financial incentives for four multifamily residential developments—Bridgewater North, Miroza Tower, 345 McLean Ave. and 83-95 Vineyard Ave. The four projects represent a total of $291 million in private investment and will create a total of 612 new residential units…
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