Residential

New York State’s $2.7 Billion Rental Assistance Program Begins June 1

May 26, 2021

ALBANY—New York Gov. Andrew Cuomo announced on May 25 that the state’s $2.7 billion emergency rental assistance program for struggling New Yorkers impacted by the COVID-19 pandemic will begin on June 1 when applications for funding will first be accepted. He also announced that online applications for $800-millon in small business recovery grants will be…

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HGAR Officials, Members Testify in Favor of Co-Op Disclosure Legislation Before Westchester County Board of Legislators

May 25, 2021

WHITE PLAINS—A host of prominent Westchester County Realtors testified in favor of a long sought-after co-op disclosure bill last night during a virtual public hearing before the Westchester County Board of Legislators. The amendments to current county law would require that co-op boards provide a reason for the denial of an application when the co-op…

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NAR: U.S. Existing-Home Sales Declined 2.7% in April; Northeast Sales Fell Nearly 4%

May 24, 2021

WASHINGTON—Existing-home sales waned in April, marking three straight months of declines, according to the National Association of Realtors. All but one of the four major U.S. regions witnessed month-over-month drops in home sales, but each registered double-digit year-over-year gains for April. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped…

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Middletown Apartment Complex Trades for $19 Million

May 20, 2021

MIDDLETOWN—The 150-unit Crestwood Apartments multifamily property at 92 Fitzgerald Drive here has been sold for $19 million. The deal was reported by Woodbridge, NJ-based brokerage firm The Kislak Company, Inc. which did not identify the purchaser. The Real Deal reported that the buyer of Crestwood Apartments was Chestnut Ridge-based North Point Management. Last July, North…

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NAR: Realtors Cite Lack of Inventory as Top Impediment to Completing Sales Transactions

May 20, 2021

WASHINGTON—Realtors cite a lack of inventory as the leading cause for limiting potential clients from completing a transaction, according to the National Association of Realtors' 2021 Member Profile, an annual report analyzing members' business activity and demographics from the prior year. However, in spite of a global pandemic, its drastic impacts on how business was…

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Urban Land Institute Survey Predicts Strong Rebound for Residential, Hotel and Industrial Markets

May 19, 2021

WASHINGTON—The Urban Land Institute’s (ULI) latest Real Estate Economic Forecast released today predicts that the real estate sector is poised for a rebound, with the single-family housing sector, hotel and industrial returns forecast to strongly increase over the next three years. The report’s conclusions are based on an April-May survey of 42 economists and analysts…

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Orange County, Open Space Institute Look to Expand Rail Trail

May 18, 2021

GOSHEN—Orange County Executive Steven M. Neuhaus announced on Monday that the county and the Open Space Institute are working to build a new 9.8-mile trail that will span from Camp La Guardia in the Town of Chester to the Moodna trestle in Salisbury Mills. The proposed Schunnemunk Rail Trail would be utilized by commuters, cyclists,…

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Westchester Choice Realty Affiliates with Better Homes and Gardens RE

May 18, 2021

HARTSDALE—Madison, NJ-based real estate franchise Better Homes and Gardens Real Estate LLC reports that it has affiliated with locally-based brokerage firm Westchester Choice Realty Inc. The deal, BHGRE officials state fortifies its New York Metropolitan footprint. The newly named Better Homes and Gardens Real Estate Choice Realty has locations in Scarsdale and Hartsdale and serves…

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HG Realtor Foundation Donates More Than $8,000 to Five Local Charities

May 12, 2021

WHITE PLAINS—The Hudson Gateway Realtor Foundation recently donated $8,300 to five local charities in the Hudson Valley. They include: United Hospice of Rockland in New City; Friends of Karen in North Salem, the Community Center of Northern Westchester in Katonah, Green Chimneys in Brewster and Volunteer New York in Tarrytown. Founded in 1978, Friends of…

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Five Reasons to Invest in Portugal’s Real Estate Market

May 12, 2021

3,367 miles is the distance between New York City and Lisbon, Portugal’s capital and biggest city with a population of a little over 500,000 inhabitants. A seven-hour direct flight connects both cities on opposite sides of the Atlantic and is an “open door” to a new way of living. Once known as “Europe’s Best Kept…

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NAR: ‘Sudden Price Appreciation is Impacting Affordability, Especially Among First-Time Buyers’

May 12, 2021

WASHINGTON—Nearly every metro area tracked by the National Association of Realtors —99%— recorded year-over-year price increases in the first quarter of 2021, according to the latest quarterly report released by NAR yesterday. The 11 metro areas with the highest single-family home price increases saw median sales prices ranging from the $100,000s to $600,000s. Those cities…

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NY State Announces Nearly $10M in Funding for 12 Downtown Peekskill Projects

May 12, 2021

ALBANY—New York Gov. Andrew M. Cuomo announced on Tuesday the list of projects in Peekskill that the state will fund as part of its $10-million Downtown Revitalization Initiative award granted to the Northern Westchester County city two years ago. The 12 projects in Peekskill will provide funding that will facilitate mixed-used transit-oriented development, improve pedestrian…

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Greenwich Waterfront Property Trades for Nearly $28 Million

May 10, 2021

GREENWICH, CT—In what the brokerage firm says is the highest waterfront residential sale so far in 2021 in Greenwich, Houlihan Lawrence reports that a more than five-acre complex at 23 Smith Road has sold for $27.75 million. Houlihan Lawrence’s Sally Maloney was the exclusive listing agent for the property on a private road in the…

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Legislature Approves Skoufis-Paulin Bill that Provides Rent Relief to Small Landlords

May 6, 2021

ALBANY—A bill (A07280, S06481) sponsored by State Assemblywoman Amy Paulin (D-Scarsdale) and Senator James Skoufis (D-Newburgh, Garnerville) recently passed the Assembly and Senate that if signed by Gov. Andrew Cuomo will expand access to rental assistance funds for small landlords. The bill will allow property owners whose tenants cannot or will not submit a rental…

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Windward School Puts Former White Plains Campus on Market for Sale

May 5, 2021

WHITE PLAINS—The Windward School, which recently relocated to a larger campus on Mamaroneck Avenue, announced plans to sell its former campus. The property is being marketed without an asking price. The 5.35-acre development site is located at 5 and13 Windward Ave.—a residential dead-end street that backs up to Saxon Woods Park. The campus is currently…

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Governor Signs Extensions of Residential, Commercial Evictions and Foreclosure Moratoriums

May 5, 2021

ALBANY—On May 4, New York Gov. Andrew M. Cuomo signed an extension of the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 and the COVID-19 Emergency Protect Our Small Businesses Act. The legislation (S.6362-A/A.7175-A) extends moratoriums prohibiting residential and commercial evictions, foreclosure proceedings, as well as protections against credit discrimination and negative credit reporting…

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