Residential

MAG Partners Secures $196-Million Refinancing Loan for Ruby in West Chelsea

July 14, 2023

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…

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2023 NAR Member Profile:
Nearly One-Third of Realtors Say Lack of Inventory Stopped Their Clients from Buying Homes in 2022

July 11, 2023

WASHINGTON—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…

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Storms Battered Sections of Hudson Valley; Caused Extensive Infrastructure Damage

July 11, 2023

HIGHLAND 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…

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NAR: Pending Home Sales in Northeast Soar by Nearly 13% in May

July 6, 2023

WASHINGTON—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,”…

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Regulators: Take Steps to Recognize Warehouse Lenders’ Important Role in Today’s Housing Finance Market

July 5, 2023

This 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…

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Corcoran Baer & McIntosh Grows New Jersey Footprint

June 29, 2023

NYACK—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…

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Realtor.com: Home Prices Post First Annual Decline Since Before 2017

June 29, 2023

SANTA 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…

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OneKey MLS: Regional Home Sales Rose 24% in May

June 26, 2023

FARMINGDALE—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,…

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Five Communities Tabbed for County Economic Development Grants

June 23, 2023

WHITE 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…

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Northeast Home Sales Fell 2%, Median Sales Price Rose 2.5% in April

June 23, 2023

WASHINGTON—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…

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SPOTLIGHT ON: Christina Prostano

June 16, 2023

A 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…

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Westchester County Approves Incentives for White Plains Multifamily Projects

June 15, 2023

WHITE 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…

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Report: U.S. Housing Market Needs More Than 300,000 Affordable Homes for Middle-Income Buyers

June 8, 2023

WASHINGTON—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…

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Realtors Show Strong Commitment to Further DEI at Major Regional Conference

June 7, 2023

SLEEPY 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…

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Area Real Estate Experts Discuss the Future Of NYC’s Public Space, Skylines, Neighborhoods

June 7, 2023

NEW 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…

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Yonkers IDA Provides Nearly $8 Million in Incentives For Four Multifamily Projects Valued at $291 Million

June 7, 2023

YONKERS— 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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