Residential

The Transformation of the ‘Platinum Mile’ Continues With $400M Project at Former Renaissance Hotel Site

October 3, 2022

HARRISON—The continued adaptive reuse and redevelopment of office properties along the Platinum Mile and particularly in a section in Harrison called the “Teardrop Neighborhood” continues. In recent years, at the former Platinum Mile suburban office corridor in Harrison and White Plains along I-287, developers have torn down or rebuilt underutilized office properties for multifamily and…

Real Estate, Finance Experts Predict Impacts of Rate Hikes and Return-to-Work on NYC Housing Market

September 28, 2022

WHITE PLAINS—The Hudson Gateway Association of Realtors, Inc. and OneKey MLS recently hosted a virtual panel discussion where financial and real estate experts explored the impacts of rising interest rates and return-to-work orders on the New York City housing market in the fourth quarter of 2022. Panelists agreed home buyers may want to move sooner…

Yonkers IDA Takes Actions on Projects Valued at More Than $182 Million

September 28, 2022

YONKERS—The Yonkers Industrial Development Agency reported that it recently voted to grant preliminary and final approvals of financial incentives for new residential and commercial projects representing a total private investment of $182.2 million, The developments are projected to create more than 600 construction jobs and over 300 apartments including affordable housing for low-income seniors. “These…

NAR: Pending U.S. Home Sales Fall for Third Straight Month in August

September 28, 2022

WASHINGTON—Pending home sales sagged for the third straight month in August, the National Association of Realtors reported today. Three out of four major regions experienced month-over-month decreases in transactions, however, the West saw a modest gain. Year-over-year, all four regions posted double-digit declines. The national Pending Home Sales Index (PHSI) fell 2.0% to 88.4 in…

Five Questions With: Orange County Executive Steven M. Neuhaus

September 22, 2022

GOSHEN—Now in his third term of office, Orange County Executive Steven M. Neuhaus is looking beyond the COVID-19 pandemic to the future of Orange County. Neuhaus, at a recent meeting of the Alliance for Balanced Growth, did not hold back and offered his frank assessment of the economy and what he believes is the proper…

Report of the HGAR Nominating Committee to be presented at the HGAR Annual Meeting October 24, 2022

September 22, 2022

The 2022 Annual Meeting of the Hudson Gateway Association of REALTORS®, Inc. will take place on October 24, 2022, at 3:30 PM at the Sleepy Hollow Hotel and Conference Center (formally the DoubleTree Hotel) located at 455 S Broadway, Tarrytown, New York, 10591. Due to the ongoing COVID-19 pandemic, Hudson Gateway Association of REALTORS®, at…

NAR: U.S. Existing-Home Sales Slipped 0.4% in August; Northeast Home Sales Grew 1.6%

September 21, 2022

WASHINGTON—Existing-U.S. home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to a report released today by the National Association of Realtors. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop. On a year-over-year basis,…

Closed Median Home Sale Price in NY Metro Region Holds Steady in August

September 20, 2022

WEST BABYLON—For August 2022, OneKey MLS reported on Sept. 20 a regional closed median sale price of $621,500, representing a 0.20% increase over the reported $620,000 in July 2022. Between July and August 2022, closed regional sales transactions, including residential, condo, and co-op sales, in the region covering Montauk to Manhattan, north through the Hudson…

HGAR Travels to Nation’s Capital for Major RE Conference

September 19, 2022

WASHINGTON—I had the privilege of attending earlier this month RISMedia’s 34th Annual CEO & Leadership Exchange 2022 at the iconic Mayflower Hotel in Washington D.C. It was a top-notch high-energy event. Talks and panels shared everything from game planning in a shifting market, changing consumer expectations and adapting to new and efficient strategies. The real…

Area Mayors Discuss Affordable Housing, Commercial Development, Community Safety

September 16, 2022

WHITE PLAINS—Affordable housing, commercial development, energy resources and community safety were among the issues discussed recently at a live “Meet the Mayors” panel held by the Women’s Council of Realtors on Sept. 12 at HGAR’s headquarters in White Plains. Moderated by Leah Caro, Co-Chair of HGAR’s Legislative Committee, the panel included the mayors of White…

EPA: General Electric Co. to Study Lower Hudson River Contamination

September 14, 2022

ALBANY—Under a legal agreement with the U.S. Environmental Protection Agency announced on Sept. 13, General Electric Co. has agreed to investigate the Lower River portion of the Hudson River PCBs Superfund site to determine next steps for addressing contamination. Under the terms of the legal administrative agreement, GE will immediately develop a plan for extensive…

Experts Predict Recession Likely in 2023 as Fed Continues to Battle Inflation

September 14, 2022

NEW YORK—A consensus of real estate and finance experts predicted that a recession is likely in 2023 as the Federal Reserve will continue to hike rates this year to battle rising inflation. The experts were part of a virtual panel discussion held on Sept. 7 hosted by Fordham University’s Real Estate Institute and The Business…

Condo Project at Edge-on-Hudson Property Secures $142M Financing Package

September 8, 2022

SLEEPY HOLLOW—The condominium project called “The Daymark” to be built at the Edge on Hudson property—the site of a former General Motors assembly plant—has secured $142 million in financing. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers that manages capital on behalf of third-party investors, announced on Sept. 7 that it will provide a…

Mortgage Applications Continue to Decline; Rates Rise to Nearly 6%

September 7, 2022

WASHINGTON—Mortgage applications decreased 0.8% last week from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Sept. 2, 2022, the MBA announced on Sept. 7. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week. The…

HUD Increases New York Fair Rent Subsidies By Up to 14%; Smaller Increases in NY Metro

September 7, 2022

WASHINGTON—The U.S. Department of Housing and Urban Development announced on Sept. 7 it had published Fair Market Rents (FMRs) for Fiscal Year 2023. FMRs, published annually, are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40% of the rental housing units in an area. Nationally, FMRs…

The DSF Group Sells New Rochelle Rental Tower for $200 Million

August 31, 2022

NEW ROCHELLE—An affiliate of Boston-based The DSF Group, which has been a very active player in the Westchester County multifamily sector, has sold Halstead Station, a 24-story, 408-unit, luxury tower adjacent to the New Rochelle Metro North train station, for $200 million. The deal was announced by brokerage firm JLL, which represented The DSF Group…

NY State Reaches Settlements with Three LI Brokerages Over Discriminatory Practices, Fair Housing Violations

August 31, 2022

ALBANY—New York State Gov. Kathy Hochul and Attorney General Letitia James announced on Aug. 30 the state had reached settlements with three Long Island real estate brokerage firms found to have engaged in discriminatory practices and Fair Housing Law violations first uncovered in an investigation by Newsday in late 2019. Following the Newsday report, the…

$36 Million Rehab of Affordable Housing Development in White Plains Completed

August 25, 2022

WHITE PLAINS—New York Gov. Kathy Hochul announced on Aug. 18 the completion of a $36-million rehabilitation of Kingsley House, an affordable housing development for seniors in the City of White Plains. The renovations at the Mitchell-Lama complex upgraded apartment at 41 Barker Ave. upgraded amenities and will improve the building's safety, promote energy efficiency, and…

HGAR CEO Haggerty to be Featured at RISMedia’s CEO and Leadership Exchange in Washington DC

August 25, 2022

WHITE PLAINS—Richard Haggerty, CEO of the Hudson Gateway Association of Realtors, Inc. (HGAR) and President and Chief Strategic Growth Officer of OneKey MLS, has been selected to participate in RISMedia’s prestigious 2022 CEO & Leadership Exchange in Washington, D.C. The renowned educational and networking event—scheduled for Sept. 6-8—brings together the residential real estate industry’s top…

Northeast Pending Home Sales Fell Nearly 2% in July

August 24, 2022

WASHINGTON— Pending home sales declined for the second consecutive month in July, and for the eighth time in the last nine months, according to the National Association of Realtors reported today. Three out of four major regions registered month-over-month decreases, though the West notched a minor gain. Year-over-year, all four regions saw double-digit percentage slides,…