Residential

Construction Begins on $126M Affordable Housing Project in South Bronx

October 30, 2020

NEW YORK—New York Gov. Andrew M. Cuomo announced on Oct. 30 the start of construction on 1159 River Ave., a $126-million affordable development that will bring 245 homes to the South Bronx. The 19-story building will offer 148 apartments specifically for individuals and families who have previously been homeless, including those in need of supportive…

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Howard Hughes Corp. Proposes $1.4 Billion Mixed-Use Project at South Street Seaport

October 26, 2020

NEW YORK—The Howard Hughes Corp. unveiled a comprehensive $1.4-billion proposal on Oct. 22 in the Lower Manhattan's Seaport area, including the transformation of an underutilized full-block surface parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development that would include some of the area's first new affordable housing in…

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Home Sales in Most Local Markets Rebound from Pandemic Lockdowns

October 22, 2020

WHITE PLAINS—Homes sales in the northern suburbs of New York City, with the exception of the Bronx, have emerged strong from the COVID-19 restrictions on real estate showings that were lifted in June and most brokerage firms expect that trend of high sales to continue for the remainder of this year. As Real Estate In-Depth…

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Five Questions With Veteran Developer Martin Ginsburg

October 22, 2020

As the COVID-19 pandemic continues to impact the Hudson Valley’s real estate market and overall economy, Real Estate In-Depth this month turned to a veteran real estate executive— Martin Ginsburg—who has for 57 years thrived in boom times and survived a number of major real estate downturns and deep recessions for some much needed perspective.…

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The Summit High-Rise in Midtown Manhattan Secures $289M Refi Loan

October 13, 2020

NEW YORK—Commercial real estate finance firm Greystone reports it has arranged the closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for The Summit multifamily rental tower in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251-million construction credit facility provided by…

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Broker Says New York City Has ‘Grit and Will Come Back

October 13, 2020

WHITE PLAINS—Recognizing the health, social and safety issues facing New York City at the moment that have led to an exodus by some residents to the suburbs, a panel of New York City and Westchester County real estate brokerage executives expressed confidence that the residential sales market in Manhattan will recover sooner rather than later…

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Governor Imposes New Restrictions on COVID Hot Zones In Rockland, Orange Counties, Brooklyn and Upstate

October 7, 2020

ALBANY—Gov. Andrew Cuomo in response to significant spikes in new COVID-19 cases in sections of Rockland and Orange counties, Brooklyn, Queens and upstate Broome County, imposed restrictions including school and non-essential business closures, as well as limits on gatherings and dining. The new “Cluster Action Initiative” announced on Oct. 6 classified the Town of Palm…

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Hudson Valley Single-Family Home Sales Rise Sharply in Third Quarter

October 6, 2020

Editor’s Note: The following is the full text version of the 2020 Third Quarter Residential Real Estate Sales Report Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx Counties, New York released on Oct. 5 by OneKey™ Multiple Listing Service LLC. WHITE PLAINS—After experiencing solid first quarter sales, real estate practitioners in the lower Hudson Valley region,…

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Westchester IDA Grants Preliminary Approvals For Renovations of Affordable Housing Projects

October 6, 2020

WHITE PLAINS—The Westchester County Industrial Development Agency recently granted preliminary approval of $912,062 in financial incentives for the renovation of two affordable housing developments in Mount Vernon and Tarrytown. The two projects comprise a total of 250 units of affordable housing. The IDA Board gave preliminary approval of $653,672 of financial incentives and $27.5 million…

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Houlihan Lawrence Announces New Executive Leadership Team

September 30, 2020

RYE BROOK — Houlihan Lawrence, formally announced on Sept. 30 that its current president, Liz Nunan, has also assumed the role of Chief Executive Officer of the 1,300-agent firm. The residential brokerage firm has also welcomed John Canniffe, who recently served as the head of the Residential Listing Service at REBNY, as Chief Operating Officer.…

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Hudson Gateway Association of Realtors Officially Concludes Merger Deal with Bronx-Manhattan North Assoc. of Realtors

September 30, 2020

NEW YORK—At a press conference staged outside the Castle Hill YMCA today, officials with the Hudson Gateway Association of Realtors and the Bronx-Manhattan North Association of Realtors celebrated the official merger of the two organizations. Eliezer Rodriguez, CEO of the former BMNAR, officiated the festivities that included speeches by a host of Bronx dignitaries, HGAR…

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Rand Realty Forms Partnership with Howard Hanna Realty

September 30, 2020

NANUET—One of the largest residential brokerage firms in the Hudson Valley region has formed a new partnership with Howard Hanna Real Estate Services that significantly expands Howard Hanna Real Estate’s presence in Downstate New York State. The deal was announced today by Marsha Rand, founder and President of Rand Realty, and Helen Hanna Casey, CEO…

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Existing US Home Sales Reach Highest Point Since December 2006

September 23, 2020

WASHINGTON—Confirming what many Hudson Valley residential brokers have seen since the COVID-19 restrictions were lifted, the National Association of Realtors reported that the US existing home sales market is very hot. NAR reported that home sales in August were the highest in nearly 14 years (December 2006). Existing-home sales continued to climb in August, marking…

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Haverstraw Issues RFEI to Developers For Long-Vacant Waterfront Parcel

September 21, 2020

HAVERSTRAW—The Village of Haverstraw is taking a significant step in developing a long vacant and underutilized downtown waterfront parcel with the issuance of a Request for Expressions of Interest to development firms. The village, which issued the RFEI today, is hoping to find a developer that will embrace its vision of developing a mixed-use project…

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Westchester Rolls Out Comprehensive COVID Aid Program To Help Suffering Homeowners, Tenants and Landlords

September 18, 2020

WHITE PLAINS—Westchester County has rolled out four distinct housing assistance programs that are being funded by HUD and the CARES Act geared to offering a comprehensive approach in dealing with the economic and social impacts of the COVID-19 pandemic. Westchester County Executive George Latimer announced the “Community Build Back Program” on Sept. 17 that includes…

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Yonkers IDA Grants Preliminary Approval For $72-Million Apartment Development

September 18, 2020

YONKERS—The Board of Directors of the Yonkers Industrial Development Agency recently granted preliminary approval of financial incentives for a $72-million multifamily project that will redevelop a blighted and vacant block in the Warburton Ravine Urban Renewal Area. Point & Ravine Apartments, which is a public partnership between developer Conifer Realty LLC and the City of…

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The New York Botanical Garden, Douglaston Ink Two Long-Term Ground Leases for Mixed-Use Affordable Projects in the Bronx

September 14, 2020

NEW YORK—Finalizing a deal announced earlier this year, The New York Botanical Garden and Douglaston Development have closed two separate 99-year ground leases at 2856 Webster Ave. and 410 Bedford Park Blvd. in the Bronx that will in a few years feature affordable housing projects totaling more than 400 units. New York City-based Douglaston states…

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WRO Online Fundraiser to Go Live on Sept. 26

September 10, 2020

WHITE PLAINS—Westchester Residential Opportunities’ (WRO) online (Facebook) Auction is about to go live! Get a sneak peek at some of the wonderful auction items—bicycles, golf clubs, jewelry, artwork and so much more! Starting bids as low as $10. The auction will go live September 26 – October 3. The highest bidder and the item donator…

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