SADDLE BROOK, NJ—New York City-based Spaxel LLC, a multifamily developer and operator, has acquired two multifamily portfolios totaling 24 properties in Northern New Jersey for $92.5 million. The deal totaling 702 units, announced by brokerage firm Marcus & Millichap, was one of the largest 2020 multifamily sales transactions in 2020. Spaxel has a significant portfolio of…
Read MoreWASHINGTON, DC – The U.S. Department of Labor today announced on Jan. 6 a final rule clarifying the standard for employee versus independent contractor status under the Fair Labor Standards Act. “This rule brings long-needed clarity for American workers and employers,” said U.S. Secretary of Labor Eugene Scalia. “Sharpening the test to determine who is…
Read MoreNEW YORK—The New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development and Douglaston Development announced on Jan. 5 the closing of construction financing for a 188-unit affordable senior housing development in the Bedford Park area of the Bronx. The development will include a new supermarket on the ground…
Read MoreWHITE PLAINS—The see-saw year, aka 2020, ended on an astonishingly high note for real estate practitioners in the Lower Hudson Valley, according to the 2020 Fourth Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx counties released on Jan. 5 by OneKey MLS. After experiencing strong first quarter sales, agents…
Read MoreWHITE PLAINS – In January 2021, the Hudson Gateway Association of Realtors will celebrate the 25th anniversary of the launch of its monthly newspaper Real Estate In-Depth with a special section in the publication’s January edition. HGAR is also acknowledging the 95th consecutive year of publishing a membership newspaper/magazine. In early 1995, based on the…
Read MoreRAMSEY, NJ—Veteran real estate executive Gabe Pasquale has joined Christie's International Real Estate Northern New Jersey, Westchester and Hudson Valley as vice president of new development. The announcement by the firm, an exclusive partner of Christie’s International Real Estate, noted that Pasquale will draw upon his decades of industry and market experience to offer planning…
Read MoreARMONK—The Building & Realty Institute announced recently it has named the first female President in the institute’s 75-year history—Lisa DeRosa, president of DeRosa Builders, Inc. of White Plains. DeRosa has been active in the BRI for years. DeRosa served as a vice chair of the BRI’s Apartment Owners Advisory Council from 2016 to 2020 and…
Read MoreALBANY—After the State Legislature met in special session on Monday, Dec. 28 and the Assembly and Senate approved the bill, Gov. Andrew M. Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 later that day. The bill (S.9114/A.11181) prevents residential evictions, foreclosure proceedings until May 1, 2021 and also prohibits credit discrimination…
Read MoreALBANY—The New York State Legislature is meeting today in special session to vote on and approve the COVID-19 Emergency Eviction and Foreclosure Prevention Act, which it describes as the strongest bill of its kind in the nation. The legislation will extend an eviction moratorium on residential tenants until May 1. The State Assembly and Senate…
Read MoreWASHINGTON—Existing-home sales fell in November, snapping a five-month streak of month-over-month gains, according to a report released on Dec. 22 by the National Association of Realtors. All major regions either took a step back or held steady in terms of their respective month-over-month status, but each of the four areas experienced significant year-over-year growth. Total…
Read MoreWASHINGTON—With a bipartisan spending and COVID relief deal now passed by Congress, U.S. Senator Charles Schumer detailed its pending impact on Upstate New York as more than $54 billion. The deal includes direct stimulus checks, extending enhanced unemployment insurance, and secures another round of forgivable PPP for small businesses, restaurants and nonprofits across the state.…
Read MoreWHITE PLAINS—National and regional real estate and economic experts are in unison that the housing and some sectors of the commercial real estate markets, in spite of and in some cases due to COVID-19, will continue to rebound from the early days of the pandemic next year. Hudson Gateway Association of Realtors officials and area…
Read MoreThe year 2019 was a tough year for the real estate industry. Legislation was proposed to limit the fee earned by a real estate licensee to one month's rent. Fortunately, the bill lost traction for the time being. In June of 2019, Gov. Andrew Cuomo signed the Housing Stability and Tenant Protection Act of 2019…
Read MoreHARRISON—A report released on Dec. 8 by locally-based brokerage firm RM Friedland shows that over the past decade, multi-family development in the northern suburbs of Westchester and Fairfield counties has grown at an unprecedented rate. That upward trend is expected to continue due to the pandemic-driven migration from Manhattan, RM Friedland states in the report.…
Read MorePurchasers can spend weeks, months, sometimes even years searching for that perfect place to call home. Finally, they find it—a great space, perfect location, priced within the budget. New York is a caveat emptor state—buyer beware—and before a purchaser signs a contract for the perfect home, they need to do due diligence. When buying a…
Read MoreGOSHEN—The Orange County Legislature in a unanimous 21-0 vote approved County Executive Steve Neuhaus’ proposal to sell three historically significant properties in Downtown Newburgh to make way for a hotel development. The three properties on Grand Street will be sold to Sullivan County-based Foster Supply Hospitality for $1.25 million. The proposed project will be developed…
Read MorePORT CHESTER—The eight-year-old The Mariner multifamily property here at 21 Willett Ave. has been sold in a deal valued at $32.25 million. The transaction was reported by Bethesda, MD-based brokerage firm Walker & Dunlop Inc., which represented the seller—institutional investors advised by J.P. Morgan Asset Management—in the deal. The firm did not identify the buyer…
Read MoreWASHINGTON—Pending home sales fell slightly in October, according to the National Association of Realtors. Contract activity was mixed among the four major U.S. regions, with the only positive month-over-month growth happening in the South, although each region achieved year-over-year gains in pending home sales transactions. The Pending Home Sales Index, a forward-looking indicator of home…
Read MoreALBANY—In response to rising COVID hospitalizations throughout the state, New York Gov. Andrew Cuomo said today that the state is entering a new phase in its “war against COVID.” The governor and the New York State Department of Health are issuing directives that focus on a new strategy geared to ensuring sufficient hospital capacity throughout…
Read MoreWASHINGTON—The Federal Housing Finance Agency announced on Nov. 24 the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. For high-cost areas in which 115% of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the baseline loan limit.…
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