Residential

Biden’s ‘Build Back Better’ Framework Includes Historic Investment in Affordable Housing, Spares Real Estate from Onerous Taxes

October 29, 2021

WASHINGTON—The National Association of Realtors has released an analysis of the framework released by the Biden administration yesterday of his now $1.75-billion “Build Back Better” plan that includes historic investment in affordable housing. The framework also features hard-fought NAR-backed priorities like investments in down-payment assistance and also spares real estate investment from the most feared…

‘The Stella’ Luxury Tower in New Rochelle Nears Completion

October 28, 2021

NEW ROCHELLE—Construction is nearing completion on a major mixed-use project in Downtown New Rochelle—“The Stella.” The first residents of the 27-story tower are expected to take occupancy in January 2022. The $190-million project, which is being developed by L&M Development Partners and Wilder Balter Partners, Inc., is comprised of 380 studio, one-, and two--bedroom apartments.…

Trammel Crow Residential, Marcus Partners to Develop New Multifamily Project in Harrison

October 28, 2021

HARRISON—Crow Holdings, a Dallas-based national real estate investment and development firm, reports that its multifamily development company, Trammell Crow Residential, has partnered with Marcus Partners of Boston to develop Alexan Harrison, a 450-unit luxury multifamily residence in Harrison. The project under the firm’s Alexan brand marks Crow Holdings’ and Marcus Partners’ first New York State…

U.S. Existing-Home Sales Increased 7.0% in September; Northeast Sales Grew 5.5%

October 22, 2021

WASHINGTON—Existing-home sales rebounded in September after seeing sales wane the previous month, according to the National Association of Realtors. Each of the four major U.S. regions witnessed increases on a month-over-month basis. From a year-over-year timeframe, one region held steady while the three others each reported a decline in sales. Total existing-home sales, completed transactions…

HGAR Region Posts Continued Strong Home Sales in Third Quarter

October 21, 2021

WHITE PLAINS—It may seem like a broken record, but once again home sales in the Hudson Gateway Association of Realtors market area continued to be strong in the third quarter, with most counties posting impressive sales gains over last year. Analysts indicate that both nationally and locally, that tune will likely be playing well into…

Mixed-Use Property in Tuckahoe Trades for $8 Million

October 18, 2021

TUCKAHOE—Valon Nikci, president and principal broker of Link NY Realty of Bronxville, reports it represented the buyer in the $8-million purchase of 269-273 Columbus Ave. in Tuckahoe. The undisclosed buyer is a New York City landlord. The mixed-use property totals 34,888 square feet and features residential, office and retail uses. The new owner plans to…

Landlords, Tenants Eligible for Emergency Rental Assistance Funding

October 18, 2021

WHITE PLAINS—Emergency financial relief is flowing to county residents who applied for the New York State Emergency Rental Assistance Program (ERAP), which covers rent and utility arrears to Westchester households at risk of eviction due to the COVID-19 pandemic. More than $16 million has been issued directly to landlords and utility companies on behalf of…

Toll Brothers Floats Townhouse Development in Yorktown

October 18, 2021

YORKTOWN—Home builder Toll Brothers is proposing to build a 136-unit, age-restricted townhouse development at the Field Home property in Yorktown. Toll Brothers’ officials made a preliminary presentation to the Town Board on Oct. 12 about its vision for the 50-acre property off Catherine Street that is under contract for purchase. Toll Brothers’ renderings depicted three-…

RXR Realty Breaks Ground on $75M Project in South Bronx

October 14, 2021

NEW YORK— RXR Realty broke ground on Oct. 13 on its inaugural South Bronx development, a future residential building located at 2413 Third Ave. RXR Realty is the designated developer for the City of New Rochelle’s downtown revitalization and has developed multifamily projects in Yonkers and throughout the New York metro region. Situated next to…

NAR: ‘Today’s Millennials are Drowning in Student Loan Debt’

October 14, 2021

WASHINGTON—Top experts from the housing and higher-education fields joined policy thought leaders from the National Association of Realtors on Oct. 13 to discuss the current student loan debt crisis and how it affects the economy, housing market, and debt holders. The event explored the findings of NAR’s September report, The Impact of Student Loan Debt,…

Houlihan Lawrence: Low Inventory, Strong Buyer Demand Driving Robust Home Sales in Westchester, Putnam, Dutchess Counties

October 7, 2021

RYE BROOK—Driven by historically low inventory levels and persistent buyer demand, 2021 is proving to be an extremely strong year for single-family home sales in Westchester, Putnam and Dutchess counties alike, according to the recently released “Houlihan Lawrence Westchester Putnam & Dutchess Q3 Market Report.” In Westchester County, sales have increased 28% this year and…

Residential Sales Post Strong Gains Regionwide in Third Quarter

October 6, 2021

WHITE PLAINS—Third quarter residential home sales for the Lower Hudson region, served by OneKey Multiple Listing Service, surpassed the historically high third quarter sales figures of 2020 which were attributed in large part to a response to COVID-19, according to the 2021 Third Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland, Orange, Sullivan,…

Community Preservation Corp. Says Multi-Faceted Solutions Necessary to Fix NYCHA’s Woes

October 6, 2021

NEW YORK—Non-profit multifamily housing finance company The Community Preservation Corporation released a new paper on Oct. 5 outlining a critical path it says needs to move forward for saving the New York City Housing Authority. The white paper entitled “Ending the NYCHA Blame Game: A Multi-Pronged Solution to Fix Decades of Disinvestment” explains the realities…

Storied Brokerage Warburg Realty Acquired by Realogy; Joining Coldwell Banker

October 5, 2021

NEW YORK—A subsidiary of Realogy, parent of Coldwell Banker Real Estate, LLC, has acquired New York City brokerage firm Warburg Realty, which began operations in New York City 125 years ago. The storied New York City based brokerage will operate as Coldwell Banker Warburg and will be fully rebranded in January 2022, following filings with…

Howard Hanna Real Estate Patriarch Passes Way at the Age of 101

September 29, 2021

Howard W. Hanna, Jr., who co-founded Howard Hanna Real Estate Services in Pittsburgh, PA in 1957, passed away at the age of 101 on Sept. 25. After serving as an American Liaison Officer with the British Army in India in World War II, Hanna, and his wife Anne Freyvogel Hanna, began the real estate company…

NYCHA and HPD Finalize Deal to Build $60M Bronx Affordable Housing Project

September 29, 2021

NEW YORK—The New York City Housing Authority and the New York City Department of Housing Preservation and Development reported on Sept. 28 they had finalized a $60-million deal that will bring 101 new affordable apartments to the Mott Haven neighborhood of the Bronx. Construction on the 101-unit Betances Family Apartments building at a site of…

Longtime and Respected Association CEO P. Gilbert Mercurio Passes Away

September 28, 2021

WHITE PLAINS—A man who for more than three decades was a driving force behind the growth and growing respect of the Westchester County Board of Realtors has died. P. Gilbert Mercurio, who led the Westchester County Board of Realtors and its successor organization the Westchester Putnam Association of Realtors for 31 years as its chief…

Howard Hanna |Rand Realty Announces Changes to the New York Executive Team

September 28, 2021

NANUET—Howard Hanna | Rand Realty announced yesterday changes to the New York executive team that the company states are geared to creating “a stronger foundation and support in the career of its agents.” Renee Zurlo has been named General Manager of New York. Zurlo has been working for more than 12 years for the Rand…

Construction Completed on $43-Million Affordable Housing Development in Yonkers

September 24, 2021

YONKERS—New York Gov. Kathy Hochul announced on Sept. 23 the completion of the Dayspring Campus, a $43-million development with 63 affordable and supportive apartments and a newly renovated community center in Southwest Yonkers. Financed with more than $20.6 million in assistance from state Homes and Community Renewal, the development includes 37 apartments reserved for homeless…

The Orange County Real Estate Market Continues to Soar

September 22, 2021

Have you ever had that uncanny sensation where you’re experiencing something that you had said or done before? As I began to write this article, I was about two paragraphs in, and suddenly felt that strange feeling of déjà vu. I was reading my words and hearing something in my mind that was just so…