Residential

NYC Firm Pays Nearly $93M for Northern New Jersey Multifamily Property Portfolios

January 8, 2021

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 More

U.S. Department of Labor Issues Final Rule To Clarify Independent Contractor Status

January 7, 2021

WASHINGTON, 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 More

$93.5M Mixed-Use Project in Bedford Park In the Bronx Secures Construction Financing

January 5, 2021

NEW 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 More

HGAR to Celebrate 25th Anniversary of Real Estate In-Depth

December 29, 2020

WHITE 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 More

Pasquale Joins Christie’s Real Estate in New Development Post

December 29, 2020

RAMSEY, 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 More

BRI Names First Female President in 75-Year History

December 29, 2020

ARMONK—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 More

Gov. Cuomo Signs Bill Extending Eviction Ban Until May 1

December 29, 2020

ALBANY—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 More

NYS Legislature Expected to Pass COVID-19 Eviction and Foreclosure Protection Act; Extends Tenant Eviction Ban Until May 1

December 28, 2020

ALBANY—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 More

US Existing-Home Sales Fell 2.5% in November

December 22, 2020

WASHINGTON—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 More

Sen. Schumer Says New York State to Get More Than $54 Billion from COVID Stimulus

December 22, 2020

WASHINGTON—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 More

Real Estate Experts Predict Continued Economic Rebound in 2021

December 17, 2020

WHITE 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 More

Report: Unprecedented Growth of Multi-Family Housing is a Driving Force in Development Activity in NYC Suburbs

December 8, 2020

HARRISON—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 More

GUEST VIEWPOINT: Due Diligence for Coops and Condos in the Age of COVID-19

December 7, 2020

Purchasers 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 More

Orange County Legislature Votes to Sell Grand Street Properties for Hotel Project

December 7, 2020

GOSHEN—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 More

The Mariner Multifamily Property in Port Chester Trades for $32M

December 4, 2020

PORT 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 More

Northeast Pending Home Sales Dropped Nearly 6% in October

December 2, 2020

WASHINGTON—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 More

NY Entering New COVID Phase; Hospital Capacity, Staffing Now Top Concern

November 30, 2020

ALBANY—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 More