Residential

U.S. Existing-Home Sales Jumped 4.3% in October

November 20, 2020

WASHINGTON—Existing-home sales continued to trend upward in October, marking five consecutive months of month-over-month gains, according to the National Association of Realtors. All four major regions reported both month-over-month and year-over-year growth, with the Midwest experiencing the greatest monthly increase. Existing home sales rose 4.7% in the Northeast in October. Total existing-home sales—completed transactions that…

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New Jersey Realtor Installed as NAR 2021 President

November 19, 2020

WASHINGTON—Charlie Oppler was installed on Wednesday as 2021 president of the National Association of Realtors during the 2020 Realtors Conference & Expo. Oppler was NAR's 2020 president-elect and 2019 first vice president. A Realtor since 1981, he is the CEO of Prominent Properties Sotheby's International Realty, which operates 15 offices across northern and central New…

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Pandemic Caused Buyers to Seek Multi-Generational Homes, Sellers to Sell Faster

November 13, 2020

WASHINGTON—The coronavirus pandemic initiated several shifts in America's housing market over the past eight months. Changes in the behaviors of home buyers and sellers were especially notable as buyers' usual tendencies altered, and the urgency to sell accelerated. This is according to new data from the National Association of Realtors 2020 Profile of Home Buyers…

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U.S. Metro Home Prices Increased in All Areas in Third Quarter of 2020

November 13, 2020

WASHINGTON—Every metro area tracked by the National Association of Realtors during the third quarter of 2020 saw home prices increase from a year ago, according to NAR’s latest quarterly report, released on Nov. 12. Due in large part to record-low mortgage rates and depleted nationwide housing inventory, median single-family home prices grew year-over-year in all…

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Yonkers Affordable Housing Project Secures Financing

November 13, 2020

YONKERS—One of the largest affordable housing redevelopment projects in the region reached a significant milestone with the recent closing on financing for 178 Warburton at The Ridgeway, a new $56-million mixed-income residential complex of 81 apartment homes in Southwest Yonkers that is being developed by the Municipal Housing Authority for the City of Yonkers and…

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Listen, Learn, Pivot and Adapt: Today’s Secrets to Growing Your International Business

November 10, 2020

Growing your international residential real estate business in today’s “new normal” times requires listening, learning, pivoting and adapting. That advice, courtesy of Kevin Brown, senior global real estate advisor and associate broker with Sotheby’s International Realty in Manhattan, was presented on Nov. 5 during the 2020 Global Real Estate Summit, held virtually this year. Brown…

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Albano, Ellman Sworn in by Mayor To Top City Planning Positions

November 6, 2020

YONKERS—Yonkers Mayor Mike Spano announced on Nov. 5 he recently sworn in Commissioner Louis J. Albano and Deputy Commissioner Lee J. Ellman to head the city’s Department of Planning & Development. The Yonkers City Council confirmed the mayor’s appointments at its Council meeting last week. “Collectively, Lou and Lee bring over 70 years of experience…

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More Than 50% of The St. Regis Residences Sold

November 4, 2020

RYE—As construction on the development nears completion, more than 50% of The St. Regis Residences, Rye, condominium residences have been sold. Recent sales activity has been brisk, with 13 homes sold in the last few months at the 92-unit property. In addition to Rye, buyers are coming from Long Island, Chappaqua, Harrison, Scarsdale, Larchmont, Mamaroneck,…

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Stagg Group Cuts Ribbon on New Yonkers Project

November 3, 2020

YONKERS—Stagg Group CEO and founder Mark Stagg joined with Yonkers Mayor Mike Spano and members of the Yonkers City Council and Yonkers Industrial Development Agency on Oct. 29 to cut the ceremonial ribbon on the firm’s newest luxury apartment building in Yonkers. Located at 697 Bronx River Road and dubbed “The Marquee,” the building includes…

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Yonkers IDA Grants Preliminary Approval of Incentives For Development of New $33M Apartment Building

November 2, 2020

YONKERS—The Yonkers Industrial Development Agency Board of Directors recently granted preliminary approval of financial incentives for the development of 56 Prospect St., a $32.6 million, seven-story residential building featuring 126 rental units. The project, which received preliminary approval at the IDA’s Oct. 28 meeting, is estimated to create 250 construction jobs and six permanent full-time…

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West New York Apartment Tower Secures $140M Refi Loan

November 2, 2020

WEST NEW YORK, NJ—LIHC Investment Group of Portland, ME and Rockport Mortgage Corporation Gloucester, MA announced today the closing of a $140-million FHA Section 223(f) refinancing loan for Parkview Towers, a 688-unit property located here. The development consists of two 24-story buildings and is owned by LIHC, a real estate investment group committed to the…

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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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5 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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