WASHINGTON—While not in the top 10, Westchester County and New York City boast among the lowest vacancy rates in the United States, according to a report released by the National Association of Realtors on Aug. 2. According to a blog by NAR Research Intern Jesse Priddy, the Westchester/Southern Connecticut multifamily markets ranked No. 11 among…
Read MoreNEW YORK—New York Gov. Kathy Hochul announced on Aug. 1 a total of $682 million in bonds and subsidies had been awarded to create or preserve more than 1,600 affordable, sustainable and supportive homes across the state. The developments will leverage an additional $218 million in private funding to create an overall investment of nearly…
Read MoreNEW YORK—New York Gov. Kathy Hochul and New York City Mayor Eric Adams were among the dignitaries on hand for the July 27th groundbreaking on a $189-million affordable housing development in the Morris Heights section of the Bronx. Starhill Phase I will feature 326 affordable apartments, including 200 homes with supportive services for individuals experiencing…
Read MoreWASHINGTON—The U.S. Department of the Treasury announced on July 27 new guidance to increase the ability of state, local, and tribal governments to use American Rescue Plan funds to boost the supply of affordable housing in their communities. The new guidance follows a commitment in the administration’s recently released Housing Supply Action Plan to leverage…
Read MoreWASHINGTON—New home sales in June fell to the lowest level since April 2020, reflecting declining builder sentiment as construction bottlenecks continue to slow new home building and raise housing costs, the National Association of Home Builders reported on July 26. Sales of newly built, single-family homes in June fell 8.1% to a 590,000 seasonally adjusted…
Read MoreELMSFORD—A joint venture of affiliates of Norfolk, VA-based Harbor Group International, LLC and Azure Partners of New York City has acquired the Avalon Green multifamily community in Elmsford for $306 million. The joint venture announced on July 25 that it would further implement a $9.2-million capital improvement program across the 617-unit community to refresh amenities…
Read MoreNEW YORK—The Corcoran Group, LLC is expanding its brokerage operations to the Jersey City-Hoboken markets with its affiliation with Sawyer Smith Residential. Sawyer Smith Residential is owned and led by Timothy Sawyer Smith and serves Hoboken and Jersey City. The firm will now operate as Corcoran Sawyer Smith. The deal was announced by Corcoran President…
Read MoreWith the Federal Reserve poised to ratchet up short-term rates by 75 to as much as 100 basis points later this month and inflation currently at a four-decade high of 9.1%, fears in the investment and real estate communities are that a recession could be on the horizon. While the current economy differs widely from…
Read MoreWHITE PLAINS—If Realtors are feeling a sense of deja vu when it comes to current home sales activity, perhaps they are recalling how conditions were back in 2018 and 2019, which were both considered strong markets at the time. However, the boom market of 2021, with surging sales and soaring prices throughout the region, has…
Read MoreWHITE PLAINS—Why was it glorious? I would have to say it was mostly because of the great Portuguese people and their kindness, openness, and ability to make strangers (us) feel at home. From meeting local Realtors to visiting existing and new developments, sharing opportunities for investment in our HGAR regions to learning more about investment…
Read MoreWASHINGTON—Foreign buyers purchased $59 billion worth of U.S. existing homes from April 2021 through March 2022, an 8.5% increase from the previous 12-month period and halted a three-year skid in foreign investment in U.S. residential real estate, according to a new report from the National Association of Realtors released on July 18. Foreign buyers purchased…
Read MoreCHICAGO—The National Association of Realtors has announced that Rental Beast is its exclusive recommended software provider in the rental space. Under the agreement with the Somerville, MA-based firm, NAR members receive free access to “Apply Now by Rental Beast,” the secure FCRA-compliant online rental application and tenant screening engine. “NAR Realtor Benefits aims to provide…
Read MoreOLD TAPPAN, NJ—Howard Hanna | Rand Realty announced on July 14 that it has increased its presence in the State of New Jersey, and specifically in Bergen County, with its merger with Lancia Realty of Old Tappan, NJ. Lancia Realty, located at 12 Bi-State Plaza, Old Tappan, is now operating as Howard Hanna | Rand…
Read MoreWASHINGTON—Amid a persistent housing supply crunch, 57% of Realtors cited a lack of inventory as the leading reason limiting potential clients from completing a transaction, according to the National Association of Realtors’ 2022 Member Profile, an annual report analyzing members’ business activity and demographics from the prior year. However, as housing demand surged last year…
Read MoreThe Hudson Gateway Association of Realtors is saddened to inform its membership of the passing of longtime Orange County Realtor Maureen (Biggane) Mushlit of Newburgh, formerly of Warwick and Goshen, on Wednesday, July 6, 2022. She was 80 years old. A Realtor for more than 40 years, Mushlit was passionate about helping young families achieve…
Read MoreWHITE PLAINS—The City of White Plains and DSD Renewables (DSD) have completed the construction of a nine-site, 6.8-megawatt (MW) community solar portfolio, the largest municipal solar energy deployment in Westchester County. The portfolio is expected to generate 8,100 megawatt-hours (MWh) of energy annually, tripling the amount of solar energy produced in Westchester County and enough…
Read MoreYONKERS—On July 6, Yonkers Mayor Mike Spano announced the city had reached an agreement to purchase eight parcels of land along the Hudson River in the Ludlow section of the city to be developed into a new waterfront park. The City of Yonkers and Westchester County have committed a total of $20 million towards the…
Read MoreWALLKILL—After securing approvals from the Town of Wallkill earlier this year, construction will begin later this year on a new 224-unit multifamily housing development across from Pyramid Management Group’s Galleria at Crystal Run shopping mall here. Syracuse, NY-based Pyramid Management Group announced the project timeline on July 6. Pyramid is working with Long-Island based Eliviat…
Read MoreWHITE PLAINS—While the perfect storm of low inventory, rising interest rates and persistent inflation have certainly had their impact, the lower Hudson River Valley and greater New York City suburban real estate markets have continued to show remarkable resiliency in the second quarter of 2022. Although the market has, in some instances, slowed compared to…
Read MoreYONKERS—For the first time in more than 10 years, The Municipal Housing Authority for the City of Yonkers will be opening its waiting list for Housing Choice Vouchers (Section 8) for affordable housing. MHACY reported on June 27 that it is seeking to add 3,000 people to its waiting list for affordable housing vouchers. The…
Read More