2017/10 Real Estate In-Depth
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Vol. 22 / No.10 | October 2017 Continued Declining Inventory Raises Concern Despite Continued Strong Home Sales in Region By John Jordan Realtors interviewed by Real Estate In-Depth WHITE PLAINS—The Hudson Valley residential Hudson Valley Home Sales said the continued decline in for-sale home in- market continued to post strong sales volume, ventory in the region is limiting buyer options, although three of the four counties in the Hud- Third Quarter 2017 particularly for more affordably priced units in son Gateway Association of Realtors’ market the region. Westchester County’s for-sale inven- area experienced sales declines in the third Orange County +8.2% tory declined 8.6% year-to-year, while Rockland’s quarter of this year as compared to a year ago. available stock dropped 15.1%; Putnam County’s Residential brokers emphasized that sales Westchester County -0.6% and Orange County’s inventory each fell by a volume in the third quarter of last year was Rockland County -5.2% 16.4% rate. strong. Orange County continues to lead the The reduced inventory was a factor in rising way, with an 8.2% increase in third quarter Putnam County -8.2% sale prices throughout most of the region in the sales, according to the “Third Quarter Residen- third quarter. Orange County led the region with tial Real Estate Report for Westchester, Putnam, a 4.3% increase in the median-single-family home Rockland and Orange Counties, New York,” Westchester County were flat (-0.6%), while Rockland registered a price in the third quarter to $255,000 as com- 5.2% decline and Putnam County’s home sales fell 8.2% in the third released recently by the Hudson Gateway Continued on page 22 Multiple Listing Service, Inc. Home sales in quarter of this year. NYC Real Estate Summit Provided Perspective, Useful Insights Into Global Real Estate Market By John Jordan NEW YORK—More than 400 real estate chairs of the summit, cited statistics from professionals gathered at the New York NAR that spoke to the massive global Marriott Marquis Hotel here on Oct. 2 to investment taking place in the United attend a daylong summit that offered States. For example, according to NAR’s the latest trends, opportunities and data 2017 Profile of International Activity in points on the global real estate market U.S. Residential Real Estate, from April from more than 25 industry movers and 2016 to March 2017, foreign buyers and shakers from around the world. recent immigrants purchased $153 bil- The 11th Global Real Estate Summit lion of residential property in the U.S. & Expo was presented by the Hudson On the commercial side, 47% of Realtors Gateway Association of Realtors and surveyed reported an increase in the the Staten Island Board of Realtors, number of international clients over the along with premier sponsor the National past five years, while 40% reported they Association of Realtors. are confident they will see increased In their joint welcome message to sales and leasing activity from foreign attendees at the summit, SIBOR Direc- sources in 2017. tor Ron Molcho and HGAR President The keynote speaker at the event Dorothy Botsoe, who served as co- Continued on page 3 Chris Meyers (far right) of Houlihan Lawrence moderated the "Rules of International Engagement" panel discussion Westchester Enters Amazon Sweepstakes Vying for E-Commerce Giant’s Second HQ INSIDE By John Jordan WHITE PLAINS—Westchester County has entered SPOTLIGHT ON a contest that promises a huge payout—thousands of high paying, new jobs and billions of dollars in investment. Westchester County Executive Robert Astorino announced on Sept. 26th that the county would be submitting a proposal to Amazon for the e-com- merce giant’s second corporate headquarters, a deal that could bring 50,000 jobs and a total invest- ment of $5 billion to the region. Westchester County joined a long list of munici- Irene Guanill palities in the Northeast and across the country vying see page 11 for Amazon’s second headquarters, dubbed Ama- zon HQ2, which would initially involve a 500,000 VIEWPOINTS ................................. 4 square-foot facility but is expected to grow to 8 LEGAL CORNER ............................. 5 million square feet of space. Amazon issued an RFP Westchester County Executive Robert Astorino had a drone RESIDENTIAL ...............................6,7 (request for proposals) for the second headquarters deliver his speech in an Amazon box at the press event in front in early September. BARRISTER’S BRIEFING ................10 of the Westchester County Center. HGAR REPORT ..........................11,12 “Westchester has everything Ama- EDUCATION/CALENDAR .............. 23 zon is looking for and more: talent, accessibility, quality of life, value and COMMERCIAL .............................. 24 locations, locations, locations,” said HUDSON VALLEY Astorino. “Amazon laid out the criteria REAL ESTATE REPORT .............25,26 and Westchester matches them, mak- iN THE REGION ............................30 ing Westchester the smart choice for Amazon.” Astorino, who had a drone deliver his PUTNAM COUNTY speech in an Amazon box at the press event in front of the Westchester County SUPPLEMENT Continuedon page 2 See paGes 13-20 2 | NEWS Real Estate In-Depth | October 2017 Westchester Enters Amazon Sweepstakes Vying for E-Commerce Giant’s Second Headquarters ment, including Chicago and New Jer- center in Staten Island and also report- Continued from page 1 sey, for example. ed a lease deal for 360,000 square feet Economic development officials in in Manhattan. Amazon said the Staten Westchester, New York State and else- Island fulfillment center would employ where are under the gun with an Oct. 2,200 operations workers, while the 19th deadline to submit proposals. Ac- new office at 5 Manhattan West would cording to Amazon’s RFP, Amazon will create more than 2,000 new jobs in the announce its winning selection some- next three years. time in 2018. New York State has hired Astorino said the major investments Newmark Knight Frank as a consultant by Amazon in Staten Island and Manhat- on the Amazon HQ2 requirement, Real tan bodes well for New York State and Estate In-Depth has learned. possibly Westchester County. “They Astorino said that Westchester fills all are looking for their second world of Amazon’s key requirements includ- headquarters and what better places ing being situated in a metropolitan than the two coasts. They have one area with more than 1 million people, headquarters in Downtown Seattle and having a stable business environment, they have an area in New York City and offering both urban and suburban loca- now they can have a very large location tions, possessing a talented workforce, in an area that is half the cost of New providing access to mass transit and York City that offers everything they major highways as well as being within are looking for, especially a talent pool 45 minutes of an international airport. they could attract as employees, which I One of the possible landing spots for Amazon in Westchester is In September, Amazon announced think gives us a leg up,” he said. the IBM complex in Somers. plans to build a $100-million fulfillment Center, said that the county would offer York State’s Empire State Development Amazon a number of possible locations, “to ensure that we have the most com- Hudson Gateway Realtor Foundation Presents including vacant buildings once oc- petitive package available,” he said. $7,000 in Donation Checks to Local Charities cupied by IBM and PepsiCo in Somers, The ESD is offering assistance to pro- vacant office buildings along the I-287 spective municipal or county bidders for Members of corridor in White Plains and Harrison, the Amazon headquarters requirement. the HG Realtor as well as possible development sites in An ESD spokesperson had no comment Foundation White Plains, New Rochelle and Mount on the exact process or incentives that with young Vernon. would be provided. ESD president, CEO residents of Somers Town Supervisor Rick Mor- and commissioner Howard Zemsky The Children’s rissey said that the former IBM facility said in a prepared statement, “Amazon, Village in Dobbs in Somers could provide Amazon with with its significant footprint in New York Ferry. 1 million square feet of move-in-ready State, knows first-hand that we have space, while PepsiCo’s former offices the infrastructure, business climate and nearby could provide another 540,000 workforce necessary for businesses square feet of move-in-ready space. to succeed. This project is a major op- The County Executive touted West- portunity and New Yorkers should know chester’s quality of life, transportation that we will be doing everything we can network, as well as its office space that to attract Amazon HQ2—and 50,000 is half the cost of New York City. He jobs—to the Empire State.” added that the county and its Industrial It is believed New York City will be Development Agency are prepared to making a proposal, as well as the City of offer incentives to Amazon in connec- Buffalo and perhaps Albany and other tion with its headquarters requirement. eligible MSAs in New York State. The county’s Economic Development There have been a host of reports of Department is also working with New other potential bidders for the require- From left:, Donald Arace, HG Realtor Foundation; Susan Salice, Helping Hands Co-President; Janet Meyers, Helen McConnell (in back); Bonnie Koff, Alicia Albano and Stephanie Liggio, HG Realtor Foundation; Marianne Egan, NYC Receives More Than Two Dozen Brigitte Sarnoff, Helping Hands Co-President, Bess June Lane and Donna Proposals for Massive Amazon Koval By Mary T. Prenon Second HQ Requirement WHITE PLAINS—The Hudson Gateway Realtor Foundation, the charitable arm of By John Jordan the Hudson Gateway Association of Realtors, recently presented $7,000 in dona- NEW YORK—As expected, New York City is submitting a sweeping proposal to land tions to three Hudson Valley non-profit organizations.