Vol. 24 / No. 7 July 2019

Regional Home Sales Demand Remains Strong, SALT Cap Having Some Impact on Markets By John Jordan WHITE PLAINS—The residential home sales market in the in the second quarter were 3.9% lower than last year, Hudson Valley continues to be a tale of two markets. Due while its $705,000 median sale price was 0.7% less in part to the impacts of the SALT deduction cap imposed Hudson Valley Home Sales than a year earlier. by federal tax reform, and low for-sale inventory, sales de- Second Quarter 2019 Putnam County single-family home sales and prices clined in the second quarter in most markets serviced by both rose 4.3% in the second quarter of this year. The members of the Hudson Gateway Association of Realtors. single-family median home sale price in Putnam is now According to the “2019 SECOND QUARTER RESIDEN- Putnam County 0.0% $365,000. TIAL REAL ESTATE SALES REPORT Westchester, Putnam, Rockland County -0.5% Single-family home sales and pricing were down in Rockland, Orange, Sullivan Counties, New York” released Westchester County - 1.5% Rockland County with sales off 2.3%, while the median earlier this month by the Hudson Gateway Multiple Listing single-family home price fell 4.0% to $450,000. Service overall sales were down in Westchester (-1.5%); Orange County -9.2% Orange County’s home sales market was mixed, Rockland County (-0.5%); Orange County (-9.2%) and Sul- Sullivan County -9.3% with single-family home sales down 11.1%, while the me- livan County (-9.3%). Putnam County’s homes sales in the dian single-family home price rose 6.0% to $265,000. second quarter were flat as compared to a year earlier. Source: HGMLS, Inc. Sullivan County also had mixed results, with single- Editor’s Note: For the full text of the HGMLS report and family home sales down 8.5% in the second quarter, detailed data on the regional housing market, see the Hudson Valley Real Estate while the median price for a single-family home posted Report on pages 17 and 18. a notable increase at 17.8% to $147,200. Residential brokerage firms in their respective analyses of the second quarter In the more affordable condominium sector, while sales were mixed regionwide, market all agreed that the luxury market continues to struggle, while moderate or prices rose sharply in key markets. The HGMLS report noted that there was a 3.6% entry level home sectors are posting much stronger sales and demand. increase in condominium sales in the second quarter in Westchester County while The single-family home sales statistics do not provide a true portrayal of the mar- the median price shot up 8.3% to $400,000. Rockland County suffered a nearly 10% ket forces driving sales and pricing. Westchester County single-family home sales Continued on page 2 Robert Martin Makes Historical Investment That Brings Firm Back to its Roots By John Jordan “Our assets are coming home.” acquired by the partnership in Westchester Greg Berger, partner, Robert Martin Co. and Fairfield counties in late March were part (Part one of two) of the portfolio Robert Martin owned, built and ELMSFORD—Earlier this year Robert Martin Co. sold to Cali Corp., the predecessor of Mack- reached back to its storied past to reshape its future Cali Realty, in 1997. The 1997 transaction was when it acquired a 3.1-million-square-foot industrial/ valued at $450 million and involved approxi- flex portfolio its company founders had originally de- mately 4.1 million square feet in office/indus- veloped from the 1970s through the 1990s. trial/flex properties in Westchester County and The $487.5-million purchase of the 56-building port- Connecticut. folio by Robert Martin and equity partner HIG Realty Real Estate In-Depth recently sat down with Partners of Miami from Mack-Cali Realty Corp. of Jer- Robert Martin Co. CEO Timothy Jones, 64, sey City, NJ was the largest in terms of value in West- and Managing Director Greg Berger, 56, the From left, Robert Martin CEO Timothy Jones and chester County history. Roughly 95% of the properties Continued on page 10 Managing Director Greg Berger Massive STEM High School Project at IBM Back Before Somers Boards By John Jordan SOMERS—Perhaps the most significant INSIDE project in Northern Westchester County since the IBM property and nearby Pep- SPOTLIGHT ON siCo buildings were constructed here more than three decades ago is set for a public hearing next month. The Somers Town Board announced at its session on July 11 that a joint meeting between the Town Board and other municipal agencies will be held on Thursday, Aug. 8 to publicly review recent submissions by the owner of the Roseann Paggiotta proposed STEM High School (Somers see page 13 Academy) to be developed at a repur- VIEWPOINTS...... 4 posed IBM property here. Last September Evergreen Ridge, LEGAL CORNER...... 5 LLC of Stamford, CT, headed by princi- A proposal is now officially before Somers town boards to redevelop the IBM RESIDENTIAL...... 6,7 Somers complex into a STEM high school. PEOPLE...... 12,19 pal Tim DiScipio, presented initial plans to Somers officials that called for sig- HGAR UPDATE...... 13-16 nificant interior renovations to the five- EDUCATION/CALENDAR...... 15 building 1.2-million-square-foot complex LEGISLATIVE/BARRISTER...... 16 to convert the property into a school for TECHNOLOGY...... 21 grades 9-12 that would focus on STEM (science, technology, engineering and COMMERCIAL...... 22,23 math), as well as the arts. MORTGAGE/FINANCE...... 24 According to a memorandum by PUTNAM...... 25 Somers Director of Planning Syrette Dyn dated July 2, 2019, the developer (294 Route 100 LLC) after a hiatus of HudsonValley Real more than six months, recently submit- Estate Report ted project assessment volumes 1 and Pages 17-18 Continued on page 3 2 | NEWS Real Estate In-Depth |July 2019 Regional Home Sales Demand Remains Strong, SALT Cap Having Impact on Some Markets Continued from page 1 decline (9.6%) in condo sales in the second quarter, but posted a 14.1% increase in priced condo markets soared. the condominium median price to $250,950. “We attribute this divergence to the 2018 Tax Reform cap on state and local tax The condo market in Orange County saw a slight 1.8% increase in sales, while the deductions, which is suppressing what should be a strong, growing seller’s mar- median price of a condominium there shot up 16.9% to $195,000. The median price ket,” he stated in the report. of a condominium was $135,000 three years ago in Orange County. He said that the SALT Cap is having a disproportionate impact on middle- and HGAR President Ron Garafalo said the residential sales market in the Hudson high-end buyers because these are taxpayers that elect to itemize their taxes Valley remains strong, noting that the recent sales declines are based on previous rather than take the standard deduction. near record-high sales activity in the respective counties. “The SALT Cap is suppressing sales and price appreciation in the higherpriced Garafalo, who is sales manager for John J. Lease Realtors in Newburgh and markets but having little or no impact on lower price markets... The SALT Cap hasn’t Middletown, said that in the pricier markets in the lower Hudson Valley, the luxury caused anything like the devastation of the market correction in 2008 09, but it is market is indeed struggling, due in part to the SALT cap. still hampering the growth of what should be a robust seller’s market.” “In my opinion, the SALT Cap is having an impact on the market,” Garafalo said. Rand believes that the overall residential market is still poised for growth this “The higher-end markets are starting to see a slight slowdown in both sales and summer and into the fall. prices.” “At some point, the impact of the SALT Cap will get priced into the market, and He added that overall, he considers the home sales market in the HGAR region the single family market will start behaving like the condo market. Again, the seller as “healthy.” market fundamentals are very strong: the economy is growing, interest rates are “There is still a lot of activity, there are still scenarios where we have multiple of- near historic lows, inventory is relatively low, and homes are still priced at attractive fers on properties. Condos, co-ops and multis (2-4 family residences) are all doing levels well below their historical highs,” Rand concluded. well,” Garafalo said. “I think it is starting to level off and maybe the shift is beginning Westchester Real Estate, Inc. in its second quarter market report on Westchester from a seller’s market, but we are still in the early stages of that transition.” County also stated that the SALT cap is starting to play a part in homeownership Besides the SALT cap influence, low inventory is also having an effect in many decisions. areas. He cited low inventory levels as a chief culprit for the decline in single-family “Westchester County has some of the highest average property taxes in the home sales in Orange County in the second quarter. country, meaning the cap hits us hard. In some communities such as Greenburgh Garafalo said that Orange County’s for-sale-inventory two to three years ago was and others that have recently done full-value reassessments, the combination of 25% to 30% higher than it is today. With the low inventory have come higher prices the SALT cap and the revaluation has changed the market,” said Somers-based for both single-family and condominiums. Westchester Real Estate Inc. in its report. “Homeowners who may have stayed in “In Orange County, we are still seeing a lot of buyers not able to get a home be- the area previously are now opting to sell and move on, and buyers are choosing cause of the low inventory and high sales (volume), even though sales are down,” other options where the tax burden is lower.” The brokerage network queried in its report, “Would more buyers feel differ- “The bigger conundrum facing our luxury ently about the taxes if they were still fully deductible? While anecdotal evidence and past practice would suggest yes, there’s no question that the combination has markets is quantifying the changing tastes and exacerbated the concerns.” The firm in its report noted that there are a host of economic forces driving sales attitudes of the new generation of luxury buyers. activity. “On the horizon, we anticipate that new statewide rent control measures con- Bigger is not always better and renovating or tained in the Housing Stability and Tenant Protection Act passed in June will have a negative impact on the market for investment properties. In addition to imposing restoring a period home is the desire of scant stricter rules on rent increases, other sweeping measures contained in these new landlord-tenant laws will make it harder and less financially enticing for landlords to few.” own investment properties,” the brokerage network noted. The new act will also impact co-op inventory. Westchester Real Estate predicts —Houlihan Lawrence SVP Anthony Cutugno sponsor-held co-op units may start coming to market as the new rent control laws limit raising the rents up to market value, making it less desirable for sponsors to he said. “We have many examples of multiple offers and buyers not being able to hold onto them. get a home for months because they don’t have an offer accepted.” While some economists are envisioning a possible recession in the near term, The end result has been that some buyers have been priced out of the market, Westchester Real Estate stated in its report that even if a recession does take place, while others have become frustrated with the process and abandoned their home “it’s expected that housing will continue to do well because the interest rates will search, Garafalo said. make it attractive to buy and homes will still gain equity even if it’s at a slower pace.” Houlihan Lawrence reported the number of luxury homes sold north of New York Members of the Westchester Real Estate network include: J. Philip Real Estate City continues to decline. The brokerage firm blamed the consequences of tax re- Inc. (Briarcliff Manor, Pelham and Mahopac); Mancini Realty of Somers, Sterling form, a soft New York City market and a generational shift in buyer preferences and Realty of Bronxville; Peter J. Riolo Real Estate of Hastings-on-Hudson; and The attitudes for the slowdown. Michael Shapot Team, Compass Real Estate NYC of New York City. In Westchester County, the second quarter marked the third consecutive quarter of luxury home sales ($2 million and higher) declines. From October 1, 2018 through June 30, 2019, the number of homes sold in this sector dropped by 28% compared to the previous time period in Westchester. Westchester County Approves 35K Lease In Greenwich, CT, luxury sales ($3 million and higher) weakened for four con- secutive quarters, registering a 20% year-over-year decline. Putnam and Dutchess For New Family Court in New Rochelle counties sales ($1 million and higher) were down 30% year-to-date. Sales in Darien WHITE PLAINS—The Westchester County Board of Legislators approved a new long- and New Canaan, CT ($2 million and higher) were down year-over-year 30% and term lease for a new county Family Court location in New Rochelle at a building to be 12% respectively, according to the Houlihan Lawrence luxury market report for the constructed near the New Rochelle Transit Center. second quarter. The Board of Legislators approved on July 15 a 30-year lease with landlord The The bright spot is pending sales, which are level with the same period last year Mark95, LLC for 35,000 square feet at 26 Garden St. The new Family Court is ex- in most areas, the report stated. In fact, this time last year the market was stronger, pected to be operational on two floors of the yet-to-be-constructed building in 2021. making this a meaningful comparison, and a hopeful sign that the third quarter The county has extended its lease at its current New Rochelle location at 420 North could reverse the trend of declines, Houlihan Lawrence noted. In Dutchess County, Ave. until June 30, 2021. luxury pending sales rose dramatically and may prove to be the first luxury market Annual lease terms call for payments of between $1.5 million to $2.5 million and to rebound. the total value of the lease is $57 million over the 30-year term. Luxury sales in the ultra-high end of the market (sales $5 million and higher) suf- The Stagg Group of the Bronx is planning a 14-story, 44,000-square-foot, mixed- fered the steepest losses in the first half, down by about half or more in Westches- use building at 26 Garden St. that will include apartments, retail and office space, ter, Greenwich, Darien and New Canaan. Supply is inching up in some markets and according to the Journal News. the number of years it will take to absorb these listings is increasing. Westchester The court can no longer remain at its current North Avenue location and the coun- County has seven years of $5 million or higher inventory; Greenwich has more than ty has been working for some time to find a suitable new location, county officials three years in the ultra-high end. A balanced market typically has six to 12 months stated. The county since opening the Yonkers Family Court in 2016, evaluated more of inventory. than 25 sites in New Rochelle before selecting the 26 Garden St. site. “The bigger conundrum facing our luxury markets is quantifying the changing Majority Whip MaryJane Shimsky (D-Ardsley, Dobbs Ferry, Edgemont, Hartsdale, tastes and attitudes of the new generation of luxury buyers. Bigger is not always Hastings-on-Hudson, Irvington), chair of the Board's Public Works Committee, said, better and renovating or restoring a period home is the desire of scant few,” said "For many years the New Rochelle Family Court has been operating in a building that Houlihan Lawrence Senior Vice President Anthony Cutugno. “Their expectation has been inadequate for its needs. I'm proud that finally we're on the path toward get- about the future value of real estate influences demand for luxury homes. Though ting a desperately needed new facility, with safe and convenient access for people this shift is in its early stages, its impact is tangible.” from all over southeast Westchester.” He added that the softness in the luxury market is not just a Westchester-Fair- There are currently three family court locations in Westchester in Yonkers, White field County, CT problem. Plains, and New Rochelle that each handling caseloads from different regions. “Luxury home sales have declined not only north of New York City, but in many Westchester County Executive George Latimer said, “The approval of this lease luxury markets, including New York City, the Hamptons and Miami. We bang the is a long time coming, and I’m happy to finally have a new location for the people of drum with the same message in this seller-challenged market—listings that repre- this county. My administration and the Board extensively examined this 30-year lease sent value and appeal to buyers’ aesthetic will capture their attention and have the and know that this is the best option for the taxpayers, the courts and the community. greatest chance of selling,” Cutugno said. While the space at 26 Garden Street has to be constructed, it is the best location with Joseph Rand, managing partner, Better Homes and Gardens Rand Realty, said easy access to mass transit, close to the center of New Rochelle and the ability to cre- the housing market in Westchester and the Hudson Valley continued to be a “tale ate a state-of-the-art facility. I look forward to cutting the ribbon on this facility in 2021.” of two markets” in the second quarter of 2019. During those three months, sales for more expensive single family homes continued to struggle while sales for lower- July 2019 | Real Estate In-Depth NEWS | 3

Massive STEM High School Project at IBM Back Before Somers Boards Continued from page 1 2 in connection with its petition to seek The Town Board in December could and schedule public hearings and then and the subsequent adaptive reuse an amendment to the Town of Somers approve the application and petition vote on final subdivision and site plan project would be the largest of their kind zoning ordinance to permit the adaptive for zone change and amendment to the resolutions either at its meeting in Janu- in memory in Westchester County. reuse project. comprehensive plan, as well as any as- ary or February. According to multiple published re- The new project assessment was sociated conditions, such as community At the Town Board meeting last Sep- ports, the former IBM campus at 294 filed with the town on June 18. The benefits. tember, Evergreen Ridge officials, along Route 100, as well as the former PepsiCo Somers Planning and Engineering The Westchester County Planning with Roxana Girand, president and CEO campus in Somers, are owned by Mexi- Departments also proposed a draft Board could, after receiving results from of Sebastian Capital Inc. of New York can business magnate Carlos Slim Helu. timeline for the project, beginning this comprehensive plan public hearings, City, the asset manager for the 723-acre In 2016, IBM sold its Somers complex month with its study of the developer’s vote on whether to approve the com- former IBM campus, and Sean Cahill of for nearly $32 million and the PepsiCo submissions, as well as the Town Traf- prehensive plan amendment and zone Avison Young, a broker in the deal, con- property traded earlier that year for $87 fic consultant and the applicant’s traffic change. firmed that negotiations are ongoing million. Evergreen Ridge representatives consultant beginning separate reviews. The approval process could pos- with the building owner for Evergreen to told the Town Board last September that The Somers Town Board formally sibly conclude in January or February lease the entire 1.2-million-square-foot the owner of the property would be an accepted its role as lead agency for the 2020 with the Planning Board voting on complex. investor in the STEM high school project project on Nov. 29, 2018. whether to grant preliminary subdivision If the STEM high school project se- as well. In addition to the Town Board, the approval. The Planning Board would cures all approvals and lease negotia- Aug. 8 special meeting will also include continue review of the project’s site plan tions are finalized, the lease transaction the Planning Board, Open Space Com- mittee, Architectural Review Board Robert Martin Hosts Broker Events in Westchester, Fairfield Counties and the Westchester County Planning Board. Later that month, the Planning ELMSFORD—Robert Martin Company Board is scheduled to review the site LLC recently held a pair of broker events plan and subdivision plans on Aug. 14. in both Westchester and Fairfield coun- In September, the Planning Board will ties, sharing information about the firm’s hold a public hearing on the project’s recently-acquired 3.1 million-square-foot site plan and preliminary subdivision industrial/flex portfolio. proposal on Sept. 11. In March, Robert Martin Co. com- Planning Board and Town Board pleted its acquisition of Mack-Cali Realty public hearings on components of the Corporation’s 56-building industrial/flex plan are tentatively scheduled for Oct. 9 portfolio for $487.5 million, marking the and Oct. 10th respectively. In November, largest commercial real estate transac- the Town Board closes its public hearing tion in Westchester County history. on the zoning amendment and holds its During the Westchester broker event first public hearing on its comprehen- held at Fortina restaurant at the Boyce sive plan amendment. Also that month, Thompson Center in Yonkers, RMC the Westchester County Planning Board partners Greg Berger and Tim Jones considers the project’s comprehensive spoke with brokers about the com- plan amendment and sends comments pany’s portfolio, which includes the to the Town Board on the zone change 1.36 million-square-foot Cross West- and comprehensive plan proposals. chester Executive Park in Elmsford; Attending the broker event held at Fortina in Yonkers were, from left, Frank In December, the Town Board would the 770,000-square-foot Mid-West- Savastano of RM Friedland; Paul Adler of Rand Commercial; Bruce Wenig of hold its second public hearing on the chester Executive Park in Hawthorne; KW Commercial and Greg Berger of Robert Martin Company. comprehensive plan—Dec. 12—and the 780,000-square-foot South West- during the month it considers and then chester Executive Park in Yonkers; the The Yonkers event followed a similar brokerage company handling leasing at votes on Parts 2 and 3 of the EAF and 270,000-square-foot Stamford Execu- broker reception held for the Fairfield the properties, were also on hand at both declaration for zoning text amendment tive Park in Fairfield County, CT and a market at RPM Raceway in Stamford. broker events. and comprehensive plan amendment. restaurant building in Tarrytown. Representatives of RM Friedland, the

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president’s gateway corner perspectives ByBy BarryRon Garafalo, Kramer, HGAR HGAR President President By Richard Haggerty, HGAR CEO Half Way Home A Mixed Bag Hello Friends: The New York State legislative session came to an end in June, and it was cer- As we begin the second half of the year, I congratulate all of you on all the busi- tainly a session like no other in recent history. With the Democrats in control of both ness you did in the first half of the year. It has been a very busy year. Yes, I know cer- the Senate and the Assembly, bills and initiatives that had been stuck in limbo for tain areas are busier than others. Some have price increases this year, while others years were acted upon with new energy. In total, the State Legislature passed 935 are down slightly. Some are seeing increases in inventory, while others are not. In bills during the session, though as I write this article not all have been signed by some areas, unit sales are up, and again, in other areas they are down. Overall, in Gov. Andrew Cuomo. our MLS, we have sold more than 8,000 homes (single-family, condos, co-ops and From a real estate perspective, I’d have to characterize the session as a mixed multi-family). That is a significant amount of business. bag. In terms of big wins, the governor signed into law the property tax cap, making As 2019 began, I am sure many of you had goals you wanted to accomplish this it permanent. Given that our market area has some of the highest property taxes in year. As your HGAR President, I did as well. I had three main goals when I started the country, this was particularly positive for the lower Hudson Valley, New York City my term in January. and its surrounding suburbs. My first goal was for our association to do a new strategic plan. We had not un- Another important win was on the education front. The legislature passed a bill dertaken one in recent years and I believed it was time our last one be updated to that requires the inclusion of an additional two-and-a-half hours of ethical business reflect all that we have going on in our association. I am proud to say that that pro- practices and one hour of legal updates as part of the core real estate continuing cess has started, and it is being worked on by a Strategic Planning Committee. Our education requirements. The bill also removes the grandfathering exemption for goal is to have our plan in place soon. I thank all of you that assisted us in taking the licensees with 15 years of experience who received their broker or associate bro- time to answer the survey that was sent out a few months ago. ker’s license prior to 2008. As someone who believes that we as an industry have I also wanted our association to reach its RPAC goal (every association in the to raise the professional bar, this change to CE requirements helps us down that country is given a goal each year by NAR based on its number of members). We path. At press time, the governor has not signed the bill into law. have not reached our goal in many years. This year our goal was $219,000 in RPAC We had mixed results with efforts in opposition to the enactment of increases contributions and 3,815 members donating. Currently, we are at 62% of our dollar in transfer taxes for community preservation funds, with a bill allowing the Town of goal, or $137,000, and 75% towards our participation goal, with 2,820 members Chester in Orange County to impose such a tax passing the legislature, pending contributing. a voter referendum. A similar bill, which would have allowed communities in all of RPAC is so important for all of us, as we continue to tackle issues in our quest to Orange County to enact transfer taxes for community preservation funds, failed promote and protect home ownership. Our collective voices would not be heard by to advance out of the Senate. To be clear, neither NYSAR nor HGAR is opposed to our elected officials if it wasn’t for RPAC contributions. community preservation, we simply do not believe they should be funded on the I am aware that we do not win on every issue, but our advocacy continues to pro- backs of sellers and buyers via transfer taxes when the entire community benefits. duce many victories. If it wasn’t for RPAC, we would not be at the table when issues We certainly took a blow in New York City in the budget process with significant such as transfer taxes, mortgage-interest deductions, increased closing costs etc. increases to both the transfer tax and mansion tax to fund improvements to mass are discussed. transit. Again, from my perspective, why should buyers and sellers be targeted to I thank all of you that have contributed this year to RPAC and attended our fund vital investment in mass transit when it benefits all New York City and subur- events. If that’s you, maybe consider making one more contribution. If you haven’t, ban residents? I say this as someone who lives in Manhattan and takes mass transit I respectfully ask that you contribute today. You can go to NYSAR.com and click on every day. the RPAC link to contribute, or feel free to contact me directly. We at HGAR are also Perhaps the biggest blow came in the form of changes to rent control and land- asking that Broker/Owners lead us in our efforts by talking to agents in their offices, lord tenant laws. The changes are too numerous and nuanced to recount here, but and lead by example by contributing $250.00 to help us reach our goal. changes to the laws significantly cap the ability of landlords to invest in improve- My third goal was to “raise the bar,” in how we all conduct our business. I have ments to the rental property and recover those costs through increased rents. talked and written on many occasions about this. I have asked all of you to remem- The extension of the rent control law also allows for the expansion of rent control ber that our goal as Realtors is to always work in our client’s best interest and to do beyond New York City and the suburban area. If a city, town or village is consider- so in an ethical and professional manner, while being considerate in how we treat ing adopting rent control, their vacancy rate must be at or near 5%. The city, town each other. This goal is far from mine alone. Both NYSAR and NAR are promoting or village must also vote to opt in to rent control only after holding a public hearing this initiative as well. NAR has started its “Commitment to Excellence” campaign and soliciting public comment. this year, called C2EX, that we all can take part in. Personally, I have completed Other changes affect all rentals, not just those covered by rent control EPTA about 60% of the program. I encourage you to consider starting C2EX if you haven’t guidelines. They include prohibiting landlords from collecting application fees, cap- already. ping the fees charged for credit and background checks to the actual cost or $20, I also want to thank many of you that have come up to me at events and told whichever is lower, and capping security deposits at no more than one month’s me you have read my monthly articles and are happy to hear that I am discussing rent. There are also changes to the eviction process. professionalism and ethical behavior. I ask all of you to do the same. If we all work So, this last legislative session was indeed a mixed bag. However, it illustrates together in that manner, our jobs would be much more enjoyable, and our clients to me that we must be even more engaged with our legislators. We also must be would be better served. more engaged when it comes to participating in RPAC, which makes a tremendous Please join me as we all work together to make the second half of 2019 excep- difference. We cannot expect others to always to do the heavy lifting—we have to tional. I look forward to hearing from you and hope to see you at one of our many do it collectively—and in doing so our collective voice will be that much stronger. upcoming events. In Memoriam The Hudson Gateway Association of Realtors regrets to inform its membership of the passing of a real estate executive who has had a lasting impact on Westches- ter’s real estate industry—George Lawrence. Lawrence of Vero Beach, FL peacefully passed away on Tuesday, June 18, 2019 REAL ESTATE IN-DEPTH at the age of 81. He was born on Aug. 9, 1937 in Bronxville, to the late Christopher July 2019 Published July 19, 2019 and George-Ann Lawrence. Publisher: Hudson Gateway Association of Realtors, Inc. As a boy, he grew up in Bronxville, New York City and Long Island. He spent Ronald Garafalo, President many happy times learning to fish and hunt at the Adirondack League Club. His heritage in the Northeast was esteemed. His maternal great-grandfather, George Gail Fattizzi, President-Elect Hubbard Clapp, who lived in Pittsburgh, was instrumental in the development of the Tony L. D’Anzica, Regional Director New York County commercial uses of aluminum. His paternal great-grandfather, William Van Duzer Clayton Livingston, Regional Director Putnam County Lawrence (the founder of Lawrence Properties,) led the development of Bronxville, Eydie Lopez, Regional Director Orange County turning it into the affluent community that it is today and established Sarah Law- Roberta Bangs, Regional Director Rockland County rence College in honor of his late wife. Aimee G. DeCesare, Regional Director Westchester County George Lawrence, assisted by Jacques Mitchell, later merged Lawrence Prop- Irene Guanill Elukowich, Treasurer erties operations with Art Houlihan to create real estate brokerage firm Houlihan Crystal Hawkins Syska, Secretary Lawrence. In 1990, Lawrence sold his family's real estate firm to Nancy and Peter Richard K. Haggerty, Chief Executive Officer Seaman. John Jordan, Editor After graduating from St. Paul’s School, he attended Columbia College. During Bart D’Andrea, Art Director his tenure at Columbia, he was a member of St. Anthony Hall. He left college in 1958 John Vecchiolla, Photographer to enlist in the United States Army and served in Germany. His strong beliefs in the Meadow Art & Design, Design & Production importance of a liberal arts education motivated his return to school. He graduated from Pace University in Westchester County. REAL ESTATE IN-DEPTH, published monthly, is the official publication of the Hudson Gateway After his Army career, George returned to New York City and worked on Wall Association of Realtors, Inc., One Maple Ave., White Plains, New York 10605. Opinions contained in the articles herein do not necessarily reflect the opinions of the Association. The editors of Street before joining the family business, Lawrence Properties in Bronxville, where REAL ESTATE IN-DEPTH reserve the right to accept or reject all advertising copy. REAL ESTATE he earned his position of President and Chief Executive Officer. He was a former IN-DEPTH (ISSN 0043-339X) or (USPS 677-500) is published 12 times a year for $12 per year, Chairman of Sarah Lawrence College and in 1988 until his death, he served on the included in member dues, and $24 for non-members, by The Hudson Gateway Association of Realtors, Inc., One Maple Ave., White Plains, N.Y. 10605. Periodical Postage is paid at White Board of Urstadt Biddle Properties, Inc. He also served on the Board of Directors Plains, N.Y. REAL ESTATE IN-DEPTH cannot be responsible for unsolicited manuscripts, nor un- with Cotton Petroleum. The Lawrence Family was instrumental in the development dertake to return manuscripts or pictures.POSTMASTER: Send address changes to REAL ESTATE IN-DEPTH, One Maple Ave., White Plains, New York 10605. of Kensico Cemetery in Valhalla. George continued his family’s legacy with Kensico Continued on page 9 July 2019 | Real Estate In-Depth LEGAL | 5

Major Changes to the NY Rent Regulation Laws: The Statewide Housing Security and Tenant Protection Act of 2019 owner starting six years before the complaint is filed.” [See 2019 Act, Part E, Page 10 LEGAL at https://bit.ly/2xA6lth]. The ETPA Now Applies Throughout New York State CORNER The act now expands the ETPA to all counties and municipalities in New York By John Dolgetta, Esq. State and not solely to New York City, and Westchester, Nassau and Rockland HGAR Legal Counsel counties. Any county, town or village may now opt into the ETPA upon a declara- tion of a housing emergency. Once an emergency is declared, an RGB having nine members as provided for in Part G must be created. [See Part G, Page 16 at https:// On June 14, 2019, Gov. Andrew Cuomo signed into law the controversial State- bit.ly/2xA6lth]. wide Housing Security and Tenant Protection Act of 2019 [see https://bit.ly/2xA6lth]. The act went into effect immediately and it significantly modifies and expands the Limitations on Permitted Increases, existing rent regulations. The act changes both the legal and business landscape in Fees and Fuel Cost Pass-Alongs the New York real estate market in significant ways. The act restricts a landlord from “…collect[ing] an increase from a tenant in oc- Rent Control v. Rent Stabilization cupancy in any one-year period of more than the lesser of either seven and one- half 7.5% or an average of the previous five years of one-year rent adjustments on In New York, there are two rent regulation programs currently in effect: “Rent rent stabilized apartments as established by the rent guidelines board.” The new Control” and “Rent Stabilization.” These laws were enacted to protect tenants from law also prohibits landlords from passing along fuel costs to the tenant. Landlords, excessive rent increases and to deal with housing shortages. At the same time, attorneys and real estate licensees should be aware of this. [See Part H, Page 19 at these regulations were intended to allow owners to realize a reasonable profit and https://bit.ly/2xA6lth]. allow for reasonable increases so that owners could recuperate certain operating expenses and improvement costs. Reduced Increases Relating to Major Capital Improvements, Individual Apartment Improvements What is Rent Control? Previously, landlords were permitted to increase rent based on certain capital The Emergency Housing Rent Control Law was enacted in 1946 due to the hous- improvements made to the entire building, known as “Major Capital Improvements,” ing shortage immediately following World War II. Rent Control laws generally apply as well as other improvements made to individual apartments, known as Individual to residential buildings constructed before February 1947. According to the New Apartment Improvements. The act introduces dramatic reductions in the rates of York City Rent Guidelines Board “[a] total of 51 municipalities have rent control, rent increases permitted for these types of improvements. [See Part K, Page 23 at including New York City, Albany, Buffalo and various cities, towns, and villages in https://bit.ly/2xA6lth]. Albany, Erie, Nassau, Rensselaer, Schenectady and Westchester counties.” Rent In connection with MCIs, the 2019 Act limits any rent increase to 2% throughout control also applies to “…buildings that receive J-51 and 421-a tax benefits.” [See New York State. This represents a significant reduction from the previous rates of N.Y.S. Division of Housing and Community Renewal Office of Rent Administration, 6% permitted in New York City, and 15% allowed in other ETPA counties. Previously, Fact Sheet #1 at https://on.ny.gov/2xDOMso]. The Division of Housing and Com- any of the increases approved in connection with MCIs were permanent, however, munity Renewal is the agency in charge of enforcement and implementation of the they now terminate after 30 years. DHCR will “…establish a schedule of reason- rent regulation laws. able costs for major capital improvements, which shall set a ceiling for what can be The ETPA and Rent Stabilization recovered.” The act completely prohibits any MCI increase for buildings that have 35% or less rent regulated apartments. The new law also provides for an annual In 1974, the Emergency Tenant Protection Act was enacted to further deal with audit and inspection process. the housing problems of the era and provided additional protections for tenants In connection with IAIs, landlords were previously permitted to increase rents in and placed added restrictions on landlords. Under the ETPA, the “Rent Guidelines order to allow them to collect a percentage of the total cost of a renovation. Now, Boards” are responsible for setting rent adjustments for rent stabilized apartments. landlords may only collect a much smaller portion of the total renovation cost, now In New York City, rent stabilized apartments are generally those apartments in capped at $15,000 over a 15-year period. Similarly, the increases terminate after 30 buildings of six or more units built between Feb. 1, 1947 and Jan. 1, 1974. Tenants in years. IAIs will also be subject to random annual inspections and audits. buildings of six or more units built before Feb. 1, 1947 and who moved in after June 30, 1971 are also covered by rent stabilization. Increased Legal Requirements of Landlords The 2019 Act The new law also makes significant changes with respect to non-rent regulated The 2019 Act revises, extends and makes permanent many of the existing rent properties. The Real Property Actions and Proceedings Law has been regulation laws, including the ETPA, which was set to expire on June 15th. While amended to add Section 702, which defines “rent” in a residential dwelling as tenants should receive certain protections, the 2019 Act will inevitably impact land- the monthly or weekly amount charged to a tenant, and specifically excludes lords and the real estate market as a whole. In a Wall Street Journal article, several any additional fees from the definition. Therefore, in an eviction proceeding brokers and investors reported that “[t]he new laws could cause the values of rent- a landlord may not collect any additional fees or charges other than “rent,” stabilized apartment buildings to drop 20% to 45%, depending on their current rent regardless of what may be included in a lease agreement, except as may rolls…. That would leave many properties worth less than their mortgages and put be specifically permitted under the law. Additionally, effective as of Oct. 12, building owners at risk of default.” [See article at https://on.wsj.com/2N7FTSv]. 2019, landlords will be required to provide written notice of rent increases Below are highlighted several major changes under the new law. greater than 5% or of an intention not to renew tenancy in accordance with the following schedule: The Repeal of ‘High-Rent Vacancy • If the tenant has occupied for less than one year and does not have a lease Deregulation’ & ‘High-Income Deregulation’ term of at least one year, landlord shall provide at least 30 days’ notice. Two major changes introduced by the 2019 Act are the repeal of the “High-Rent • If the tenant has occupied for more than one year, but less than two years, land- Vacancy Deregulation” and the “High-Income Deregulation. Previously, the law al- lord shall provide at least 60 days’ notice. lowed apartments to become completely decontrolled upon vacancy if the rent for • If the tenant has occupied for more than two years or has a lease term of at least a particular apartment reached certain levels set by the RGBs, which, for example, two years, landlord shall provide at least 90 days’ notice. for 2019, was $2,744 in New York City and $2,830.21 in Westchester County. The 2019 Act now creates a duty for the landlord to reasonably mitigate dam- The 2019 Act also repealed provisions, which allowed for decontrol based on ages, in the event that the tenant vacates a premise in violation of the terms of a income levels (i.e., where tenants earn more than $200,000 per year for more than lease. Additional requirements and restrictions enacted under the act cover the two years). These changes will keep apartments under rent control indefinitely, following topics: significantly limiting a landlord’s ability to operate the properties at a profit, while • Prohibition against application fees and limitations on fees for credit or back- benefitting those tenants who are economically capable of paying higher rents. ground checks (i.e., the actual cost of the credit or background check or $20, which- ever is less). Recordkeeping and “Look-Back” Periods Extended; • Waiver of fees for background or credit check if the tenant provides a recent Statute of Limitations Period Eliminated report. The Act also eliminates the statute of limitations periods. Previously, if a tenant • Limitation on late fees (i.e., not to exceed the lesser of $50 or 5% of the monthly did not file a claim “…within four years of the first overcharge” no award would rent). be permitted. Now, a tenant may file a claim or action “at any time,” regardless • Extensive changes to the existing retaliatory eviction law (e.g., penalties rang- of when the overcharge occurred, but would limit any recovery to “…the six ing from $1,000 to $10,000 for unlawful evictions). years preceding the complaint.” Corresponding changes were made to the • Extension of time periods for tenants to pay rent owed, fix lease violations, ob- recording-keeping periods, which have also been extended from four years to tain legal counsel and find new housing. six years. • Cancellation of legal proceedings upon payment of outstanding rent by the Regarding the assessment of treble damages against landlords, previously, if a tenant to the landlord or the court at any time during the process. landlord voluntarily refunded any overcharge back to a tenant the landlord could • Courts are provided with expanded circumstances to consider hardships and avoid treble damages. In addition, treble damages were not permitted for any over- stays of eviction proceedings for longer periods. charges that extended beyond two years from the date a claim was filed, or where • Landlords prohibited from recovering legal fees in the case of a default judge- a landlord simply failed to file an initial or annual rent registration statement. The ment. 2019 Act eliminates all of the above and provides that “[a] penalty of three times • Landlords prohibited from collecting a security deposit of more than one the overcharge shall be assessed upon all overcharges willfully collected by the month’s rent for all types of residential dwellings (e.g., including one- to four-family Continued on page 8 Preparing a House for Sale? We Can Help With That! (914) 345-5700 | www.RobisonOil.com Mold • Air Duct Cleaning • Carpet Cleaning • Attic/Crawl Space Insulation 6 | RESIDENTIAL Real Estate In-Depth |July 2019 Saunders Named Secretary General of FIABCI WHITE PLAINS—Vanessa Saunders Investors of Real Estate (AFIRE) and GPS Central Park West in Manhattan. GPS of Global Property Systems in White is a Better Business Bureau accredited also has a corporate relocation team in Plains was elected to a two-year term as company. Saunders has been asked Munich, Germany and an Asian team of Secretary General of the Marketing and to speak at real estate conferences Transaction Coordinators and website Networking Committee of the Interna- around the world including Dubai, Hong techs in Manila, Philippines. tional Real Estate Federation (FIABCI). Kong, Paris, London, Geneva, Bangkok, Saunders, a resident of Pomona, is Saunders is the first individual to be ap- Kuala Lampur, Singapore and Athens. a former Board Member of Keep Rock- pointed to this position from the Hudson She is also a member of the FIABCI In- land Beautiful, Meals on Wheels and Valley region. ternational Round Table of Knowledge the WTCA (World Trade Centers Asso- Founded in 1951 in Paris, the FIABCI which holds special consultative status ciation). She is currently working with is a worldwide business networking within the United Nations and World Habitat for Humanity in New York City organization for all professionals as- Council of Brokers. and the United Nations/FIABCI Global sociated with the real estate industry. GPS is cloud-based with two brick Housing Initiative "Making Cities More The FIABCI has provided access and and mortar offices in the USA: the global Affordable". A native of Wales, UK., she opportunities for real estate profession- headquarters in White Plains where enjoys competitive sailing and riding als interested in gaining knowledge, commercial and corporate relocation and has owned and invested in many sharing information and conducting teams are based; and an office on homes around the world. international business with each other. Saunders is the founder, Principal Vanessa Saunders, Principal Grand Lux Realty Closes on Mega $4.7M Deal Broker and CEO of Global Property Sys- Broker, CEO Global Property tems, a full-service real estate broker- Systems, White Plains RYE—Grand Lux Realty of Armonk re- age specializing in selling properties in cently announced the closing of 300 New York’s Hudson Valley and around Grace Church St. in Rye for a sale price the world. GPS has sold 110 residential FIABCI create a platform for members of $4,651,667. The transaction, which homes in the Hudson Valley during the to be able to post listings of properties closed on May 22nd, was the most last 12 months, 60% of them to foreign for sale worldwide. This is the first time expensive in the history of Grand Lux buyers. such a platform has been suggested, Realty. “We have been selling homes, land and the response from members was The seven- bedroom, six-and-a-half and commercial property in the Hudson overwhelmingly positive,” Saunders bath colonial was sold by Shauna Brika, Valley to international buyers for the notes. a new agent at Grand Lux Realty. past seven years. This new position at Saunders was a featured panelist “This is a historical moment for Grand the FIABCI will provide us with even at the 11th Global Real Estate Summit Lux Realty” said Michael Levy, principal more opportunities to reach out to other & Expo” presented by the Hudson broker Grand Lux Realty. “I’m proud of countries to further relationships in or- Gateway Association of Realtors and Shauna for all of the blood, sweat, and der to market properties in Rockland, the Staten Island Board of Realtors in tears she put forth to close this deal.” Westchester, Orange and beyond,” October 2017. Brika credits her real estate success Saunders said. Saunders holds numerous designa- to her mother and mentor, Lori Rizzi, also As Secretary General of the Global tions including Commercial & Invest- an agent of Grand Lux Realty. Together Committee, Saunders will be able to ment Real Estate Certified, Certified In- they combine for 32 years of experi- network with real estate professionals ternational Property Specialist, Certified ence in the real estate industry. from around the world building relation- Distressed Property Expert, Federation The combination of training from ships with those who have an interest in of International Real Estate, Certified Principal Broker Levy and Shauna’s ex- investing in the United States but may Pricing Strategy Advisor. In addition to ceptional skillset allowed for this deal to Shauna Brika, agent not be familiar with the Hudson Valley FIABCI, Saunders is a member of the be closed in a smooth and timely fash- Grand Lux Realty of Armonk region. Asian Real Estate Association of Ameri- ion, the company reported. “I have already proposed that the ca (AREAA) and Association for Foreign

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We’re at your side, every step of the way. July 2019 | Real Estate In-Depth RESIDENTIAL | 7 Con Edison, O&R Receive First Round of Funding Of Gov. Cuomo’s Future Grid Challenge Program ALBANY—Gov. Andrew M. Cuomo an- against climate change." communities across the state and drives nounced on July 11 the first round of Ben Brown, Orange & Rockland us toward a clean, fully carbon-free funding for the $15-million Future Grid Project Manager - Smart Grid said, "O&R power grid." Challenge, a program to help solve and NYSERDA have a long history of Administered by the New York State technical challenges utilities face with partnering on projects that have ad- Energy Research Development Au- energy transmission and distribution vanced the research and development thority (NYSERDA), the Future Grid when integrating renewable energy of cutting-edge technologies that have Challenge will offer funding to grid resources into New York's electric grid. brought the utility industry into the next technology companies and research In this first round of funding, up to generation of monitoring and control. institutions that will address challenges $6 million is available for projects that The Future Grid Challenge is another ranging from the need for greater real- partner with Con Edison and Orange & example of this partnership. The results time system data to incorporating smart Rockland utilities with up to $3 million of this project will allow our utility, and technologies and energy storage into available per utility challenge to support the utility industry as a whole, to better power grid planning and operations. development of technical solutions. Pro- understand smart inverter technology This initiative will have two rounds with posals should focus on: and the benefits that these inverters can each round addressing different chal- • Helping Con Ed advance Distrib- bring to the distribution system." lenge areas. uted Energy Resource (DER) monitoring, "Our participation in the Future Grid Alicia Barton, president and CEO, control, data analytics and advanced Challenge will yield innovative solutions NYSERDA said, "Deploying renewable forecasting to help us make it even easier and more energy such as solar, storage and wind • Assisting Orange and Rockland with Alicia Barton, president, CEO, beneficial for our customers to choose at scale as we transition to 100% carbon- improving smart inverter functionality to NYSERDA renewables," said Matthew Ketschke, free electricity by 2040 requires con- provide seamless integration of distrib- senior vice president, Customer Energy ment facilities across New York State. tinued investments in innovative grid uted resources, improve grid stability Solutions, for Con Edison. "This program Each specific challenge was developed modernization technologies like those and reduce system losses is an example of the private and public in partnership with the utilities, and supported under the Future Grid Chal- • Proposals are due by Oct. 9, 2019. sectors in New York State working to- each utility will participate in the selec- lenge. Under Governor Cuomo, New The remaining funds will be made gether to build the modern grid that is tion committee for their respective York remains steadfast in its commit- available through the second round essential to creating the clean energy challenge. To be eligible for an award, ment to advancing clean energy solu- of the program later in 2019 with new future we want." proposals submitted must specifically tions and this challenge will help identify challenges and utilities identified and Modernizing the grid supports the address the unique challenges identi- forward-thinking approaches to some included. governor's nation-leading mandate for fied for the selected utilities. of the most critical energy challenges To prepare for this important initia- 70% renewable electricity by 2030 and Senator Kevin S. Parker, chairman faced by interfacing and operating with tive, NYSERDA's Smart Grid team has a carbon-free power grid by 2040 as in- of the Senate Committee on Energy the power grid." worked with the Joint Utilities of New cluded in the historic climate legislation and Telecommunications, said, "Under The Future Grid Challenge funding York members Con Edison, Central that was just passed by the legislature, Governor Cuomo's leadership, New complements other NYSERDA smart Hudson Gas & Electric, National Grid, the New York State Climate Leadership York has led the way to achieving clean grid funding announced previously, New York State Electric and Gas, Roch- and Community Protection Act. and sustainable energy and preserving including the $30 million announced ester Gas and Electric, and Orange & "New York is leading the fight against our natural resources for generations to support projects that develop or Rockland to identify transmission and climate change and prioritizing more of New Yorkers to come. Today's an- improve electric grid products or tech- distribution challenges that each utility resiliency and reliability during extreme nouncement and the state's continued nologies, as well as the $5 million made faces. Together, these utilities provide weather events," Gov. Cuomo said. commitment will ensure New York con- available to enhance and support the electric service to more than 13 million "These investments will add renewables tinues to be on the forefront in the fight connection of renewable resources to households, businesses, and govern- such as wind and solar to create a grid the grid. of the future that serves the needs of PSC Approves Westchester County Clean Energy Plan ALBANY — The New York State Public service connection for natural gas in FLOWER Service Commission approved on July most of Westchester County.Through 11 the implementation of a consumer this action plan, the state is helping to Property Tax Consultants, LLC awareness campaign to encourage the lower energy costs for consumers ; sup- Over 50 Years of Trustworthy Service & Unmatched Success installation of renewable energy and port ongoing economic development, energy efficiency resources in West- increase community awareness and chester County. action on clean energy; and advance The program was developed in the state’s clean energy and economic consultation with the New York State objectives. Energy Research and Development The primary objective of the aware- Authority (NYSERDA) and Westchester ness program will be to deliver broad- County to encourage the installation of based information that will educate renewable energy resources and en- Westchester residents and businesses ergy efficiencies in Westchester County. about the clean, renewable and energy “Transitioning to a carbon-neutral efficient options available in their area, economy requires all-hands-on deck, state officials noted. This program aims and New Yorkers are eager to do their to ensure that energy consumers in part,” said Public Service Commission Westchester are supported with the Chair John B. Rhodes. “NYSERDA’s necessary information, awareness and Westchester County awareness pro- access to new technologies, energy From left: Angela Flower, Deb Flower, Robert Flower, gram, developed in response to Con efficiency, and renewable energy op- Bobbie Anne Flower-Cox Esq., Of-Counsel, Rob Flower Edison’s natural gas moratorium for new tions that create more efficient homes customers, represents a smart and stra- and businesses. These more efficient Our advantages over other firms: tegic approach to assist Westchester’s spaces help provide a higher quality • Top-notch attorneys communities, businesses, and residents of life, as well as more energy efficient in accessing reliable clean-energy alter- commercial space, both of which will • In-house appraisers natives to natural gas and to become make Westchester a more attractive • Former Board of Assessment Review member more energy efficient.” place to live and work. • Most competitive contingency fee structure The program will specifically en- Increasing consumer awareness and courage the installation of renewable understanding of these solutions is a Family owned and operated since 1962. energy and energy efficiency resources core component for driving results and Commercial and residential grievances, nearly 100% success in Westchester County. The state and uptake at the earliest stages of a cus- rate. We helped develop the law on residential tax grievance its partners are already taking action to tomer purchase cycle. Greater consum- over 30 years ago! respond to these interconnected issues er awareness and understanding will through a $250-million Clean Energy also help to lower the cost of customer 3 former associates went on to become Assessors Action Plan that was launched on March acquisition for the technology and ser- Call for a FREE consultation today. 14, 2019 to support energy consumers in vice providers. Given the useful life of the affected areas of Westchester. heating and cooling equipment, it is im- As directed by the commission, portant to enable informed purchasing Flower Property Tax Consultants, LLC NYSERDA’s awareness program will decisions in order to maximize potential 34 Palmer Avenue work in concert with the Westchester value for consumers, the energy system County Clean Energy Action Plan. The and the environment. Bronxville, N.Y. 10708 action plan was established to provide The awareness program will comple- Phone: 914.779.6299 FAX: 914.337.3619 guidance and options to businesses ment the action plan with the shared ob- Web: www.FlowerPropertyTax.com and residents that are impacted by Con Edison’s gas moratorium on new firm Continued on page 8 8 | Real Estate In-Depth |July 2019 Knotel’s NYC Network Reaches 100 Buildings NEW YORK CITY—Global workspace provider Knotel reported recently it had square feet to Knotel, according to a ing a 23,424-square-foot lease at 580 finalized deals for five new locations in Globest.com report. Fifth Ave., according to a report in the New York City, bringing its overall foot- At 590 Fifth Ave., Knotel leased Commercial Observer. print here to 100 buildings and nearly 11,200 square feet, while at 597 Fifth Founded in 2016, Knotel has more 2.5 million square feet of office space. Ave., the firm leased one full floor total- than 3 million square feet across more The firm’s announcement on July 1 ing 6,400 square feet. than 200 locations in New York, San followed completed deals for 24 new In June, Knotel secured space in its Francisco, Paris, London, Los Angeles, locations in New York City, London, Paris 100th building in New York City by sign- Washington, D.C., Berlin and São Paolo. and San Francisco in the month of May alone. Highbridge House in the Bronx “Owners, brokers and companies in New York City and across the globe con- Trades for $76.25 Million tinue to respond favorably to Knotel as a great alternative to the conventional of- NEW YORK—Camber Property Group, The 1133 Ogden Ave. complex is fice experience,” said Eugene Lee, chief a developer of affordable and mixed- near the Alexander Hamilton Bridge, the investment officer of Knotel. “Because income projects in New York City, and High Bridge, parks such as Mullaly, Mill of this, we’ve developed a market-lead- partner Belveron Real Estate Partners Pond, and Joyce Kilmer, and Merriam, ing portfolio of flexible office locations have acquired the 400-unit high-rise Summit and Nelson playgrounds. The in New York where we began less than Highbridge House apartment building building is close to public transporta- four years ago—and across the globe in the Bronx for $76.25 million. tion- only an eight-minute walk to the 4, with new sites in London, Paris and San The 26-story property at 1133 Ogden B and D trains at the 167th Street station Francisco, and expansion to new cities Ave. was sold by Stellar Management and close to Metro North’s Melrose Sta- in the coming months.” of New York City. Aaron Jungreis of tion. Since the beginning of 2018, Knotel Rosewood Realty Group brokered the The most recent updates to the prop- has grown from 30 locations spanning deal for both the buyer and seller of the erty include a new lobby and extensive 600,000 square feet to more than 200 property located in the Highbridge sec- Local Law 11 façade work. The building locations rapidly approaching 4 million tion of the Bronx. boasts a variety of amenities including square feet. A partner for landlords Stellar Management origi - high-speed elevators, on-site laundry, and brokers, Knotel’s roster of clients nally purchased the approximately on-site maintenance, parking garage, includes Omnicom, Netflix, Daimler and 283,248-square-foot building in June a community room and a playground. Starbucks. 2006. Throughout its 13-year ownership Most units feature a balcony. New locations announced by Knotel of the property, Stellar completed exten- Stellar owns and manages more in New York City and in other global sive building-wide improvements. In ad- than 13,000 apartments, over 2 million markets include: Flexible office space provider dition to apartment renovations, there square feet of office space and 1.3 mil- • Three spaces at 12 East 33rd St. in Knotel’s 100th building location in was an extensive façade and terrace lion square feet of retail space. Notable New York City’s Murray Hill neighbor- New York City is located at 580 Fifth maintenance program, a new lobby, current New York City projects include hood totaling more than 9,000 square Ave. common areas and hallways were up- 220 Fifth Ave., Independence Plaza, feet. don’s Shoreditch neighborhood totaling graded throughout the building, the roof The Windermere, One SoHo Square, • Two spaces at 80 White St. in New more than 16,000 square feet; and and windows were replaced and new Embassy House and OTTO Greenpoint. York City’s SoHo neighborhood totaling • Six spaces at 1550 Bryant in San boilers were installed and much more. more than 12,500 square feet. Francisco’s Potrero neighborhood total- • Two spaces at 36 Rue De Saint-Pe- ing nearly 38,000 square feet. tersbourg in Paris’s 8th Arrondissement In late May, Thor Equities leased two totaling more than 18,000 square feet. Fifth Ave. properties totaling 17,600 • Four spaces at 80 Old St. in Lon- PSC Approves Westchester County Clean Energy Plan Continued from page 7 jective of increasing consumer invest- tomers to retrofit heating systems with ment in clean energy alternatives such clean energy alternatives; as electric heat pumps, high-efficiency • A consumer awareness campaign appliances, equipment and building to be led by NYSERDA to help custom- materials as well as energy efficiency. ers and communities access programs This investment will help to lower costs and incentives; and of efficient energy alternatives for con- • Sustainable and clean energy work- sumers and reduce demand for natural shops to be sponsored by NYSERDA. gas while simultaneously pursuing the The funding for programs an- state’s energy and economic develop- nounced in the action plan has already ment goals, PSC officials stated. received necessary commission ap- The action plan includes: provals. • $165 million from Con Edison to 1133 Ogden Ave. in the Bronx is a 26-story affordable rental apartment build- support heat pumps and energy ef- Reforming the ing that features 400 units. ficiency; Energy Vision • $28 million from NYSERDA for new The CLCPA builds on Governor An- construction incentives and services for drew M. Cuomo's landmark Reforming new customers, including low- to mod- the Energy Vision strategy to lead on Legal Corner erate-income residential development climate change and grow New York's Continued from page 5 and waitlisted natural gas customers, to economy. REV is building a cleaner, access alternative heating and cooling more resilient and affordable energy residences). systems and energy efficiency services; system for all New Yorkers by stimulat- • Tenants’ right to conduct a walk-through inspection at the commencement and • $25 million from NYSERDA to imple- ing investment in clean technologies expiration of the lease term. ment energy efficiency measures for -ex like solar, wind, and energy efficiency. • Landlords to provide itemized statements within 14 days after the tenant va- isting customers to reduce overall peak Already, REV has driven growth of cates. demand constraints; nearly 1,700% in the statewide solar • Landlords liable for punitive damages of up to twice the amount of the security Additional NYSERDA incentives for market leveraging nearly $3.4 billion in deposit for any violation. residential and commercial customers private investments, improved energy in the moratorium areas to install clean affordability for 1.65 million low-income The Effects of the New Law heating and cooling systems are: customers, and has led to more than The changes introduced by the 2019 Act will dramatically affect all landlords and • $32 million in financing services 150,000 jobs in manufacturing, engi- not just those who own rent-regulated properties. The new law will increase a land- provided by the New York Power Au- neering, and other clean tech sectors lord’s costs while reducing a landlord’s ability to charge fair and reasonable rents. thority (NYPA) for its Westchester cus- across New York State. The new laws may cause some owners to sell or walk away from their properties altogether. While the objective of this new legislation—to afford tenants additional protec- tions—is laudable, it will inevitably cause landlords to invest less in their properties which will ultimately harm tenants. There needs to be a balance struck between Subscribe to In-Depth assisting those in need and allowing the free market to operate. Legal Column author John Dolgetta, Esq. is the principal of the law firm of Dol- getta Law, PLLC. For information about Dolgetta Law, PLLC and John Dolgetta, Esq., please visit http://www.dolgettalaw.com. The foregoing article is for informa- Call 914-681-0833 tional purposes only and does not confer an attorney-client relationship. July 2019 | Real Estate In-Depth | 9 WCA, HVEDC Organizations Call Off Merger Deal

By John Jordan POUGHKEEPSIE—The Hudson Valley through programs that promote gigabit- Economic Development Corp. and the speed broadband connectivity. Westchester County Association have Those efforts led HVEDC and the called off their merger deal. WCA to announce in January an intent The two business organizations, to merge. William M. Mooney, Jr., the which had announced in late January current president and CEO of the WCA, their intent to merge, have mutually was to retire in September and stay on decided not to pursue the merger that in a consultancy role with the new orga- was to be finalized this September. nization. Mooney was to be replaced as The HVEDC is a regional economic the head of the organization by current development organization based in HVEDC President and Chief Executive Poughkeepsie serving seven counties Officer Mike Oates. in the Hudson Valley. The White Plains- WCA Chairman William Harrington, based WCA on the other hand is a major released a statement the same day in Westchester County business advocacy response to the HVEDC announcement, organization. citing differences in business philoso- News of the failed deal was first re- phies that arose during the period of vealed by HVEDC Chairman Robert J. due diligence as the reason behind the Levine, Esq., who in a June 21st letter failed merger deal. Harrington said that to HVEDC supporters reported that the the WCA was moving ahead with the Pictured earlier this year when the two organizations announced their intent HVEDC Board of Directors had voted search for a new CEO, “which we aim to to merge were, from left HVEDC Board Chairman Robert J. Levine, Esq., that day to rescind its intent to merge be in place by late fall.” HVEDC CEO Mike Oates, WCA President and CEO William M. Mooney, Jr., with the WCA. Mooney told Real Estate In-Depth WCA Vice President Amy J. Allen, and WCA Managing Director, Operations & “This is a difficult decision made after that he plans to retire in September, Events Julia Emrick. significant exploration of the gover- although he expects to stay on in a con- ity in the region. The WCA represents growth and improvement in perfor- nance structures of the organizations sultancy role for some time thereafter. the foremost professionals in real es- mance across the entire agency, with and the needs of the region,” Levine He said he expects the WCA to name a tate, healthcare, finance and banking, a particular focus on business intel- said. “At this point, we believe that we new CEO by September. hospitality, technology, and professional ligence and implementation of data- can better serve the region as an inde- “Although the WCA and HVEDC services; as well as municipalities, non- driven solutions. He also serves as the pendent organization.” share a common vision and mission to profit organizations and institutions Vice Chair of the New York Integrated “It is important to note that the attract new business and innovation in of higher education—supporting their Network (NYIN) IPA Board of Directors, HVEDC Board of Directors made its de- our region, the nuts and bolts of inte- objectives through direct advocacy and and serves as a member of the Board cision to rescind its intent to merge with grating the two organizations became original programming. of Directors for both the NY Alliance for WCA because it did not want to compro- increasingly difficult with the differences HVEDC’s Oates could not be Inclusion and Innovation and Meaning- mise the mission of our organization,” in business philosophies,” Harrington reached for comment at press time. ful NY. Levine continued. “HVEDC serves as said in a prepared statement. “We con- On June 25, HVEDC reported the Anderson-Winchell has been with one voice for all seven counties in the tinue to have great respect for HVEDC’s addition of the organization Access: Access since 1982, and currently serves Hudson Valley and will continue repre- leadership and remain committed to Supports for Living Inc. to its Advisory as the organization’s president. senting all of our members.” working together on issues of mutual Board. Access will be represented on Since Oates took on the role of presi- The two organizations first an- importance.” the board by Ron Colavito and Amy dent and CEO of HVEDC a year ago, the nounced a plan for the two groups to He continued, “For nearly 70 years, Anderson-Winchell, LCSW. organization has added more than 30 form strategic partnerships last October the WCA has been the leading indepen- Colavito joined Access in 2003 as investors from across the region over to grow certain industry sectors such as dent voice of Westchester’s business a cost accountant. In January 2018, he the last year alone, which represents healthcare and real estate, expand on community, developing and advancing was appointed Chief Executive Officer, hundreds of thousands of dollars in new each other’s workforce development proactive policies and initiatives that the fifth person to hold that title in the revenue annually. Oates previously initiatives and close the digital divide foster smart growth and economic vital- agency’s 56-year history. Since joining served as HVEDC’s President and CEO from 2009 to 2013. In Memoriam Access, Colavito has led significant Continued from page 4

Cemetery by serving as Chairman of the Board from 2007 to 2013. He also served LOG ONTO THE HGAR MEMBER PORTAL on the Board of Governors for Lawrence Hospital from 1979-1992. You’re AND CLICK “HGAR PERKS AT WORK” George had deep love and pride for his country and became involved with The Fund for American Studies, formerly the Charles Edison Memorial Youth Founda- IN ADDITION, YOU’LL HAVE ACCESS TO tion in Washington, D.C. He served as its President from 1971 to 1974 and continued Still Paying HGAR EXCLUSIVE SAVINGS OFFERS FROM THESE HUDSON VALLEY BUSINESSES: to serve as a Trustee Emeritus until his death. He supported the fund’s guiding principles of limited government, free market economics, and honorable leader- CREDIT SERVICES ship, and believed strongly in educating young people with these same guiding Retail? CREDIT RESTORATION: Better Qualified (888) 533-8138 principles. 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PHOTOGRAPHY, FLOOR PLANS, BROCHURES: ]He is survived by his loving wife of 30 years, Pud (Margaret); his sons: Chris Vizzi Edberg (201) 861-3900 Lawrence, Bill Lawrence and his wife Kristen; Stepsons: Clif Dameron and his wife URGENT CARE URGENT CARE, AESTHETICS AND REJUVENATION Jesse, Derrick Dameron and his wife Sara; Five grandchildren: Olivia Dameron, Ry Forme Urgent Care (914) 723-4900 x202 Dameron, Grant Dameron, Anna Lawrence, Suzy Lawrence; and many beloved cousins. Services will be held on Friday, June 28, 2019 at 10:30 a.m. in the morning at St. Marks Anglican Church located at 1795 45th Street, Vero Beach, FL. In lieu of flowers, please send contributions to: Senior Resource Association, 694 14th Street Vero Beach, FL 32960; The Cleveland Clinic- Indian River Founda- HUDSON GATEWAY tion, 1000 36th Street Vero Beach, FL 32960 or The Fund for American Studies, ASSOCIATION OF REALTORS® 1706 New Hampshire Ave NW Washington, D.C. 20009. HGAR.COM 10 | Real Estate In-Depth |July 2019 Mount Vernon Mayor to Resign in September Over Misuse of Campaign Funds By John Jordan WHITE PLAINS—Mount Vernon Mayor ment throughout New York.” Meagan E. Powers under the supervi- Richard Thomas who came into office "Mayor Thomas admitted to know- sion of Public Integrity Bureau Deputy in 2016 promising to reform city govern- ingly misusing campaign donations Bureau Chief Stacy Aronowitz. The Pub- ment will be resigning effective Sept. to fund his lifestyle instead of funding lic Integrity Bureau is overseen by Chief 30th after pleading guilty to two misde- his campaign," said State Comptroller Deputy Attorney General for Criminal meanor criminal charges in connection Thomas P. DiNapoli. "Thanks to my part- Justice José Maldonado. with his admitted misuse of campaign nership with Attorney General Letitia The Comptroller’s investigation was funds. James, his scheme was exposed and he conducted by the Comptroller’s Division Mayor Thomas agreed to resign has now admitted his guilt. I will contin- of Investigations. from office as part of a plea deal he ue to work with Attorney General James Since 2016, the mayor has attempted reached with New York State Attorney to root out public corruption across the to reform the city planning process and General Letitia James and State Comp- state." rezone sections of the city in need of re- troller Thomas P. DiNapoli on July 8. Mayor Thomas pled guilty to charges development. During his tenure, a num- Mayor Thomas pled guilty to stealing of Attempted Grand Larceny in the Third ber of major mixed-use projects have campaign funds and lying about those Degree, a class A misdemeanor, and Of- broken ground or been completed. funds on a disclosure to the State Board fering a False Instrument for Filing in the However, he has had a rocky rela- of Elections. Second Degree, a class A misdemean- tionship with some members of the The mayor was sentenced to pay a or. The guilty plea is in satisfaction of an City Council as well as with some other $13,000 fine in addition to a one-year indictment filed in Westchester County elected officials in city government. He conditional discharge during which time that stemmed from a joint investigation Mount Vernon has also battled with county govern- Thomas may not seek or accept any conducted by the Office of the Attorney Mayor Thomas ment over funding and repairs to Memo- elected or appointed public office or General and the New York State Office he received a $4,000 payment from his rial Field. seek or accept any position as a public of the Comptroller. In early July, Mayor Thomas filed suit servant. As part of the plea agreement, May- campaign committee. On that report, he also claimed to have received a in connection with his defeat in a pri- “By using campaign funds to line his or Thomas admitted he knowingly and mary election in late June. The Journal own pockets, Thomas broke the law, unlawfully appropriated contributions $2,500 reimbursement payment from his campaign committee, but he did not News reported that the lawsuit named and violated public trust,” said Attorney totaling approximately $13,000 from Board of Elections Commissioners Regi- General James. "New Yorkers put their his campaign committee, the Friends of expend personal funds warranting such reimbursement. nald Lafayette and Douglas Colety and faith in our public servants, and Thomas’ Richard Thomas, during his 2015 mayor- the three other primary candidates as gross violation of that faith constitutes al candidacy, for his own personal use. The prosecution was handled for the Attorney General’s Office by Assistant defendants and sought voter records, the utmost disloyalty to those he was Thomas also admitted that he know- a court review of the uncounted ballots sworn to serve. My office will continue ingly and falsely filed a 27-Day Post- Attorney General Brian P. Weinberg, Special Counsel to the Public Integrity and a new primary election if fraud and to root out public corruption, uphold the General Disclosure report with the New irregularity were found. integrity of public office, and bring bad York State Board of Elections, where he Bureau, and Assistant Attorney General actors to justice at every level of govern- admitted that he did not disclose that Robert Martin Makes Historical Investment That Brings Firm Back to its Roots Continued from page 1 second generation of the Westchester- employs approximately 50 in West- based real estate investment and chester County. development firm. The company was He added that while Weinberg’s cur- founded by partners Robert Weinberg rent focus is on land development, he and Martin Berger in 1957 as a residen- was “very excited” the company was tial development firm, but eventually acquiring many of the properties he and became one of the “Big Three” pioneer his partner Martin built decades earlier. commercial real estate development Jones originally worked for Rob- firms in Westchester—along with Halp- ert Martin in 1990 and later worked ern Enterprises and Schulman Realty for Mack Cali before returning to the Group. company in 2004. Berger, the son of Robert Martin evolved and became a co-founder Martin, originally began dominant player in the development of working at Robert Martin in 1985 and Downtown White Plains, Greenburgh, also worked at Mack-Cali and eventu- Port Chester and Tarrytown. ally returned to Robert Martin in 2003. The firm under Weinberg and Berger With the mega-acquisition, Robert built many of the county’s premier Martin presently has ownership in a office and industrial flex properties. diversified real estate portfolio of ap- Weinberg, 90, is the co-founder of the proximately 6 million square feet of company and continues to work at Rob- properties and 200 acres of undevel- ert Martin Co. as its president. Berger oped land in six states, concentrated From left, Robert Martin founders Martin Berger and Robert Weinberg passed away at the age of 81 in 2011. primarily in the New York City suburbs. Jones said the deal to reacquire the RMC’s principals also own controlling company’s former assets is “transfor- interests in several other companies in- mational” for the company. cluding a dominant portfolio of Dunkin’ He noted that the company’s invest- stores in the Carolinas. ment philosophy has always been Berger noted that another critical opportunistic and admitted that prior component of the portfolio purchase to the deal, “Always in the back of our was the company’s familiarity with minds the best of the Robert Martin- Mack-Cali since both he and Jones Mack-Cali assets were something we worked for the firm and Mack-Cali’s always wanted to get back if the deal Westchester headquarters was also was right,” Jones said. located adjacent to Robert Martin’s of- “The key for us to do this (deal) was fices at 100 Clearbrook Road. talent,” Jones said. “We feel really good “We have a very good rapport with about the people that work for us and their management so it was a nice, easy so we were able to augment what we transaction to do with people we are had and really increase the expertise, friendly with,” Berger added. particularly in property management, Part two of this feature in the August construction and local leasing.” edition of Real Estate In-Depth will fo- The firm has hired between 15 to 20 cus on where Robert Martin executives new employees after the merger a few Jones and Berger will take the com- months ago. Robert Martin currently pany in the years to come. Subscribe to In-Depth Looking over plans, Robert Martin’s Robert Weinberg and Martin Berger Call 914-681-0833 helped shape the commercial real estate market in Westchester County. July 2019 | Real Estate In-Depth | 11 HG REALTOR Foundation Pub Night, July 16, 2019, Hudson Water Club, Haverstraw

From left, Bartenders Dianne DeFalco- Maher and Melissa Grillo From left, Liz Benuscak, Lisa Mazza and Karen Boucher

From left (top row) Jeanne Shields, Phyllis Lerner; (bottom row) Bonnie Koff, Ralph Gabay

From left, Jeffrey Farnell, Maryann Tercasio and Ron Garafalo The event at the Hudson Water Club was well attended.

Realtors entering the Hudson Water Club in Haverstraw for the Pub Night event.

From left, Amelyn Apostol Lockhart, Erica Sallahiam, Sherri Smith and Barbara Cavanaugh

Jennifer Mallory and Jon Paul Molfetta

Bartender Melissa Grillo shows off her mixology skills.

From left, Carol Christiansen, Donald Arace and Jeanne Shields

David Moore and Gail Fattizzi

From left, Jeffrey Farnell and HGAR President Ron Garafalo

From left, Russ Woolley, Jennifer Mallory, Richard Herska and J.P. Endres 12 | PEOPLE Real Estate In-Depth |July 2019

Anne Marie Nascimento has joined Berkshire Ha- thaway HomeServices Westchester Properties as a licensed real estate salesperson in the Scarsdale office serving all of Westchester County. Licensed since 2004, Nascimento has proven herself to be a dedicated Real- tor who conducts herself with the utmost professional- ism and commitment to her clients, the brokerage firm noted. Prior to real estate, she worked as a CPA in Public Ac- counting with Coopers & Lybrand and later in the bank- ing and finance industry with Chemical Bank where she became series 6 licensed. Born and raised in Westchester she has an in-depth knowledge of the county. She is also active in her com- Barbara O’Connell Aaron Liranzo Andrea Casiano-Romain munity having been PTA President at Davis Elementary Anne Marie Nascimento School as well as having sat on the Executive Board for many years at Davis and Albert Leonard Middle School in New Rochelle. She also proved to be a brilliant fundraiser, raising significant amounts of PTA funds. She was also President of the Board of Directors of The Mother and Child Center from 2004-2009. She is currently Co-Treasurer of the Board of the Iona Prep Mothers Auxiliary and is a board member of Brian’s Foundation of Hope. She resides in the Scarsdale/ New Rochelle area with her husband Roberto and her children Jason, Ryan, Luke and Sophie.

Ellen Mosher of Houlihan Lawrence Greenwich was named one of America’s leading real estate professionals by REAL Trends, as advertised in the Wall Street Journal. Ranked number 93 in individual sales volume in the nation, she can again Stephen Catalano Robert Turkin Shirley Jacobs count herself as a member of the “The Thousand,” placing her in the top one-tenth Houlihan Lawrence has announced that the following six new agents have of 1% of the more than 1.25 million Realtors nationwide. joined the company’s Yonkers office. Mosher’s ranking in the Top 100 in the country is Barbara O’Connell, who has 17 years of experience in real estate sales, joined an impressive add to her list of achievements, which Houlihan Lawrence from Better Homes & Gardens Rand where she worked as an include being ranked the number one agent in Con- agent for four years. Prior to that, she was an agent at Margot Bennett Inc. in Yon- necticut, the number one ranked broker in Greenwich kers. At Rand she was a silver award recipient for four years. O’Connell is a resident and Houlihan Lawrence. of Yonkers and member of the Yonkers Kiwanis. “To see Ellen rank on this incredibly selective list Aaron Liranzo is joining Houlihan Lawrence from Jane Mosello Real Estate in comes as little surprise,” said Chris Meyers, president Yonkers. He is a member of the National Association of Realtors, New York State of Houlihan Lawrence. “We congratulate her on her Association of Realtors, Hudson Gateway Association of Realtors and the Hudson continued success, and feel truly proud she has cho- Gateway Multiple Listing Service. He holds a bachelor’s degree from Fordham Uni- sen us as the platform to grow her business and build versity. A resident of Yonkers, Liranzo is member of the Yonkers High School PTA her brand.” and coaches for the Dunwoodie Youth Association. Also named to the Real Trends list were David Andrea Casiano-Romain is joining Houlihan Lawrence from Ragette Real Estate. Turner of the Bedford/Pound Ridge office, Nancy She has also worked for Lord & Taylor as a sales associate. A resident of Mount Kennedy of the Croton-on-Hudson office and Pollena Vernon, she earned an Associate Degree from the Fashion Institute of Technology. Forsman of the Larchmont office. They can now count Stephen Catalano previously worked for GJNY Commercial Construction and themselves as members of the “The Thousand,” plac- Ellen Mosher had an internship with the Dorf & Nelson law firm. A resident of Yonkers, Catalano is ing them in the top one-half of 1% of the more than 1.25 million Realtors nationwide. employed by the City of Yonkers. Forsman ranked number 106 in individual sales volume in the nation, in addition Robert Turkin, who is a Yonkers resident, joins Houlihan Lawrence from West- to being the number one agent in sales volume for Westchester County at Houlihan chester Community College where he worked in WCC’s Film Department. Turkin Lawrence in 2018. Kennedy was honored on two of the REAL Trends lists, ranked and Catalano, who are life-long friends, work as a team. number 109 by transaction sides and ranked number 129 by sales volume. Turner Shirley Jacobs has more than 30 years of experience in the landscaping and ranked number 166 in individual sales volume in the nation. construction industries. She is a life-long resident of Yonkers.

Anyone who’s lived or done business in Bronxville over the past 25 years probably knows, or at least knows Houlihan Lawrence recently welcomed local real of, Lydia Maria Real Estate. As of June, Lydia Maria estate professionals Clara Roman and Paul Guerra to Petrosino, the company’s founder and owner, has de- its New Rochelle office and Antoinette Iemma to its cided to join forces with ERA Insite Realty’s Bronxville Pelham office. office where she has become an associate broker. The Roman, who has six years of experience in residential announcement was made by Louis & Debra Budetti, real estate sales, was previously with Keller Williams. founders and owners of ERA Insite Realty Services, with She established her real estate career in the late 1990s offices in White Plains, Bronxville, Yonkers and Pleas- as a real estate investor in Texas, California and Florida antville. and has more than 25 years of strategic planning and Petrosino, along with her mother Eleanor, founded negotiating experience. A resident of Rye, Roman vol- her Bronxville company in 1995 with the dream of de- unteers her time with various non-profit organizations veloping a company that would cater to first time buyers including the Eastchester Senior Nutrition Program, and sellers. She also developed a niche with exclusive delivering meals to homebound seniors. house and apartment rentals in and around Bronxville Guerra, who has been in the real estate field for 11 Village. She did this so successfully that her business years, previously worked for Keller Williams. A gradu- grew rapidly and began to generate many repeat clients; Lydia Maria Petrosino ate of Berkeley Business School in White Plains, Guerra Antoinette Iemma as a result, she had to expand her scope beyond the village and the entry-level also works as general manager of a small motorsport e- market. commerce company where he helped achieve sales of She has served on the Bronxville Chamber of Commerce for many years, includ- greater than $15 million. He is a Yonkers resident. ing as past president and senior advisor, so she’ll always have a pulse on what’s go- Iemma, who has been in the real estate business for ing on in the community. She is also a founding member of the Bronxville Historical 21 years, is a top-producing broker who was previously Conservancy whose mission is to further an appreciation and understanding of the with Stiefvater Real Estate in Pelham. Prior to her career history and current life of Bronxville. Astronomy is a longtime hobby and passion in real estate, she was a design director at Phillips Van of hers; she has been assisting with the monthly public programs at NYC’s Hayden Heusen for 18 years. She holds degrees from Queens Planetarium for almost two decades. College and Fashion Institute of Technology. She also “We appreciate the following that Lydia Maria as a broker and a company have holds numerous real estate certifications and has earned over the years. We welcome Lydia’s knowledge and experience in the served multiple terms on the Board of Directors of the Bronxville market, and know that as partners we can create a winning scenario for MLS. A 24-year resident of Pelham, Iemma volunteers everyone, including our clients,” stated Lou Budetti. for Habitat for Humanity and various Realtor benefit and fundraising committees. Richard Gutner of Better Homes and Gardens Rand Realty has been named one of the best in real Paul Guerra estate based on achievement, potential, leadership, ethics, community value, experience, capability and trust by Broker★Agent Advisor. Now in its 25th year, Broker★Agent Advisor celebrates the success and ac- complishment of the industry’s finest real estate profes- sionals through its ‘Certificate of Excellence’ Program. Having previously earned the Seven Star Certificate of Excellence, Gutner has more recently been identified as one of the Top 500 award holders in this category at Broker★Agent Advisor.

Richard Gutner July 2019 | Real Estate In-Depth | 13 July 2019 UPDATE Hudson Gateway REALTOR Foundation Presents $2,500 Donation to Center for Safety & Change

By Mary Prenon NEW CITY—The Hudson Gateway RE- crimes in Rockland County." ALTOR Foundation, the charitable arm The Center for Safety & Change is of the Hudson Gateway Association of one of the many local Hudson Valley Realtors, recently presented a check charities benefitting from the REAL- for $2,500 to the Center for Safety & TOR Foundation, which raises funds Change in New City. by holding "Pub Nights" throughout the The Center for Safety & Change Hudson Valley, a Holiday Party and a provides services to domestic violence major fundraising event. This year, the victims and their families both in person Foundation presented its "Runway for at one of their office locations and by Hope" fashion show. telephone. Domestic violence victims Established in 2004 and relaunched with special circumstances may receive in 2013, the foundation has donated services at other safe locations of their thousands of dollars to charities and choice. In addition, the center maintains non-profits throughout the Hudson a presence at all six domestic violence Valley. As concerned members of the courts in Rockland County. communities we work in, the Hudson Each of the center's offices provide Gateway Realtor Foundation partici- the full range of non-residential services pates in qualified community-based and support to domestic violence vic- charities who serve the housing, hunger, tims including: information and referral; health, happiness and humane needs of advocacy and accompaniment; indi- citizens everywhere. vidual and group counseling; commu- For more information or to apply nity education and outreach; children's for funding from the Hudson Gateway services; legal services; translation Realtor Foundation, please visit www. From left, Elizabeth Santiago, CEO, Center for Safety & Change; Jeanne services; transportation services; court hgrealtorfoundation.com. Shields and Amanda Martinez, HG Realtor Foundation, and Tracie McLee, assistance; underserved population The Hudson Gateway Association of Chief Development Officer, Center for Safety & Change services (ethnic, religious, LGBTQ and Realtors is a not-for-profit trade associa- assistance with New York State Office of tion representing more than13,000 real Victim Services applications. estate professionals doing business in 2019 HGAR RPAC HONOR ROLL "This donation is a perfect example Westchester, Putnam, Rockland, and Or- as recorded by NYSAR to July 2019 of our commitment to community col- ange counties, as well as the Bronx and Thank you to the following Members laboration with the Hudson Gateway Manhattan. It is the second largest Real- who are leading the way in the 2019 RPAC campaign tor Association in New York, and one of Realtor Foundation," said Elizabeth Platinum R $10,000 Santiago, CEO of Center for Safety & the largest in the country. It owns and operates the Hudson Gateway Multiple Dorothy Botsoe, Dorothy Jensen Realty Inc., White Plains Change. This will allow us to strengthen Richard Haggerty, Hudson Gateway Association of Realtors, Inc. our programs and services that support Listing Service, which is among the top 50 largest MLSs in the country. Nancy Kennedy, Houlihan Lawrence Inc., Croton-on-Hudson victims of gender-based violence and all Paul Kennedy, Houlihan Lawrence Inc., Croton-on-Hudson Crystal R $2500-$4,999 JP Endres, BHG Rand Realty, New City Irene Guanill Elukowich, ERA Insite Realty Services, White Plains Sterling R $1,000-$2,499 spotlight on Leah Caro, Park Sterling Realty, Bronxville Carol Christiansen, Café Realty, Mount Kisco Katheryn DeClerck, BHG Rand Realty, Goshen Ronald Garafalo, John J Lease Realtors, Middletown The Long and Winding Ann Garti, Hudson Gateway Association of Realtors, Inc., Goshen Susan Greenfield, Susan Greenfield, Manhattan Crystal Hawkins Syska, Keller Williams NY Realty, White Plains Road to Real Estate Marcene Hedayati, William Raveis Legends Realty, Tarrytown By Mary T. Prenon Joseph Houlihan, Houlihan and O’Malley Real Estate Services Inc. Bronxville Roseann Paggiotta, associate broker Pamela Jones, Coldwell Banker Res Brokerage, White Plains with Houlihan Lawrence’s Yonkers office, Cynthia Lippolis, BHHS River Towns Real Estate, Croton-on-Hudson is gearing up to take over the New York Clayton Livingston, Grand Lux Realty, Inc., Armonk State Women’s Council of Realtors presi- Holly Mellstrom, Julia B Fee Sotheby’s, Bronxville dency for 2020. A longtime member of Mike Muldoon, Valley National Bank, Fishkill both the local and state WCR organiza- Dean Nugent, Mary Jane Pastor Realty, White Plains tions, Paggiotta served as secretary for Grace Patalano, BHHS River Towns Real Estate, Peekskill New York’s WCR in 2017, treasurer in Rosemarie Pelatti, Keller Williams Hudson Valley, New City 2018 and present-elect for this year. Mark Seiden, Mark Seiden Real Estate Team, Briarcliff Manor It was back in 2008 when she first Renee Zurlo, BHG Randy Realty, Middletown got involved with the Empire Local WCR President’s Club $500-$999 Chapter in Westchester, at the insistence Jamal Hadi, Keller Williams Realty Group, Scarsdale of her current Houlihan Lawrence branch Maryann Tercasio, BHG Rand Realty, Monroe manager Terri Crozier. “It’s all her fault, Capitol Club $250-$499 and I remind her all the time,” joked Pag- Justine Aiello, Keller Williams NY Realty, White Plains giotta. “She just asked me if I’d like to get Owen Berkowitz,Douglas Elliman, New Rochelle involved, and that was it.” Debra Budetti, ERA Insite Realty Services, White Plains As next year’s president, Paggiotta Roseann Paggiotta Tony D’anzica, Dynamax Realty NYC, INC. New York City will be busy visiting the WCR’s seven net- Anthony Domathoti, Exit Realty Premium, Bronx works throughout New York State, while Later she moved over to Prudential Rand, where she became the manager of Sarah Hughes,William Raveis Legends Realty, Briarcliff Manor still remaining active with the Empire Carol Kope, Keller Williams Realty Partners, Putnam Valley Chapter, as well as several HGAR coun- its New Rochelle office, but then decided to go back into sales. She joined Houli- John Kope, Keller Williams Realty Partners, Putnam Valley cils and committees. “I’m really looking Gary Leogrande, Keller Williams NY Realty, White Plains forward to it,” she added. han Lawrence’s Yonkers office in 2017. However, Paggiotta’s path to real Phillis Lerner, William Raveis Legends Realty, Sleepy Hollow Paggiotta is also celebrating 22 years Barry Kramer, Westchester Choice Realty, Scarsdale in real estate. She earned her license in estate was somewhat of a winding road. She actually began her career in Man- Eydie Lopez, Keller Williams Hudson Valley, Highland Mills 1997 and joined Nick Wolfe Century 21, Michael Marciano, Keller Williams NY Realty, White Plains where she spent about five years. Her hattan, where she worked as an admin- istrator and office manager for a textile Salvatore Pizzolato, Park Sterling Realty, Eastchester next stop was Century 21 Mancuso, Peggy Shea, Keller Williams NY Realty, White Plains where she served as the administrative company for more than 21 years. “I did a little bit of everything, but when they Peter Spino Jr. Law office of Peter Spino Jr., White Plains manager, and in 2005, she became man- Continued on page 15 ager of the firm’s Yonkers office. Continued on page 20 14 | LEGISLATIVE Real Estate In-Depth |July 2019

more than 70 attendees. Shandley noted that there is an important event spon- sored by FIABCI in New York City on April 26, 27 and 28. He further noted that the BOARDROOM REPORT Global Summit would be held on November 4th at the New York Marriot Marquis. Boards of Directors Hudson Gateway Association of Realtors, Inc. (HGAR) Professional Standards April 10, 2019 CEO Haggerty reported that there were no Professional Standards matters to HGAR offices, Goshen, New York be discussed at this meeting. He did, however, note that there was one arbitration hearing, which required the placement of funds in escrow, and that in relation to same, there was now a new requirement at NAR, that when any funds are to be HGAR Management, Financial & Membership Reports placed in escrow, a panel of five Directors to discuss same is to be empaneled by President Ron Garafalo presented the President’s Report on various business the current President in connection with said requirement. matters and reported on the status of the Strategic Planning process. He indicated that the Strategic Planning sessions would be held on June 13th and 14th and the Multiple Listing Service location was to be determined. President Garafalo then reported on the addition HGMLS President, Renee Zurlo, delivered an update concerning New York MLS, of Director Alvin Smith as an additional member of the Finance Committee, and the LLC. The Rules and Regulations work group completed the new set of Rules and Directors approved the appointment. President Garafalo also reported that the new Regulations for New York MLS, LLC, which are currently being reviewed by the website, HGAR.com, had launched with relatively few technical issues. Many of the Board of Managers and/or attorneys. President Zurlo reported that the new name Directors were pleased with the new website. of the MLS has been chosen but is not yet being revealed. She noted that it has CEO Richard Haggerty then provided a report on the Manhattan growth initia- been decided by the Board of Managers that the “reveal date” will be announced tive. He announced that HGAR had formally engaged Co-Communications, Inc., a when New York MLS, LLC goes fully operational and launches, and not sooner as leading marketing firm with offices in New York City, Westchester and Connecticut, was reported at the previous HGAR Board Meeting. The branding and logo are still to assist with the expansion into Manhattan. He indicated that marketing campaigns being worked on by the design company and trademark counsel is still vetting the would begin very soon. He also reported that he and Jeff Doder had productive name for legal approval. meetings with the leadership of certain real estate firms in Manhattan. CEO Hag- gerty also reported that HGAR would be hosting a Data Summit on May 20th, with Commercial and Investment Division RIS Media. The purpose of the Date Summit is to convene leaders from major John Barrett, on behalf of the Commercial & Investment Division, reported on brokerage firms in New York City to discuss and highlight the issues relating to the CID’s upcoming events as well. He noted the upcoming event sponsored by CID availability of reliable listing and property data in the New York City market. and Fordham University will relate to the Opportunity Zone. He also indicated that Various Regional Directors then presented the Regional Directors’ Update. on May 9th there would be a follow up to the Gas Moratorium event held by the CID Regional Director Eydie Lopez reported on several events being held in Orange the previous month. Barrett noted that he attended the Westchester County Real County. It was noted that the “Legal Update” held on Monday, March 25th at which Estate Forum where the effect of the gas moratorium was also discussed in detail. HGAR President Ron Garafalo and HGMLS President Renee Zurlo spoke, was very Barrett also announced the upcoming CID event to be held on June 6th “Women successful. It was noted that there were more than 60 attendees. Regional Director and Commercial Real Estate.” Lopez reported on a planned event involving the tour of the Orange County Office Building scheduled for May 9th. It was noted that additional events were also be- WCR ing planned (i.e. outdoor event in Orange County in June and a Wine and Cheese Women’s Council of Realtors President Angie Primus Gilford reminded and invit- event in September). Regional Director Tony D’Anzica discussed planning an event ed all to attend the WCR Empire Chapter “Reach for the Stars” fundraising event on in New York City (i.e. “Open House for Brokers”) in Harlem for the end of May. Re- May 9th. A handout detailing the event was also included in the Directors’ packets. gional Director Clayton Livingston reported on the successful event held in Putnam County at Tilly Foster Farm. Hudson Gateway Realtor Foundation CEO Haggerty presented the Treasurer’s Report on behalf of HGAR including Director Aimee G. DeCesare presented an extensive report on the HG Realtor the bank and investment summaries for April 1st, and the Directors approved receipt Foundation. DeCesare noted that HG Realtor Foundation’s Fashion Show was of the Cash Reports. He then presented the HGAR Audited Financial Statement very successful. There were more than 24 sponsors and over 280 tickets sold to for 2018, and after extensive review the Directors approved the Financial for filing. the event. While the final numbers were not yet available, preliminarily the event raised more than $30,000. Director DeCesare also reported that the HG Realtor Communications and Member Services Foundation event held at Fortina Restaurant in Yonkers raised more than $3,000. HGAR Director of Communications, Mary Prenon, on behalf of the Communi- She noted that there will also be upcoming events in Rockland County and Or- cations Council, reported that Members’ Day will be held on October 28, 2019 at ange County. DeCesare was also proud to announce that $1,000 was donated to the DoubleTree Hotel in Tarrytown. Prenon also noted various events, which were “Friends of Karen” by the foundation. annexed to the Agenda, provided to the Directors at the Meeting. Director Rey Hollingsworth reported that additional Broker Owners & Managers events will be Please welcome the following new members in your area: announced soon. Hollingsworth noted that the “Risk Management for Brokers, Designated Realtor Paul Carlo Owners and Managers” presented by Don Cummins and Roseann Farrow on April Ragette Real Estate, Inc. 2nd was very successful. Nicole F. Benoliel Nestapple Tynia Coats 444 W. 19th St., #304 Shaw Properties Education New York, NY 10011 **Neil Cohen Director of Professional Development and Industry Relations Theresa Hatton, 855-637-8277 Madison and Post LLC presented the report of Education Council Vice Chairperson Irene Guanill, on her Rhona Bork Christina Coyle RMB & Associates Irene G. DaSilva Real Estate behalf. Hatton, in reading Guanill’s report, noted that it was a goal of the Education 51 Winchester Dr. Ryan Crook Council to increase class completions, and to further increase the quality, quantity Monroe, NY 10950 Houlihan Lawrence Inc., Katonah 845-380-4922 and marketing for the School of Real Estate. A further goal was to increase Ethics Rescalla Cury Bruno Ricciotti Oxford Property Group USA courses since the focus of this year at both the HGAR and NAR level is on Ethics Bond New York Properties LLC and increased Professionalism in the industry. Another goal was to offer night and 810 Seventh Ave., 39th Floor Christina D’Onofrio weekend classes for the membership. New York, NY 10019 Joseph Baratta Company Realty 212-582-2009 Christopher Daleo Legislative, Political and Legal Issues **Nicole Steel Coldwell Banker Village Green Realty, New Paltz Steel Re Partners Jared Di Lalla Director Clayton Livingston delivered a report on behalf of the Legislative Coun- 437 Harrison Ave. Exp Realty, Yonkers Harrison, NY 10528 Ashley Dmitrieff cil. He noted that the annual visit to Albany for Lobby Day is going to be on May 646-239-1596 th John J. Lease Realtors Inc., Middletown 7 and that the Lobby Day Agenda was provided to each of the Directors in their Ralph A. Waite Jazmine A. Ducker meeting packets. He also noted that an Ad Hoc Committee was being formed in Station Cities Champion NY Realty Inc. order to address and focus on New York City-related issues. CEO Haggerty noted 33 Irving Pl. New York, NY 10003 Tammy D. Eckert some additional items of concern (i.e. the recent inclusion of Source of Income as 917-551-6756 Century 21 E & M Williams Realty a protected class on a statewide basis, and the effect of same on the Westchester Wayne Fairweather and New York City legislation). Affiliate Madison Allied LLC Secretary Crystal Hawkins Syska, in her capacity as RPAC Co-Chair, presented Paola Aguilar Stephanie Faucher the RPAC update. Hawkins Syska was pleased to report that as of April 1st, 52% of Hudson Valley Federal Credit Union Besmatch Real Estate 137 Boardman Rd. Bonnie Feit the annual RPAC goal had been met. She reported on the success of several events Poughkeepsie, NY 12603 ERA Insite Realty Services 845-463-3011 (i.e. Tilly Foster Farm event and that a new member had joined). She also reported Suely Fleury Aboody that RPAC would be holding several events throughout the year and applicable Adam Tate Keller Williams NY Realty, White Plains Total Home Inspection Services dates would be available on HGAR’s calendar of events. One event of note was 170 Kitchell Lake Dr. Patrice Footes the upcoming “Winery Day Trips” to be held on June 4th (note: detailed flyer was West Milford, NJ 07480 Coldwell Banker Residential Brokerage, White Plains included in the Directors’ packets). She also indicated that she would be focused 201-406-5213 Tashani Frater on visiting offices and also attending and speaking at HGAR and other events, par- Grand Lux Realty Benchmark, Inc., Mamaroneck Realtor Lisa Freih ticularly an upcoming event being held in the Bronx at Frankie & Johnny’s hosted by Patricia Agosta Houlihan Lawrence Inc., Brewster Anthony A. Domathoti, who is also a HGAR Director, to promote RPAC. Douglas Elliman Real Estate, Scarsdale Griffin Gallagher Michael Aleman Kane & Associates Fair Housing and Cultural Diversity Keller Williams Town Life, Tenafly, NJ Ann Genovesi Directors Eydie Lopez and Dorothy Botsoe, in their capacities as Co-Chairs of Jacqueline Allmond Keller Williams Hudson Valley Realty, New City the Fair Housing and Cultural Diversity Council, reported on several Fair Housing RE/MAX Prestige Properties Ana Gorea Kevin Almestica William Raveis Legends Realty, Briarcliff Manor events coming up, with the next event being “Play by the Rules or Pay the Conse- Landseair Real Estate Group Inc. David Guckian th quences” at the DoubleTree Hotel on April 29 . The keynote speakers are Fred Adriana Ariza Keller Williams Hudson Valley, New City Friedberg, Executive Director for the Fair Housing Justice Center, and Sally San- Keller Williams NY Realty, White Plains James Hargat tangelo, Executive Director of CNY Fair Housing. The goal is to have at least 100 Stephanie Arriola New Heights Realty Group Inc. attendees or more. Keller Williams Realty Group, Scarsdale Angely Herrera Ronen Baturow Shaw Properties Global Business Council Coldwell Banker Signature Prop., Bronx John Hildreth Emran H. Bhuiyan Houlihan Lawrence Inc., Jefferson Valley Director Robert Shandley, in his capacity as Chairperson of the Global Business Exit Realty Premium Council, reported on the success of the “Feng Shui” event and that there were Yanerda Brito Continued on page 19 Pantiga Group Inc. July 2019 | Real Estate In-Depth | 15

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Additional Classes: Additional Classes: Additional Classes: 8/7- Working With Your First Buyer and 8/1- Instanet Forms & AuthentiSign with 8/8- Negotiating: Matching the Deal to the Tenant with Katheryn DeClerck Katheryn DeClerck Style with Katheryn DeClerck 8/8- Matrix 1: Intro to Matrix with Ismail 8/2- Working With Your First Seller and 8/14- Ethiquette – 2 hrs. Agency with Kolya Landlord with Katheryn DeClerck Katheryn DeClerck 8/6- Matrix 1: Intro to Matrix with 8/9- Navigating Transactions: Auctions, HomePath, Foreclosure and REO Katheryn DeClerck Properties with Dorothy Botsoe 8/6- HomeSnap Mobile App with Katheryn 8/13- Best Practices for Foreclosure and DeClerck REO Properties with Dorothy Botsoe 8/8- Only You Can Prevent Closing Fires + 8/15- Compliance Day – Fair 1 hr. of Agency with Laurie DiFrancesco Housing/Ethics/Agency with Dorothy 8/12- Pricing Strategies For Listings and For More Class Information Botsoe Listing Presentations with Katheryn (In-Person and Online) DeClerck 8/15- Black, White and Gray – Fair And Registration, go to Housing with Dorothy Botsoe 8/13- Matrix 2: The Next Step into Matrix 8/15- Agency Disclosure – 2 hrs. of with Katheryn DeClerck HGAR.com/Education. Agency/Ethics with Dorothy Botsoe 8/16- Buyer Presentation + 2 hrs. of 8/21- Pricing Strategies For Listings and Agency with Roberta Bangs Listing Presentations with Katheryn 8/20- Matrix 3: Matrix to the Max with DeClerck Katheryn DeClerck 8/21- Matrix 2: The Next Step into Matrix 8/22- Best Practices for Foreclosure and with LaVerne Brown-Williams REO Properties with Dorothy Botsoe 8/28- Matrix 3: Matrix to the Max with LaVerne Brown-Williams

CALENDAR Honor Roll

Continued from page 13 JULY July 24 Maria Weiss, Houlihan Lawrence Inc. West Harrison WCR Member/Strategic Partner Appreciation Cocktail Party 99 Dollar Club $99-$249 The Briarcliff Manor, Briarcliff Manor, Barbara Barber, Allan Bohlin, Janet Brand, Tamara Boyd, David Calabrese Ran- 5:30PM – 8:30PM dall Calano, Michael Criscuolo, Aimee DeCesare, Robert Dominguez Kevin Dwyer, July 25 Kieran Dwyer, Jeffrey Farnell, Gail Fattizzi, Mary Ann Fitzharris, Donna Gennaro RPAC | Happy Hour at Hudson Grille Susan Giordano, James Hawkins, Nancy Hertz, Jerome Jeffrey, Mary Kingsley, Hudson Grille, White Plains, Anthony Lando , Jennifer Maher, Joan Mancini, Kathleen Mangan, Cathy Massare- 4:30PM – 7:00PM gli, Veronica Meola, Angie Primus Gilford, Elisa Bruno-Midli, Roseann Paggiotta, James Rood, Walter Sadowski, Lorenzo Signorile, Michele Silverman Bedell, Cary July 26 Sleeper, June Stokes, Jeremy Zucker Breakfast with Benefits | Social Media Boot Camp AM HGAR White Plains, 9:00AM – 11:30PM Recap of Contributions Year to Date** Breakfast with Benefits | Social Media Boot Camp PM TOTAL: $136,681 62% towards goal HGAR White Plains, With 2822 contributors 74% towards participation goal. 12:00PM – 2:30PM Goal: $219,177 from 3,815 contributors for a total of 35% of membership 16 | Real Estate In-Depth |July 2019

Legislative BARRISTER’S AFFAIRS BRIEFING By Philip Weiden By Brian S. Levine, Esq Realtors Come Out in Who Has the Photo Rights? Did you know that you can be fined/sued for photos that appear on your web- page that you never personally posted? Well, you can, but you can also protect Force to Oppose Broker’s yourself… and you should! Fee Cap in New York City Photograph Copyright A copyright is a legal device that gives the author of a creative work the sole right There is currently a pro- to publish and sell that work. The author has the right to sell those rights to others posal before the New York if they desire. City Council (Intro 1423) In the real estate world, the biggest copyright issue is photographs. Under the that would cap Realtor’s Federal Copyright Act of 1976, photographs are protected by copyright from the apartment rental fees at moment of creation. Usually the owner of the “work” is the photographer or his one month’s rent. A hearing employer, if they have a signed writing that transfers the ownership. was held on the bill on June As a real estate agent, you must make sure that you have the rights to the pho- 27th at City Hall where hun- tographs you use in your listings. If you took the photos yourself, you are the cre- dreds of Realtors and real ator and have all the rights. If you didn’t, you need to get those rights. Did you hire estate practitioners turned someone to take the photos? If so, make sure you get a writing giving you the rights out in opposition to the bill. to use them for any purpose. Did the homeowner give them to you? Where did he The cap on a broker’s get them from? A homeowner cannot transfer more rights than what he has, so if fee of one month’s rent doesn’t have any rights, he has nothing to give you. Did the photos come off the would essentially put an Internet? Unless the photos are part of the public domain (a discussion for another income cap on how much day), you should not use them, as the images are owned by someone else. a real estate practitioner could make conducting Real estate practitioners rally outside of City Trolls/Fines their business. While the Hall on June 27th against a bill that would cap If you’re thinking, “I can get away with using someone else’s photo because goal of the legislation to broker’s fees on rental apartments in New they’ll be used for such a short period of time and no one will notice or care,” think make the New York City York City. PHOTO CREDIT IRENE GUANILL again. Companies are now trolling the Internet using image recognition and im- rental market more afford- ELUKOWICH bedded identification technology to search for copyrighted photographs. If you’re able is laudable, this bill caught using copyright protected photos you can face serious penalties that range does not do that. Building owners that use rental agents will simply just raise rental from a couple hundred dollars up to $150,000 per work infringed. Plus, the infring- prices for no-fee apartments if they have to show the apartment to prospective ten- ing party may have to pay attorney fees and court costs. In some extreme cases, the ants themselves. infringing party can even go to jail. Among those who testified in opposition to the proposal included Secretary Treasurer of the New York State Association of Realtors Dave Legaz, Hudson Gate- Uploaded Photos to the Multiple Listing Service way Association of Realtors Treasurer Irene Guanill Elukowich and Melissa Gomez When you upload a photo onto the Multiple Listing Service (MLS), pursuant to Continued on page 26 our rules and regulations, you represent and certify that you have the rights to your photographs. Further, you grant those rights to HGMLS to publish those photo- graphs. So, what happens when an agent uploads a photo that they don’t have the rights to and it goes out on the Internet and possibly to your webpage? Digital Millennium Copyright Act (DMCA) The Digital Millennium Copyright Act (DMCA) is a federal copyright law that en- hances the penalties for copyright infringement occurring on the Internet by online service providers, which broadly interpreted would include the MLS, as well as MLS participants and subscribers hosting an IDX display (an IDX display is the informa- tion from our MLS that goes out to other sources). If someone posts a picture on the Don’t Show a House with Dirty MLS that they do not have the rights to and it’s found on your website, the copyright holder can fine/sue you, even though you didn’t physically post the picture on the Carpets and Musty Odors! MLS or on the website. However, the law provides exemptions or “safe harbors” from copyright infringement liability. So, how do you protect yourself in one of these “safe harbors”? Safe Harbor Protection If you want to protect yourself, you can. If you comply with the provisions of the DMCA safe harbor, you cannot be liable for copyright infringement if a user posts infringing material on your website. To qualify for this safe harbor, you must: (1) Designate on your website and register with the Copyright Office an agent to receive takedown requests. (2) Develop and post a DMCA-compliant website policy that addresses repeat offenders. (3) Comply with the DMCA takedown procedure. If a copyright owner submits a takedown notice to you, which alleges infringement of its copyright at a certain location, then you must promptly remove allegedly infringing material. The alleged infringer may submit a counter-notice that you must share with the copyright owner. If the copyright owner fails to initiate a copyright lawsuit within 10 days, then you may restore the removed material. (4) Have no actual knowledge of any complained-of infringing activity. (5) Not be aware of facts or circumstances from which complained-of infringing activity is apparent. (6) Not receive a financial benefit attributable to complained-of infringing activity when you are capable of controlling such activity. Full compliance with these DMCA safe harbor criteria will mitigate your copyright infringement liability. For more information see 17 U.S.C. §512. 20% OFF Indoor Air Quality Services for Conclusion * It’s pretty clear that you should never post photos that you do not have the rights all Real Estate Agents and Brokers! to. Be certain that you have the rights because these photos will go out to the world. Otherwise, you may be making a very costly mistake. If you have a website that obtains an IDX feed, make sure that you are compliant with the DMCA safe harbor provisions. If you are unsure of your website’s compliance, speak to your broker, Call Robison! your website manager or reach out to an attorney for guidance. (914) 345-5700 Brian S. Levine, Esq. is In-House Counsel/Director of Legal Services & Profes- *Restrictions may apply. Call for details. sional Standards Administrator for the Hudson Gateway Association of Realtors. July 2019 | Real Estate In-Depth | 17 Hudson Valley Real Estate Report Hudson Valley Home Sales Fall in Most Markets STAFF REPORT Editor’s Note: The following is the same time, the median price for a con- When viewing the Rockland mar- Orange County, which has consis- text of the 2019 SECOND QUARTER dominium unit rose 8.3% to $400,000 ket, which experienced a 2.3% drop in tently led the region in residential single- RESIDENTIAL REAL ESTATE SALES RE- and a co-op unit rose 5.9% to a median single-family residential sales with a family sales increases over the past PORT Westchester, Putnam, Rockland, price of $180,000. The number of days concomitant drop of 4.0% in the median several years, saw an 11.1% drop in sales Orange, Sullivan Counties, New York on the market for a co-op unit dropped sale price to $450,000 from $468,750 for the second quarter as compared to released on July 8th by the Hudson to 72 from 81 a year ago and the number one year ago along with an increase in last year. There were 849 sales reported Gateway Multiple Listing Service Inc. of available units for sale dropped 19% to the days on market of 9.2%, it is reason- as compared to 955 sales in 2018. There Residential sales for the second quar- 474 from 580 one year ago making it dif- able to conclude that the historically was however, an increase of 6.0% in ter in the lower Hudson Valley region the median sale price to $265,00 served by the Hudson Gateway Multiple from $250,000 last year. Orange Listing Service Inc. (HGMLS) were very was the only county reporting a much a mixed bag, and don’t neces- decrease in inventory from the sarily appear to be following a pattern previous year; an issue which has as they normally do. At this juncture the impeded sales growth. Unit sales sales numbers seem to emphasize the of condominiums at 114 repre- diversity of the markets and price points sented a slight increase while the within the region. median price for a condo jumped One area of commonality was in a 16.9% to $195,000 from $166,750 slowing of sales of single-family resi- a year ago. Sullivan County saw a dential properties from down 2.3% for drop of 8.5% in single-family home the quarter in Rockland County to down sales compared to the second 11.1% in Orange County. Westchester quarter of 2018, but also had a experienced a drop of 3.9%. The one 17.8% increase in sale price. exception was Putnam County where sales of single- family residential units Conclusion was up 4.3%. Overall, total residential The area serviced by the Hud- sales remained robust with only modest son Gateway MLS appears to decreases. be in a positive position going What makes the market difficult to forward with a high level of com- categorize or pinpoint is the fact that, ficult to ascertain whether a slowdown in high prices experienced in the Rockland mercial activity and a growing tourism while sales of one type of housing in an sales of single-family homes was more market may have reached a saturation sector. There is good job growth and area weakened, another strengthened. a function of rising prices than market level. Although they represent a smaller unemployment in the area is at historic Case in point was Westchester, the larg- conditions. Also, not to be ignored is the percentage of the Rockland market, lows. Externally, the very low interest est market in the region, where both impact of the 2018 tax reform legislation, both multi-family and co-op units expe- rate environment contributes to the out- condominium and co-op sales increased which has likely contributed to a slow- rienced an increase in units sold and look for a relatively strong market going by 3.6% and 3.8% respectively. At the down in sales of high-end properties. median sales price. forward.

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New Members Continued from page 14

**Jonathan J. Hubschman Richard P. Olmo Lawrence O'Toole Realty LLC Café Realty Kristie A. Jacques Brian Orsi Hill & Valley Group RE BHG Rand Realty, Yorktown Heights Michael Jenney **Tina Ortiz Keller Williams Realty, Chester Julia B. Fee Sotheby’s Int. Realty, Irvington Eugene Jensen Alyssa B. Palatnek Dorothy Jensen Realty, Inc. Compass Greater NY, LLC, Scarsdale Melissa P. Kirshenbaum **David Parides Douglas Elliman Real Estate, Armonk K. Fortuna Realty Inc. Calvin A. Lee Chelsea Pinto Douglas Elliman Real Estate, Armonk Coldwell Banker Res. Brokerage, Rye Alexi Leguillow Marie Powell Keller Williams Hudson Valley United, Middletown Bond Street Realty, LLC Jonny Lezi Rosa M. Ramirez Keller Williams NY Realty, White Plains Keller Williams Village Sq. Realty, Ridgewood, NJ Holmes Lindsay Ruben Rembert Keller Williams Realty Partners, Baldwin Place ERA Insite Realty Services, White Plains **Siang Liu Serafin Resto E Realty International Corp. United Realty Estate Inc. Alisha D. Lloyd Hudson Valine Richardson Keller Williams Realty Partners, New City DKC Realty Group LLC Regina Lombardo Jessica Rosado Keller Williams Hudson Valley United, Middletown Exp Realty, Yonkers Brian J. Lynch Michael J. Rostanzo Exp Realty, White Plains Tactical Realty LLC Katherine Marien Laura Royce Houlihan Lawrence Inc., Rye Houlihan Lawrence Inc., Scarsdale Eliezer Matos Cynthia Sass-Garcia Keller Williams Realty Group, Scarsdale Tuxedo Hudson Realty Corp. Danielle McGoldrick Jason Schmeltzer Keller Williams Hudson Valley Realty, New City Houlihan Lawrence Inc., Jefferson Valley Teresa L. McKenna Ru Shen Coldwell Banker Residential Brokerage, Katonah Regal West Realty LLC Marcus McMillan Jamaal Smith Keller Williams Realty NYC Group, Bronx Weichert Realtors, Monroe Sean McMurty Giselle Standard-Martinez Steel RE Partners Century 21 Schneider Realty Ashley Miller Edward Syvarth Keller Williams Realty Partners, Baldwin Place Keller Williams Hudson Valley Untd., Middletown James M. Mills Zhiheng Tang John J Lease Realtors Inc, Middletown Keller Williams Hudson Valley Untd., Middletown Anthony Minieri Cerima Thomas Keller Williams Hudson Valley United, Middletown Keller Williams Realty, Chester Rodolfo J. Monegro Chasity Tyson Keller Williams Hudson Valley United, New City RE/MAX Distinguished Homes & Properties Isa A. Monteiro Five Corners Properties Inc. Lisa A. Vuksanovich Frank G. Riess Appraisals Inc Akino Morgan SASRE Properties LLC Sherriff Wallace Besmatch Real Estate Antonio Nardone Century 21 Marciano Jason J. Wells Dalling & Dalling Real Estate, Inc. Gjok Narkaj Keller Williams Realty, Chester Vernadette Williams Keller Williams Hudson Valley United, New City Patrice Neil Exit Realty Premium Edith V. Zepeda Keller Williams Realty Partners, Bedford Village Lac Nguyen Exit Realty Premium Brenda Zuck BHG Rand Realty, Warwick Vincent Nicoletti Nestedge Realty *Indicates current member who opened an office as a broker. Cynthia M. Normann **Secondary Member BHG Rand Realty, Goshen Catherine O’Brien Joyce Realty Corp. People Monique Henderson has recently joined Hol- lingsworth Real Estate Group of White Plains as a licensed real estate salesperson. Henderson is a commercial real estate agent, who serves investors looking to buy, sell and/or lease real property in New York City and the surrounding area. Henderson graduated from Texas State University with a Master of Social Work degree. Over the past decade, Henderson has committed her life to serv- ing others by actively listening, engaging in critical thinking to assist clients in meeting their goals, and advocating on clients’ behalf in various situations, the brokage stated. While employed at the James J. Peters Veterans Medical Center as a Housing and Urban Develop- Monique Henderson ment- VA Supportive Housing (HUD/VASH) Social Worker, Henderson was able to experience New York City’s demanding, yet excit- ing industry of real estate. Her primary goal was to secure permanent housing for homeless veterans and ensure they remained housed. As Henderson’s knowledge and understanding of the New York City real estate industry grew, she became in- trigued, which eventually inspired her to embark on a new career as a commercial real estate agent, Hollingsworth Real Estate reported.

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NY Developers Acquire Troubled United Hospital Property By John Jordan PORT CHESTER—Starwood Capital sociates. “This is our third development Group, which acquired the shuttered in Westchester and it underscores our

United Hospital property here 13 years commitment to the county.” NEWS WESTMORE CREDIT: PHOTO ago and proposed a $450-million re- Located at the intersection of I-95, development at the site, has sold the I-287 and Route 1, the property is within complex to partners Rose Associates walking distance to the Metro North and BedRock Real Estate Partners of commuter rail stations in both Port New York City. Chester and Rye. No financial details of the transac- “This is a truly unique opportunity to tion were disclosed. The sale of the create a new, vibrant, walkable commu- 15.45-acre site that has been vacant and nity hub at the gateway to Port Chester,” unused for more than a decade, was said Chuck Berman, founder and man- announced on June 28th by the new aging principal of BedRock Real Estate ownership. Partners. “We look forward to meeting a The former United Hospital property on Route 1 in Port Chester. Rose Associates is currently develop- market need for housing while layering Estate Partners is a privately held in- New York City metropolitan area. Bed- ing a more than $200-million project at in amenities and services that will be at- vestment manager specializing in the Rock has invested in 18 projects, com- 440 Hamilton Ave. in Downtown White tractive to area residents.” development and acquisition of rental prising more than 1.75 million square Plains that will feature 468 rental units The Mayor of Port Chester Fritz Fa- apartments and mixed-use projects in feet of apartment and retail space, with in two towers and 2,240 square feet lanka said in a statement concerning urban locations from Boston to Wash- assets under management in excess of of commercial/retail space. The firm the change in ownership of the United ington, DC with a particular focus in the $1.3 billion. is also developing 57 Alexander St., a Hospital site, said, “I am very pleased $177.3-million residential development to see this long-neglected property be featuring 440 apartments in a seven- embraced by developers who have story building with 443 parking spaces what it takes to create something spe- The Long and Winding on the Yonkers waterfront. cial and are excited to bring value to our Starwood Capital had secured zon- community.” ing approval for its redevelopment In the coming months, Rose and Bed- Road to Real Estate project in Port Chester a few years ago, Rock stated that they will be collaborat- Continued from page 13 but never proceeded with construction. ing with the mayor and village officials to planned to move to Mobile, Alabama, I come into the store and just buy what The new ownership said it will move advance plans for the site. wasn’t interested in leaving New York,” they wanted, but when you’re selling forward with a plan, but at present is not Rose Associates has been a devel- she recalled. homes it takes a lot more time,” she said. providing much detail on its intentions oper and operator of multifamily resi- Later, she found herself working in “Until the sale closes, you have nothing.” for the property except to say that they dential properties in the New York met- hospitality for Formula 1 race cars. With Over the years, though, Paggiotta has intend to raze all existing structures on ropolitan area for more than 90 years. her new position came many perks like become not only a successful Realtor, the property and develop “a mixed-use The firm has completed more than $2 traveling to Canada and Mexico, as well but a well-known horse rescuer through- community that includes quality rental billion of adaptive reuse and ground-up as throughout the U.S. “I actually got to out Dutchess County. It all started when housing targeted to young profession- projects over the past six years. Rose sit in a race car once and it was pretty Bob retired, got involved with farming, als and empty nesters plus retail, restau- Associates stated that it is pursuing an exciting although it wasn’t going any- rebuilt a milk house on their property, rants, and other offerings.” aggressive growth strategy to expand where,” she quipped. bought some cows and actually won first “We are thrilled to embark on the its 14,000-unit portfolio and raise $1 By 1990, Paggiotta decided to give prize at the Dutchess County Fair. complete redevelopment of this ideally billion by 2020 to execute new transit- sales a try when she opened “Roseann’s They raised five generation of cows located property and to deliver a proj- oriented developments in the five bor- Lingerie and Boutique” in Yonkers. Her before selling them, then got two Clydes- ect that truly benefits Port Chester and oughs, New Jersey and Westchester. aunt had operated the former “Fanny’s dale horses. When Roseland Ranch went the surrounding community,” said Amy Founded in 2013 by Berman and Lingerie” in the same location, but the out of business, the couple rescued 11 Rose, president and CEO of Rose As- Tracey Appelbaum, BedRock Real store closed in 1989. “I just thought to my- horses. Today, they also operate Rob- self, ‘I can do that,’” she said. And she did. ert’s Ranch, where they board horses The store was in operation through for others, while continuing to care for 1997, and Paggiotta took classes for mas- rescued horses. Some of their horses are tectomy fittings and alterations to add older – in their 30s—and a recent rescue more options for her customers. brought in four baby horses. However, the introduction of larger “I’ve always loved animals” said Pag- chain stores created more competition giotta, “and sometimes I think I should and she was working longer hours and have become a vet.” She admits she six days a week. “It became frustrating doesn’t know how to ride horses, and is because you have to buy all of the stock probably not going to learn. “They’re just and there was a lot of money hanging on beautiful animals. I have people telling the walls,” she said. me all the time, ‘I want to come back as What finally piqued her interest in real one of your horses, because you take estate was shopping for farm properties better care of them than you do your- with her partner, Bob. “Again, I thought to self!’” myself, I could do this,” she said. Shortly Paggiotta divides her time between afterward, Paggiotta was working to- Yonkers and Dutchess County, but lists wards getting her real estate license. and sells mostly in Westchester. “Real es- Looking back, Paggiotta admits her tate is a commitment like anything else, career decision was challenging in the but I really enjoy helping people find their beginning. “It’s totally different than dream homes,” she said. “That’s what running a retail business. People would makes it all worth it.”

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I think most people would agree that working in a hot and humid environment is Some Free-to-Affordable PDF Tools likely to negatively affect one's motivation, concentration and productivity. To help with this, I would encourage everyone to review an article titled "11 Air Conditioner For various reasons, I come across and collect a lot of PDF files. Frequently, I find Blunders to Avoid on Hot Summer Days" that's available at the makeuseof.com myself wanting to delete, re-order, add, mark-up, etc. pages from many of these website. Personally, I found a couple of tips within the article that has helped me files. Fortunately, there are software tools available that enable me to do these better manage my air-conditioned home and work environments. I'm confident that tasks. 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Here's a topics that may interest you. courtesy link to the article...www.tinyurl.com/y2rxyefu Reminders Backing Up Your Important Computer Files • This column (and many earlier ones) are made available for your viewing con- If you don't have a regular computer backup solution, it's time to implement venience at... one! While there are many computer backup solutions available, I came across an www.realestateindepth.com/technology. (The “Technology” section of the Real easy one at the helpdeskgeek.com website. The easy solution I found involves the Estate In-Depth website.) use of a free Windows utility and a backup drive (like a USB flash drive). The free • If you have comments, suggestions, tips, questions or just want to say “Hi,” you software utility is called "SyncToy 2.1" and it's available for download at Microsoft's can contact me at [email protected]. I always enjoy hearing from you! website. The following link leads to an article titled "The Easiest Way to Back Up John Vrooman is an experienced Realtor who enjoys staying on top of real Your Windows Computer." If you follow the article’s step-by-step instructions, you estate, technology, gadgets, marketing, new media, and small business trends/ should end up with a backup of your important files. Here's the link...www.tinyurl. developments. He gathers information from a diverse range of resources and com/y26662ap (Good luck & consider doing this NOW!) enjoys sharing tips, thoughts, and discoveries with others— using a “something for everyone” approach. John has been authoring this column since August 2000 and HomeZada enjoys receiving comments and suggestions from his readers. HomeZada is a "digital home management platform" that can be used by both George Comfort Acquires Avon Building in Rye

was set for Sept. 30, 2019. Kevin Welsh, Brian Schulz and Chuck Kohaut of Newmark Knight Frank’s capital markets team, with support from tri-state area brokers David Falk, Glenn Walsh, Gregory Frisoli, Michael Cottle and Michael Morris, represented Avon Capital in the transaction. The NKF team was also responsible for securing the buyer for the property. Also advising the seller were Michael Katz and Zachary Cherney of Actio Corporate Advisors. No financial terms of the transaction were disclosed. The Westchester Coun- ty Business Journal reported the sale price for the property was $23.1 million. “601 and 621 Midland Avenue pre- Peter Duncan, president sented an attractive opportunity to and CEO of New York grow our Westchester holdings with a Citydevelopment firm George high-quality asset that benefits from a Comfort & Sons convenient location in one of our target markets,” says George Comfort & Sons RYE—New York City-based real estate CEO Peter S. Duncan. “With 4.7 million investment firm George Comfort & square feet in our Westchester and Fair- Sons, in partnership with the Feil Orga- field portfolio, including two develop- nization and O’Connor Capital Partners, ment projects in Westchester County, has added the former Avon Global Data we are optimistic about the future of Center here to its Westchester office these submarkets.” portfolio. In July 2018, George Comfort & Sons The 176,000-square-foot multi-pur- acquired the former Reckson Executive pose facility situated on 18.13 acres at Park in Rye Brook, now known as 1100 601 and 621 Midland Ave. was sold by King St., in a joint venture with a fund Avon Capital Corp. Last September, managed by DRA Advisors, for $55 mil- Avon Products Inc. informed New York lion from SL Green. The firm also owns State that it would be closing the facility 900 King St., a 215,000-square-foot and laying off its 105 workers there. In its office building in Rye Brook and the WARN Notice to the New York State De- Centre at Purchase office complex in partment of Labor filed on Sept. 17, 2018, nearby Purchase. the company stated that layoffs would “Midland Avenue garnered sub- occur between Dec. 28, 2018 and May stantial interest from investors, users 31, 2019. The closing of the Rye office Continued on page 26 22 | COMMERCIAL Real Estate In-Depth |July 2019

New Rochelle City Council OKs New 24-Story TRYP Hotel by Wyndham NEW ROCHELLE— Add another high- pool and grill, conference space and feel, resort amenities, and corporate rise development to the list of projects ballroom, and 433-car valet parking scale, the TRYP Hotel by Wyndham under construction or in the pipeline in structure. will be unlike anything else in the lower the Queen City. In addition to the new construction, Hudson Valley. As such, it will direct The New Rochelle City Council on the development will preserve and a new wave of regional tourism and June 25th approved the development adaptively reuse the historic white-brick corporate spending to New Rochelle’s of a 24-story, 225-key globally-branded building located at the project’s base. downtown, supporting local businesses luxury hotel and event center at 115 Ce- The building, which was originally con- and the overall vitality of the city.” dar St. When complete, the TRYP Hotel structed in 1905 and formerly housed The hotel is part of a much larger ef- by Wyndham will be the largest hotel the “Don Coqui” restaurant, will be repo- fort to revitalize New Rochelle’s down- constructed in Westchester County in sitioned as a grand lobby and entrance town. New Rochelle’s unprecedent- the last 20 years and the first hotel of its to the hotel. ed redevelopment initiative, which kind in the lower Hudson Valley. “Located at one our city’s most launched in 2015 with the signing of a “We are excited to redevelop the prominent gateways, this new devel- Master Developer agreement with RXR existing industrial building and create opment will have a dramatic positive Realty, allows for more than 12 million a new, iconic tower,” said D'Wayne Pri- impact on perceptions of New Rochelle, square feet of new construction, includ- eto, managing principal of Ward Capital while also adding much-needed hotel ing up to 2.4 million square feet of prime Management, LLC, the developer of space to keep up with growing de- office space, one million square feet of the project. “I asked that our architect, mand,” said New Rochelle Mayor Noam retail, 6,370 housing units and 1,200 Gregory Sharp, design a building that Bramson. “It is an outstanding example hotel rooms. would rival that of any architecturally of how the successful execution of our This effort is projected to bring an forward-thinking city in the world. We downtown development plan can gen- additional 12,000-15,000 new residents thank the City of New Rochelle for its erate excitement about New Rochelle to the downtown area when complete. receptiveness of our development and as a whole.” So far, 29 projects—totaling 6 million approval. We look forward to breaking The development will also cover square feet and more than 4,000 hous- ground later in the fall.” extensive offsite improvements to the ing units—have been approved, and 11 Dobbs Ferry-based Ward Capital is surrounding neighborhood. These will are already under construction. a real estate investment and develop- include the complete redesign and re- Wyndham has a global footprint ment firm focused on multifamily resi- planting of the islands around the high- with approximately 9,000 hotels, in 82 dential, retail and hotel assets. way exit and a brand-new pedestrian countries, across 29 global brands and Located directly off I-95, the passageway that extends through the no significant presence in Westchester 245,000 square-foot hotel will serve as downtown. As part of the passageway, County. TRYP is a unique branded ho- a gateway into the lower Hudson Valley the Metro-North underpass will be trans- tel chain within the Wyndham network from New York City. With a full suite of formed with new art and lighting. with locations throughout North and luxury-class amenities, the ultra-modern “Hotels are an important component South America, from Miami to Brazil, A rendering of the TRYP Hotel by hotel will offer guests an “urban resort” of the downtown revitalization,” said and throughout Europe and the Middle Wyndham to be built on Cedar Street experience that includes a world-class New Rochelle’s Commissioner of Devel- East, from Belgium to the United Arab in Downtown New Rochelle. restaurant and bar, spa facilities, rooftop opment Luiz Aragon. “With its boutique Emirates. College of New Rochelle Campus to Close and be Sold By John Jordan NEW ROCHELLE—The unpleasant, but rounding area for more than a century, inevitable, is at hand for students and will cease operations later this summer alumni of the storied College of New and its 15.6-acre campus here sold. Rochelle. The private college, which New York City-based A&G Realty served Westchester County and the sur- Partners and B6 Real Estate Advisors CHIMNEY & FIREPLACE EXPERTS ASBESTOS REMOVAL RESIDENTIAL & COMMERCIAL An outline of the New Rochelle campus property. have been retained by the College of tography labs; a TV production studio; a New Rochelle to manage the sale of its 200,000-volume state-of-the-art library; main campus in Westchester County. a student center; a life sciences building A&G and B6 are currently accepting with several laboratories; four residence bids for the 15.6-acre private college halls and a learning resource center for campus in the Residence Park neigh- nursing. borhood of New Rochelle. “This is an institution that has en- The announcement of the sale fol- riched the college experience of thou- lowed the college’s announcement in sands of students in Westchester Coun- March that it had reached an agreement ty for over 110 years,” said Bert Weil of to cease operations and transition stu- Getzler Heinrich, the Chief Restructur- dents to Mercy College in Dobbs Ferry. ing Officer of CNR. “Selling the campus “The primary goal underlying our mu- is a necessary step to maximize the tual agreement with Mercy College has recovery for all stakeholders.’ been to provide maximum protection The College of New Rochelle cam- to students by providing a clear path pus is situated on the land of former 19th forward to complete their degrees,” said Century hotelier Simeon Leland who Dr. William Latimer, president of the Col- built the castle as his summer home. It lege of New Rochelle. is located in a residential neighborhood Dr. Latimer announced that of its ap- within walking distance to both the proximately 2,700 remaining students, Long Island Sound and Downtown New more than 900 graduated in May, and Rochelle. an estimated 200 more students will The property is zoned R2-7 resi- graduate this summer in August. Ad- dential, which permits residential and ditionally, nearly 1,000 students have al- educational use. If sold to a developer, ready registered and enrolled at Mercy the City of New Rochelle would re- College for the fall semester, which will view proposals for other potential uses afford those students a seamless transi- that could activate the campus, while 1.800.834.3155 tion, he noted. respecting the surrounding neighbor- “We are continuing our work with hood, such as educational, technology, Mercy College to ensure that each and research and development, health and MR. CHIMNEY every student has a path forward,” Dr. wellness, senior housing (assisted and MRCHIMNEY.COM Latimer said. independent living) and condominiums, The 20-building campus, encom- according to A&G Realty Partners. C passing more than 425,000 square feet “The CNR campus sits on 15.6 pris- PHIL M CRACKIN of buildings is centered around a histor- tine acres and offers one of the most PHILMCCRACKIN.COM ic 19th century castle. The campus also unique redevelopment opportunities in features a modern recreational and ed- Westchester County,” said Emilio Amen- ucational complex, including an NCAA dola, co-founder and co-president of THE FLUES BROTHERS competition-sized swimming pool and THEFLUESBROTHERS.COM basketball court; computer and pho- Continued on next page July 2019 | Real Estate In-Depth COMMERCIAL | 23 Westchester County IDA Approves Incentives For Three Major Downtown Development Projects

By John Jordan WHITE PLAINS—The Westchester Chester, said he expects construction/ County Industrial Development Agency excavation will begin by the end of this recently granted final approvals for in- year after environmental remediation centives to firms that plan to redevelop work is completed. The first phase, the White Plains Mall and the former which will include extensive infrastruc- Westchester Pavilion Mall, as well as ture, is scheduled to be completed in build a new senior living project on the summer of 2022, with the second Bloomingdale Road here. phase completed 16 months later. The three projects total well in ex- The equity partner in the project is cess of $1 billion in new development Mass Mutual. Narva told the IDA Board in the City of White Plains and involve he expects to close on the financing the addition of 1,674 apartment units for the first phase of the project in the and another 132 units of senior hous- next six to eight weeks. The IDA Board ing. The IDA Board gave final approval approved approximately $14 million in to Lennar Multifamily Communities’ 60 sales tax exemptions and $3.5 million South Broadway project at the former in mortgage tax exemptions for the Westchester Pavilion Mall site; WP Mall project. Realty, LLC’s massive mixed-use Hamil- The redevelopment of the former ton Green project at 200 Hamilton Ave. Westchester Pavilion Mall has been de- at the site of the White Plains Mall and layed, due in part to Lennar re-working National Development’s 120 Blooming- its original plan to reduce the amount dale Road senior living project. All three of retail space at the development. The projects made presentations before the Westchester Pavilion Mall has been Westchester County IDA back in April. demolished to make way for the new The IDA also granted incentives at development. the session last month in connection The project, which has been valued with POP Display’s 25,000-square-foot at approximately $500 million, will fea- lease at 1 International Drive in Rye ture a total of 814 units at full build-out An aerial rendering of the Hamilton Green project to built at the site of the Brook. and more than 28,000 square feet of White Plains Mall. The redevelopment of the current retail space. The development would be White Plains Mall by owner WP Mall built in two phases. Mr. Nichols said the Realty, LLC will involve the demolition of developer expects to create between ber 2024. project that will be built on Blooming- the outdated 170,000-square-foot exist- 600 to 700 construction jobs during the Lennar officials noted that the firm dale Road. The $120-million develop- ing mall at 200 Hamilton Ave. The more life of the project. A PILOT agreement has broken ground on its 434-unit ment will involve a five-story, 132-unit than $580-million “Hamilton Green” in connection with the project was ap- Broadstone apartment project on Ma- independent living facility. project will entail 860 apartment units proved by the White Plains City Council maroneck Avenue and East Post Road The project, which is s expected in four buildings with 10% of the units on June 3. A subdivision approval was in White Plains. Nichols said Lennar to take 22 months to complete, was earmarked as affordable. pending at the time of the session. recently closed on a $106-million loan in granted more than $2.4 million in sales Other major components include Lennar secured IDA approval of sales connection with the project. tax exemptions and $780,481.78 in 84,500 square feet of specialty re- tax exemptions of $5.5 million in phase The IDA also granted final induce- mortgage tax exemptions by the IDA. tail and restaurant space, including a one and $5.4 million in phase two; mort- ment on the “Waterstone” senior living Food and Craft Hall, 27,000 square gage tax exemptions of $1.25 million in feet of office space, and approximately phase one and $1.25 million in phase 956-space parking garage and open two and property tax abatements of $28 space. million in phase one and $30 million in Eon S. Nichols, an attorney with the phase two. law firm Cuddy & Feder LLP, said a PI- Construction of the first phase is LOT agreement was approved by the expected to begin in June 2020, with PEPE/BERARD CAPITAL White Plains City Council on June 3. occupancy in September 2022. The II Kenneth Narva, managing partner second phase will begin construction in of Street-Works Development of Port June 2022, with occupancy in Septem- College of New Rochelle Private Real Estate Lenders Continued from previous page We offercreative solutions to A&G Realty. “It is an operating college the buyers and the college.” and ideal for continued use as an edu- Mother Irene Gill, O.S.U., found the your real estate financingneeds cational institution. Alternatively, it could College of St. Angela—the first Catholic be redeveloped into residential or other college for women in New York State appropriate uses through collaboration —in 1904. The first class of students with the city government and New Ro- comprised 12 women, all of whom lived No Income Verification Investment Property Loans chelle community.” and attended class within Leland Castle. “Properties such as this rarely be- The school's name was changed to are Available at Long-Term Fixed Rates come available and offer a one-of-a- The College of New Rochelle in 1910, kind opportunity to leverage an estab- and as the school grew, its programs lished, turnkey educational campus for evolved to meet the changing educa- a variety of uses,” said Jeff Hubbard, tional needs brought about by contem- executive managing director of B6 Real porary events. The college’s current Estate Advisors. “There has been sig- fiscal crisis began in 2016. The college William S. Pepe, Jr. • Ralph J. Berardi, Jr. nificant interest since the college first announced in March it would wind down announced its closing and our team has operations due to financial difficulties created a structured sale process that and is expected to close following the 211 South Ridge Street, Second Floor will streamline the transaction for both summer 2019 semester in August. Rye Brook, NY 10573

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P/B Capital is a private real estate lender Newsletter Updates that provides capital to real esate investors AMERICAN� ASSOCIATION�,. and commercial property owners in most efl'RIVATE LENDERS @ RealEstateInDepth.com metropolitan areas along the east coast. 24 | MORTGAGE/FINANCE Real Estate In-Depth |July 2019 A.S.A.P. Mortgage Expands Presence into Dutchess Cty. FISHKILL—A.S.A.P. Mortgage reported Cortlandt Manor, offers a full array of recently it had opened a new branch mortgage products, competitive rates location in Fishkill. The firm’s sixth of- and fees, an expedited mortgage pro- fice further expands its coverage into cess, and a wholly transparent transac- Dutchess County and the upper Hudson tion from start to finish that can be ac- Valley region. complished in any one of six languages “We are very excited to now serve (English, Albanian, Farsi, Hebrew, Man- the lending needs of homebuyers in darin, and Spanish). Dutchess County,” said A.S.A.P. Mort- Now fully open for business, the new gage Founder and CEO Irene Amato, Fishkill branch is managed by John Fer- “especially as more people discover rara, a veteran mortgage professional the region as a gateway to the Hudson for more than two decades. Ferrara is Valley and a prime location for both first joined by Elvia Duque, a bilingual (Span- and second homes.” ish) loan originator who has been with The new Fishkill office opened in the company for more than 15 years. June and is centrally located in Down- A formal grand opening celebration town Fishkill, adjacent to the post of- for the new office with a ribbon-cutting fice. The new location at 1012 Main St. will be held sometime in September. offers all the services A.S.A.P. clients A.S.A.P. Mortgage has two office have come to expect, most notably its locations in Cortlandt Manor, and other signature “Unique Boutique Mortgage locations in Croton-on-Hudson, White Experience.” Plains and Manhattan. The firm, which is headquartered in A.S.A.P. Mortgage’s new office in Fishkill. MBA Tracks Real Estate Lending Trends in New Report WASHINGTON—The Mortgage three months of the year. Bankers Association's MBA first quarter "Low interest rates and strong prop- First quarter average cap rates of 6.4% of 2019 Commercial/Multifamily Data- erty values continue to make commer- for industrial, 6.5% for retail, and 6.6% Book was released earlier this month. cial real estate an attractive market for for office all match the rates from one The quarterly report summarized ma- borrowers," said Jamie Woodwell, MBA's year earlier. The first quarter cap rate of jor trends that developed during the first vice president of commercial real estate 5.4% for multifamily properties was 20 basis points below where it had been during the first quarter of 2018. Strategic Capital Secures Mortgage Originations The momentum seen in 2018's re- cord year of borrowing and lending $70M Loan for River Club continued in the first quarter of this year. Volumes were higher for nearly every property type, and double-digit growth At Hudson Park in Yonkers in loan volume for Fannie Mae and Fred- die Mac led the increase among capital sources. Low interest rates and strong property values continue to make com- Jamie Woodwell, MBA’s vice mercial real estate an attractive market president of commercial real for borrowers. estate research. Compared to a year earlier, a rise in research. originations for industrial, health care and hotel properties led the overall Economy increase in commercial/multifamily lend- The U.S. economy grew at a season- ing volumes. By property type, industrial ally adjusted annual rate of 3.1% during (73%), health care (41%), hotels (14%), re- the first quarter—continuing a 10-year tail (9%) and multifamily (9%) all saw expansion that is setting records. Em- year-over-year gains by dollar volume. ployers added an average of 174,000 The dollar volume of office property jobs per month during the first quarter, loans was unchanged. helping drive the unemployment rate to a 50-year low (3.6%). After another Mortgage Debt Strategic Capital recently held a ribbon cutting ceremony for the 213-unit Outstanding property along the Hudson River waterfront in Yonkers. strong showing in April (+224,000), job growth slowed in May (+75,000). The Mortgage debt backed by commer- YONKERS—Global commercial real luxury finishes including white oak tight labor market is helping push wag- cial and multifamily income-producing estate advisory firm Newmark Knight floors, sleek granite counters, and floor- es higher, with average hourly earnings properties continues to grow at a strong Frank announced on July 2 it had ar- to-ceiling windows providing unob- rising 3.1% between May 2018 and May pace, with three of the four major capital ranged a $70-million fixed-rate loan structed views of the Hudson River and 2019. Even so, inflation has remained sources—banks, life companies, and the for the financing of the River Club at surrounding area. Amenities include low, as the prices of all items (excluding GSEs and FHA—growing their holdings Hudson Park in Yonkers on behalf of the only indoor pool in Yonkers, 24-hour food and energy) have grown by 2% by more than 1% during the first quarter Strategic Capital, the investment arm of fitness center, rooftop lounge and bar, over the same period. of 2019. REITs, finance companies and China Construction America. 24/7 concierge service, and butterfly Commercial Real Estate non-financial corporate businesses also The Newmark Knight Frank team was MX smartphone video intercom. The showed strong appetites last quarter, led by Dustin Stolly and Jordan Roe- property is steps away from the Metro Fundamentals with each growing their holdings by schlaub, vice chairmen and co-heads North station and is a 28-minute ride to Both vacancy rates and asking rents more than $1 billion. The depth and of debt and structured finance, along Grand Central Station. have ticked up, with apartment rents breadth of growth among investors sig- with Chris Kramer, Dan Fromm and Nick “The unmatched amenity package leading the pack. Multifamily vacancy nals the interest in the sector. Scribani. The loan was provided by Gug- and unobstructed views make the River rates of 4.8% in the first quarter were 10 Total commercial/multifamily debt genheim. Club at Hudson Park the premier new basis points higher than a year earlier, outstanding climbed to $3.46 trillion at The property is a 24 story, 213-unit multifamily property in Yonkers and will while asking rents grew by 4.5%. Office the end of the first three months of the multifamily development on the Hud- certainly continue to attract a vibrant vacancy rates also grew by 10 basis year. Multifamily mortgage debt alone son River waterfront and is the third and tenant base,” said NKF’s Stolly. points from a year earlier, to 16.6%, while increased $17.9 billion (1.3%) to $1.4 tril- final phase of a larger redevelopment “The quality of location and strong asking rents increased by 2.2%. Among lion from the fourth quarter of 2018. plan. The property includes access to leasing momentum allowed us to pro- retail properties, vacancy rates grew a 206-space parking garage, indoor cure long term, fixed-rate financing by 20 basis points, to 10.2%, and rents Loan Performance pool, 24-hour fitness center and rooftop for the property prior to stabilization,” increased by 1.6%. Steady U.S. economic growth contin- lounge and received a temporary cer- added NKF’s Roeschlaub. ues to support the financing and values tificate of occupancy in December 2018 Strategic Capital owns and oper- Sales and Pricing of commercial and multifamily proper- and is currently in lease up. ates 566 units at Hudson Park I & II First quarter sales of the four major ties. Commercial/multifamily mortgage River Club is currently the tallest resi- since 2015. River Club will be the third property types were 9% lower than dur- delinquencies remain at or near record dential tower on the Yonkers riverfront, and final phase of the development. ing last year's first quarter, with sales of lows for most capital sources, and it's giving unobstructed views of the Hud- Headquartered in Jersey City, NJ, Stra- office, industrial and retail properties hard to imagine loans performing better son River and surrounding area. tegic pursues investment opportunities each down between 14% and 16%. Sales than they currently do. Given the envi- The building has 22 studio apart- across the Americas in the fields of com- of apartment properties were roughly ronment, there's little reason to expect ments, 128 one-bedroom units, and 63 mercial, residential and mixed-used real flat to last year. a marked deterioration of near-term two-bedrooms, with an average unit estate, as well as infrastructure. Capitalization rates have held rela- performance, the MBA reported. size of 774 square feet. Each unit boasts tively steady for most property types. July 2019 | Real Estate In-Depth PUTNAM | 25 Promoting Tourism and the Local Economy Room, and dinner at Thai Golden. should not be missed. On another day, hit the Hudson River An outdoor sports enthusiast might Turnpike (301), stop by Canopus Lake go kayaking for the day on the great putnam Posting or Pelton Pond, Stonecrop Gardens swamp or the Hudson River and check or Glynwood for Instagram material, out Bannerman’s Castle, hike Mount By Jennifer Maher head to Cold Spring for the afternoon Taurus for the most amazing views or (antiques, shops, dinner), and conclude maybe discover a private beach on the with the Hudson Valley Shakespeare Hudson. Finish up with fine dining at Festival at Boscobel with a gourmet pic- Clocktower Grill in Brewster, The Car- As the summer heats up, I realize it a few adventure ideas. Not sure how to nic on the lawn. riage House in Mahopac and Patterson, is time for me to do my annual Putnam fill a week? Well here are some ideas. Another day could call for breakfast or the Riverview in Cold Spring. County summer article. As I say every Imagine spending the day in Carmel. at Countryside Kitchen or the historic Putnam is full of possible itineraries, year, Putnam County is a great place Start with viewing the Sybil Ludington Freight House Café before renting a each great for our local economy and to summer! We truly have it all—water, Statue/Historic Courthouse on beautiful pontoon boat at Mahopac Marina and even for the real estate market! beaches woods, swamps, hills to hike, Lake Gleneida, then head over to Ch- spending the day cruising, floating and Jennifer Maher is chairwoman, the as well as and shopping and dining! uang Yen Monastery and hit the Great swimming on Lake Mahopac. You can Putnam County Business Council and “Staycations” are popular in today’s Buddha Hall, which features the largest then dock for lunch at Kobu, Blu on currently serves as the vice president of busy world, and should be promoted in Buddha in the Western Hemisphere, the Lake or Sunset Boulevard to grab the Hudson Valley Chapter of the New Putnam County. Hiking, cycling and kay- check out the koi on Seven Jewels Lake a cocktail with the locals. Take in the York State Commercial Association of aking are perennial favorites, along with and then have lunch at Flory Kay’s Tea sunset for sure. Lake Mahopac sunsets Realtors. Kathleen Abels Named New President of Putnam EDC CARMEL—The Putnam County Eco- Putnam County EDC. Her priorities will tors for the Town of Southeast Cultural nomic Development Corp. (EDC) an- be to strengthen partnerships, develop Arts Coalition and Friends of Ladson nounced on July 9 that Kathleen Den- strategic alliances and successfully ex- Park. She actively supported the Old nehy Abels was named president of the ecute the Putnam County EDC’s vision. Town Hall Theatre project in Downtown agency. Abels began working at PEDC As a former board member for more Brewster and was the former Chair of effective July 1. than five years, Kathleen has a solid the Town of Southeast Historic Sites Abels has decades of experience understanding of available incentives Commission. in public relations, customer service, and markets. She has strong core val- Abels received a Master of Science marketing, construction and project ues and the unanimous support of our in Organizational Leadership from Mer- management. She recently completed a board,” Weiss said. cy College and a Bachelor of Business career at New York State Electric & Gas, “I am honored and excited to accept Administration in Management from culminating as its Manager of Commu- this position,” said Abels. “It’s a privilege Pace University. nity Outreach and Development. to be part of an organization that deliv- The Putnam County Economic De- “Kathleen is the right leader for the ers high quality service and innovative velopment Corporation is a 501(c)(6) Putnam County EDC,” said Richard solutions for the residents of Putnam Public-Private Corporation formed in Weiss, chairman of the board of the County. Putnam County is a great place 1996 to promote the economic vitality Putnam County Economic Development to live, work and grow a business.” of Putnam County. It acts as a facilitator, Corp. A resident since childhood, Abels bringing together businesses, govern- “Her extensive experience, back- presently serves on the Board of Direc- ment agencies and resources. ground and people-focused leadership New Putnam County EDC style will build on the success of the President Kathleen Abels HGAR Pitches in for Habitat for Humanity

The first of HGAR volunteer events at Habitat for Humanity in Newburgh was held on July 11. Thanks to all who came out to volunteer, including HGAR President Ron Garafalo (second group far left). Among the other Realtors who participated at the event included: Amanda Martinez, Tim Countryman, Micaela Stanaland and Liz Ramirez. Business banking expertise. Sign up for our Your place. Or ours. Free Real Estate In-Depth contact: Nick Marra, SVP Regional Manager email: [email protected] online edition and phone: 914.298.2533 Newsletter Updates

@ RealEstateInDepth.com The Webster symbol is a registered trademark in the U.S. Webster Bank, N.A. Member FDIC. Equal Housing Lender ©2019 All Rights Reserved, Webster Financial Corporation 26 | Real Estate In-Depth |July 2019 Aurochemicals Opens New $2.5M Warehouse At its Headquarters Complex in Washingtonville WASHINGTONVILLE—Aurochemicals, a manufacturer of natural aroma in- gredients for the flavor and fragrance industry, marked the official opening of a brand-new, $2.5-million warehouse facility with a ribbon cutting ceremony on July 9. Local dignitaries, including Orange County Executive Steven Neuhaus; Vil- lage of Washingtonville Mayor Joseph Bucco and Orange County Chamber of Commerce President and CEO Lynn Allen Cione were among the more than 50 guests who attended the event at the company’s new headquarters in Washingtonville. The 22,000-square-foot warehouse facility will provide increased space From left, Village of Washingtonville Mayor Joseph Bucco; NYS Senator James Skoufis’ Office Constituent Relations for research, development and quality Specialist David Rabbitts; Orange County Director of Economic Development Bill Fioravanti; NYS Assemblyman control work, in addition to more space District 99 Colin Schmitt; Hudson Valley Economic Development Corporation President and CEO Mike Oates; Orange for state-of-the-art corporate offices, County Chamber of Commerce President and CEO Lynn Allen Cione; Aurochemicals Vice President and CEO Deo inventory maintenance, product storage Persaud; Aurochemicals President Indranie Persaud; Aurochemicals Vice President and COO Darshini Persaud; and production. The new warehouse is Roshinie Persaud; County Executive of Orange County Steven Neuhaus; Orange County Partnership President and outfitted with custom shelving units and CEO Maureen Halahan cut the ceremonial ribbon today to officially mark the opening of Aurochemicals new ware- illuminated by large skylights and win- house facility. dows, company officials stated. Special remarks and comments at “The flavor and fragrance industry is thrilled to call Washingtonville and Or- thrived during its expansion, and I know the ribbon cutting ceremony were made growing rapidly, and we have become ange County our home, and thank our it will continue to flourish.” by dignitaries including: County Execu- a major player in the industry,” said Deo community, local officials and dignitaries Aurochemicals, established in 1994, tive Neuhaus; Village of Washingtonville Persaud, Aurochemicals CEO. “Our new for all their support.” began operations in Brooklyn, recently Mayor, Bucco; Orange County Chamber warehouse facility allows us to continue “Aurochemicals has been an asset completed a building expansion and of Commerce President and CEO Cione; to provide our customers with the prod- to Orange County and I am pleased to occupies a 32,000-square-foot modern Orange County Partnership President ucts they need, when they need it. We see its continued growth,” said Steven facility in Washingtonville with extensive and CEO Maureen Halahan; Hudson want to always stay ahead of the curve Neuhaus. “Led by strong leadership, the production and storage capabilities. Valley Economic Development Corpo- and be an innovative leader.” internationally recognized company has ration President and CEO Mike Oates; The new warehouse facility was a Orange County Director of Economic two-year project, which came on the Development, Bill Fioravanti; New Yok heels of a recent string of expansion State Senator James Skoufis’ Office Realtors Come Out in Force to efforts on behalf of Aurochemicals. Last Constituent Relations Specialist David year, Aurochemicals announced the Rabbitts and NYS Assemblyman District Oppose Broker’s Fee Cap completion of a new state-of-the-art 99, Colin Schmitt. lab, which doubled in size and now of- “We are able to expand due to our Continued from page 16 fers new technology for research and tremendous growth and increased mar- development. In 2017, the company from the Long Island Board of Realtors. Other Realtors suggested fixing the ket share globally,” said Persaud. “We’re dedicated its world headquarters. All made the point that the New York New York City property tax assessment City’s and New York State’s rent con- system in which property owners are trol laws will have a negative effect on unfairly taxed at different levels with real estate values and the broker fee December 9 - 12, 2019 someone paying more in Queens for the cap proposal would only make matters Atlantic City Convention Center condo or co-op than for a comparable worse in New York City. The Real Estate residence in Brooklyn. This has been a Board of New York also testified strong- long running issue in the city that has yet ly against the proposed legislation. to be reformed. Realtors also testified the bill would HGAR’s Guanill Elukowich, who par- force them to possibly forego paying ticipated in the hearing at City Hall, told bills and put them in extreme financial Real Estate In-Depth, “I think that we stress. made an impact and the Councilmen “Please keep in mind that the vast heard a different side and are willing to majority of rental agents make less than listen and evaluate.” Grow Your Leading $50,000 per year—and are tenants While she noted that the City Hall Business Panel industry experts themselves,” Citi Habitats president hearing was positive, she cautioned, Gary Malin said at the hearing, accord- “we still have to be vigilant” in making ing to a report in the Real Deal. “These sure the real estate industry’s mes- are not the brokers selling multimillion- sage continues to be heard by the City 250+ vendors with dollar penthouses on cable TV. These Council. 100+ sessions the latest products to choose from are hard-working, middle-class people, HGAR strongly opposes this legisla- and services many with families.” tion and urges its members to contact The real estate community did pro- Council Members Keith Powers and vide the City Council some options to Carlina Rivera who are the main spon- make New York more affordable, such sors of the bill. as building more rental housing, in- At press time it is not known when creasing vouchers so they cover higher the City Council will once again take up living expenses and creating affordable the measure. housing programs that allow people Legislative Affairs columnist Philip to buy condos or co-ops and therefore Weiden is the Government Affairs Direc- build long term wealth rather than hav- tor for the Hudson Gateway Association ing all of their income go towards rent. of Realtors.

• Terry Watson – opening keynote • New health/wellness track George Comfort Acquires • Kick-off party – Monday night • Ice breaker reception – Tuesday night • A.M. and P.M. coffee breaks in • Free shuttle to convention center the trade expo (from official hotels) Avon Building in Rye • 17 hours of CE credit • Add-on designation courses available Continued frpm page 21 and developers due to its unmatched 601 and 621 Midland Avenue provides VISIT REALTORSTriplePlay.com transit-centric location and superior George Comfort & Sons with a unique access to knowledge workers in one of multifunctional property that is well- Westchester’s most prestigious com- positioned to capture a broad base of Register online by October 15 for just $89! munities,” said Welsh, executive manag- tenant demand as they reposition or Play Along! #TP19 ing director at NKF. “The acquisition of redevelop the asset.”

Hosted by the New Jersey, New York State and Pennsylvania associations of REALTORS® July 2019 | Real Estate In-Depth | 27 Toll Brothers Acquires The Collection Development Property WHITE PLAINS—After securing the transactions in New York, New Jersey approval of the Westchester County In- and Florida. Currently, Saber is develop- dustrial Development Agency to assign ing a 126-unit multi-family development the rights to financial incentives for The on two plots of land located at 97-111 and Collection mixed-use project here, Toll 100-114 Hale Ave. Also, RCB Property Brothers Apartment Living acquired the Holdings, a partnership of Saber, PCD 2.97-acre fully approved development Capital, and a large New York-based site for $32.76 million. private equity fund, is developing a 421- Saber Real Estate Advisors, LLC, unit multi-family rental development which secured the approvals for the on a 13.3-acre site located at West Fort $136.2 million mixed-use residential Lee Road, in the Township of Bogota in development in Downtown White Plains Bergen County, NJ. Most recently, Sa- and incentives from the Westchester ber completed Rivertowns Square, the County IDA, sold the property to the af- premier mixed-use master development filiate of Toll Brothers. in Dobbs Ferry, comprised of 116,000 The IDA incentive assignment was square feet of retail, a 127-room Hilton announced by the Westchester County Garden Inn and 202 units of multi-family IDA, while the sale of the property was residential rentals. reported by commercial real estate Toll Brothers said in a statement on A rendering of The Collection mixed-use property to be built in White Plains. brokerage firm CBRE. The development its acquisition of The Collection, “As one calls for 276 apartments, approximately of the area’s most active and reputable 25,000 square feet of retail space and builders, Toll and TBWP look forward to easy car access.” Merritt River Apartments, a 227-apart- 742 parking spaces. A total of 17 of the commencing this important residential He added, “Toll Brothers is a premier ment high-rise in Norwalk, CT.; The residential units are earmarked as af- and retail, mixed-use development, national residential builder and we look Waypointe, a 464-apartment mixed-use fordable. The new Class A community’s including additional parking for the City forward to watching the final stage of community in Norwalk, CT.; Northern\ amenities will include an outdoor pool, of White Plains, all located in the thriv- this development—we expect they will Central New Jersey Workforce Housing a fitness center and a resident lounge. ing market of Westchester County. We do very well with it.” Portfolio, a seven-property, 1,035-unit The CBRE team of Jeffrey Dunne, believe working in cooperation with CBRE Institutional Properties is cur- portfolio in East Orange, Newark, As- Gene Pride and Eric Apfel represented the WIDA, the city and the construction rently marketing for sale One City Place, bury Park and Trenton, NJ; Hawthorne the owner, Saber Chauncey, an affiliate industry participants, this project is sure a 316-apartment high-rise in White Court, a 434-apartment community in of Saber Real Estate Advisors, and pro- to be a success.” Plains; Boulevard and Skyline Apart- Central Islip, NY and Liberty Place, an cured the buyer. “We are pleased to have represented ments, a 338-apartment portfolio of two approved 150-apartment development In October 2018, the IDA approved Saber Real Estate Advisors in this sale. properties in Hasbrouck Heights, NJ; site in Union, NJ. $3,348,609 in sales tax and mortgage The team has worked tirelessly for recording tax exemptions for Saber many years obtaining approvals for this Sign up for our Real Estate’s The Collection, a mixed- exciting development site, which has use project consisting of two buildings one of the best locations in Westchester on Westchester Avenue and Franklin County,” said CBRE’s Dunne. “The Col- Free Real Estate In-Depth Avenue. Located across from The West- lection has all of the characteristics that chester mall, the project is expected are highly attractive in residential devel- to create 250 construction jobs and 91 opments—it is walkable to The West- online edition and permanent jobs. chester Mall, numerous restaurants and Saber Real Estate Advisors based entertainment venues in downtown in Armonk and Hallandale Beach, FL White Plains, the Metro North Train Newsletter Updates has completed more than $1.5 billion in Station and is also situated off I-287 for @ RealEstateInDepth.com Save the Date: Monday, October 28, 2019 103rd Annual Member Appreciation Day DoubleTree Hotel, Tarrytown, NY Vernice “Fly Girl” Armour went from beat cop to combat pilot in three years, becoming America’s First African American Female Combat Pilot and U.S. Marine. After she returned from two tours in Iraq, she created the “Zero to Breakthrough(tm) Success Plan,” a personal flight plan designed to help you win on the battlefield of business and life. She launched her own firm, VAI Consulting and Training, LLC, and has been featured on Oprah Winfrey, CNN, NPR and more. Her presentations have inspired hundreds of organizations and individuals. “Zero to Breakthrough(tm) Success Plan” Our FREE day also features: • Ethics Class • Annual Meeting • Time Management Workshop • Trade Show with 70 Exhibitors • International Real Estate Deals Workshop • Celebration Cocktail Party, Keynote Address: Vernice • RPAC Luncheon with Guest Speaker “Fly Girl” Armour

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