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Month: July 2019

Jul 2019

Bad sign for commercial real estate: The architecture business is slowing down

All aspects of the architecture business are suddenly slowing, indicating an overall weakening in commercial real estate demand. A key read on the industry, the Architecture Billings Index, fell into negative territory in June, according to the American Institute for Architects. Inquiries for new projects hit a decade low, while design contracts also fell. “With …

Jul 2019

Binghamton North Side’s Town & Country Apartments site of $38 million renovation project

In 2014, 19-year-old Scott Wright Jr. was shot during a Fourth of July party at the Town & Country Apartments complex on Roberts Street in Binghamton, days after his high school graduation. He died from his injuries three days later. Neither Wright nor his killer, Andre Lee, lived at the apartments, but the crime’s setting prompted …

Jul 2019

Investor group buys more Cheektowaga apartments

A local investment group has acquired its second cluster of apartments in Cheektowaga, spending a total of $2.8 million in the past month to buy apartments on Concord Drive and Huth Road. Acting through Concord Huth LP, the group that includes Ben Friedland and Roman Brailovski paid $1.8 million in June for apartment buildings located …

Jul 2019

City (Geneva) gets ready for reassessment

GENEVA — Mention the word “reassessment,” and some taxpayers will shudder. They assume it means higher property taxes. That’s not the case, Assistant City Manager Adam Blowers told City Council last week. Blowers said an equalization rate of 93 percent means someproperty owners are under-assessed, and it means others are picking up the tab for …

Jul 2019

Hudson Valley Homebuyers Shun Luxury, Seek Affordable

Two new reports looking at the state of real estate in the lower Hudson Valley describe a housing market that has weakened at the top while staying strong at the bottom. “Residential sales for the second quarter in the lower Hudson Valley region served by the Hudson Gateway Multiple Listing Service Inc. were very much …

Jul 2019

Nassau County Republicans Propose ‘Taxpayer Bill Of Rights’ To Combat Property Tax Reassessment

MINEOLA, N.Y. (CBSNewYork) — The massive property tax reassessment on Long Island earlier this year could force thousands of residents to pay thousands more in property taxes next year. Now, several homeowners are teaming up with local lawmakers to make sure they aren’t caught off guard again, CBSN New York’s Jennifer McLogan reported Monday. Some …

Jul 2019

New owner Douglas Jemal is ready to ‘de-mall’ the Boulevard Mall

The man behind the redevelopment of Seneca One tower has another major project on his hands: the overhaul of the Boulevard Mall. And he’s going it alone. Developer Douglas Jemal told The Buffalo News he has completed his $30 million purchase of the 64-acre property in Amherst. He said developer Nick Sinatra, who placed the …

Jul 2019

$30 million housing project remains divisive in Williamsville

An unusually bitter, long-running debate about a $30 million housing development continues to rile a small village best known for its Main Street commercial corridor. At its core, the conflict is about what level of development – if any – is appropriate for one of the last major sites available for new residences in Williamsville. …

Jul 2019

Co-op and Condo Tax Abatements Could Be Tied to Staff Pay

Co-ops and condominiums with non-union employees would have to pay them a prevailing wage in order to qualify for coveted tax abatements – if Governor Andrew Cuomo signs a bill recently passed by the state Legislature. In response, the Council of New York Cooperatives & Condominiums (CNYC) has mounted a call-in and letter-writing campaign, urging …

Jul 2019

421-a Tax Abatement Spared Via Revised Rent Regulation Bill

The viability of the 421-a tax abatement was up in the air last month as the New York State Senate passed sweeping reforms via a rent regulation bill which has caused quite a stir in the real estate community. After pushback from developers – including the Durst Organization, which dangled the possibility of scrapping its …