A roomful of top experts on New York’s property tax system — an opaque topic that nonetheless touches every New Yorker, property-owner or not — gathered for a roundtable discussion convened by state lawmakers Wednesday in downtown Manhattan. They were assembled at the hearing by State Senator Brian Benjamin, a Manhattan Democrat and chair of …
Continue reading “State Senate looks ahead to complicated task of property tax reform”
Although few Albany observers expect the political winds to shift in real estate’s favor next year, and its lobbyists will likely spend more time trying to defeat bills than pass them, there is still some optimism in the industry. Here are the goals it hopes to achieve in the legislative session that begins next month. …
Continue reading “The New York real estate industry’s Albany goals in 2020”
With just a few weeks left of this decade, the city’s real estate community is looking back on 10 years of enormous growth and change, and forward to what the 2020s may bring. Laws governing how buildings are built and run are top of mind, as are the kinds of businesses and industries that will …
Continue reading “4 things New York’s commercial real estate industry is watching for 2020”
Wonder Falls, a proposed $150 million private development project once hailed as a potential “hub” of activity for downtown Niagara Falls, has been officially removed from consideration. The project developer and officials from USA Niagara Development Corp., the state agency that oversees development in downtown Niagara Falls, confirmed Friday that the project, long envisioned to …
Continue reading “USA Niagara has new plan for former Rainbow Mall site”
Syracuse.com has updated its database of the latest commercial and residential real estate sales in Central New York. Search three years of sales data in Cayuga, Madison, Onondaga and Oswego counties. Syracuse.com updates its real estate sales database each week. The records come from the New York State Office of Real Property Tax Services. Readers …
Continue reading “Syracuse.com real estate update includes over $500,000 in second half of 2019”
As could be expected in a healthy economy, the $1.8 billion Erie County budget approved Thursday doesn’t cut much. But it does say a lot about who and what matters most to county leaders. The politics and priorities became clear as lawmakers approved it in a 10-1 vote. The budget includes a new “urban initiative” …
Continue reading “What the $1.9 billion Erie County budget really tells us”
A 65-unit Hamburg apartment complex has been acquired by a Los Angeles investment firm for $4.9 million, in one of the largest commercial real estate deals in recent weeks. Summit Equity Investments, of Studio City, Calif., purchased the Holiday Meadows Apartments at 121-125 Holiday Lane in Hamburg from Michael Lorigo’s Holiday Meadows LLC. The 56,650-square-foot …
Continue reading “Dealmakers: L.A. investment firm pays $4.9 million for 65 apartments”
One state senator called the New York City property tax system “a monstrosity.” A former city finance commissioner said it’s unconstitutional and should be placed under court order. And the owner of a long-established Harlem newspaper said it’s threatening the survival of small businesses across the city. They all agreed in an animated Dec. 4 …
Continue reading “State Lawmakers Step Into Overhaul of NYC Property Tax System”
Advance Media Editorial Board When it comes to tax breaks, New York is the state of unintended consequences. Fixing one thing often messes up another. The latest example of this is the $3.4 billion school tax relief program known as STAR. A change in how the state administers the program means that property owners who …
Continue reading “New York lets property tax cheats take STAR program for a ride”
GLENS FALLS — After more than three decades in politics, state Sen. Betty Little has decided to call it a career. Little, R-Queensbury, announced at City Hall on Thursday morning that she would not seek re-election to a 10th two-year term in 2020. Little said it has been a privilege to represent the 45th Senate …
Continue reading “Sen. Little won’t seek re-election after 25 years in legislature”
U.S. home sales probably will fall next year as Baby Boomers gridlock the housing market by aging in place, according to a forecast from realtor.com. Sales of existing homes likely will fall 1.8% to 5.23 million while the inventory of available homes reaches historic lows, the forecast said. Home prices will probably rise just 0.8%, …
Continue reading “Boomers likely to gridlock housing market in 2020”
The Syracuse Common Council on Monday passed two measures intended to rein in a lucrative property tax exemption after reporting by syracuse.com showed that some developers saved millions using the tax break in ways never intended by lawmakers. The council voted unanimously to amend local law by giving the assessor more explicit authority to reject …
Continue reading “Syracuse closes loophole that allows developers to save millions”
