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Month: September 2020

Sep 2020

New York residents pay 13.8% of their income in state, local taxation – most in nation

(The Center Square) – Taxpayers in New York turn over 13.8 percent of their income per capita to state and local governments, the highest percentage among the 50 states, according to an analysis by the website 24/7 Wall St. State residents pay $2,877 per capita annually in income tax collections, $2,902 in property taxes and $1,551 in general …

Sep 2020

New Yorkers Are Fleeing to the Suburbs: ‘The Demand Is Insane’

Over three days in late July, a three-bedroom house in East Orange, N.J., was listed for sale for $285,000, had 97 showings, received 24 offers and went under contract for 21 percent over that price. On Long Island, six people made offers on a $499,000 house in Valley Stream without seeing it in person after …

Sep 2020

Governmental Pecking Order Comes In Focus

Most Americans are generally familiar that there is a “pecking order” when it comes to government. The federal government sits at the top, then come the states followed by the counties, and then all of the various forms of local government from towns to cities to villages and then school districts. In New York state, townships and …

Sep 2020

Big Deal: Meadow Road Sale Breaks Record

A single-family residence at the corner of Meadow and Middlesex roads has sold for $2.709 million, a city record.  Amy and David Wilson bought the home from Lisann Jane Jacobs.  The 7,900 sq.ft. home was constructed in 2007.  The deal closed on August 27. The Buffalo News has the details: The buyers are David J. Wilson, …

Sep 2020

Done Deal: 130 Pearl Sold

An historic building in the Joseph Ellicott Historic District has a new owner. Stewart Title Insurance Company has sold the three-story building located at 130 Pearl Street for $660,000. The buyer was 130 Pearl LLC, registered to architectural and engineering firm Trautman Associates’ address at 37 Franklin Street.  CBRE Buffalo was the listing agent. The …

Sep 2020

Eat, drink and be merry: Jemal’s $120 million makeover transforms Seneca One

Buffalo’s tallest building is getting a whole new vibe. From a new lobby bar to an extensive food court, from a clubhouse to restaurants, the new Seneca One tower will have no shortage of places to eat, drink and be merry – or even to get married. That’s an unexpected – but carefully planned – result of …

Sep 2020

Three Burger King restaurants get new property owners

Here’s a whopper of a deal. A Dallas-based real estate investment trust has completed its purchase of three local Burger King restaurants as part of a larger, nationwide acquisition. The deals affect the properties, not the businesses that lease them. Spirit Realty Capital bought 123 properties from Service Properties Trust in Newton, Mass., paying a …

Sep 2020

Legislation would give property tax incentive for landlords and tenants to negotiate new leases

NEW YORK — Vacant storefronts and empty shops are becoming a common sight on New York City streets. A business in Park Slope isn’t going to go quietly. Daniella Stromberg is the owner of D’mai Urban Spa on 5th Avenue in Park Slope. “I tried to renegotiate and crickets. Nothing. My ask is a rent …

Sep 2020

Lord & Taylor’s final sale: Who will buy all that real estate?

Lord & Taylor will be liquidating all 38 of its stores and going out of business. The company, which was bought last year by the clothing rental service Le Tote, recently filed for Chapter 11 bankruptcy protection and hasn’t been able to find a buyer. This is probably going to happen a lot as more …

Sep 2020

What Will The Pandemic’s Impact Be On The Real Estate Market?

The pandemic has already caused a mini-exodus out of New York City, and with lower taxes, lower interest rates, and — for the wealthiest among us — higher earnings thanks to stock market gains and some helpful bailouts, the housing market is roaring outside of urban America. What will be the impact on real estate …

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