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Leaders in real estate, economics and finance discussed industry trends and market influencers and how they are impacting the commercial sector in Westchester County and beyond at a forum last week hosted by Fordham University’s School of Professional and Continuing Studies and The Business Council of Westchester. “Let’s Get Fiscal! –How... The post Fordham University, Business Council of Westchester Host Forum on Real Estate, Finance Trends and Westchester’s Economy appeared first on Real Estate Weekly. Leaders in real estate, economics and finance discussed industry trends and market influencers and how they are impacting the commercial sector in Westchester County and beyond at a forum last week hosted by Fordham University’s School of Professional and Continuing Studies and The Business Council of Westchester. “Let’s Get Fiscal! –How Real Estate and Finance Trends Are Reshaping Westchester’s Economy” was presented virtually June 1 and featured Nikki Greenberg,founder and Chief Innovation Officer, Real Estate of the Future; Al Gutierrez,Managing Director, Brokerage, JLL; and Melinda White, Commercial Banking Leader, Hudson Valley, Wells Fargo. The discussion was moderated by Dr. Joshua Harris,a real estate economist and investment strategist who isManaging Partnerof theLakemont Group and an adjunct professor at Fordham’s Real Estate Institute. Harris set the stage by looking at the ‘yield curve inversion,’ where short-term rates are higher than long-term, and the impact on real estate. He noted the U.S. Treasury one-month rate is at 5.2% while the 10-year – which sets the tone for mortgage rates and commercial real estate valuation – is at 3.6%. “We’ve seen interest rates go up in the last 12 months at one of the fastest clips the Fed has ever managed to do,” Harris said. “This is occurring under a landscape of recovery in a post-Covid world, which is unique for a place like Westchester – one of most storied suburban commuter zones to New York City.” He asked the panel if Westchester is benefitting from work-from-home and other “turmoil” in Manhattan. “Historically, Westchester was a recipient of many headquarters coming out of NYC, looking for a better way of work and life. Then we saw a pull back toward the urban setting,” said Gutierrez. “Now there’s questions about occupancy – do they need to be in NYC? Should we be thinking of more regional offices? Westchester, from a locational standpoint, is well-poised to benefit.” Gutierrez added the challenge for Westchester is its “dated” office buildings: “There’s a lot of reinvestment that needs to be done in order to attract those occupants out of NYC.” Harris shifted the conversation to transit-oriented development (TOD) – noting progress in Yonkers, New Rochelle and Port Chester – and asked whether Westchester’s real estate community is up to the task of providing that product going forward. “Multifamily housing is a sweet spot in real estate right now,” said White. “The limiting factor is the economics – with the current interest rates, can these projects pencil out? We’re seeing projects on hold, not due to a lack of capital but to the costs of construction and to carry.” Greenberg, a futurist and innovation strategist, pointed to Gen Z as a target for TOD. “They’re a generation with different expectations and definitely want to be homeowners,” she said. “They love technology and also care very deeply about the environment. It’s a natural fit for them to want to live close to where they work, or at least near highly connected transport.” Harris asked how changes in access to capital are affecting the office market, in terms of expansions, reconfigurations and other capital expenditures. “Office space is a tough market. Everything is case by case, of course, and if there’s a good story to tell there’s an appetite,” White said. “Investors are very cautious about putting more money into buildings … owners are having to reach into their pockets, which becomes a downward cycle: if they don’t have the liquidity to put money in, there’s an inability to attract good tenants.” The panel also shared insights into remote-work trends and how that is reshaping real estate. “We can’t group every person and organization into one bucket – that’s causing a lot of contradictory evidence about productivity and expectations,” said Greenberg. “Today, because the technology we use for work is portable and companies’ information is stored in the cloud, it has opened up more options. Companies are empowered to make unique decisions about how and where work gets done.” As for the impact a recession would have on Westchester, the panel agreed it could be a period of opportunity to “rethink, reassess and re-invest.” “There’s a lot of capital out there that has yet to be deployed,” said Gutierrez. “We’re going to see opportunistic investors looking at assets that are on the brink of foreclosure, as land-banking opportunities for redevelopments. One of the things that has ameliorated downturns in Westchester are alternative industries – health care, life sciences and education, which are at the forefront of occupying much of the obsolete space in the market.” “This insight is so important as we begin to plan for 2024 and beyond,” said Business Council of Westchester President and CEO Dr. Marsha Gordon. “What happens in the commercial real estate market in the Hudson valley, NYC and the broader region affects all of the business community in Westchester.”  “We’re proud to collaborate with The Business Council of Westchester and bring together top minds to help us all stay ahead of the curve,” said Dr. Anthony R. Davidson, dean, Fordham University School of Professional and Continuing Studies (PCS). “The way in which we live and work is constantly changing, and our mission is to offer degree, professional and corporate training programs that meet those changes.” Davidson noted that as part of the PCS mission to support the Westchester community, the school has launched a “Good Neighbor Initiative,” which provides an automatic 30% tuition reduction for undergraduate degree-seeking students enrolled in PCS at Fordham’s Westchester campus who live within the campus’ “neighbor” zip codes at the time they apply. To view the event, click here. The post Fordham University, Business Council of Westchester Host Forum on Real Estate, Finance Trends and Westchester’s Economy appeared first on Real Estate Weekly......»»

JLL Capital Markets announced today that it has secured the $97.25 million financing for Vinty, a 267-unit, Class A, mixed-use development in Elizabeth, New Jersey. JLL worked on behalf of the borrower, LeCesse Development Corporation and MAS Development Group, to secure the two-year, senior floating-rate loan through an entity managed by... The post $97.25M in Financing Secured for Luxury New Jersey Multi-Housing Community appeared first on Real Estate Weekly. JLL Capital Markets announced today that it has secured the $97.25 million financing for Vinty, a 267-unit, Class A, mixed-use development in Elizabeth, New Jersey. JLL worked on behalf of the borrower, LeCesse Development Corporation and MAS Development Group, to secure the two-year, senior floating-rate loan through an entity managed by Argentic Investment Management LLC (“Argentic”). Delivered in 2022, Vinty consists of studio, one- and two-bedroom units, as well as 32,272 square feet of ground-floor retail and commercial space. The Property offers a community amenity package, including a fitness center, yoga/cycling studio, resort-style pool, outdoor summer kitchen, outdoor theater, community lounge, a golf simulator, dog park, co-working zone and more. The interior unit finishes feature quartz countertops, stainless steel appliances, in-unit washers and dryers, wood-style plank flooring and large walk-in closets and bathrooms. The commercial space includes a 3,315-square-foot sous vide food hall, a high-end private office/co-working space and a Northfield Bank branch. Located within an Opportunity Zone, Vinty sits at 100 Union Street, directly across the street from the New Jersey Transit Elizabeth Station. Two New Jersey Transit lines, the Northeast Corridor and North Jersey Coast Line, converge in Elizabeth to allow for superior accessibility to major employment hubs throughout New Jersey, as well as New York Penn Station. The property provides walkability to Broad Street and Morris Avenue, Elizabeth’s main downtown corridors, as well as nearby employment opportunities at Union County College, Trinitas Regional Medical Center, the Union County courthouse and more. Additionally, it is just four miles from Cranford and Westfield which features charming downtown areas with a variety of shops, boutiques and restaurants.  The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Steven Klein, Director Gerard Quinn and Analyst Benjamin Morgenthal. “Vinty represents the first phase of a transformational placemaking community for downtown Elizabeth.  Residents, businesses owners and the overall city will benefit from the vision and sense of community that MAS Development and LeCesse Development have created at Vinty for years to come,” said Michael Klein. “Argentic quickly recognized the quality of product, including the spaciously appointed units, the abundance of community amenities and the connectivity between the residential and commercial spaces, that the borrower has created.  Argentic was able to provide a highly competitive deal structure that will allow MAS and LeCesse to continue to season the property,” said Steven Klein. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources on JLL, please visit our newsroom. The post $97.25M in Financing Secured for Luxury New Jersey Multi-Housing Community appeared first on Real Estate Weekly......»»

Ware Malcomb, an award-winning international design firm, today announced several leadership moves in its New York City and Newark, NJ offices to support continued business growth.   Vincent Sorge has joined Ware Malcomb as Director, Interior Architecture & Design in their New York office. In the role, Sorge will be... The post Ware Malcomb Announces Regional Leadership News in New York and Newark Offices appeared first on Real Estate Weekly. Ware Malcomb, an award-winning international design firm, today announced several leadership moves in its New York City and Newark, NJ offices to support continued business growth.   Vincent Sorge has joined Ware Malcomb as Director, Interior Architecture & Design in their New York office. In the role, Sorge will be focused on business development and work closely with the firm’s other regional leaders to mentor staff, oversee projects and client relationships. He brings more than 30 years of interior design industry experience in New York City, including prior leadership positions at other boutique and national design firms.  “Vincent’s wealth of knowledge and industry experience make him a great addition to our interiors practice,” said Bill Sotomayor, Principal for Ware Malcomb’s New York office and Northeast interiors practice. “He has vast expertise throughout the New York City area, decades of landlord client relationships and a passion for mentorship and talent development.” Sorge attended School of Architecture at New Jersey Institute of Technology and Parson’s School of Design in New York.  Also in New York, Ware Malcomb promoted Damian Melo to Director, Interior Architecture & Design. In this role, he will oversee the management and operations of the New York office, and work with other regional leaders to support the continued growth of the Interior Architecture & Design studio. Since joining the firm in 2017 as Studio Manager, Melo has helped shape the success of the office by providing exceptional architectural and interior design expertise to a wide variety of projects, including workplace, office, retail, automotive, industrial and R&D facilities. “Damian consistently demonstrates a deep understanding of all aspects of design and management and has been instrumental in winning many pursuits,” Sotomayor said. “His leadership and guidance have helped the team achieve outstanding results for our clients.” A licensed architect in the states of New York and New Jersey with more than 20 years of industry experience, Melo has worked closely with local leaders to provide structure, mentoring and senior support for the regional offices. He earned his Bachelor of Architecture degree from the New Jersey Institute of Technology.  In Newark, Ware Malcomb has promoted Meera Bahukutumbi to Studio Manager, Interior Architecture & Design. Bahukutumbi joined the firm in 2019 and advanced from Project Manager to Senior Project Manager prior to this latest promotion. With a strong design background and industry accreditations including CID, LEED AP ID+C, and WELL AP, she has managed large, design-focused assignments for clients such as KS Engineers and Haymarket Media, as well as multiple large GSA projects.  “Meera is a dedicated leader who has helped grow the Interiors Studio with teams in both Newark and Princeton,” said Marlyn Zucosky, Regional Director for Ware Malcomb’s Newark and Princeton Interior Architecture & Design studios. “She has proven to be a valuable mentor with a great understanding of the team’s financials, operations, and project management.”  Bahukutumbi is the Ware Malcomb Regional Diversity, Equity, and Inclusion Champion for the Northeast and is a member of CoreNet Global New Jersey, where she serves on its DEI committee. Bahukutumbi has been involved in the industry since 1998, and is passionate about helping clients build healthy, functional and efficient environments. She has worked on a variety of project types including corporate office, retail, government, public, hotel and multifamily interiors. In addition to her professional certifications, Bahukutumbi earned a Bachelor of Fine Arts degree in Interior Design from The International Academy of Design and Technology. Ware Malcomb’s Interior Architecture & Design Studio creates design solutions to transform interior environments into market relevant, contemporary spaces. The post Ware Malcomb Announces Regional Leadership News in New York and Newark Offices appeared first on Real Estate Weekly......»»

In a milestone for one of New Rochelle’s most successful new luxury rental communities,  Stella is fully leased 15 months after its debut.   Located at 10 Le Count Place in the heart of downtown New Rochelle, the award-winning, 28-story, mixed-use residential tower features 380 elegantly designed studios, one-, and two–bedroom apartments.... The post Stella, One of the Area’s Most Successful Multifamily Developments, is Fully Leased in 15 Months After its Debut  appeared first on Real Estate Weekly. In a milestone for one of New Rochelle’s most successful new luxury rental communities,  Stella is fully leased 15 months after its debut.   Located at 10 Le Count Place in the heart of downtown New Rochelle, the award-winning, 28-story, mixed-use residential tower features 380 elegantly designed studios, one-, and two–bedroom apartments. Stella, which is a development of WBP Development LLC, and LMXD, an affiliate of L+M Development Partners, recently won the Westchester Home 2023 Builders Award as Westchester’s Best Luxury Multifamily Development. Stella is also winning raves from residents who are attracted to the spaciously designed apartments, best-in-class amenities, convenient access to nearby Metro North-Amtrak station and breathtaking views of Long island Sound and Manhattan.  “I turn the door handle walk through my door, and I am home. This apartment is all I ever wanted and more,” said Stella resident Lawrence Gold. Easy access to the Metro-North station plus the amenities were factors for Kerry and William Holmes, who moved from New York City to a one-bedroom apartment on the 22nd floor of Stella last July. “Stella offers immense value for the price point and we couldn’t refuse! We truly feel like we got everything we wanted in our new home,” said Kerry. Whether it’s the amenities, easy access to the train, the friendly staff or the spectacular water views, these are all reasons why Himaja Nekkalapudi chose to move to Stella.  But most of all it is the pet friendly environment. “Stella is the only building I found that allowed dogs on the larger side! I was looking for an apartment for almost two months before deciding on Stella,” she said. Luxury amenities are a significant attraction at Stella. With the start of summer,residents will soon be enjoying the roof-top outdoor pool, chef demonstration kitchen and rooftop bar lounge. There is also concierge service, a 3,000-square- foot state-of-the-art fitness center, resident lounges with bars, co-working spaces, , children’s play room, game room with pool table, indoor parking and bike storage. For dog owners, Stella features a pet spa with outdoor play area.  In a feature unique for this market, Stella’s lobby is home to the first Joe Coffee café in Westchester. Stella is drawing young professionals, many of whom work in finance and health care. Geographically, about a third of its residents are from New Rochelle and nearby communities of Mamaroneck, Rye, Pelham and Larchmont. More than half of the residents are from New York City. Many are seeking New York City quality apartments and amenities but at a more affordable price point. As for work, more than half of Stella residents work in Brooklyn, Bronx, Manhattan and Queens. The easy access to Metro-North is an important benefit that takes the hassle out of a daily commute to work. “We are extremely proud to have had the opportunity to lease the homes at Stella in record time,” said Jackie Urgo, President of The Marketing Directors, the exclusive leasing and marketing agent for Stella. “It is an incredible community with an unmatched lifestyle offering in New Rochelle, minutes from the Metro North train, and within close proximity to Manhattan and all the conveniences of Westchester County.” “We are delighted to be a part of the incredible urban transformation under way in downtown New Rochelle. Stella offers a winning combination of excellent design, extraordinary amenities and convenient access to Metro-North,” said James Wendling, COO of WBP Development. “The leasing success of Stella is a testament to the award-wining team we assembled for this exciting development. The result is a beautiful building that is setting a new standard of excellence in multifamily living in New Rochelle and Westchester County,” said Katherine Kelman, Managing Director of LXMD. The post Stella, One of the Area’s Most Successful Multifamily Developments, is Fully Leased in 15 Months After its Debut  appeared first on Real Estate Weekly......»»

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX;  ZIPTMX; ZIPIAX; ZIPIMX) with more than $7 billion in portfolio assets, today announced it has attracted more than $1 billion through JLL Exchange (“JLLX”), its 1031 like kind real estate exchange program. The JLLX platform is a sophisticated tax deferral and... The post JLL Income Property Trust Surpasses $1 Billion of Capital Raised in JLL Exchange Program appeared first on Real Estate Weekly. JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX;  ZIPTMX; ZIPIAX; ZIPIMX) with more than $7 billion in portfolio assets, today announced it has attracted more than $1 billion through JLL Exchange (“JLLX”), its 1031 like kind real estate exchange program. The JLLX platform is a sophisticated tax deferral and estate planning tool that utilizes both a traditional 1031 exchange along with a potential 721 UPREIT exchange. The JLLX program provides institutional quality properties through its unique Delaware Statutory Trust (“DST”) structure, where owners of appreciated investment real estate can conduct a 1031 exchange by reinvesting proceeds from the sale of their real estate to acquire interests in the DST. After a required holding period, DST properties may be reacquired in exchange for interests in JLL Income Property Trust’s UPREIT structure through a 721 exchange. JLL Exchange provides investors the opportunity to reinvest proceeds from their sale of real estate held for investment into a broadly diversified, institutionally managed, perpetual NAV REIT, while also deferring taxes, maintaining their allocation to real estate and enjoying a wide range of estate planning benefits. JLL Income Property Trust benefits by attracting strategically aligned long-term investors through the 1031 exchange market. Since its inception in 2020, JLLX has provided investors with more than $1 billion of DST interests through 18 distinct 1031 exchange offerings ranging from single property DSTs to diversified, multi-property portfolios. JLL Income Property Trust has also completed 6 full-cycle 721 UPREIT transactions totaling nearly $470 million. In a full-cycle UPREIT, real estate is exchanged on a tax-deferred basis for partnership interests in JLL Income Property Trust, offering the potential for owners of the exchanged property to achieve meaningful diversification, current income and the opportunity to realize long-term appreciation. “We are extremely pleased by the market’s strong, sustained response to the JLLX platform,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Financial advisors have recognized the compelling potential tax and estate planning benefits from the JLLX offerings, and view it as a way to provide more holistic financial planning for their high net worth property owner clients.” “By offering higher-quality, institutional, DST solutions, competitive fees and institutional management, JLLX has established itself as a preferred 1031 exchange solution for high net worth and ultra-high net worth investors,” said Drew Dornbusch, Head of JLL Exchange. For more information on JLL Income Property Trust, please visit our website at  www.jllipt.com. The post JLL Income Property Trust Surpasses $1 Billion of Capital Raised in JLL Exchange Program appeared first on Real Estate Weekly......»»

New research by industry tech strategist Mike DelPrete released this week reported that United Real Estate (United) pays its agents 96% of total gross commission earned—more than any other national residential brokerage. According to the company, the residential brokerage is able to do so while also delivering a full complement of agent productivity tools, lead-generation,… The post Independent Research Shows United Real Estate Pays More Than Any Other National Brokerage appeared first on RISMedia......»»

The Broker Public Portal (BPP), a collaborative home search portal between brokerages and MLSs, has announced a leadership recruitment drive. Dana Strandmo, the chief administrative officer of HomeServices of America, will now serve as the BPP’s chairman.  “I am honored to accept the position as the new Chairman of the Broker Public Portal and work… The post Broker Public Portal Appoints New Chairman appeared first on RISMedia......»»

Despite the fluctuating housing market this past year, confidence levels remain high with 44% of potential homebuyers, up 12% from the previous year, indicating they are confident they’ll be financially ready to purchase in the coming year, according to a new report from Chase. Chase’s First-Time Homebuyer Study is based on the responses of 1,900… The post First-Time Homebuyers Still View Homeownership as Important appeared first on RISMedia......»»

After three weeks of hikes, mortgage rates did an about-face this week. According to the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 6.71% this week, down from 6.79% the previous week.  This week’s numbers:  30-year fixed-rate mortgage averaged 6.71% as of June 8, 2023, down from last… The post Mortgage Rates Decline After a Three-Week Ascent appeared first on RISMedia......»»

There just aren’t enough homes—and the homes that are available are becoming increasingly unaffordable. That has been the refrain from consumers, advocates and real estate professionals at least since the pandemic, and in many regions, going back years earlier.  Now, though, a joint analysis between the National Association of REALTORS® (NAR) and Realtor®.com is attempting… The post Growing Deficit of Middle-Income Homes Unbalances Market appeared first on RISMedia......»»

Any tools that help real estate agents free up time to focus on client relationships is usually a win-win. Enter Artificial Intelligence, or AI, into the chat. With AI-powered tools like ChatGPT, agents can automate their email marketing, quickly write property listing descriptions, create housing market forecasts and much more. Although AI has long been… The post AI-Powered Real Estate Marketing Is Here to Stay. Are You Ready? appeared first on RISMedia......»»

Attracting Top Producers With a Growth Mindset.....»»

A survey, conducted by tech services company Mphasis Digital Risk, found that “home envy” is stronger among generations Z and Y. The survey shows responses from 1,386 Americans aged 46 or younger across the spectrum from lower to upper middle income. 74% percent of respondents indicated they currently own a home; the same percentage agreed… The post Home Envy ‘Rampant’ Among Younger Generations appeared first on RISMedia......»»

Tightening credit availability is adding to affordability struggles as rates remain elevated, inventory shortages worsen and home prices strengthen, according to a new report from Black Knight. Black Knight’s monthly Mortgage Monitor report uses the company’s mortgage, real estate and public records data sets to observe industry trends. April’s report looked at the intersection of… The post Affordability Struggles Persist, With New Challenges Emerging appeared first on RISMedia......»»

The Institute’s Luxury Market Report is your guide to analysis on the trends and comparative data in the top residential markets across Canada and the United States. May’s report examines the current statistics of the luxury market in North America on a month-to-month basis, along with the 13-month trend. This month, we explore new mindsets… The post New Luxury Market Report Examines Affluent-Priority Shifts, Hot Markets appeared first on RISMedia......»»

Mortgage applications decreased 1.4% this week, down from a 3.7% decrease the previous week and reaching its fourth-straight week of dips, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association’s (MBA) for the week ending June 2, 2023. This week’s results include an adjustment for the Memorial Day holiday. This week’s… The post Fourth Straight Week of Decreases for Mortgage Applications appeared first on RISMedia......»»

Home price growth rose 2% year-over-year, the 135th consecutive month of annual growth, according to a new report from CoreLogic. CoreLogic’s latest Home Price Index found that April marked the sixth straight month of single-digit gains, which have slowed from an all-time high of nearly 20% annual appreciation in the spring of 2022. Key highlights:… The post Home-Price Growth Continues Single-Digit Slowdown in April appeared first on RISMedia......»»

Mortgage applications decreased 1.4% this week, down from a 3.7% decrease the previous week and reaching its fourth-straight week of dips, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association’s (MBA) for the week ending June 2, 2023. This week’s results include an adjustment for the Memorial Day holiday. This week’s… The post Fourth Week of Decreases for Mortgage Applications appeared first on RISMedia......»»

As of 2022, adult Gen Zers (ages 18-25) account for 14.91% of potential homebuyers across the nation’s 50 largest metros, and this metric is only expected to grow in the coming years. As Gen Z’s homeownership grows, where is the demographic looking at buying? LendingTree’s new report analyzed mortgage purchase requests from adult Gen Z… The post The 10 Most Popular Metros for Gen Z Homebuyers appeared first on RISMedia......»»