Daily Archives: October 7, 2013

Westchester Senator Cries Foul On $14 Toll For Tappan Zee Bridge | North Salem NY Real Estate

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New York State Senator Greg Ball (R – Patterson) announced a bipartisan public-private partnership bill in an effort to keep tolls down on the new Tappan Zee Bridge.

New York State recently learned that the federal loans requested will only cover roughly 33 percent of the bridge’s cost as opposed to the 49 percent that was requested a year ago.  The result would be tolls approaching $14 or more.

“Over $14 is too high,” Ball said in a statement. “Simply raising the toll is not a sustainable solution. We can’t continue to pass the tab onto those that cross the bridge and the tax payers. New York is the capitol of capital and we must unlock the private sector to fund and maintain this vital infrastructure project.”

Assemblyman Robin Schimminger (D- Kenmore), chairman of the Assembly Committee on Economic Development, Job Creation, Commerce and Industry, has joined ball in creating the new legislation.

“This forward-thinking legislation creates a framework that will allow for and encourage investment in the state by private companies in order to advance the development and operation of public infrastructure,” Schimminger said in a statement. “This would be extremely helpful to efforts aimed at boosting Upstate New York’s economy.”

The public-private partnership legislation will help transfer the risks associated with building, financing, operating and maintaining public infrastructure projects from the taxpayers to the private sector. One of the key benefits is that private partners are responsible for project cost overruns eliminating the government’s risk going back to taxpayers for additional funds.

 

 

 

 

http://whiteplains.dailyvoice.com/politics/westchester-senator-cries-foul-14-toll-tappan-zee-bridge

 

Mortgage rates fall to 2-month low after Fed announcement | Cross River Real Estate

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Rates on 30-year fixed-rate mortgages dropped to a two-month low this week following a recent announcement from the Fed that it would not begin to wind down its bond-buying program.

Rates on 30-year fixed-rate loans averaged 4.32 percent with an average point of 0.7 percent for the week ending Sept. 26, down from 4.5 percent last week but up from 3.4 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

“Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond-buying stimulus,” said Frank Nothaft, Freddie Mac’s vice president and chief economist, in a statement. “These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated.”

Rates on 15-year fixed-rate mortgages, five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans and one-year Treasury-indexed ARMs also fell.

 

Source: Freddie Mac

 

 

– See more at: http://www.inman.com/wire/mortgage-rates-fall-to-2-month-low-after-fed-announcement/#sthash.sZ0FPtml.dpuf

This Mobile Micro ‘Blob’ Has All the Comforts of Home | Waccabuc Real Estate

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defbefb.pngPhoto via Architizer

When Belgian architectural firm dmvA—no strangers to oddball projects—came up against harsh local building regulations while building a home-office extension, they did what anyone would do: they built a giant white bean. Naturally. The Blob vB3, as it’s been unceremoniously named, is mobile and, at just 215 square feet, micro—double trendiness points there—but packs a lot of punch for such a small space, as micro homes manage to do. Inside is a bathroom, kitchen, bed, plenty of storage, and even a fold-out wing that acts as a make-shift porch.

The structure, which took 18 months to complete, has a sturdy timber frame covered with polyester that’s been sanded down to give it its, well, egg-like exterior. Though it has no windows, the sides flare out to let sunlight in. The firm suggests it be used as a home office, garden house, or guest bedroom, but for now, it’s on display at the Verbeke Art Foundation in Belgium. Do have a look at more photos over on Design Boom.

fbef.pngPhoto via Architizer

Mortgage relief fails to provide as much promised aid | South Salem NY Real Estate

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While the five giant mortgage firms signed a landmark $25 billion mortgage settlement last year, the real relief did not fulfill most borrowers expectations. Just 20% of the aid dished out under the settlement covered forgiveness of first-mortgage principal. Per the Los Angeles Times:

“We all wish there had been more principal reduction, which is what is most helpful in keeping people in homes,” said Kevin Stein, associate director of the California Reinvestment Coalition, a 300-member alliance that lobbies on behalf of low-income and minority neighborhoods.

Still, Stein said, the program set a good precedent, demonstrating that debt forgiveness can benefit lenders and borrowers alike without causing a wave of intentional defaults, as critics had warned.

                    Source: LA Times

Katonah Presbyterian Church to dedicate renovation-expansion | Katonah NY Homes

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On Sunday, the First Presbyterian Church will end the 10 a.m. morning worship service with a ceremony dedicating the renovation and expansion of the church building at 31 Bedford Road, Katonah.

After almost six years of planning, permissions and municipal approvals, and an extended year of site work and construction, the 330-member congregation will unveil its largest capital project since the sanctuary was renovated in the late 1980s, according to a press release from the church.

This time, the church concentrated on providing greater access to the disabled, additional class- and meeting rooms, music rehearsal space, a new kitchen and new above-ground Fellowship Hall. KG&D Architects and Engineers, PC of Mount Kisco and M.J.C. Construction of Yorktown Heights provided specifications, design and execution of the project.

“This is a long time in coming and it will indeed be a celebration,” interim Pastor Gavin Meek said in the statement. “I’m sure you will enjoy the day and the former pastors, staff and members who will return for the event.” The public is invited to morning worship and to a reception and extended celebration in the new facilities from 11:15 until 12:45 p.m.

For more information visit www.katonahpresbyterian.org or contact the church office at 914-232-4568.KPC Front Entry Rendering KG&D

 

 

 

http://northernwestchester.lohudblogs.com/2013/09/25/katonah-presbyterian-church-to-dedicate-renovation-expansion/

How to Grow Your Business Network With Social Media | Katonah NY Realtor

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Is your business or company struggling to find new customers?

Do you know how to build your business network on social media?

Before you can sell, you have to create a trusted relationship with your future customer.

In this article, you’ll discover four ways to use social media to find and establish relationships with new prospects and leads for your business.

#1: Join a Conversation on Twitter

Tweet chats are great for person-to-person networking on Twitter and they can act as one of the single best lead generation tools in social media.

You can consult a number of lists to quickly locate chats that are relevant to you. These lists include hashtags and other key information like date, time and the name of the host or owner of the chat.

A tweet chat example.

The best thing about tweet chats is that while almost everyone starts out a stranger, over time the participants begin to know one another and develop relationships that extend beyond the regularly scheduled chat.

During the chat, you’ll find people who ask questions you can answer. Your replies will be limited to 140 characters, so they’ll need to be as concise as possible. Use the opportunity to let participants know you’re open to accepting a follow and a direct message from them and carrying the conversation further by phone or on another platform.

#2: Participate in LinkedIn Groups

LinkedIn groups hold a lot of opportunity for networking with people who fit your prospect profile.

There’s an easy way to find the groups you are interested in. Hover on Interests in the header navigation and click on Groups. From here, click on More>> in the Groups You May Like box.

From here, use keywords specific to your industry to search for and find groups relevant to your business. You can filter your search results by Relationship, Categories and Languages.

Use the search function to identify the right groups for you to join.

Next, check out each of those groups and join one or two that are made up of people who could be interested in what you offer.

This isn’t a place to sell. Be nice, be helpful and focus on providing service to the other members. Answer questions, give advice and share your knowledge.

Pay attention to who likes your posts and comments. Similar to Facebook, you can click on the Like button to see a list of people who have liked your comment.

Follow the people who like your comments.

Visit the profiles of those folks and see if any of them fit your prospect profile. Follow them on LinkedIn to get to know them better and when the opportunity arises, ask them to connect with you.

Use tags to sort your new contacts into one of two groups—prospects and strategic partners who can refer prospects. The tags will make it easier for you to keep track of the relationships as they evolve.

If there’s not an existing group that fits your needs, create one to network with your current prospects and attract new ones.

#3: Share Insights From an Event

When you attend trade shows or conferences, share the highlights and notes with people who can’t attend and you’ll attract people interested in the same niche.

On Twitter, share your notes in real time with your followers. Use the official event hashtag in your tweets so they are included in the larger conversation, and they’ll be visible to people who don’t follow you. Make sure you pay attention to new follows during this time, as they could well be new prospects for you.

You can accomplish the same goal with your company’s website. A tool such as Storify will help you consolidate your notes into a blog post with a rundown of all of the most important points made during the conference.

This event recap blog post was created using Storify.

Pay attention to the folks who follow along, comment or retweet your information. This is a simple way to surface invisible prospects that you might otherwise miss. Connect with each person on the platform or network that makes the most sense, and when the time is right, reach out and offer your help.

 

 

 

 

http://www.socialmediaexaminer.com/build-your-business-network/

 

 

 

Latest Update on Brynwood Development | Armonk Real Estate

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Dear Neighbors,

We write to announce another significant step in our effort to transform Brynwood Golf & Country Club into a world-class club and residential community.

As you know, over the last year Brynwood has undergone a comprehensive environmental impact study as required by the State Environmental Quality Review Act (“SEQR”). Brynwood’s Draft Environmental Impact Statement (“DEIS”) has been reviewed and commented on by the Town of North Castle and its independent experts, citizen groups, and residents. In the coming days, we will submit a Final Environmental Impact Statement (“FEIS”) to the Town Board for consideration of acceptance.

We are reaching a critical juncture in the SEQRA review process. The Town Board is required to ensure that the FEIS adequately and accurately reflects the Town’s positions regarding the proposed project, and its potential impacts. The acceptance of the FEIS will be followed by the adoption by the Town Board of its written findings and determinations under SEQRA.  This will conclude the SEQRA process.

With this in mind, we have once again taken a very hard and critical look at our proposal to see how we can best address the concerns most recently expressed in the oral and written comments on the DEIS. We have listened carefully, and as a direct result of these comments, we have offered the following additional mitigation measures to the Town:

  • Any building permit for condominium units beyond 49 will be conditioned upon Brynwood substantially completing the renovations to the golf course and clubhouse – this further ensures the projected property taxes generated by these components are realized.
  • Brynwood will guarantee the Town $500,000 per year in property taxes on the golf course and clubhouse for ten years after they are renovated.
  • Brynwood will contribute $1 million to Water District No. 2 (which serves Windmill Farm) toward the district’s project to rebuild the community’s pipe system. Brynwood will also buy in to Water District No. 2, and its annual use fees from the residences and clubhouse will be added to the district’s revenue, which will save Windmill homeowners approximately $3 million over 25 years.
  • Brynwood will permanently, via a conservation easement, limit the future use of the property to either golf course or open space.
  • Brynwood will maintain all private roads, sewage, snow plowing, ground maintenance and garbage removal at no cost to the Town.
  • Brynwood will withdraw a pending tax certiorari in the amount of approximately $1 million.
  • Brynwood will contribute $150,000 to the Town for a right turn lane on Tripp Lane for cars exiting Byram Hills High School; contribute $250,000 to the Town for the construction of a new bike path; and contribute $25,000 to help fund the relocation of the historic Miller House (Washington’s Headquarters in North White Plains).
  • As stated in the DEIS, Brynwood will implement “green” best practices for the golf course and overall club environment.
  • Brynwood will set back all new structures on the property at least 100 feet in a landscaped buffer from the perimeter property line to reduce visual impact to neighbors.

Over the last several years, we have worked diligently and in good faith to develop a plan for Brynwood that balances the club’s objectives with those of the community. We believe this is a conscientious and responsive proposal for a project that will undoubtedly have a long lasting positive effect to the Town, surrounding homeowners, and our members. Together we are creating something of high quality that we can all be proud of being part of for many years to come.

As noted above, we expect to submit the FEIS to the Town shortly, and it will reflect our new proposal.

Your continued support is greatly needed and much appreciated as we work together in realizing Brynwood’s amazing potential.

Sincerely,

Brynwood Partners

Tornado Watch In Effect For Westchester Monday | Mt Kisco Real Estate

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The National Weather service has issued a tornado watch for Westchester through 5 p.m. Monday.

A tornado watch means conditions are favorable for severe thunderstorms to form, but it also means that a few storms may be capable of producing a tornado, according to the National Weather Service. A tornado warning is the ultimate in severe warnings and means that a tornado is either occurring or imminent based on radar.

 

 

http://mtkisco.dailyvoice.com/news/tornado-watch-effect-westchester-monday

9 Little-Known Facts About Stephen Ross and Hudson Yards | Katonah NY Real Estate

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In its latest issue, Fortune magazine spends more than 4,300 words on the nation’s biggest megaproject: Hudson Yards. Related Companies’ 72-year-old chairman Stephen Ross gave author Shawn Tully a behind-the-scenes look at how he runs his empire and why Hudson Yards is the crown jewel of his long career. The article, titled “America’s Biggest Real Estate Project…Ever”, highlights some lesser-known pieces of the Hudson Yards saga, while shedding light on the way Ross works and what he wants to see (hint: a giant sculpture that will “will be to this city what the Eiffel Tower is to Paris”). The magazine hits newsstands Monday, but the article can be found online (for subscribers only, sadly) today. The whole thing is worth a read, but we pulled nine of the most interesting and little-known factoids for your perusal.

9) The colossal size of Hudson Yards, 26 acres and 18 million square feet of buildings, makes it the largest private real estate project in the history of the United States, hence the article’s title. And Related is making it even bigger by purchasing adjacent parcels (some of which pretty much begged to be a part of the megaproject).

8) Ross graduated from the University of Michigan and is a diehard Wolverines fan. His office is covered with paraphernalia, and his ringtone is the school’s fight song, The Victors.

7) His dad invented vending machines and fuel additives.

6) Because Related bought the railyards from the city, the developer’s land costs are “locked in,” which means that Hudson Yards can become a veritable gold mine for the developer. Tully explains that Related cut deals with the construction unions that lowered building costs, and allowed the company to offer lower prices to early tenants like Coach and (probably) Time Warner. Ross says they’re “breaking even, at best” on current leases, but “the big money is in retail and residential” and residential constitutes half of Hudson Yards. And everyone knows that rentals and condos are way more profitable than office space. Jeff Blau, described by Fortune as Related’s “ace deal maker,” says, “When residential prices rise, so do land costs, which takes away most of the profit. But we’ve locked in our land costs over many years. They can’t be bid up.”

5) Ross briefly worked for Bear Stearns in the ’70s, but got fired for telling his partner to go to hell. His mom lent him $10,000 to pay for his rent and food while he tried to make headway in the development world.

F09.16.2013.Promo%255b1%255d.jpg4) He was a really big crybaby about losing the original Hudson Yards bid in Mach 2008 to Tishman Speyer. Tully writes, “Ross was disconsolate. Within days he was telling anyone who would listen that he shouldn’t have been so cautious and rational and should have stayed in the race, even without an anchor tenant. ‘When Stephen lost the first time, he went through an unspeakable litany,’ says Marty Edelman, a real estate attorney with Paul Hastings and a longtime friend of Ross’s. “He kicked everybody and anybody for everything. No one escaped except the doorman—until he finally settled on blaming himself.'”

3) Related’s $20 billion portfolio consists mostly of retail and apartments. In NYC, Related owns and manages 5,000 high-end rental units, and the company has another 1,000 outside of New York. But affordable housing, where Ross got his start in real estate, makes up the bulk of Related’s residential portfolio: 45,000 below-market-rate apartments in 19 states. “Though Related declines to disclose its free cash flow, Fortune estimates that it’s several hundred million dollars a year. That big, recurring income stream gives Related a stability rare in the development world.”

2) The aforementioned financial stability is what made Related such an attractive developer for the Bloomberg administration. Former deputy mayor Dan Doctoroff, now CEO of Bloomberg LP, told Fortune: “We were accused of being too close to Ross, but Ross was the only developer willing to step up on projects like the Hudson Yards. He was also the best at mixed use. Ross shared Bloomberg’s vision of New York more than any other developer.”

1) Ross really truly does want the public plaza’s sculpture to be the centerpiece attraction of the new neighborhood. He previously told New York magazine, he wanted it to be “a modern-day Trevi Fountain” and that idea has only intensified: “He’s holding an epic sculpt-off, auditioning the works not of one great sculptor, but six. The contest is rumored to pit such legends as Anish Kapoor, Jeff Koons, Thomas Heatherwick, and Richard Serra, or others in their class, against one another. According to his staff, Ross is telling the famous contestants to ‘raise their games,’ to create something totally unlike anything they’ve done before. The colossal work will be many stories high and could cost upwards of $100 million. ‘This sculpture will be the greatest tourist attraction in New York,'” Ross immodestly predicts. ‘It will be more than the Christmas tree in Rockefeller Center, but 365 days a year. It will be to this city what the Eiffel Tower is to Paris.”

 

 

 

http://ny.curbed.com/archives/2013/08/29/9_littleknown_facts_about_stephen_ross_and_hudson_yards.php

Better schools equal pricier homes | Bedford Hills Real Estate

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When it comes to purchasing a new home, school districts play a significant factor in the final decision. In light of this, a new study revealed that home prices escalated significantly in highly favored school zones. Per Redfin Blog:

Everyone assumes that better school districts tend to have bigger homes, higher quality homes, larger lots, or a more prime location (views, quiet streets, etc). We’ve debunked that assumption. When accounting for size, on average, people pay $50 more per square foot for homes in top-ranked school zones compared with homes served by average-ranked schools. This means that the price differences for similar homes located near each other but served by different schools can range from tens to hundreds of thousands of dollars.

                    Source: Redfin Blog