The transaction involved a more than 50,000-square-foot state of the art bus / transportation facility on 16.9+/-acres sold to Realterm.
New retailers, such as: Five Below, Michaels, and a pickleball sports center are set to open soon within the former Kmart’s footprint at 335 Downing Drive.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
New York City remains a top market for investment for international groups.
NEW YORK—Realtors and real estate professionals from across the New York metro region and the United States gathered earlier this month at the Fordham University Lincoln Center campus in Manhattan for the 18th Annual Regional Global Real Estate Summit.
This year’s two-day program (Nov. 4-5), was highlighted by a full day of informative presentations and roundtables on Nov. 5 covering a host of global issues, including marketing and digital media, visas, global real estate trends, remote work opportunities, the outlook for the New York metro region’s economy and global investment and Real Estate Proptech.
Hudson Gateway Association of Realtors Chief Executive Officer Lynda Fernandez kicked off day two of the Global Summit saying: “This event is the cornerstone of our commitment to providing our members, but also our foreign delegates and cooperating associations, global partners and colleagues with a world of opportunity. In today’s inter-connected market, understanding global trends and building international relationships is essential to every real estate professional.”
This year’s Global Real Estate Summit was a collaboration of more than 12 national, state and regional Realtor associations. The Global Association participants were the National Association of Realtors and the New York State Association of Realtors. The host associations were: Connecticut Realtors, Greenwich (CT) Association of Realtors, Brooklyn MLS, North Central Jersey Association of Realtors, Canadian Real Estate Association, Long Island Board of Realtors, Hudson Gateway Association of Realtors, Greater Bergen Realtors, Staten Island Board of Realtors and Miami Realtors. In addition, the Liberty (NJ) Board of Realtors was a supporting association for the event.
Tony D’Anzica, Global Real Estate Summit Co-Chair and former HGAR President was heartened by the increase in Realtor association participation in the 2024 Global Real Estate Summit and noted that the event could now boast “the largest collaboration of Realtor associations in the United States.”
He added, “As our industry faces unprecedented challenges, local associations will be expected to do much more to validate their value proposition. Nothing reflects the value we provide to our members more than the unity and cooperation that you see between our (more than) 10 associations right now. It has become a hallmark and it has become our greatest collective achievement.”
One of the highlights of the program was a very positive outlook on the region’s economy by participants in the “Economic Development Panel.” Moderated by Business Council of Westchester President and CEO Dr. Marsha Gordon, the panel included: Melissa Román Burch, COO, New York City Economic Development Corp.; and Matt Pugliese, executive director, community development, Connecticut Department of Economic and Community Development.
“New York City is at a really interesting point in its economic growth and evolution,” Burch said. “We are firmly out of the Covid recovery period and very much into job growth and industry growth.
In fact, New York City recently achieved a new record in the history of New York City when it reached the 4,7 million jobs threshold. Burch noted that New York City lost 1 million jobs in 2020 during the COVID-19 pandemic. She said the new jobs record “highlights the engine of the city and the economic resiliency and diversity of its industries that have enabled this broad-based recovery to come to this point.”
She said the growth sectors in the city include AI, Life Sciences and the Green Economy with a focus on Offshore Wind. Burch said that the city is focused on growing international investment and part of the record job growth has been fueled by global investment.
“New York City remains a top market of investment for international groups,” she said, noting that the city has been successful in securing international investment in housing, office and industrial real estate projects.
Dr. Gordon noted that life sciences is a major driver of new jobs in Westchester County, including the significant growth in Westchester and the Capitol Region by Regeneron Pharmaceuticals.
Burch also discussed the movement to rezone certain sections of the city that will enable the conversion of office properties to housing and highlighted a number of new laws that should spur new development and domestic and foreign investment in the city.
Connecticut’s Pugliese noted that the state recently registered its third consecutive year of positive population growth. State government has posted record surpluses that have allowed the state to invest in a total of 600 capital projects that are currently in the pipeline.
Both Burch and Pugliese said that New York City and Connecticut are working to address housing shortages. New York City has a goal of adding 500,000 units of housing, while Pugliese highlighted Electric Boat’s and General Dynamics’ aim of hiring more than 5,000 new workers and the need to develop housing for those workers in the New London region.
Other highly informative presentations at the Global Real Estate Summit were:
“Marketing & Digital Media” presented by Ines Hegedus-Garcia, executive vice president, Avanti Way Realty;
Key Note Address: “Global Success” by Jorge Guerra, president, CEO, Real Estate Sales Force;
“Visa & Global Real Estate Trends” by Russell Rigs, director, environmental and sustainability policy/advocacy group, National Association of Realtors;
“The Future is Here—Realtors & the Reality of Remote Work Opportunities” by Mike Cobb, president and CEO, Real Estate Sales Force;
“Real Estate Proptech” moderated by Christina Prostano, associate real estate broker, CP Global Team, Compass New York, panelists: Alina Aeby, founder/president, Silicon Valley Association, NAR Global Coordinator for Eastern Europe; Amy Polvado, founder and CEO, Facilimax; and Andrew Ackerman, strategic advisor, head of REACH Labs for Second Century Ventures and
“NAR Global Update” by Stephanie Aker, NAR Global.
The sponsors for the Global Real Estate Summit were: ShowingTime, OneKey MLS, Realtor.com, GV Axxesories, SentriLock, Onsight, AyalaLand, Residential Real Estate Council, CRS (Certified Residential Specialist) and AppFolio.
The transaction involved a more than 50,000-square-foot state of the art bus / transportation facility on 16.9+/-acres sold to Realterm.
New retailers, such as: Five Below, Michaels, and a pickleball sports center are set to open soon within the former Kmart’s footprint at 335 Downing Drive.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
Housing affordability has been a challenge, but the worst appears to be over,”
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