White Plains Title Insurer Acquired by Stewart

WHITE PLAINS—Stewart Information Services Corporation announced yesterday (April 10) the acquisition of the All New York Title Agency, Inc. based in White Plains at 222 Bloomingdale Road.

Founded in 1995 by Joseph Petrillo and John Martin, All New York has been one of the leading commercial boutique title companies, serving affordable housing, supportive housing and senior housing clients throughout New York State, in addition to relationships in the residential, condominium and multifamily markets. No financial details of the transaction were disclosed.

“This acquisition is yet another example of our commitment to investing in growing our National Commercial Services business,” said Fred Eppinger, Stewart Chief Executive Officer. “While we continue to navigate a historically difficult commercial market, we believe there are opportunities to grow our commercial presence in unique sectors such as energy and affordable housing. All New York has built extensive expertise and a strong reputation by working with attorneys, developers, not-for-profits, tax credit investors, bankers and municipal agencies across all levels of the state. They’re an important addition to the Stewart family as we strengthen and build new and additional capabilities on our journey to become the premier title services company.”

“As a long-time agent, we have known Joe and John for many years, and have seen how they run an impressive business. We’re very proud to add them to the Stewart family,” said Stewart Group President Steve Lessack. “Their depth of knowledge creates a strong foundation for Stewart in serving the Affordable Housing community. These sophisticated, high-liability transactions involving complex mortgage stacks with letter of credit bond enhancements, often coupled with transferable development rights, particularly in New York City, require a unique skill set that they have developed. Their capable team is a valuable addition to Stewart, and we’re excited about the possibilities our combined teams have.”

“All New York was founded on the values of providing professional, reputable and superior service,” said Petrillo and Martin. “These are all qualities we share with Stewart, so joining the Stewart family was an easy decision. Having the backing of one of the largest and most experienced title underwriters will only enhance our ability to expand our platform - both in the affordable housing community and other commercial arenas, as well as in New York and in new locations and geographies, as we help grow Stewart’s commercial footprint. We look forward to a bright future together as part of the National Commercial Services team.”

On its website, All New York Title Agency states that it is presently working with or has closed transactions with the following governmental entities: Freddie Mac, Hempstead Housing Authority, Housing Trust Fund Corporation, Mount Vernon Industrial Development Agency, Mount Vernon Urban Renewal Agency, Municipal Housing Authority of the City of Yonkers, New Rochelle Municipal Housing Authority, New York City Department of Housing Preservation and Development, New York City Economic Development Corporation, New York City Housing Authority, New York City Housing Development Corporation, New York City Housing Partnership Corporation, New York State Division of Housing & Community Renewal, New York State Housing Finance Agency, North Tarrytown Housing Authority, Orange County Industrial Development Authority, Putnam County Industrial Development Agency, SONYMA, United States Department of Housing & Urban Development, Westchester County, Westchester County Industrial Development Agency and the Yonkers Industrial Development Agency.

Stewart’s New York metro operations are comprised of three offices in Hauppage, White Plains and New York City. Its White Plains location is at 711 Westchester Ave.