Taking a look at one of our major markets, the Westchester commercial real estate market continues to gain strength with various levels of activity across the multifamily, mixed-use, retail and office building sectors in the first quarter of this year.
Federal Reserve Chairwoman Janet L. Yellen told Congress Tuesday that the Fed still sees a need for its stimulus campaign while warning that the end is approaching. She said it is still concerned that despite the overall economic improvement, too many Americans continue to be unemployed or underemployed and wage growth is sluggish. She also noted that the Fed will not act until it “is reasonably confident that inflation will move back over the medium term toward our 2% objective.” Based on her remarks, it looks like the earliest interest rate hike would not be until the Fed holds its scheduled meeting at the end of July — if then.
With two months until the New Year, 2014 has shaped up to be the best year for Connecticut investment sales since the Great Recession. Over the past months, Northeast Private Client Group has closed a number of multifamily and retail transactions at aggressive values, including:
While the summer months typically see a decrease in Westchester commercial leasing activity, the investment sales market continues full steam ahead. Over the past month, Northeast PCG has been hired exclusively to market five multifamily and mixed use properties in New Rochelle, Mount Vernon and Yonkers. The properties range from nine units to 39 units, and investor interest has been strong despite the steamy temperatures.