NEW YORK – A New York City-based commercial mortgage broker said the Hudson Valley market is active as people and businesses continue to move out of the Big Apple and head north.
The pandemic spurred the latest drive to get out of the big city and Yossi Orzel, vice president of Eastern Union, said the Mid-Hudson is where many people are going.
“I think outside New York City the economic is definitely strong. The New York City market is slowly coming back, but I think outside the city, the economy is doing well. I think people are looking to have other locations and move out of the city. I think the market is very strong, specifically Orange County because it is not that far from the city, but it is far enough that you don’t have the disadvantages of the city, if you will,” he said.
Eastern Union has recently closed on a $28 million construction loan for a 159-unit, condominium project in Monroe and also provided $5 million in financing for a 26-unit, fractured condominium property that is coming out of construction.
