(CNN) - Republican Randy Altschuler conceded his bid Wednesday to unseat Democratic Rep. Tim Bishop in New York's 1st congressional district, settling the nation's last unresolved House contest from the November midterm elections. Bishop's victory keeps the GOP net gain in the House at 63 seats.
That leaves the final breakdown for the 112th Congress at 242 Republicans and 193 Democrats. The 63-seat gain for the GOP is the largest for any party since 1948.
"After consulting with my family and campaign staff, I am ending my campaign and offering congratulations to Congressman Tim Bishop on his victory," said Altschuler in a written statement. "Although Newsday, The New York Times and the Bishop campaign have all called for a hand recount of all the ballots cast on Election Day, I will not support such an action as I feel its cost will place an unnecessary burden on the taxpayers of Suffolk County."
Bishop was initially ahead in the vote tally on Election Night, but Altschuler pulled ahead briefly as the counting continued, prompting the incumbent to call for a recount. Bishop pulled back ahead during the recount, but a number of legal challenges from the Altschuler campaign threatened to delay the vote-counting process and certification of the eventual winner. The Republican has dropped all challenges to any remaining ballots.
"As a Suffolk County native, I am honored to have the opportunity to continue representing our community," said Bishop. "I will continue to work hard for our community and cross party lines to make sure we deliver for Suffolk County."
Bishop lead Altschuler by just short of 300 votes, according to the last available unofficial vote tally. Final results will not be available until December 13.