Archive for May 2008

New York–The number of residential permits issued in New York City’s five boroughs fell again last month, declining by 51 percent compared with the same period a year ago, according to Crain’s New York Business.The total number of April permits dropped from 459 in 2007 to 223, according to U.S. Census Bureau data.Compared with 2007,…

Las Vegas–Owners with a second or third home–including popular options like Las Vegas vacation condos and Florida retirement homes–are struggling with what the New York Times called a “tax time bomb.” Many will lose their extra homes to foreclosure and then face bankruptcy because of a large tax bill, the Times said. Congress offered some…

New York–A construction crane collapse Friday morning on New York City’s Upper East Side killed at least one person and destroyed part of a 23-story apartment building in the city’s second fatal crane fall in 12 weeks, Bloomberg reports.The collapse–which damaged roughly a dozen floors of a nearby apartment building–occurred just after 8 a.m. at…

Washington, D.C.–U.S. banks earmarked a record $37.1 billion to cover losses on real estate loans and other credits in the first quarter–an indication that the credit crisis is continuing to cause global economic troubles, the Financial Times said Friday.Loan-loss provisions and bank failures are likely to increase in the next few quarters as the credit…

By Anuradha Kher, Online News EditorLos Angeles–Charles Dunn Co., a partner of GVA Worldwide, recently negotiated the purchase of Le Chateau Ridgeley, a six-unit rental complex located at 624 S. Ridgeley Dr. in Los Angeles, for more than $1.65 million. David Eitches, director of the Multifamily Investment Group of Charles Dunn Co. represented the buyer,…

By Anuradha Kher, Online News EditorShenzhen, CHINA–RMJM’s design for the second phase of Mont Orchid Riverlet Residential Development in Shenzhen, China recently won a Medal of the Year Outside Hong Kong from the Hong Kong Institute of Architects (HKIA), at the institute’s annual awards 2007.The HKIA announced eight award-winning projects both in and out of…

By Anuradha Kher, Online News EditorAlliance Residential Names Adam Paul as City Partner, Mountain DivisionSalt Lake City–Alliance Residential Co., has recently appointed Adam Paul as city partner for the company’s mountain division.  Paul will be responsible for identifying development opportunities and working through entitlement, design, and construction and lease-up of new Alliance Residential communities in…

By Anuradha Kher, Online News EditorNew York–Red Apple has broken ground on the first phase of its Myrtle Avenue development project in the Fort Green section of Brooklyn, New York. When complete, the project will include three low-rise buildings bounded by Ashland Avenue and Prince Street, and a high-rise tower between Prince Street and Flatbush…

By Erika Schnitzer, Associate EditorBeaverton, Ore.–Merlo Station Apartments, a 128-unit transit-oriented affordable housing community, opened yesterday. Developed by Washington County, Ore.-based Tualatin Valley Housing Partners (TVHP), the project is located one block from the Merlo Station MAX light rail station and approximately eight miles west of Portland.”The light rail station is the backbone of Portland’s…