Archive for April 2008

By Anuradha Kher, Online News EditorCherry Hill, N.J.–A joint venture of Hirschfeld Properties LLC of West Hartford, Conn., and Dubai Investment Group Real Estate, the property investment subsidiary of Dubai Investment Group owned by the ruler of Dubai, has acquired The Landmark Apartments in Cherry Hill, N.J., in a deal exceeding $100 million.The 544-unit Landmark…

By Anuradha Kher, Online News EditorColorado Springs, Colo.–Kettler Management,  based in McLean, Va., received the  “best property management company of the year” award at the Multifamily Pillars of the Industry Awards Gala last night in Colorado Springs, Colo. In addition, Michelle Priesner (pictured) of Kettler took home the “best property manager of the year” award…

By Erika Schnitzer, Associate EditorAlbany, N.Y.–In its efforts to revitalize Albany’s South End, Omni Housing Development Inc., a developer, financer, constructor and manager of affordable housing, has announced plans to build 350 affordable multi-housing units in the next 10 years.The project, which will be executed in five phases over the next decade, provides residents with…

By Erika Schnitzer, Associate EditorBayonne, N.J.–Construction for a new multi-unit project in Bayonne is expected to break ground this spring, another step in Bayonne’s urban revitalization plan. The four-story apartment building features eight units, including four two-bedroom and four-one bedroom units.Located at 938-940 Broadway, the complex includes the expansion of the light rail for greater…

New York–Manhattan apartment sales fell by the biggest amount in 18 years during the first quarter.Sales dropped 34 percent from last year; inventory increased 4.6 percent to 6,194 units, according to New York-based real estate appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. However, the Manhattan co-operative apartment or condominium median price…

Chicago–French architect Jean Nouvel is the 2008 laureate of the Pritzker Architecture Prize, the architectural industry’s highest honor, which is awarded by the Hyatt Foundation in Chicago, according to BusinessWeek. Many of the 62-year-old’s works are in France, but he has also designed buildings in other countries. Novel recently designed a branch of the Louvre…

New York–New York-based Investment bank Lehman Brothers may stop issuing loans from its two British subprime mortgage units, making it harder for borrowers with imperfect credit histories to refinance or get new home loans, the Financial Times reports.The mortgage-backed securities market freeze and increased cost of interbank lending have made it difficult to issue loans…

Washington, D.C.–Senate Democratic and Republican leaders said Tuesday that they planned to fast track a legislation package designed to help millions of homeowners facing foreclosure, the New York Times reports.The bill may hit the floor as early as Wednesday. The announcement was hailed as a unique bipartisan union–and an indication that Congress, the Bush administration…

By Erika Schnitzer, Associate EditorWeehawken, N.J.–A Livingston, N.J.-based investment firm has bought a 21-unit apartment complex for $1.525 million. The Kislak Co. Inc., a Woodbridge, N.J.-based multifamily and retail investment sales firm, completed the sale. “The buyer, a long-term client of Kislak, is planning to conduct a capital improvement program to increase the long-term value…