Archive for June 2008

Dublin–Brussels will announce new rules in the coming months for credit rating agencies that operate in Europe, the Financial Times said.Speaking in Dublin, EU Internal Markets Commissioner Charlie McCreevy said that the regulations–which are a reaction to credit ratings agencies’ current role in the sale of complex structured investments–were made to reduce any conflicts of…

New York–From 2004 to mid-2007, Wall Street saw a period of historic wealth; but almost half of the record profits banks reaped last year are gone, according to the New York Times.Seven of the largest U.S. financial companies made a total of $254 billion in profits from 2004 to mid-2007. However, Bank of America, Citigroup,…

New York–Stocks were primed for a weak opening Monday as oil prices hit a new high and investors waited for quarterly results from Lehman Brothers and the National Association of Home Builders builder confidence report, CNNMoney.com said.Oil hit a high of $139.89 a barrel, then backed off by about 30 cents. Second quarter results from…

New York–New York-headquartered Lehman Brothers announced a fiscal second quarter loss of $2.8 billion Monday, The Wall Street Journal said.Lehman Brothers–which is the smallest of the four biggest U.S. investment banks–declared a negative revenue of $668 million. In 2007, Lehman’s net revenue was $5.51 billion.The company has worked to limit its residential and commercial mortgage…

By Anuradha Kher, Online News EditorLas Vegas–The Siegel Group Nevada Inc. has completed its acquisition of Casa Palms, a 137-unit apartment complex located on Las Vegas Boulevard (commonly known as the strip) in Las Vegas, for $5 million. The property is situated on approximately 1.33 acres.SASCO Properties, an affiliate of the Siegel Group, will assume…

By Anuradha Kher, Online News EditorPaterson, N.J.–A former silk mill, located at 175 Broadway in Paterson, N.J. on 23,000 sq. ft. of land, is currently in the process of being converted to a five-story, 48-unit condominium building.Developed by Mercury Development Group and designed by Poskanzer Skott Architects, the Silk City Lofts features one- and two-bedroom…

By Anuradha Kher, Online News EditorNewark, N.J.–Wilshire Enterprises Inc. and NWJ Cos. Inc. have entered into a definitive merger agreement providing for a purchase price of $3.88 per share in cash for each of the approximately 7.9 million Wilshire common shares outstanding.Wilshire, based in Newark, N.J., is an owner and manager of multifamily, retail and…

By Erika Schnitzer, Associate EditorShanghai, CHINA–The Peninsula Shanghai Hotel & Apartments, a 235-unit mixed-use hotel with 39 residential units, has recently topped out. The construction of the development’s exterior is about 70 percent completed. The project, designed by New York-based BBG-BBGM, is expected to be complete by fall 2009. It will be the ninth property…

By Anuradha Kher, Online News EditorBooklyn, N.Y.–SSJ Development LLC recently launched its new company, SSJ Construction LLC, to be led by Stephen S. Jemal. The new company is expected to expedite construction of all SSJ Development’s projects, maintain quality controls with the objective to minimize costs and adhere to project deadlines and guidelines.SSJ is a…