Archive for November 2008

By Anuradha Kher, Online News EditorHarlem, N.Y.–Jonathan Rose Companies LLC, in partnership with Lettire Construction, broke ground today on Tapestry, a 12-story 185-unit mixed-income residential green development at 245 East 124th St. in Harlem, N.Y.Tapestry is the first LEED (Leadership in Energy and Environmental Design)-based mixed-income rental building in Harlem.Tapestry will create a Manhattan green…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing home sales increased 2.6 percent in from the second to the third quarter, according to the National Association of Realtors (NAR).Nationwide, sales of existing homes, including condos and single-family, were at a seasonally adjusted annual rate of 5.04 million units in the third quarter, up from 4.91 million…

By Erika Schnitzer, Associate EditorLawrenceville, Ga.—Network Communications Inc. (NCI) has partnered with RetirementHomes.com to provide 55+ consumers with more home search options.The alliance will extend the reach of two of NCI’s publications, Mature Living Choices—a resource for the active adult and retirement lifestyle—and Senior Living Choices—targeted to those searching for senior living and assisted living…

By Keat Foong, Executive EditorBrooklyn, N.Y.—The Domain Companies and Arker Companies have announced completion of the $52 million redevelopment of Spring Creek Gardens. The property was coming to the end of its 15-year Low Income Housing Tax Credit (LIHTC) compliance period, and the prior owner had begun leasing the apartments at market rates. The redevelopment…

By Anuradha Kher, Online News EditorSomerset, N.J.–The New Jersey Apartment Association’s (NJAA) presented two awards to Value Cos. at its annual “Garden State Awards of Excellence in Apartment Living,” held recently at The Palace banquet hall in Somerset, N.J.The Clifton, N.J.-based company’s Gateways community received the Property of the Year award. In addition, Ernestine Hedle,…

By Anuradha Kher, Online News EditorOlympia, Wash.–Alliant Capital LLC has recently completed funding of three multifamily properties for one borrower, totaling $14,449,800. They include Candlewood and Northwood in Everett, Wash., and Willshire Cove (pictured) in Lynnwood, Wash. Candlewood is a 151-unit apartment community built in 1970. Northwood features 55 units and was built in 1968.…

By Anuradha Kher, Online News EditorNew York–Cushman & Wakefield has formed the Resolution Group, an interdisciplinary team of Cushman & Wakefield property investment and management professionals from across the U.S., to offer clients a coordinated approach –to maximize the value of individual assets, portfolios and loans that are facing a variety of challenges stemming from…