Archive for March 2009
Kips Bay Receives Largest Multifamily Solar Panel Installation in New York
By Erika Schnitzer, Associate EditorNew York—Solar Energy Systems LLC (SES), a Brooklyn-based integrator of commercial solar power systems, has installed New York’s largest multifamily residential solar array at Kips Bay Towers, a 1,120-unit property designed in the 1960s by I.M. Pei and known for its use of cast-in-place concrete.In late 2007, the new management, New…
Read MoreTODAY’S DEALS: Park Terrace Apartments in Escondido Sold for $12.4 Million, and Other Transactions
By Anuradha Kher, Online News EditorEscondido Calif.–CB Richard Ellis arranged the purchase of Park Terrace Apartments (pictured) on behalf of Conrad Prebys Trust from Nordiego Capital Ltd. for $12.4 million. Located at 151 Gayland St., in Escondido Calif., the 117-unit property features two laundry facilities, a pool and spa plus carport parking.The apartments were built…
Read MoreConversion of Historic Piano Factory to Condo Project Completed
By Anuradha Kher, Online News EditorLong Island City, N.Y.–The landmark Sohmer Piano Factory, a historical structure dating back to 1886, has been converted into a 69-unit condominium in Long Island City, N.Y. Sales for the building have begun and occupancy is expected by fall 2010.Caliendo Architects have transformed the six-story building, located at 31-01 Vernon…
Read MorePortfolio Maximizer Allows Real Estate Investment Analysis, Optimization to Be Implemented Quickly
By Anuradha Kher, Online News Editor Needham, Mass.– Resolve Technology has reduced the time and cost of implementation of a new program called Portfolio Maximizer, thereby enabling real estate investment management organizations to start using the solution within days. “In today’s volatile market, where the need for re-forecasting has become greater than ever, real estate…
Read MoreQ&A with Dale Henson: Fundamentals of Apartment Market Will Likely Start Positive Turn By Late 2010 or Mid-2011
Dale Henson formed the Atlanta-based Dale Henson Associates in 1970 as a non-contingent real estate development advisory firm. It provides market-based analytical services to developers, investors and lenders in the Atlanta area. The firm does not provide brokerage services.Henson, who now serves the company as president, has represented clients in real estate consulting since 1967.…
Read MoreFoong on Finance: It Is Still Possible to Obtain Construction Financing
Unlike other sectors of commercial real estate, the multi-housing sector is lucky in that we still have construction financing available to us. We are talking government-insured construction financing. And no, the financing does not require that the developer build low-income, or rent-restricted, housing in any way. Neither is it a “voucher program” etc. Get this…
Read MoreMARKET SNAPSHOT: Vacancy in New York Remains Tight, Despite Increasing Unemployment
By Erika Schnitzer, Associate Editor New York—New York’s reliance on rental housing is expected to prevent significant revenue declines, according to the 2009 National Apartment Report by Marcus & Millichap.However, due to the increasing number of job cuts that have taken place in the last 60 days, as well as those expected to occur within…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranged $23.025M Mortgage for Fremont Property, and Other Transactions
By Anuradha Kher, Online News EditorFremont, Calif.–NorthMarq Capital has arranged a $23.025 million first mortgage financing for Stevenson Place Apartments (pictured), a 200-unit multifamily complex, located in Fremont, Calif. Financing was based on a 10-year term plus a one-year floating option with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through…
Read MoreEDITOR’S NOTE: It Is Still Possible to Obtain Construction Financing
By Keat Foong, Executive EditorUnlike other sectors of commercial real estate, the multi-housing sector is lucky in that we still have construction financing available to us. We are talking government-insured construction financing. And no, the financing does not require that the developer build low-income, or rent-restricted, housing in any way. Neither is it a “voucher…
Read MoreChicago Tower’s Rental Units Set to Open in May
By Anuradha Kher, Online News EditorChicago–Magellan Development Group has topped off Aqua, its 82-story tower at the east end of the Lakeshore East village just north of Millennium Park in Chicago. The rental component of the project, featuring 474 units will occupy 33 floors between the 19th and the 52nd floor. The mixed-use tower, which…
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