Archive for July 2009

By Anuradha Kher, Online News EditorWashington, D.C.–Existing condominium and co-op sales jumped 14 percent to a seasonally adjusted annual rate of 570,000 units in June from 500,000 in May, but they are 3.1 percent below the 588,000-unit level in June 2008, according to the latest report from the National Association of Realtors (NAR). Overall sales,…

By Dees Stribling, Contributing Editor It was a good way to start the week, economically speaking. According to the Conference Board, the U.S. index of leading economic indicators rose 0.7 percent in June, marking the third rise in the index in as many months. In the first half of 2009, the index improved at an…

By Anuradha Kher, Online News Editor New York–The Community Preservation Corp.’s (CPC) Bronx/Manhattan office closed on a $2.1 million Freddie Mac loan to refinance a mixed-use rental building (pictured) located in the Inwood section of Manhattan.The property features two contiguous five-story buildings, located at 79 Sherman Ave. and 152 Dyckman St., containing 38 apartment units, six…

By Erika Schnitzer, Associate Editor Portland, Ore.—What is the multifamily market in Portland, Ore.-Vancouver, Wash. like? Look at Phoenix for the answer, says Gary Winkler, senior broker-multifamily investments in Colliers International’s Portland, Ore. office.“Our expectation is value loss and a number of properties not being able to meet debt coverage. We believe that you can…

By Anuradha Kher, Online News EditorWashington, D.C.–Home building generates substantial local economic activity, including new income and jobs for residents, and additional revenue for local governments, according to the National Association of Home Builders (NAHB), which has developed a model to estimate the economic benefits. The model captures the effect of the construction activity itself,…

By Anuradha Kher, Online News EditorNew York–200 Water Street, formerly a New York University faculty housing community, is now re-opening as a luxury rental property. Owned and managed by Rockrose Development Corp. since 1997, 200 Water was built in 1971 by Emery Roth & Sons, Associate Architect for the World Trade Centers, and converted into…

By Anuradha Kher, Online News Editor New York–NCB arranged $22 million in new loan originations during the month of June. The financings included $14.2 million in mortgages and $7.8 million in lines of credit for 13 local properties.“NCB’s June activity is consistent with recent months, with many properties looking to secure financing while rates are still…