SSJ Development Launches Construction Co.
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 developer focused on waterfront development and is currently developing a multifamily project (pictured) at Sheepshead Bay in Brooklyn. Construction is expected to be complete in one year. An additional dozen waterfront mixed-use projects, all under the Riviera brand, are expected to break ground this summer.SSJ…
Georgia-Pacific Introduces GreenGuard Certified Drywall
Designed to provide better moisture- and mold-resistance than traditional paper-faced wallboard panels, Georgia-Pacific Gypsum’s DensArmor Plus paperless interior drywall is GreenGuard Indoor Air Quality Certified.Ideal for moisture-prone walls, DensArmor was created as a replacement for traditional paper-faced drywall because its fiberglass-mat facings help to eliminate mold growth. DensArmor Plus drywall provides additional protection with the added benefit of a moisture-resistant core.In addition, the drywall, a low-emitting product, has received the GreenGuard Children & Schools Certification.www.gp.com/build/paperless/
How Green Can You Go?
By Leslee Temple, FASLA, vice president and CFO, NUVIS Landscape Architecture and PlanningWhat should multifamily developers do when faced with the extreme challenge of building and marketing a new community, while significantly reducing the use of water that would normally be required for landscaping? From a sustainability point of view, efficient use of water can be achieved in a number of ways, including use of drought- resistant plants, strategic use of artificial turf and technology. First, a definition of a “native” plant:• A species that reproduces in the region without human intervention;• A species that survives in the region without…
USG’s Early Exposure Floor Underlayment
USG’s Leverlock CSD early exposure floor underlayment can be poured up to 60 days before the building’s permanent windows and doors are installed in geographic areas not subject to freezing conditions.Designed for use in buildings with light-gauge steel frame construction, this innovative underlayment product can be applied over corrugated steel decks, giving architects and developers an economical means of designing mid-rise buildings up to 10 stories high. As a result, construction professionals can build higher, lighter and faster. Leverlock underlayment is close to 55 percent lighter than three inches of concrete.This underlayment features compressive strengths from 3,500 to 5,000 psi…
U.S. Architecture Firm Expands in Middle East, India
For the past two and a half years, Humphreys & Partners Architects L.P. has been working in the United Arab Emirates and last month opened its first office there, in Dubai. It’s also operated an office in India, in the city of Chennai, since last year. This Dallas-based firm, which runs eight offices across the U.S., is doing work in Saudi Arabia and Pakistan as well. Its international projects include condominium, hotel and office developments. While for years, conventional wisdom has said “buy land -–they’re not making more of it,” that saying doesn’t actually hold true any more in the…
U.S. Homebuilders Struggle with Higher Material Costs
Atlanta–Rising oil prices are increasing the cost of necessary construction materials, adding to U.S. homebuilders’ problems, the International Herald Tribune reports.Prices for steel, aluminum, concrete, copper, asphalt, plumbing fixtures and brick, along with other materials, have gone up. The wholesale new home construction materials cost increased 3.4 percent in April compared to April 2007, the Labor Department said.”Any material that is petroleum-based or transportation-intensive will have pricing pressure during periods of rising oil prices,” said Tony Callahan, senior vice president of Purchasing, Planning & Design for Atlanta-based Beazer Homes USA Inc. “Manufacturers are trying to push cost increases through for…
Top Banking Regulator Questions Quality of Information from Banks, Mortgage Firms
New York–Speaking in New York Wednesday, John C. Dugan, comptroller of the currency–which monitors national banks–said banks and mortgage firms are offering questionable information about the subprime borrowers they are assisting and their borrowers’ foreclosure rate. Dugan said his agency uncovered “significant limitations with the mortgage performance data reported by other organizations and trade associations,” according to the Washington Post.”Virtually none of the data had been subjected to a rigorous process to check for consistency and completeness–they were typically responses to surveys that produced aggregate, unverified results from individual firms,” Dugan said. “That lack of loan-level validation raised real questions…
Rebate Checks Boost U.S. Spending
Washington, D.C.–Retail sales increased at twice the predicted rate last month, due in part to the tax rebate checks distributed to U.S. citizens, the Financial Timessaid.Total retail sales grew 1 percent in May–the largest monthly increase since November. Sales figures for April were revised to a 0.4 percent increase from a 0.2 percent decline.The first rebate checks–worth more than $50 billion–were distributed last month; the rest will be distributed in the coming weeks.
Foreclosure Filings Up in May
Irvine, Calif.–Foreclosure filings rose almost 50 percent in May compared to 2007, according to Irvine, Calif.-based foreclosure listing service RealtyTrac.In May, 261,255 homes received at least one foreclosure-related filing–a 48 percent increase from May 2007 and a 7 percent rise from April, the New York Times said Friday.The highest number of U.S. households received a foreclosure filing last month–one in every 483 households, RealtyTrac said.Foreclosure filings grew in all but 10 states in May, compared to 2007 levels.
DEAL OF THE DAY: ExchangePoint Completes TIC Transaction for 440-Unit Rental Community
By Anuradha Kher, Online News EditorAtlanta–Beverly Hills-based ExchangePoint Properties LLC recently completed a tenant in common (TIC) transaction for Cameron Brook Apartments, a 440-unit rental community located at 4659 Dawson Blvd. in Atlanta.Within five months of acquiring the property for $26.2 million, ExchangePoint completed the sale of the apartment complex to 35 TIC investors. “Atlanta is a strong market with an expanding economy and growing demographics, that combined offer us tremendous opportunities for the acquisition of multifamily value-added properties,” says Evan Farahnik, principal of ExchangePoint Properties. “Cameron Brook provided investors with a unique opportunity to invest in an exceptional asset…