The Secret to Minimizing Liability with Crane Collapses and Other On-Site Accidents
By Anuradha Kher, Online News EditorNew York–For the second time this year, a crane collapsed at a building site in New York City, bringing the death toll from crane collapses this year to nine, with 28 people injured.The Manhattan district attorney’s office has opened a criminal investigation into the latest fatal crane accident on 91st St. and First Avenue, focusing on whether a part of the crane had been seriously damaged last year and then inappropriately put back into service.So how can developers avoid a mishap like this on their property and minimize their liability in the event that it…
Eco-Friendly GreenShield Technology Provides Water- and Stain-Repellent Finish
As part of its “Eco Intelligence Initiatives” to encourage sustainable manufacturing processes and products, Victor Group Inc., has announced its exclusive distribution of GreenShield, an ecological nanotechnology-based stain and water repellent fabric finish. Developed by G3 Technology Innovations, LLC (G3i), GreenShield uses a new technology that reduces a fabric’s flurochemicals by up to 10 times. Using one-third the amount of chemicals of traditional finishes, GreenShield is certified by Scientific Certification Systems (SCS) for compliance with the indoor air quality emission requirements of Section CA 01350 and as a low fluorocarbon treatment. When GreenShield is applied to Victor’s Eco Intelligent Polyester,…
June Market Pulse
Multifamily Starts: Multifamily starts roared back this month, and got top billing from the daily news outlets, since starts in other areas of housing were anemic. While the numbers don’t differentiate between apartments and condos, it’s likely that most of these starts are rentals, since it’s becoming increasingly difficult to get funding to build condos, especially in markets where many condos sit empty or are being rented.Rent Changes:While the rental component of the Consumer Price Index still hasn’t quite caught up to the overall CPI, it’s getting closer. Of course, it’s the CPI that’s falling, and not the rents that…
2008 Product Choice Award Winners
Multi-Housing News is proud to present the 2008 winners of our Product Choice Award: Manufacturers whose products and services provide exceptional value, materials quality, design innovation and customer care.We salute each of these winners because they have earned the respect and admiration of you and your peers, who cast votes this spring to determine the best building product sources in the industry across 19 categories. The voting criteria were: • Quality of products/materials• Design innovation• Scope of building products offered• Pricing/value• Speed of delivery• Flexibility of terms• Product servicing/customer support You will find this Winners List to be a valuable…
Global Financial Regulators Working on Plan to Prevent Future Losses
Basel, Switzerland–To prevent large future losses, international supervisors and regulators are creating a system that will make it more costly for investment banks to keep big volumes of complex financial instruments–such as mortgage-linked securities–in their trading books, the Financial Times reports.The Financial Stability Forum, a group of global regulators and supervisors headquartered in Basel, Switzerland, are handling the new plan, which could make banks alter their asset repackaging business models, including the way they repackage mortgages into complex financial securities.The new regulations will be designed to help prevent the large, surprise losses that banks such as UBS announced in recent…
U.S. Construction Spending Drops in April
Washington, D.C.– U.S. construction spending fell in April as public sector building softened and the housing market continued to drop, the Commerce Department said Monday.A separate gauge of the manufacturing sector indicated that it is still struggling, according to The Wall Street Journal.Total construction spending declined by 0.4 percent to a seasonally adjusted annual rate of $1.121 trillion in April. The March spending numbers were revised from 1.1 percent to 0.6 percent.April’s 0.4 percent outlay decline was slightly smaller than expected, the Journal said. Residential construction spending fell 2.1 percent to $442.6 billion. In March, spending dropped by 3 percent,…
Paulson: Financial Market Issues To Continue in Coming Months
Abu Dhabi–During a four-day trip to the Persian Gulf, U.S. Treasury Secretary Henry Paulson said that the current financial market trouble will last for months, Bloomberg reported Monday.”We’re talking about months, and there will continue to be bumps in the road,” Paulson said, in response to a question about what the U.S. was doing to combat the dollar’s current weakness.Speaking in Abu Dhabi, Paulson also said that his faith in the dollar remained strong.”Markets respond to economic fundamentals,” he said. “Every economy is going to have its ups and downs, and the U.S. is going through a tough period. I…
Dallas Housing Authority Faces Major Changes If Accounting Issues Aren’t Corrected
Dallas–The Dallas Housing Authority’s future is unclear following a federal audit and allegations of poor accounting, the Dallas Morning News reports.In December, the U.S. Housing and Urban Development Office of Inspector General’s audit found that the housing authority couldn’t account for nearly $3.8 million in HUD funds that were earmarked for providing rental assistance. The agency was advised to either produce documentation for the money or repay it.Dallas Mayor Tom Leppert said that if the organization did not fix its accounting issues within six months, it would receive new leadership.Dallas Housing Authority officials say they have made a number of…
Oakwood Worldwide to Open Extended-Stay Apartments in Hangzhou, China
By Erika Schnitzer, Associate EditorHANGZHOU, Zhejiang Province, China–Oakwood Worldwide, a Los Angeles-based provider of serviced apartments, has announced its plans to open Oakwood Residence Hangzhou at the end of this year. This will make it the first internationally serviced apartment operator in this city.“Guests are increasingly opting for serviced apartments, as they not only offer a value-orientated choice, but also conveniences and comfort that a serviced ‘home’ can provide over a hotel,” says Frank Foster, vice president of marketing and sales of Oakwood Asia Pacific. The 175-unit development will offer studios, one-, two- and three-bedroom apartments, ranging from 485 to…
DEAL OF THE DAY: 49-Unit Rental Community in Albuquerque Sells for Over $2M
By Anuradha Kher, Online News EditorAlbuquerque, N.M.–Sperry Van Ness recently completed the sale of Theta Apartments, a 49-unit apartment community in Albuquerque, N.M., for $2,301,750. The property is located near Interstates 40 and 25 and the Albuquerque International Airport/Sunport at 3900 Tulane NE.Littleton, Colo.-based Sidmar LLC sold the property to Philadelphia-based NWJ Albuquerque Investment Fund II LLC.Built in 1972, the five-building community is situated on 1.39 acres of land, and was 97 percent occupied at the close of escrow. Theta Apartments features 48 two-bedroom/two-bathroom units and one one-bedroom/one-bathroom manager’s unit with monthly rents ranging from $545 to $625. The property…