By Anuradha Kher, Online News EditorCharlotte, N.C.–Crosland LLC is developing a 400-unit, eight-story luxury apartment building at Trade and Graham streets in uptown Charlotte. The $100 million project is located on a 2.7-acre site at 500 West Trade St., which currently houses a vacant building and surface parking.Crosland has secured a capital commitment from a longtime institutional partner, and plans to proceed with demolition in late summer of this year followed construction this fall. Residences are expected to be available for move-in by late 2009.“There is a lack of new rental product in this area,” David Ravin, president of Crosland’s…

By Anuradha Kher, Online News EditorIrvine, Calif.–Jaime Chandler, district manager of the Inland Empire division of Keystone Pacific Property Management Inc., an Irvine, Calif.-based property management firm, was recently honored with the firm’s Excellence in Service Award at its annual meeting. Chandler has since been promoted to director of new project development and is now based out of the company’s headquarters.The Excellence in Service Award is presented to an employee who promotes Keystone Pacific’s philosophy, delivers exceptional customer service and exhibits superb leadership qualities. “The award is a recognition of our efforts in the Temecula office,” Chandler tells MHN. “My…

By Rachel Block, ReporterNew York–In the past year, the total number of residential building permits issued in New York City has plummeted 50 percent.  After a record high in 2007, this is a huge drop for the city’s “building boom.”According to the U.S. Census Bureau, the number of city building permits issued in April alone fell from 459 in April 2007 to 223 in April 2008. In response, the number of permitted units fell 29 percent, from 2,809 in April 2007 to 1,989 in April 2008.  Permitted units fell 42 percent this year during the months of January to April,…

New York–The number of residential permits issued in New York City’s five boroughs fell again last month, declining by 51 percent compared with the same period a year ago, according to Crain’s New York Business.The total number of April permits dropped from 459 in 2007 to 223, according to U.S. Census Bureau data.Compared with 2007, the number of permits issued in the first four months of 2008 fell 48 percent.The number of units that the permits involved declined 29 percent in April, to 1,989. Permitted units dropped 42 percent from 10,073 to 5,882 in the first four months of 2008.More…

Las Vegas–Owners with a second or third home–including popular options like Las Vegas vacation condos and Florida retirement homes–are struggling with what the New York Times called a “tax time bomb.” Many will lose their extra homes to foreclosure and then face bankruptcy because of a large tax bill, the Times said. Congress offered some homeowners tax breaks after they lost their primary residence; but owners who default on second or third homes and rental properties receive no assistance.An outbreak of foreclosures involving second homes is currently occurring, according to bankruptcy lawyers; more may be on the way. There are…

New York–A construction crane collapse Friday morning on New York City’s Upper East Side killed at least one person and destroyed part of a 23-story apartment building in the city’s second fatal crane fall in 12 weeks, Bloomberg reports.The collapse–which damaged roughly a dozen floors of a nearby apartment building–occurred just after 8 a.m. at 333 East 91st St. at First Avenue, according to the New York Fire Department.The fire department confirmed that one death occurred as a result of the accident.In his weekly radio address, New York Mayor Michael Bloomberg called the incident “unacceptable.””We have to figure out what…

Washington, D.C.–U.S. banks earmarked a record $37.1 billion to cover losses on real estate loans and other credits in the first quarter–an indication that the credit crisis is continuing to cause global economic troubles, the Financial Times said Friday.Loan-loss provisions and bank failures are likely to increase in the next few quarters as the credit crisis affects the real economy, Federal Deposit Insurance Corporation chairwoman Sheila Bair said.”While we may be past the worst of the turmoil in financial markets, we’re still in the early stages of the traditional credit crisis you typically see during an economic downturn,” she said….

By Anuradha Kher, Online News EditorLos Angeles–Charles Dunn Co., a partner of GVA Worldwide, recently negotiated the purchase of Le Chateau Ridgeley, a six-unit rental complex located at 624 S. Ridgeley Dr. in Los Angeles, for more than $1.65 million. David Eitches, director of the Multifamily Investment Group of Charles Dunn Co. represented the buyer, 23-25 Hughes LLC and the seller, an independent investor.Built in 1939, this French Normandie style chateau comprises four one-bedroom units and two two-bedroom units.“There is a niche pocket of investors out there that buy sought-after architect style buildings strictly based on their curb appeal, and…

By Anuradha Kher, Online News EditorShenzhen, CHINA–RMJM’s design for the second phase of Mont Orchid Riverlet Residential Development in Shenzhen, China recently won a Medal of the Year Outside Hong Kong from the Hong Kong Institute of Architects (HKIA), at the institute’s annual awards 2007.The HKIA announced eight award-winning projects both in and out of Hong Kong. This is the first time this award has been presented to a project in China. HKIA recognized UK-based architecture firm, RMJM’s design for the second phase of Mont Orchid Riverlet for its approach to high-density living.Completed in December 2006, the project features 13…