Washington, D.C.–Federal Reserve Chairman Ben Bernanke for the first time said Wednesday that the housing slump, credit crunch and financial crisis could drive the U.S. into a recession.However, when speaking to Congress, Bernanke was vague about the Fed’s next course of action, the New York Times reported Thursday.”A recession is possible,” Bernanke told Congress. ”Our estimates are that we’re slightly growing at the moment, but we think that there’s a chance that for the first half as a whole there might be a slight contraction.”However, Bernanke said he was “not yet ready” to say if the U.S. definitely would face…

By Keat Foong, Executive EditorColorado Springs, Colo.–The scarcity of some forms of capital will be responsible in part for lower multifamily production numbers for their companies this year and in the next few years, according to a panel of leading multifamily developers speaking at the National Association of Home Builders’ Multifamily Pillars of the Industry Conference and Awards Gala held here April 1-3.The plenary session was moderated by developer Leonard Wood, founder of Wood Partners, while speakers included Bryce Blair (pictured first from top), chairman and CEO of AvalonBay Communities Inc.; W. Dean Henry (pictured second from top), president of…

By Anuradha Kher, Online News EditorCherry Hill, N.J.–A joint venture of Hirschfeld Properties LLC of West Hartford, Conn., and Dubai Investment Group Real Estate, the property investment subsidiary of Dubai Investment Group owned by the ruler of Dubai, has acquired The Landmark Apartments in Cherry Hill, N.J., in a deal exceeding $100 million.The 544-unit Landmark Apartments is a failed condominium conversion and had been 40 percent vacant for more than a year. The community comprises two 18-story buildings and 21,647 sq. ft. of commercial space. It was constructed in 1969 and is located on 24 acres of land. “The property…

By Anuradha Kher, Online News EditorColorado Springs, Colo.–Kettler Management,  based in McLean, Va., received the  “best property management company of the year” award at the Multifamily Pillars of the Industry Awards Gala last night in Colorado Springs, Colo. In addition, Michelle Priesner (pictured) of Kettler took home the “best property manager of the year” award and the Kettler Web site was chosen as the “best corporate Web site.”NAHB presents the Pillars annually to honor excellence in apartment and condominium design, development, marketing and operations. “We are honored to be recognized for all aspects of our property operations,” says Cindy Clare,…

By Erika Schnitzer, Associate EditorAlbany, N.Y.–In its efforts to revitalize Albany’s South End, Omni Housing Development Inc., a developer, financer, constructor and manager of affordable housing, has announced plans to build 350 affordable multi-housing units in the next 10 years.The project, which will be executed in five phases over the next decade, provides residents with both rental and lease-to-own properties featuring apartments and townhouses ranging from one to four bedrooms. The combined budget for the first two phases, which are expected to be complete by April 2009, is $22 million.“Our real initiative is not just to produce affordable housing but…

By Erika Schnitzer, Associate EditorBayonne, N.J.–Construction for a new multi-unit project in Bayonne is expected to break ground this spring, another step in Bayonne’s urban revitalization plan. The four-story apartment building features eight units, including four two-bedroom and four-one bedroom units.Located at 938-940 Broadway, the complex includes the expansion of the light rail for greater accessibility to New York and a cruise ship port to attract more tourism, according to the developer, Altha Real Estate LLC.Construction is expected to be complete by spring 2009.“Broadway is also the main artery of the business retail district,” Peter Johnston, the architect for the…

New York–Manhattan apartment sales fell by the biggest amount in 18 years during the first quarter.Sales dropped 34 percent from last year; inventory increased 4.6 percent to 6,194 units, according to New York-based real estate appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. However, the Manhattan co-operative apartment or condominium median price rose 13.2 percent to a new high, $945,000, Bloomberg reports.The looming threat of a recession and job reductions at Wall Street securities firms influenced the decline. Financial companies–which heavily influence Manhattan real estate–have eliminated 34,000 jobs in the past nine months due to losses and…

Chicago–French architect Jean Nouvel is the 2008 laureate of the Pritzker Architecture Prize, the architectural industry’s highest honor, which is awarded by the Hyatt Foundation in Chicago, according to BusinessWeek. Many of the 62-year-old’s works are in France, but he has also designed buildings in other countries. Novel recently designed a branch of the Louvre Museum at the Saadiyat Cultural District, in Abu Dhabi, slated for a 2012 opening. The building will be topped with a dome-shaped, latticework roof whose pattern incorporates Islamic influences. In the U.S., Nouvel has designed mostly residential projects. He is creating a sustainable Modernist condo…

New York–New York-based Investment bank Lehman Brothers may stop issuing loans from its two British subprime mortgage units, making it harder for borrowers with imperfect credit histories to refinance or get new home loans, the Financial Times reports.The mortgage-backed securities market freeze and increased cost of interbank lending have made it difficult to issue loans to customers at low interest rates, which may be influencing Lehman, according to the Times. Earlier this year, Lehman tried to reduce loan risk by easing repayment terms for borrowers at risk of default and by altering the terms of the mortgage-backed securities its loan…

Washington, D.C.–Senate Democratic and Republican leaders said Tuesday that they planned to fast track a legislation package designed to help millions of homeowners facing foreclosure, the New York Times reports.The bill may hit the floor as early as Wednesday. The announcement was hailed as a unique bipartisan union–and an indication that Congress, the Bush administration and financial regulators agree that more government intervention is necessary to slow foreclosures and boost the housing market.Some Democrats say the plan could allow risky adjustable-rate mortgages to be refinanced into safer 30-year loans and may aid up to 1.5 million homeowners.The package is said…