News
Economy Watch: U.S. Poverty Grows
As a followup to last week’s speech by President Obama on jobs, the administration sent the proposal–called the American Jobs Act–to Congress on Tuesday.
Obama’s Proposed Carried Interest Tax Potentially ‘Devastating’ for Multifamily
Could job creation come at the expense of multifamily owners? The proposed carried interest tax could theoretically cripple the multifamily industry.
Armstrong Releases ‘Rejuvenations’, a Sophisticated Vinyl Flooring Line
Armstrong Commercial Flooring releases ‘Rejuvenations’, a versatile line of vinyl flooring that can enter any design project across the full spectrum of commercial real estate. The durable and trend-forward styles are perfect for apartment lobbies, hallways and common areas.
TODAY’S DEALS: Applied Development Completes Hoboken Acquisition
Applied Development Company completes ownership of 333 River Street in Hoboken; Voit completes the sale of a distressed community; and Deutsche Bank Berkshire Mortgage refinances FHA, mez debt with $28.5M Freddie Mac loan.
Green Rehab Completed on Harlem Apartments
Jonathan Rose Cos. has completed renovation of a group of occupied multifamily properties stretching from 107 to 145 West 135th Street in Harlem.
Luxury Property Jardin to be Reintroduced in a Condo-Hungry Brooklyn Neighborhood
Jardin, an upscale 44-unit condominium property that reached completion in 2007 just as the housing industry collapsed, is returning to the market.
Crescent Resources Hires Development Leader for Mid-Atlantic Region
Crescent Resources LLC announced the appointment of Michael Blackwell to lead development of new multifamily projects in Virginia, Maryland and Washington, D.C.
Economy Watch: Bank of America Plans to Contract
At an investor conference in New York on Monday, Bank of America CEO Brian T. Moynihan said that the bank plans to cut $5 billion in annual expenses by 2014, largely through eliminating positions.
Renters Flocking to Student Housing Conversion in Brooklyn
In downtown Brooklyn, a former seven-story multifamily building is being converted to a 44-unit student housing community.
TODAY’S DEALS: HRI, Woodward JV to Convert Historic New Orleans Building
HRI, Woodward JV to convert historic Louisiana building into apts; Urban Investment Partners acquires a 52-unit community in Washington, D.C.; and Hendricks & Partners arranges $975,000 sale at full listing price.