News
$300 Million L.A. Condominium Celebrates Grand Opening
By Erika Schnitzer, Associate EditorLos Angeles—Astani Enterprises Inc., based in Beverly Hills, Calif., recently celebrated the grand opening of Concerto, a new $300-million, 100,000-sq.-ft. condominium development in downtown Los Angeles’ South Park. The community, which will be completed in two phases, is being designed for LEED (Leadership in Energy and Environmental Design) certification.Occupancy of the first building, the 77-unit mid-rise loft building, is slated to begin in June 2009, and occupancy of the first tower, which encompasses 271 units, is planned for the fall of 2009. Phase II will include the second tower, with an additional 281 units. However, “there…
ZaGo Introduces New Eco-Friendly Trim Series
ZaGo Flexible Mouldings Inc. has introduced its new Trim EZ Pro Series line of decorative flexible trims and mouldings, which provide the look and appeal of carved wood without the cracking, rotting or chipping. Custom-made from a high quality polymer composite and not from wood, Trim EZ trims and mouldings are easily bent or shaped for any curved or rounded decorative need, including base moulding on rounded walls, curves on crown mouldings, and casing on arched doorways and openings and custom window treatments. Trim EZ Pro Series replaces wood trim and moulding products that can rot and attract insects and…
Editor’s Note: Enforcing an Energy-Efficient Building Environment
By Erika Schnitzer, Associate EditorWhat’s everywhere, practically invisible and costs $15 billion each year?Energy in New York City buildings!New York City Mayor Mike Bloomberg, along with Council Speaker Christine Quinn, recently announced plans to reduce greenhouse gas emissions from existing residential, commercial and government buildings.As MHN has reported, the proposed legislation is aimed at encouraging developers to meet tougher energy requirements any time they renovate, to conduct an energy audit every 10 years, and to make energy improvements that will pay for themselves within five years. (Click here to read MHN’s story.) According to the city, the energy improvements could…
TODAY’S DEALS: Gebroe-Hammer Closes 6 MF Deals for Over $6M, and Other Transactions
By Anuradha Kher, Online News EditorLivingston, N.J.–Gebroe-Hammer Associates has closed six separate multifamily housing transactions totaling $6.4 million throughout the Northeast. The 102 units were sold in key urban and suburban markets on behalf of undisclosed buyers and sellers in Philadelphia and North Jersey’s Essex, Union and Hudson counties. The largest trade was the $1.425 million sale of Loretta Arms Apartments (pictured), located at 1901-13 Faunce St. in northeast Philadelphia. The company also closed the $1.175 million sale of 245 Reynolds Terr., in the City of Orange. The 17-unit garden apartment community features 11 two-bedroom and 6 one-bedroom layouts located…
HUD Fills New General Counsel Position as Well as Two Others
By Anuradha Kher, Online News EditorWashington D.C.–The U.S. Department of Housing and Urban Development has appointed Helen Kanovsky, Peter Kovar and John Trasviña as the general counsel, assistant secretary for congressional and intergovernmental affairs, and the assistant secretary for fair housing and equal opportunity. The U.S. Senate unanimously confirmed all three.HUD Secretary Shaun Donovan said about their election, “Each plays a critical role in our goal of building a dynamic, collaborative housing team that will better position HUD to help the nation overcome the tremendous housing challenges we currently face.” Prior to serving as HUD’s General Counsel, Kanovsky held the…
MARKET SNAPSHOT: Chicago’s Suburbs are Faring Better than Urban Core
By Erika Schnitzer, Associate EditorChicago—While the Windy City has been faring relatively well on its supply side, its demand leaves much to be desired, according to Greg Willett, vice president of research and analysis at M|PF Yieldstar.Occupancy is sitting at an average of 92.4 percent, down 190 basis points year-over-year. While this number may not seem so low for some parts of the nation, Chicago usually sees a 97 percent occupancy level, notes Willett, “so to them, it feels really bad, even though it’s not as steep a cut as other markets.”Unlike many other major markets, Chicago’s suburbs—which are, on…
Economic Update: Developers Plan for Eventual Rebound
By Dees Stribling, Contributing Editor, Commercial Property News New York–In light of the current doldrums for both commercial and residential real estate, what’s a developer to do? Be ready for the eventual turnaround, if possible. Development is typically a multi-year activity, after all. It also helps to plan your project in an area that’s more economically resilient than many others, due to relatively high household income. This week the village council of Winnetka, Ill., an affluent northern suburb of Chicago, granted approval of a 167,800-sq.-ft. mixed-use development downtown. Construction is not expected to begin for at least a year on…
UIP Completes Rehabilitation of Century-Old Building
Washington, D.C.–Urban Investment Partners (UIP) has completed its full-building rehabilitation of The Shelby, a 24-unit luxury apartment building located at 1706 T Street, N.W. in Washington, D.C.’s Dupont Circle-Adams Morgan neighborhood. Move-ins have begun. (Kitchen before on right) UIP, through its $60 million Washington Residential Fund II (WRF II), purchased the property, formerly known as The Absecon, at foreclosure from Adams Bank. UIP then embarked on a $2 million “gut” renovation. (Kitchen after below)“This property was in such deplorable condition, with 60-year-old stoves, holes in the walls and ceilings, an obsolete and leaky steam heating system, and more,” says Steve…
Q&A with Dario Snaidero: Kitchens Help Determine Marketability of Multi-Housing Properties
Snaidero’s new product, Venus, is a customizable kitchen whose main features include a center island integrating food prep, cooking and washing; shelves that can be wall-mounted or suspended; tall units to house appliances; and under-countertop storage area. An optical solution consists of LED lights fitted closely together into a thin aluminum shelf, providing 83 percent power savings. Cabinets are available in the Microtouch finish, which is treated with an eco-friendly tanning process, high gloss or matte Ebony wood, or high gloss, matte or metallic lacquers in the company’s traditional color options.MHN Associate Editor Erika Schnitzer interviews Dario Snaidero, president and…
TODAY’S DEALS: Raintree Acquires Apartment Community for Over $38M, and Other Transactions
By Anuradha Kher, Online News Editor Sunnyvale, Calif.–Raintree Partners has acquired Trellis Square Apartment Homes (pictured) in Sunnyvale, Calif. The property is a 204-unit luxury apartment community located in the heart of Silicon Valley for $38.25 million. This is the first multifamily acquisition for Raintree Partners.“Through our relationship with an institutional investor, Raintree Partners has the capital available to acquire a substantial portfolio of multifamily development and redevelopment projects located within high growth markets in the Western United States,” says Jeffrey B. Allen, CEO of Raintree Partners. Aaron Hancock, director of acquisitions for Raintree Partners, says, “We will continue to…