News
NMHC Publishes Brochure to Fight Shadow Rentals
By Anuradha Kher, Online News EditorWashington, D.C.–The foreclosure crisis in the U.S. has resulted in many households and investors renting their houses and condos in the current market, increasing the competition apartment firms face. In response to this competition from the shadow rental market, the National Multi Housing Council (NMHC) has launched a new brochure to help apartment firms promote their professional advantage. Your Best Start to Renting Smart: Rent From the Pros is a consumer-friendly brochure, which warns that nearly 40 percent of today’s foreclosures involve a single-family house, condominium or other housing rented out by its owner. It…
Mayor Delfino Attend Ground Breaking for White Plains’ First Affordable Housing Project with GeoExchange Heating and Cooling System
By Anuradha Kher, Online News EditorWhite Plains, N.Y.–Community Housing Innovations (CHI), along with White Plains Mayor Joseph Delfino, recently broke ground on the city’s newest affordable housing development, the 14-unit Minerva Place Condominiums. Community Housing Innovations Inc., a White Plains-based nonprofit organization, is developing and constructing the project, which features the city’s first GeoExchange system for heating and cooling, making the units highly energy efficient. Patick Fitzgerald, project manager for the New York State Energy Research and Development Authority (NYSERDA), notes that it is one of the first projects in the state of New York to exceed the New York…
Madison Equities’ Luxury 9-Unit Condominium Begins Sales in New York
By Erika Schnitzer, Associate EditorNew York–Sales for Madison Equities’ 57 Irving Place, a nine-unit luxury condominium, have officially begun. Comprised of six full-floor residences, a townhouse, duplex and penthouse, the development is located two blocks from Gramercy Park, a private, key-locked park.Designed by Audrey Matlock Architect, the building’s glass façade features walls of glass spanning the entire front and back of the living space. The patterned fritted glass paneling on the building is designed to look like the reflection of clouds. Additionally, each home includes floor-to-ceiling automated push-out windows. “The internal planning concepts give shape to the face of the…
Starts To Date A Tad Below Expectations
Multifamily Starts: After the big boost reflecting the large number of starts in New York City last month, things have calmed down. Preliminary starts numbers for last month would give us a seasonally adjusted annual rate of 309,000 units for 2008 That’s a bit shy of the 325,000 level that NAHB’s forecast currently calls for, but as we’ve seen, monthly numbers can swing wildly up and down, depending on local market conditions.Rent Changes: The consumer price index keeps rising—but the cost of rent has barely fluctuated over the last six months. On the one hand, that makes current rents seems…
Beantown Market Still Simmers
e index indicates that home prices in greater Boston peaked in September 2005 and have decreased 11.9 percent since. This peak was earlier than many other metros. For example, Las Vegas peaked in August 2006 and has declined 31.4 percent since its peak. The PMI Group predicts an 11.8 percent risk that the Boston single-family housing market will suffer a 20 percent decline from current prices. This compares favorably to Las Vegas and Naples, Fla. at 88.1 percent and 97.6 percent, respectively. After a dip in June related to a 90-day moratorium, foreclosures are up more than 22 percent over…
MBA Lists Top Multifamily Loan Servicers for 2008 to Date
By Anuradha Kher, Online News EditorWashington, D.C.- Wachovia Securities, followed by Midland Loan Services/PNC Real Estate Finance and Capmark Financial Group Inc. are the top three commercial and multifamily loan servicers, according to a mid-year ranking report recently released by the Mortgage Bankers Association (MBA).As of the end of June 30, 2008, Wachovia Securities had $434.3 billion in U.S. master and primary servicing, while Midland Loan Services/PNC Real Estate Finance had $273.8 billion, Capmark Financial Group Inc. had $258.3 billion and Wells Fargo Bank had $179.5 billion.The report also found that Capmark ranks as the largest master and primary servicer…
TODAY’S DEALS: Sterling American Property, Timberland Partners Acquire 440-Unit Rental Complex for over $20M, and Other Transactions
By Anuradha Kher, Online News EditorYpsilanti, Mich.–Sterling American Property Inc., in a joint venture with Timberland Partners, has purchased the Hunt Club (pictured), a 440-unit rental apartment complex located in Ypsilanti, Mich., for over $20 million. Sterling acquired the asset from the Denver, Colo.-based Apartment Investment and Management Company (AIMCO). “The Ypsilanti area continues to be one of the strongest markets in Michigan,” says Mel Mayers, senior vice president of acquisitions for Sterling. “Given that the Hunt Club is conveniently located next to one of our other major assets, The Pines of Cloverlane, we see this as an ideal opportunity…
Sales Start for 12-Story Luxury Condo Project in Spanish Harlem
By Anuradha Kher, Online News EditorNew York–119th & Third, a luxury 12-story condominium tower on Third Avenue & 119th Street in New York City’s Spanish Harlem recently started its pre-construction sales. The 90-unit project is expected to be ready for occupancy by April 2009.“East Harlem is the last real estate frontier in New York,” David Apelewicz, a sales agent at the property, tells MHN “There is nowhere else to go but up. This neighborhood is a great opportunity to invest in. There are a lot of new buildings around this project,” he adds.119th & Third offers studios, one-, two and…
Faulkner Design Group to Provide Interior Planning for Fort Worth Hotel Condos
By Erika Schnitzer, Associate EditorForth Worth, Texas–Faulkner Design Group, a Dallas-based interior and architectural design group, has been retained to provide interior design and planning for 1301 Throckmorton Omni Residences in Forth Worth, Texas.Developed by Omni Hotel/TRT Holdings, 1301 Throckmorton is an 89-unit, 18-story luxury condominium atop the 614-key Omni Fort Worth Hotel. “The condo tower is attracting people who have a more traditional home in Fort Worth and want something more dynamic downtown,” says Adrienne Faulkner, ASID, president and CEO of Faulkner Design Group.Residences range in size from 873 to 4,429 sq. ft. and are priced from $399,000 to…
Q&A with Nicole L. Norton-Gozdz: Green Design Starts When You Meet Client, Continues with Residents
Nicole L. Norton-Gozdz, R.A. is the founder of Crossroads Architecture Inc. (CAI). She is the sole owner of CAI. Gozdz has a national certification in architecture and has experience with site planning and commercial development/redevelopment processes in municipalities across Florida as well as Georgia, Tennessee and Nevada. She is a member of the U.S. Green Building Council: Treasure Coast Chapter (events chairman), Florida Green Building Coalition, Green Building Council, Energy Star, NCARB and Treasure Coast Builders Assoc.Her firm is currently implementing green design at a multifamily project in Martin County and has also begun work on the Stuart Lodge Assisted…