News
Barclay Tower in Lower Manhattan Full Leased
By Anuradha Kher, Online News EditorNew York–The residences at Barclay Tower, located at 10 Barclay St., are now 100 percent leased. The 396-unit apartment project developed by New York-based Glenwood started leasing in May 2007. It is the developer’s newest building and one of three properties that Glenwood owns downtown.“We are delighted by how quickly Barclay Tower has become one of the leading residences in Downtown Manhattan,” says Gary Jacob, executive vice president, Glenwood. “Barclay Tower is an ideal choice for anyone who wants beautiful living spaces and exceptional amenities.”Barclay Tower offers high-end amenities including a lobby with a 24-hour…
Fannie, Freddie Troubles Cloud Employment Prospects in the Multifamily Investment Sector
Robert Baron, a real estate employment specialist, assesses the current outlook for jobs in the multifamily investment and finance marketplace. By Robert Baron American Real Estate Executive Search Co.When a lack of available debt brought turmoil to the commercial and residential real estate markets, multifamily investment remained strong. When the conduit market collapsed and skittish investors flocked to the sidelines, multifamily transaction volume remained consistent. And when the real estate employment market fell victim to a hiring freeze, the dissipation of bonuses and a re-pricing of executive compensation, many multifamily executives were shielded from the storm. Holding the umbrella were…
DEAL OF THE DAY: Sterling, Collier Cos. Jointly Acquire 540-Unit Apartment Community for $38.35M
By Anuradha Kher, Online News EditorTampa, Fla.–Sterling American Property Inc., in a joint venture with The Collier Cos., recently acquired St. Croix Apartments, a 540-unit resort-style apartment community located in Tampa, Fla. for $38,350,000. “We are cementing this property’s position as the ideal live/play environment for the 20- to 30-year-old age demographic that populates this area,” says Jeff Smith, senior vice president of acquisitions at Sterling.St. Croix Apartments boasts 700 sq. ft. of frontage on 14535 Bruce B. Downs Blvd., in northeast Hillsborough County. The property is located between Tampa Palms and the University of South Florida, the ninth largest…
AMCAL Partners with Labor Committee to Help Local Youth Build Affordable Housing Project
By Erika Schnitzer, Associate EditorAgoura Hills, Calif.–AMCAL Multi-Housing Inc. has partnered with Watts Labor Community Action Committee (WLCAC)’s YouthBuild program to help local youth develop leadership skills by constructing Casa de Angeles, a 49-unit affordable housing development in south Los Angeles.“When YouthBuild participants see Casa de Angeles, whether it’s next year or 10 years from now, they will have the satisfaction of knowing their hard work helped transform their community and made a positive impact on families in need,” says Percy Vaz, president and CEO of AMCAL. “The participants should be commended for recognizing their own potential and for making…
Case Study: Luxury Living in Atlanta’s Buckhead District
John Williams and Clark Butler, co-founders of Atlanta-based City Centre Properties LLC, discuss The Mansion on Peachtree, the first ultra-luxury hotel and residential development in Atlanta.Name of Project:The Mansion on Peachtree, a Rosewood Hotel & ResidenceLocation:Atlanta’s Buckhead DistrictType of project:The Mansion on Peachtree, which opened May 2008, combines 45 residences, including three private garden villas, with a 127-room luxury hotel in an eight-sided, 42-story tower designed by acclaimed Robert A.M. Stern Architects. It features the world-exclusive 29 Spa by Lydia Mondavi, which opened in May. Craft Atlanta by renowned Chef Tom Colicchio is opening this fall.Overall site size:1.63 acres; 600,000…
Indoor-Outdoor Lounger from Barcelona-based Grupo Kettal
The Kettal XXL indoor-outdoor furniture collection from Barcelona-based Grupo Kettal is designed to combine comfort with adaptability. The individual components of the series, which include a wide variety of armchairs, lounge chairs and tables, are made from aluminum tubes covered in colorfast artificial fiber to withstand the outdoors. The collection, comprised of individual modules, can be adapted to many spaces and tastes.The series is available with natural or brown frames and can be customized with over 15 different colored fabrics.www.kettal.es/kettal
Perspective: Ride the Green Wave
By Lynn Russell, CGP and Danielle Pruette FMI CorporationMother Nature and global economics are giving us strong hints that green is good. Water shortages, rising fuel costs and deficient infrastructures encourage us to examine the value of conservation and reduction in energy requirements. What would it take you to jump onto the green wave? What if you could reduce operating costs, enhance your property value, optimize building life-cycle performance and increase profits? Leadership in Environmental and Energy Design-New Construction (LEED-NC) and the National Green Building Standard (NGBS) will provide the ride.In the spring of 2008, a CoStar Group study revealed…
$7.8M Investment to Help Big Six Towers Remain Affordable
By Anuradha Kher, Online News EditorNew York–The AFL-CIO Housing Investment Trust (HIT) has committed to invest $7.8 million in the Big Six Towers, a cooperative housing complex in Queens, New York with long ties to the labor movement. The investment will allow the complex to remain affordable for middle-class working families and retirees.Approximately one-third of the residents of The Big Six Towers, developed in 1961, are active or retired union members. Big Six Towers participates in New York’s Mitchell-Lama program, which provides affordable rental and co-op housing for middle-income families.”We are pleased to make an investment that will keep Big…
Safe-T-element: A Fire Prevention System
Pioneering Technology’s Safe-T-element is an affordable fire prevention system for the electric stove. It minimizes the risk of fire with round, cast iron plates that fit over each burner, plus individual controllers to regulate temperature. The cast iron plates over the burners and internal controllers keep heat from exceeding 662°F, below the point where the contents of pots and pans can ignite. In comparison, a burner on an unregulated electric range can reach 1300°F, igniting cooking oil in as little as eight minutes. There’s reportedly no noticeable difference in cooking time and Safe-T-element-equipped stoves are said to use far less…
Fore Begins Construction on 300-Unit Upscale Project
Sparks, Nev.–Fore Property Co. (FORE) recently started construction on a 300-unit luxury apartment community in Sparks, Nevada.Located in the Spanish Springs area of Sparks, FORE’s newest luxury apartments will be built on a 20-acre parcel in the Pioneer Meadows master-planned community.“FORE has a longstanding history of developing and building apartment communities throughout Nevada,” says Jonathan Fore, of Fore Property Co. “We believe strongly in the Reno-Sparks market and are pleased to provide the community with an unmatched, luxury Class A development that is part of the Pioneer Meadows master planned area.”The two-story garden-style buildings, designed by Biltform Architecture Group, will…