Regions

By Anuradha Kher, Online News EditorWeehawken, N.J.–In this tough economy, where developers are under pressure to sell units, they are increasingly turning to auction marketing to close out their inventories. One such developer is Ernesto Garcia, who on April 19 is auctioning 16 units at his condominium project Aristocrat (pictured)in Weehawken, N.J. The Aristocrat, which features one- and two-bedroom units, is located at 34-48th St. off Blvd. East. The condos will be sold with a five-year tax abatement, with the added bonus that no taxes will be charged the first year. Eight of the condos will be sold absolute, regardless of…

By Anuradha Kher, Online News Editor Irvine, Calif.–Following a high number of layoffs in January this year, and rising uncertainty over the economy, foreclosures in February across the U.S. went up by 6 percent from the previous month and nearly 30 percent year-over-year. RealtyTrac collects and aggregates foreclosure data from more than 2,200 counties, covering more than 90 percent of U.S. households (including multifamily).  Despite many of the foreclosure moratoria that were in place in January as well as February, RealtyTrac’s February Foreclosure Market Report showed 290,631 U.S. properties filing for foreclosure— default notices, auction sale notices and bank repossessions —during…

By Erika Schnitzer, Associate EditorNew York—Solar Energy Systems LLC (SES), a Brooklyn-based integrator of commercial solar power systems, has installed New York’s largest multifamily residential solar array at Kips Bay Towers, a 1,120-unit property designed in the 1960s by I.M. Pei and known for its use of cast-in-place concrete.In late 2007, the new management, New York-based Cooper Square Realty, approached SES—a company that typically focuses on warehouses due to their flat roofs—to determine whether installing solar panels on a new roof would be feasible for the project, David Buckner, president of SES, tells MHN. “We went to the site—it’s a…

By Anuradha Kher, Online News EditorEscondido Calif.–CB Richard Ellis arranged the purchase of Park Terrace Apartments (pictured) on behalf of Conrad Prebys Trust from Nordiego Capital Ltd. for $12.4 million. Located at 151 Gayland St., in Escondido Calif., the 117-unit property features two laundry facilities, a pool and spa plus carport parking.The apartments were built in 1974 on 5.49 acres with a unit mix of 40 one-bedroom, one-bathroom units; 44 two-bedroom, one-bathroom units; 32 two-bedroom, two-bathroom units; and one four-bedroom, two-bathroom house.NCB’s New York Team Arranges Almost $16M in New Loan Originations During FebruaryNew York–NCB has originated nearly $16 million…

By Anuradha Kher, Online News EditorLong Island City, N.Y.–The landmark Sohmer Piano Factory, a historical structure dating back to 1886, has been converted into a 69-unit condominium in Long Island City, N.Y. Sales for the building have begun and occupancy is expected by fall 2010.Caliendo Architects have transformed the six-story building, located at 31-01 Vernon Blvd., on the corner of 31st Ave. and the East River. “These residences capture the historical, industrial aesthetic of Long Island City, while offering a comfortable and modern lifestyle,” says Andy Gerringer, managing director of the Prudential Douglas Elliman Development Marketing Group.  The Piano Factory…

By Anuradha Kher, Online News Editor   Needham, Mass.– Resolve Technology has reduced the time and cost of implementation of a new program called Portfolio Maximizer, thereby enabling real estate investment management organizations to start using the solution within days.   “In today’s volatile market, where the need for re-forecasting has become greater than ever, real estate investment managers struggle to make timely decisions based on real data and accurate analysis,” says Eric Forman, Resolve Technology’s CEO. “With this Portfolio Maximizer, we are now able to provide investment managers with a solution they can start using immediately to address these very acute…

Dale Henson formed the Atlanta-based Dale Henson Associates in 1970 as a non-contingent real estate development advisory firm. It provides market-based analytical services to developers, investors and lenders in the Atlanta area. The firm does not provide brokerage services.Henson, who now serves the company as president, has represented clients in real estate consulting since 1967. He is a frequent speaker for the Urban Land Institute. He talks to Online News Editor Anuradha Kher about the multifamily market in Atlanta, when he thinks the fundamentals of the apartment market will turn around and how the shadow market is affecting Atlanta’s apartment…

By Erika Schnitzer, Associate Editor New York—New York’s reliance on rental housing is expected to prevent significant revenue declines, according to the 2009 National Apartment Report by Marcus & Millichap.However, due to the increasing number of job cuts that have taken place in the last 60 days, as well as those expected to occur within the next six months, Peter Von Der Ahe, vice president-investments and director of the Manhattan office of Marcus & Millichap’s National Multi Housing Group, predicts that occupancy rates will be greatly affected. “My biggest question is, how long is the time delay between the event…

By Anuradha Kher, Online News EditorFremont, Calif.–NorthMarq Capital  has arranged a $23.025 million first mortgage financing for Stevenson Place Apartments (pictured), a 200-unit multifamily complex, located in Fremont, Calif. Financing was based on a 10-year term plus a one-year floating option with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. KeyBank Real Estate Closes $7.3M Loan for 82-Unit Rental CommunityKent, Wash.–KeyBank Real Estate Capital recently closed a $7.3 million Fannie Mae loan for a multifamily property in Kent, Wash. Key provided the funding to Schneider Homes to refinance The…

By Anuradha Kher, Online News EditorChicago–Magellan Development Group has topped off Aqua, its 82-story tower at the east end of the Lakeshore East village just north of Millennium Park in Chicago. The rental component of the project, featuring 474 units will occupy 33 floors between the 19th and the 52nd floor. The mixed-use tower, which comprises a hotel on the first 19 floors and condominiums on the last 30 floors, will be complete by fall of this year.“The rental demand in this neighborhood is very good,” Tricia Van Horn, vice president of marketing at Magellan Development Group, tells MHN. “Concessions…