Regions

By Anuradha Kher, Online News EditorAs executive director of Community Housing Innovations (CHI), Alexander Roberts has overseen the acquisition of 500 houses and apartments in Westchester, Ulster, Nassau and Suffolk Counties, with a budget of $15 million a year. Roberts founded CHI in 1991, after spending nearly 20 years as a television news correspondent. After covering the welfare hotel scandals in the late-80s in New York City, Roberts decided to leave broadcasting for affordable housing development and human services.Roberts tells MHN about the challenges of affordable housing and provides tips to those thinking about investing in or developing affordable housing.MHN:…

By Teresa O’Dea Hein, Managing EditorNew York–Today marks the opening day for the 36th annual Kips Bay Decorator Show House, which receives as many as 20,000 visitors during its four-week run. For the first time in this popular event’s history, it is being held in a multifamily building, as opposed to a townhouse. Its 2008 home is Manhattan House, located at 200 E. 66th St. on the Upper East Side.Manhattan House, officially designated as a landmark building last year, was designed in 1952 by renowned architect Gordon Bunshaft for Skidmore, Owings & Merrill. The building marked the first big splash…

New Haven, Conn.–Yale University economist Robert Shiller, creator of the Standard & Poor’s/Case-Shiller home price index, said Tuesday that U.S. housing prices could drop more than they did during the Great Depression, BusinessWeek reports.During a speech to the New Haven Lawn Club, Shiller called for more bailouts to prevent foreclosures and forecast price declines more than the 30 percent 1930s-era Depression drop.According to Shiller, home prices already have fallen 15 percent since 2006; they rose roughly 85 percent from 1997 until 2006–a period which Shiller called the biggest housing boom in U.S. history.The Standard & Poor’s/Case-Shiller home price index is…

Washington, D.C.–U.S. bank failures could spiral higher than historical records due to poorly underwritten loans, according to John Dugan, who oversees about 1,700 national banks as comptroller of the currency.Dugan said that for the four years prior to the current lender situation, nearly no institution regulated by his agency had collapsed, the Financial Times reports.“We’re going to have some more bank failures that will come back more to historical norms and may go above that with time,” he told the Times. “That is a natural consequence of the economy going from historically exceptionally benign credit conditions to something that is…

Zurich–Switzerland’s second-biggest bank–Credit Suisse Group, based in Zurich–will eliminate 500 investment banking and administration jobs because earnings dropped for the third consecutive quarter, Bloomberg said.Since the subprime mortgage crisis began, Credit Suisse has cut 1,320 jobs, including 320 in September and October and 500 investment banking positions in January.Overall, banks and brokerages on a global level have eliminated 48,423 jobs in the past 10 months. Citigroup Inc. lost $5.11 billion in the first quarter and plans to cut 9,000 jobs; Merrill Lynch & Co., which announced a $1.96 billion first quarter loss, axed 3,000 jobs.

Charlotte, N.C.–Bank of America Corp. will cease offering certain risky mortgage loans once its purchase of Countrywide Financial Corp. is complete, the Charlotte, N.C.-based bank said Tuesday.Bank of America hasn’t offered subprime mortgages since 2001; once it folds Countrywide into its business, it will no longer allow the lender to offer adjustable-rate mortgages that allow borrowers to pay less than the interest due, according to the Los Angeles Times.The bank also will not give out subprime mortgages, typically issued to borrowers with faulty credit. Bank of America also will “significantly curtail” mortgages given to borrowers without full income or asset…

By Anuradha Kher, Online News EditorLansdale, Pa.–GPX Realty Partners L.P., a Philadelphia-based private real estate investment and advisory firm, recently acquired Lansdale Village Apartments in Lansdale, Pa., in an off-market transaction for $3.2 million. GPX plans to make significant capital investments to upgrade the 41-unit property. “We are pleased to add Lansdale Village to our expanding multifamily portfolio,” says Thomas J. Gravina, executive chairman and co-founder of GPX Realty Partners. “It is a well-located, fully occupied property with tremendous upside potential. We have set aside significant dollars for capital improvements, which will help create a more desirable place to live and…

By Anuradha Kher, Online News EditorLos Angeles–The Canyon-Johnson Urban Fund, a partnership of Canyon Capital Realty Advisors and retired basketball player, Earvin “Magic” Johnson, recently closed its $1 billion Canyon-Johnson Urban Fund III.The third fund, which is more than the $900 million combined equity of the two predecessor funds, will facilitate more than $4 billion in new development and urban revitalization in the top 40 U.S. metropolitan markets.The fund’s focus is to identify and capture value through the development, redevelopment, acquisition and repositioning of real estate properties located in densely populated, ethnically diverse neighborhoods.Fund III received commitments from a broad…

By Anuradha Kher, Online News EditorPhoenix–Bruckal Redevelopments Group (BRG) recently began construction on its newest urban infill project in central Phoenix. The Victor, located at 15th St. and Highland Avenue in the Biltmore area of Phoenix, features 37 condominiums and is expected to open in the summer of 2009.The Victor contains one and two-bedroom condos, as well as live/work units, units with private garages, and units with private yards. Designed by [merz] project Architecture+Urban Design, the Victor will feature a variety of sustainable and green building materials and finishes to achieve Leadership in Energy and Environmental Design (LEED) Silver certification…

By Erika Schnitzer, Associate EditorNew York–Despite the downturn in the housing market, sales for two condominium projects by LCOR, a Berwyn, Penn.-based real estate company, have been exceptionally strong. In the first quarter of 2008, 68 residences in Berwyn’s two New York City properties were sold, representing $99 million in sales.Both properties are now 90 percent sold.Designed by SLCE Architects, the 40-story Chelsea Stratus features 204 one, two- and three-bedroom units, ranging from 827 to 2,263 sq. ft. Located at 101 West 24 St., Chelsea Stratus offers hardwood floors, floor-to-ceiling windows and, in most units, private outdoor terraces or balconies….