Regions

New York–Average Manhattan home prices hit a new high in the first three months of the year, according to the Real Estate Board of New York.Co-op, condo and townhouse prices rose 41 percent in the first quarter in Manhattan, the New York Daily News said. Across the city, average price of a New York home, condo or co-op increased 28 percent to $853,000. In the first quarter of 2007, the average price was $669,000.Apartments in the SoHo and Tribeca neighborhoods sold for $2.3 and $2.2 million; the cost of an average Upper West Side apartment skyrocketed 96 percent to $2.1…

Washington, D.C.–Top financial executives feel that the U.S. economy will definitely see a recession this year–followed by a slow recovery, the Toronto Star reported Friday.In a survey conducted by the Financial Services Forum, members said they felt there was an 88 percent chance of a U.S. decline this year.Respondents also estimated first quarter growth would occur at a scant 0.13 percent annual pace. The official government report on the first quarter is due on April 30.

Washington, D.C.–President Bush will nominate the head of the Small Business Administration, Steven C. Preston, to head the Department of Housing and Urban Development, the Washington Post reported Friday. Alphonso Jackson resigned the post in the midst of accusations that he had treated friends and acquaintances favorably. Preston–a former Lehman Brothers investment banker who left the company in 2006 to become SBA administrator–was chosen because of his finance knowledge, sources said.He has been credited with revamping the SBA–giving $6 billion to business owners and handling tens of thousands of small-business queries in just months–following concern that the organization had not…

Peoria, Ill.–Caterpillar–the world’s largest construction equipment maker, based in Peoria, Ill.–said its first quarter results show it is “weathering a recessionary storm” by growing its international business, the Financial Times said Friday. Quarterly profits at Caterpillar, which was one of the first large U.S. companies to say the economy was going into a recession last year, rose 13 percent to $922 million from $816 million. The company’s plan for 2010 relies on its growth outside of the U.S. Sales and revenue increased 30 percent outside of North America–within it, they grew just 4 percent.

By Lisa Iannucci, Green Building CorrespondentPhoenix–Equus Development Corp. is working to certify their newest community, Las Piedras Townhomes, under the Energy Star Qualified New Homes program. The community is currently under construction and Equus has hired DR Wastchak, an independent firm in Tempe, Ariz., to conduct testing for certification.“Not only is the location a perfect match for work and play, but our future residents will receive the highest value in residential building, with a huge emphasis on energy efficiency and sustainability,” says Jon Conelly, designated broker of Equus Realty. “These components combined will guarantee the best living standards and a…

By Anuradha Kher, Online News EditorNew York–Red Stone Partners recently closed a $74 million tax-exempt financing and $35 million direct equity placement to be used for the preservation and rehabilitation of a low-income multifamily housing property in Brooklyn, New York.Linden Plaza consists of five high-rise buildings containing 1,527 apartments. Red Stone worked in conjunction with Wachovia Multifamily Capital and Freddie Mac to provide The DeMatteis Organization with a new tax-exempt debt structure specifically designed for the rehabilitation and preservation of low-income Mitchell-Lama as well as HUD Section 8 and 236 properties. Red Stone provided first loss mezzanine credit enhancement for…

By Erika Schnitzer, Associate EditorNew York–The third New York City Green Building Competition is now open.The purpose of the nationwide competition is to seek projects that uphold New York City as the center of urban sustainability. “Green building is now in the mainstream here with visionary and innovative construction projects gaining a full head of steam all over the city,” says Steinberg. “This competition helps create more visible examples of building green in the mosaic of everyday city life.” This year’s competition theme is “integration.” Applicants will be judged on their integration of construction, occupancy and community. They must utilize…

By Anuradha Kher, Online News Editor DYL Group Names M. Dale Reed As VP of OperationsMiami–DYL Group, a developer of luxury residential condominiums, hotels, resorts and retail/mixed-use projects, has named M. Dale Reed as vice president of operations.In this position, Reed [photo 1] will oversee the departments of information systems, human resources, marketing and sales. He will also assist the CEO with bringing in new business opportunities and projects development.“Dale’s impressive real estate experience with a variety of developments throughout the U.S., coupled with the wealth of knowledge he has acquired through several high-profile leadership positions, make him a welcomed…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush announced this morning that he has chosen Steve Preston, the former head of the Small Business Administration (SBA), as the new secretary of the U.S. Department of Housing and Urban Development (HUD), praising him as a skilled manager.“At SBA, Preston has demonstrated that he has a strong understanding of the role that the government can play in helping businesses succeed and build stronger communities,” Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association, said in response to the announcement.If the Senate approves, Preston will replace HUD Secretary Alphonso Jackson,…

New York–Housing crisis and credit market woes caused Merrill Lynch to lose $1.96 billion in the first quarter of 2008, the firm said Thursday.New York-based Merrill also plans to eliminate 10 percent of its workforce–approximately 4,000 jobs, the New York Times said.The firm’s investment banking sector had a net loss of $4 billion and negative revenues of $690 million. In addition, it posted $1.5 billion in collateralized debt obligation-linked writedowns, which involved the most high risk mortgage loans, and $3.1 billion in less risky Alt-A residential mortgage-related writedowns.The company also reported a $3 billion charge because of a failure of…