Regions

By Alex Palmer New York–Investing in energy efficient buildings now will lead to as much as $1.2 trillion in savings by 2020, according to a new study from McKinsey & Co. In its new report, “Unlocking Energy Efficiency in the U.S. Economy,” the management consulting firm forecasted just how valuable aggressive green construction could prove to be for the United States.  McKinsey predicts 900,000 new jobs could be created and 1.1 gigatons of greenhouse gas could be reduced annually, if about $50 billion a year was invested in a comprehensive green building strategy during the next decade. This reduction would represent…

By Erika Schnitzer, Associate EditorNew York—Vornado Realty Trust’s newly renovated 40 East 66th Street is drawing a windfall of interest from foreign buyers. Originally designed by renowned architect Rosario Candela in 1929 as a rental apartment building, 40 East 66th Street has been transformed into a condominium by Vornado and Cetra/Ruddy. “The famous architect Rosario Candela designed many buildings on 5th and Park Avenues. This is one of the last to be converted from a rental to a condo or co-op,” Barbara Russo of Corcoran Sunshine Marketing Group and director of sales for 40 East 66th Street, tells MHN.Despite the…

Washington, D.C.–The U.S. Department of Housing and Urban Development has charged Sunrise Villas LLC, with housing discrimination for allegedly refusing to allow residents at its Long Island, N.Y., 55+ housing complex to have service animals that assist persons with disabilities. The Fair Housing Act makes it unlawful to discriminate based on disability by refusing to make reasonable accommodations in rules, policies, practices, or services, when such accommodation may be necessary to afford a person with disabilities equal opportunity to use and enjoy a dwelling.Long Island Housing Services, a HUD Fair Housing Initiatives program agency that promotes equal housing opportunities throughout…

By Anuradha Kher, Online News EditorChicago–Meridian Capital Group recently arranged financing in the amount of $14,128,000 for multiple multifamily properties located throughout the Chicago area.The first group of properties are located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. (pictured). This four-building portfolio is part of a five-building, 283-unit portfolio totaling approximately $15 million on the north side of Chicago. Meridian negotiated on behalf of the borrower to secure a rate of 5.88 percent, non-recourse for a 10-year term.The second property portfolio is located at 6600 N. Glenwood Ave. It features a total of 18…

By Anuradha Kher, Online News EditorMarlton, N.J.–Sharlotte Giberson (Left in the photo, to the right is Delores A. Pruden, Director of HUD’s Neighborhood Networks) a computer facilitator at Shirley Futch Plaza who has helped the apartment community’s elderly residents start blogging and learning a variety of other computer skills, has been recognized for outstanding achievement by the U.S. Department of Housing and Urban Development (HUD). In addition, the center itself also received an award of recognition.  “Giberson inspires our apartment residents to be creative and to have fun while introducing them to the value of 21st Century technology,” says Mark…

By Anuradha Kher, Online News EditorRockville, Md.–The overall national renter credit quality has considerably improved compared to the first quarter of 2009, according to the second quarter Multifamily Applicant Risk Index (MAR Index) recently released by First Advantage SafeRent. The MAR Index is also up 1 point from the second quarter 2008 value of 105, indicating a better applicant pool compared to one year ago.“This is the most significant time of the year for Class A properties, and the period until September-October is the time to capture the best applicants,” Jay Harris, VP of Business Services at First Advantage SafeRent,…

By Erika Schnitzer, Associate Editor San Gabriel, Calif.—The West San Gabriel Valley is outperforming the East San Gabriel Valley, asserts Daniel Withers, senior associate-National Multi Housing Group in Marcus & Millichap’s Encino, Calif. office.“As you get closer to the east—El Monte, West Covina, Covina—there are huge increases in vacancies in those areas [6.8 percent, 5.8 percent and 5.5 percent, respectively]. They are demographically the working class, and there’s a lot of pressure from the Inland Empire, which for so many years was employing so much of the workforce and that’s no longer there,” Withers explains.According to Marcus & Millichap’s Submarket…

Needham, Mass.–Jasper Stone Partners has selected Resolve Technology’s Portfolio Maximizer software to centralize and automate investment analysis and reporting.   “As we acquire more properties and create new investment portfolios at different locations, using Excel spreadsheets has become increasingly time consuming,” says Joshua Meyer, Jasper Stone’s Chief Financial Officer. “Portfolio Maximizer enables us to scale our operations with efficient and reliable analysis capabilities.”Jasper Stone will use the Portfolio Maximizer software to perform scenario analyses on prospective properties to be acquired and conduct hold/sell analysis on current fund properties.  “Being able to run multiple scenarios in a quick and efficient manner allows…

By Dees Stribling, Contributing Editor Washington, D.C.–New single-family  home sales recorded an uptick in June, increasing 11 percent compared with May, to an annualized rate of 384,000, the Commerce Department said. It looks like a little pent-up demand for new homes is being unleashed, especially since prices are still falling. The Commerce Department also reported that the median price for a new house stood at $206,200 in June, down 12 percent from last June.An uptick, but how serious an uptick? When compared with June 2008, new housing sales were still down 21.3 percent, so the housing market has a ways…

By Anuradha  Kher, Online News Editor New York– Boston Capital has invested $7,392,761 in Harriet Tubman House Apartments (pictured), a to-be-built, 53-unit multifamily development in Harlem, N.Y. The general partner is West Harlem Group Assistance Inc. (WHGA). “Boston Capital is excited to be involved in the rehabilitation and production of much-needed affordable housing in Harlem, expanding the options available to individuals and families with low- to moderate-incomes,” says Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. Harriet Tubman House Apartments will include the rehab of two existing buildings that formerly served as a homeless shelter, and…