Regions

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Housing and Urban Development (HUD) said it will speed federal disaster assistance to dozens of storm-ravaged counties in Iowa, Indiana and Wisconsin and provide support to homeowners and low-income renters forced out of their homes after severe storms, tornadoes and flooding have left this region devastated.HUD will provide foreclosure relief to families whose homes are insured through Federal Housing Administration (FHA).“These storms, and the flooding they produced, are tearing people’s lives apart and we must offer substantive relief to these families,” says HUD Secretary, Steven Preston. “To speed this recovery, we’re calling…

Dublin–Brussels will announce new rules in the coming months for credit rating agencies that operate in Europe, the Financial Times said.Speaking in Dublin, EU Internal Markets Commissioner Charlie McCreevy said that the regulations–which are a reaction to credit ratings agencies’ current role in the sale of complex structured investments–were made to reduce any conflicts of interest ratings agencies might face. Although the regulations are still being finalized, they are stricter than any rules currently used in the U.S. or other countries, according to the Times.

New York–From 2004 to mid-2007, Wall Street saw a period of historic wealth; but almost half of the record profits banks reaped last year are gone, according to the New York Times.Seven of the largest U.S. financial companies made a total of $254 billion in profits from 2004 to mid-2007. However, Bank of America, Citigroup, Lehman Brothers, JPMorgan Chase, Merrill Lynch, Goldman Sachs and Morgan Stanley have reduced their assets’ value by $107.2 billion since July 2007.Banks have lost $380 billion globally, due mostly to mortgage investment losses, the Times said.In addition, several large banks are expected to announce negative…

New York–Stocks were primed for a weak opening Monday as oil prices hit a new high and investors waited for quarterly results from Lehman Brothers and the National Association of Home Builders builder confidence report, CNNMoney.com said.Oil hit a high of $139.89 a barrel, then backed off by about 30 cents. Second quarter results from global investment bank Lehman Brothers–which analysts predicted would include a large loss–also influenced the market. Just before the market opened, futures were slightly lower, indicating a negative start to the day.The National Association of Home Builders report is due in the early afternoon.

New York–New York-headquartered Lehman Brothers announced a fiscal second quarter loss of $2.8 billion Monday, The Wall Street Journal said.Lehman Brothers–which is the smallest of the four biggest U.S. investment banks–declared a negative revenue of $668 million. In 2007, Lehman’s net revenue was $5.51 billion.The company has worked to limit its residential and commercial mortgage exposure and cut the value of its property holdings by $3.7 billion in the second quarter on a net basis and $5.5 billion in the first half of 2008.It also reduced its residential and commercial mortgage and real estate investments by 20 percent per asset…

By Anuradha Kher, Online News EditorLas Vegas–The Siegel Group Nevada Inc. has completed its acquisition of Casa Palms, a 137-unit apartment complex located on Las Vegas Boulevard (commonly known as the strip) in Las Vegas, for $5 million. The property is situated on approximately 1.33 acres.SASCO Properties, an affiliate of the Siegel Group, will assume operational control and begin a substantial renovation of both the exterior and interior of the property to correct deferred maintenance issues while converting it to the company’s Flexible-Stay program. In addition, the property will undergo renovations to include landscaped grounds and a new pool and…

By Anuradha Kher, Online News EditorPaterson, N.J.–A former silk mill, located at 175 Broadway in Paterson, N.J. on 23,000 sq. ft. of land, is currently in the process of being converted to a five-story, 48-unit condominium building.Developed by Mercury Development Group and designed by Poskanzer Skott Architects, the Silk City Lofts features one- and two-bedroom units with and without the option of lofts. Prices for the residences, which will be ready this summer, range from $160,000 to $450,000.The conversion of the existing building, which hasn’t been used for the last four years, will take place without any new additions or…

By Anuradha Kher, Online News EditorNewark, N.J.–Wilshire Enterprises Inc. and NWJ Cos. Inc. have entered into a definitive merger agreement providing for a purchase price of $3.88 per share in cash for each of the approximately 7.9 million Wilshire common shares outstanding.Wilshire, based in Newark, N.J., is an owner and manager of multifamily, retail and office buildings, and New York-based NWJ is a privately owned multifamily real estate investment and redevelopment organization.Under the merger agreement, Wilshire may continue to solicit proposals for alternative transactions from third parties for the 30-day period ending July 16, 2008. “We are pleased to deliver…

By Erika Schnitzer, Associate EditorShanghai, CHINA–The Peninsula Shanghai Hotel & Apartments, a 235-unit mixed-use hotel with 39 residential units, has recently topped out. The construction of the development’s exterior is about 70 percent completed. The project, designed by New York-based BBG-BBGM, is expected to be complete by fall 2009. It will be the ninth property in the Peninsula’s portfolio.The project, a joint venture between The Hongkong and Shanghai Hotels Limited (HSH) and Shanghai-based SPG Land Limited, is located in the newly redeveloped Waitanyuan neighborhood of Shanghai’s historic Bund. It will be the first new building on the Bund in 70…

By Anuradha Kher, Online News EditorBooklyn, N.Y.–SSJ Development LLC recently launched its new company, SSJ Construction LLC, to be led by Stephen S. Jemal. The new company is expected to expedite construction of all SSJ Development’s projects, maintain quality controls with the objective to minimize costs and adhere to project deadlines and guidelines.SSJ is a developer focused on waterfront development and is currently developing a multifamily project (pictured) at Sheepshead Bay in Brooklyn. Construction is expected to be complete in one year. An additional dozen waterfront mixed-use projects, all under the Riviera brand, are expected to break ground this summer.SSJ…