Regions
Residential Building Permits Plunge 50 Percent
By Rachel Block, ReporterNew York–In the past year, the total number of residential building permits issued in New York City has plummeted 50 percent. After a record high in 2007, this is a huge drop for the city’s “building boom.”According to the U.S. Census Bureau, the number of city building permits issued in April alone fell from 459 in April 2007 to 223 in April 2008. In response, the number of permitted units fell 29 percent, from 2,809 in April 2007 to 1,989 in April 2008. Permitted units fell 42 percent this year during the months of January to April,…
New York Residential Permits Drop Again in April
New York–The number of residential permits issued in New York City’s five boroughs fell again last month, declining by 51 percent compared with the same period a year ago, according to Crain’s New York Business.The total number of April permits dropped from 459 in 2007 to 223, according to U.S. Census Bureau data.Compared with 2007, the number of permits issued in the first four months of 2008 fell 48 percent.The number of units that the permits involved declined 29 percent in April, to 1,989. Permitted units dropped 42 percent from 10,073 to 5,882 in the first four months of 2008.More…
Homeowners with More Than One Property Face Foreclosure, Bankruptcy
Las Vegas–Owners with a second or third home–including popular options like Las Vegas vacation condos and Florida retirement homes–are struggling with what the New York Times called a “tax time bomb.” Many will lose their extra homes to foreclosure and then face bankruptcy because of a large tax bill, the Times said. Congress offered some homeowners tax breaks after they lost their primary residence; but owners who default on second or third homes and rental properties receive no assistance.An outbreak of foreclosures involving second homes is currently occurring, according to bankruptcy lawyers; more may be on the way. There are…
Second New York Construction Crane Collapse Raises Questions
New York–A construction crane collapse Friday morning on New York City’s Upper East Side killed at least one person and destroyed part of a 23-story apartment building in the city’s second fatal crane fall in 12 weeks, Bloomberg reports.The collapse–which damaged roughly a dozen floors of a nearby apartment building–occurred just after 8 a.m. at 333 East 91st St. at First Avenue, according to the New York Fire Department.The fire department confirmed that one death occurred as a result of the accident.In his weekly radio address, New York Mayor Michael Bloomberg called the incident “unacceptable.””We have to figure out what…
U.S. Banks’ Credit Crisis Troubles Likely to Continue
Washington, D.C.–U.S. banks earmarked a record $37.1 billion to cover losses on real estate loans and other credits in the first quarter–an indication that the credit crisis is continuing to cause global economic troubles, the Financial Times said Friday.Loan-loss provisions and bank failures are likely to increase in the next few quarters as the credit crisis affects the real economy, Federal Deposit Insurance Corporation chairwoman Sheila Bair said.”While we may be past the worst of the turmoil in financial markets, we’re still in the early stages of the traditional credit crisis you typically see during an economic downturn,” she said….
DEAL OF THE DAY: Six-Unit Rental Building Sells for $1.65M
By Anuradha Kher, Online News EditorLos Angeles–Charles Dunn Co., a partner of GVA Worldwide, recently negotiated the purchase of Le Chateau Ridgeley, a six-unit rental complex located at 624 S. Ridgeley Dr. in Los Angeles, for more than $1.65 million. David Eitches, director of the Multifamily Investment Group of Charles Dunn Co. represented the buyer, 23-25 Hughes LLC and the seller, an independent investor.Built in 1939, this French Normandie style chateau comprises four one-bedroom units and two two-bedroom units.“There is a niche pocket of investors out there that buy sought-after architect style buildings strictly based on their curb appeal, and…
Shenzen Project Won Award Because of Design Solutions Seldom Seen in Hong Kong, Says Architect
By Anuradha Kher, Online News EditorShenzhen, CHINA–RMJM’s design for the second phase of Mont Orchid Riverlet Residential Development in Shenzhen, China recently won a Medal of the Year Outside Hong Kong from the Hong Kong Institute of Architects (HKIA), at the institute’s annual awards 2007.The HKIA announced eight award-winning projects both in and out of Hong Kong. This is the first time this award has been presented to a project in China. HKIA recognized UK-based architecture firm, RMJM’s design for the second phase of Mont Orchid Riverlet for its approach to high-density living.Completed in December 2006, the project features 13…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorAlliance Residential Names Adam Paul as City Partner, Mountain DivisionSalt Lake City–Alliance Residential Co., has recently appointed Adam Paul as city partner for the company’s mountain division. Paul will be responsible for identifying development opportunities and working through entitlement, design, and construction and lease-up of new Alliance Residential communities in the Salt Lake City region.“Alliance Residential is one of the few multifamily developers still expanding in our softer economy,” says Paul. “It seemed the perfect opportunity for me to assist Alliance in realizing its vision of providing luxurious, affordable and convenient housing options to the…
Apple Breaks Ground on Brooklyn’s Myrtle Avenue Development
By Anuradha Kher, Online News EditorNew York–Red Apple has broken ground on the first phase of its Myrtle Avenue development project in the Fort Green section of Brooklyn, New York. When complete, the project will include three low-rise buildings bounded by Ashland Avenue and Prince Street, and a high-rise tower between Prince Street and Flatbush Avenue. The first phase of the project includes approximately 85,000 sq. ft. of middle-tier market-rate residential apartments and approximately 22,000 sq. ft. retail space. The first phase is also expected to include a drug store and a neighborhood style supermarket. Plans for 50/30/20 affordable housing in…
Affordable Housing Project Opens in Beaverton, Ore.
By Erika Schnitzer, Associate EditorBeaverton, Ore.–Merlo Station Apartments, a 128-unit transit-oriented affordable housing community, opened yesterday. Developed by Washington County, Ore.-based Tualatin Valley Housing Partners (TVHP), the project is located one block from the Merlo Station MAX light rail station and approximately eight miles west of Portland.”The light rail station is the backbone of Portland’s public transportation system,” says Whit Spencer, a senior underwriter for Enterprise. “This particular site, by virtue to its short walk to the light rail station, can access the entirety of the region.”The transit-oriented nature of the development reduces residents’ dependency on cars, perhaps eliminating the…