Regions

Washington, D.C.–Productivity–the amount of output per hour of work–grew at an annual rate of 2.2 percent in the first quarter, the Labor Department said Wednesday.Labor cost pressures declined slightly–an indication that inflation could be easing, according to the New York Times. In the last three months of 2007, labor costs increased by 2.8 percent; in the first quarter of 2008, labor costs grew at an annual rate of 2.2 percent.Rising wages and benefits can help workers; they can also increase inflation as businesses are forced to increase their product costs to fund the higher payroll costs. But if productivity increases,…

By Anuradha Kher, Online News EditorSan Antonio, Boston, Milford, N.H.–Arbor Commercial Funding LLC recently completed funding of three loans totaling $55,692,000 under the Fannie Mae DUS product line to finance rental properties totaling 1,115 units. The four properties, Rolling Ridge Apartments in San Antonio, Woodland Heights and Laurel Hills in Milford, N.H., and 480 and 490 Norfolk St. in Boston, are owned by Boston-based Mayo Group.Each of the three five-year loans amortizes on a 30-year schedule and carries a note rate of 5.11 percent. “Arbor was pleased to have the opportunity to work with the Mayo Group, one of Boston’s largest…

By Erika Schnitzer, Associate EditorNew York–A new monitoring system and database will offer in-depth comparative real estate data analysis reports. The $1 million system, created by Home Quest, a New York-based boutique brokerage, comprises over 10 years of industry information and real estate transactions.“We developed a multi-parameter system that looks at primary and secondary information, giving developers super in-depth evaluations of their projects,” says Max Ribitzky, managing director and vice president of marketing at Home Quest. “Sellers want to know what they’re facing, and this helps them to put a number on the price and see how fast they can…

By Anuradha Kher, Online News EditorBucharest, ROMANIA–Hasbrouck Heights, N.J.-based DMR Architects has been chosen to develop a 200-acre mixed-use project on the outskirts of Romania’s capital city, Bucharest.The unnamed project includes 1,400 residential units (of which 40 percent are condos and apartments while the rest are single-family homes), a school and retail space, as well as parking, municipal buildings and outdoor space. This is DMR’s first project in Romania, though it has completed various design work for companies in China, Nigeria and throughout the Middle East.The developer, Talisker, had seen some of DMR’s projects and contacted the firm to help…

By Anuradha Kher, Online news Editor New York–Real estate developer Gotham Organization has just launched a rooftop summer music series. On May 5th, Gotham’s Open A.I.R: Artist In Residence concert series debuted with a performance by Crush Management and Interscope recording artist Charlotte Sometimes on the rooftop terrace of the 48-story Atlas, located at West 38th Street and 6th Avenue. David Picket, president of the fourth-generation Gotham Organization, is broadening the focus of the 90-year-old development and construction company to bring high design, music and culture to Manhattan living.  “We create environments that are as much about design, entertainment and culture…

Ventura County, Calif.–IMT Capital LLC recently purchased Townhomes of Westlake Village, a 253-unit townhouse and apartment property in Ventura County, Calif., from Wilshire Equities for $68.5 million in cash. IMT will invest an additional $3 million in upgrades for the property, which is located on more than 13 acres at 603 Hampshire Rd. in Westlake Village. The acquisition is the latest in a series of investments by IMT Capital in the Southern California multifamily market.“Townhomes of Westlake Village is an excellent example of our fundamental value-add strategy, says Cory Thabit, managing director of IMT Capital. “The asset presents us with…

By Anuradha Kher, Online News EditorPasadena, Calif.–Evergreen has named Kay Hutchison (pictured) the president of Evergreen Real Property Management LLC, a new entity managing 35 current properties and future acquisitions for Evergreen Realty Group.“The new company has been established because we want to control all our properties,” Bill Kugler, national sales director of Evergreen, tells MHN. “With property management, the rubber meets the road for us. If you don’t manage your own properties, you have to rely on others.”Luke V. McCarthy, CEO of Evergreen Realty Group, says, “We are adding new types of real estate securities offerings to our main…

By Erika Schnitzer, Associate EditorWestchester, N.Y.–Following a growing trend, Valhalla, N.Y.-based Ginsburg Development Cos., a developer of residential and mixed-use communities, has included museum-quality artwork in many of its new projects, including Knickerbocker Lofts in New Rochelle, N.Y., Riverwatch in Yonkers, N.Y.  and The Harbors at Haverstraw, Haverstraw, N.Y.“People are becoming more sophisticated. We live with so much visual influence and people have higher expectations,” says Susan Newman, a partner at Knickerbocker New Rochelle LLC, a partnership between New York’s Urban Green Builders and Ginsburg Development Cos., and curator of the collections at Knickerbocker Lofts and Riverwatch. “The trend will…

Washington, D.C.– Fannie Mae–the largest U.S. home purchaser–announced a $2.19 billion first-quarter loss Tuesday, The Wall Street Journal reports.A year ago, its profit was $961 million. The company plans to reduce its dividend and obtain $6 billion in capital.In 2008, Fannie Mae forecasts home prices will drop 7 to 9 percent nationally and the overall market will be in a state of “severe weakness.”

New York–U.S. home price declines can be linked to the high foreclosure rate, and the country needs a joint government and private-sector approach to correct the housing slump, Federal Reserve Chairman Ben Bernanke said Monday.Speaking to the Columbia School of Business in New York, Bernanke used a set of maps that illustrated delinquency rates, job reductions and home price fluctuations, CNNMoney.com reports.”Realistic public- and private-sector policies must take into account the fact that traditional foreclosure avoidance strategies may not always work well in the current environment,” Bernanke said.Compared to a year ago, foreclosures rose 112 percent in the first three…