Regions

By Anuradha Kher, Online News EditorNew York–Developer Steiner NYC has chosen GreenbergFarrow, an architectural, planning, engineering and development consulting firm based in New York, to design a warehouse-inspired condominium and townhouse project in Williamsburg, Brooklyn. GreenbergFarrow will transform the long-shuttered site of the Old Dutch Mustard Co.  into 80 Metropolitan, a six-story building with 114 lofts and nine three-story townhouses. “80 Metropolitan will incorporate many forward-looking design elements but will at the same time incorporate the character of the neighborhood, which was once dominated by factories and warehouses,” Navid Maqami, AIA, NCARB, LEED, principal of architecture at GreenbergFarrow, tells MHN.Located at…

Sydney–Australia’s housing market is rapidly declining, according to One News.Newly released figures indicate some homes have lost 40 percent of their value since the 2004 property boom high point. In Sydney’s surrounding area, some homeowners are seeing $450 a week fall off their property value.As a result, Australian Prime Minister Kevin Rudd plans to announce a plan Monday to help families battling with hard-to-pay mortgages.

Englewood Cliffs, N.J.–In the past three months, U.S. consumers have developed an extremely low perception of the economy and the stock and housing markets, according to a new CNBC Wealth in America study.Homeowners are expecting a small home value drop for the first time since Englewood Cliffs, N.J.-based CNBC began conducting the survey a year ago. In addition, 83 percent of Americans ranked the economy as fair or poor–an 11 percent rise since December’s poll.Only 20 percent of Americans feel their home price will go up in 2008, a reduction from 40 percent in 2007. Home prices are expected to…

Nevada–The U.S. foreclosure problem is concentrated in the West–but is growing across the entire country so quickly that the number of foreclosure proceedings filed each month often exceeds the number of homes sold in some areas, The New York Times reports.During January, 153,745 initial foreclosure notices were given out nationwide–and yet, just 43,000 new single-family homes were sold. according to Irvine, Calif.-based foreclosure listing source RealtyTrac.In the West, the number of home sales barely outpaced foreclosure issuings; Nevada particularly has a high amount of foreclosures, the Times said.

Washington, D.C.–Construction spending plummeted at the most severe rate in 14 years in January, the Commerce Department said Monday.Total construction spending fell by 1.7 percent–its fourth decline in a row–at a seasonally adjusted annual rate of $1.121 trillion, according to The Wall Street Journal. The government also adjusted its December spending results from an estimated 1.1 percent drop to 1.3 percent.In January, residential building spending declined 2.9 percent to $462.8 billion. Revised December data showed building fell by 2.5 percent; the original estimate was 2.7 percent.Residential construction was 19.4 percent lower in January than in January 2007. Nonresidential construction spending…

By Anuradha Kher, Online News EditorNew York–A 13-story, 66,530-sq.-ft. luxury residential tower, located at 110 Greenwich St., is on the market for sale through real estate investment services firms Eastern Consolidated based in New York and Marcus and Millichap based in Encino, Calif. The deadline for bids is March 5th at 3pm.Eastern Consolidated Senior Director Robert F. Ortiz and Senior Associate Paul J. Nigido are partnering with Senior Associates Michael Forrest and David Shorenstein of Marcus Millichap in the sale of the property, which could potentially be converted to a condominium, corporate residences, a hotel or offices.“Apart from the conversion…

Gainesville, Fla.–Fore Property Co., a real estate developer, builder and manager based in Washington D.C., has begun construction at Marta at Magnolia Park, a 204-unit luxury apartment community in Gainesville, Fla.Located east of Interstate 75, in northern Gainesville, at NW 39th Ave. and NW 51St St., the new luxury community is being developed on a 19.14-acre lot.Marta at Magnolia Park will consist of one- and two-bedroom apartments, which will range in size from approximately 805 sq. ft. to 1,210 sq. ft. Prices will range from $960 to $1,210.Each apartment will include nine-ft. ceilings with crown molding, intrusion alarm, washer and…

By Anuradha Kher, Online News EditorPune, INDIA–Yoo by Starck, a global design-focused real estate development company, is entering the Indian market with a $400 million condominium project spread over 21 acres in Pune, a city situated few hours from Mumbai in the western state of Maharashtra.Though Yoo is not releasing any information regarding the project in the U.S, the company held a press conference in Pune last week where it revealed plans for Yoo Pune, a 400-unit project to be designed by architect and designer John Hitchcox and built in collaboration with Pune-based developer, Panchshil Realty.Yoo Pune will feature condos…

By Anuradha Kher, Online News Editor New York–Phoenix Realty Group, a New York-based real estate fund manager, is acquiring and renovating 15 affordable housing buildings with 362 units, located in the Bedford-Stuyvesant neighborhood of Brooklyn, for $96 million.All the apartments will be preserved as affordable housing, and 95 percent of them will be subsidized with long-term Section 8 contracts from the U.S. Department of Housing and Urban Development (HUD).“These projects are very important within the community and have a huge impact on the neighborhood,” Ron Orgel, Phoenix Realty Group (PRG) managing director, tells MHN. “We believe that the preservation of affordable…

Washington, D.C.–The Office of Federal Housing Enterprise Oversight (OFHEO) announced recently that it would allow Fannie Mae and Freddie Mac to purchase and hold more home loans in their portfolios. While this is a step forward in helping ease the mortgage credit crunch, more needs to be done, the National Home Builders Association (NAHB) said in a statement. “We applaud OFHEO for taking this step to help inject more liquidity into the mortgage markets by giving Fannie Mae and Freddie Mac added flexibility to invest in the housing market,” says Jerry Howard, executive vice president and CEO of NAHB. “However, OFHEO,…