Northeast
Developer and Workout Specialist Team Up in NYC
New York–Enough multifamily projects in the city were either caught unfinished or otherwise pummeled by the economic crisis beginning in 2008 that there’s now a specialized real estate business based on reviving these projects.
Two Harlem Condo Projects Revived
New York–The Lore and the Gateway, two condominium projects in Manhattan’s Harlem neighborhood that had been stalled because of problems with their financing, have been restructured and recapitalized
Fortress Funds to Purchase CW Financial Services
New York–Affiliates of certain Fortress managed funds have agreed to acquire CW Financial Services (CWCapital). Fortress has agreed to acquire CWCapital from majority shareholder Otéra US Holding Inc. Terms of the transaction were not disclosed but the CW Capital franchise includes a $183.6 billion servicing, special servicing and investment management portfolio. Closing of the transaction is expected during the third quarter subject to regulatory approvals and closing conditions. Beekman Advisors, Inc. served as advisor to CWCapital. Founded in 1972, CWCapital manages, invests in, originates, and advises on commercial and multifamily real estate debt products.
Waterfront Condos in Philly Go on Market at 40% Discount
Philadelphia–It’s a buyers’ market right now and these condos are selling for a huge discount.
USGBC Partners with Bank of America on New Green Neighborhoods Grant Program
Washington, D.C.–A committee consisting of industry leaders will select 10 to 12 projects from the group of program applicants.
Waterfront Condos in Philly Go on Market at 40% Discount
Philadelphia–It’s a buyers’ market right now and these condos are selling for a huge discount.
Jersey City Brownfield to be Green Multifamily/Retail Project
Jersey City, N.J.–The transit-oriented community will feature a New Jersey Transit pedestrian walkway.
American Community Survey Offers Fresh Data for Multifamily Industry
Washington, D.C.–The new way of collecting data represents an improvement for multifamily property owners and developers.
Malcolm Gladwell Speaks at Colliers International’s First Global Leadership Summit
York‑Colliers held its first annual Global Leadership Summit in Manhattan recently. The three-day meeting, which brought together clients and Colliers brokers from all over the world, concluded with a talk by best-selling author Malcolm Gladwell at the Jazz at Lincoln Center theater.
Home Buyer Tax Credit Program Expiration Weakens Pending Home Sales
Washington, D.C.–The June 30 closing deadline for first-time homebuyers forced a decline in pending home sales after having bolstered them for three consecutive months.