Northeast
INSIDE THE DEAL: Beech Street Capital provides $1.6M Fannie Mae Permanent Loan
Beech Street Capital, LLC provided a $1.6 million fixed-rate loan for the refinance of Steven’s Walk Apartments. The transaction was originated by Beech Street Capital under the Fannie Mae DUS Small Loan program.
Sales Reach 40 Percent Sales Mark at Jersey City Condo
Jersey City, N.J.—The Saffron, a luxury condominium located in downtown Jersey City, has reached a mark of just under 40 percent of total units sold. The Saffron contains 76 condominiums, and is located two blocks from the Grove St. PATH station. The developer, Fields Development Group, held an auction at the property last November, which resulted in the eventual sale of nine units. After that, sales were suspended until late December, as a new marketing plan was initiated, says James Caulfield, Jr., a principal of Fields Development Group. Apartment sales since the December re-opening have averaged about six a month,…
Woodfield Investments’ Apt. Communities One of First to Go Live on ApartmentGrade.com
The apartment community ratings site
Apartment Firms Cut Discretionary Technology Spend, But Boost Outsourcing Dollars, Survey Finds
Washingon, D.C.—Apartment firms have changed their IT spending habits in recent years, cutting spending on discretionary information technology (IT) projects, according to a just-released survey from the National Multi-Housing Council. The report, an update of a similar survey done in 2008, examines three aspects of IT spending: IT outsourcing (contracting with an outside firm to handle IT or a particular IT task); IT consultant spending (hiring an outside IT professional rather than using staffers); and discretionary spending on revenue- increasing IT investments, such as document management systems and lead tracking/lead management systems. The survey found that spending on discretionary projects…
Threat of A Doormen Strike Threatens Looms Over New York’s Apartment Owners
There is a chance that at midnight tomorrow, thousands of doormen, concierges and handymen working in New York’s buildings could go on strike.
Multifamily Construction Spikes in March
The U.S. Department of Commerce reported on Friday that housing construction bumped upward more than expected in March, driven in particular by multifamily development.
INVESTMENT: Eastern Consolidates Tapped to Exclusively Market Coop Buildings at Asking Price of $7.65M
A portfolio of 43 occupied cooperative apartments, 34 of which are located at the Towers at Water’s Edge luxury co-op community in Bayside, Queens, N.Y.; six in two elevator buildings in Jackson Heights and Forest Hills, N.Y.; and three in Manhattan’s historic Gramercy Park neighborhood, is on the market for sale at an asking price of $7.65 million.
Marc D. Schnitzer CEO and President of Centerline Resigns to Join Island Capital Group
Marc D. Schnitzer, CEO and president of Centerline will resign from all his roles at the company to join an affiliate of Island Capital Group LLC.
New Jersey’s First LEED-Gold Certified Affordable Project Will Incorporate Solar, Wind Energy
The Walters Group has finished construction
Manhattan Multifamily Sales Volume Spikes in 1Q10
he dollar sales volume of multifamily properties in Manhattan more than doubled in the first quarter