Category Archives: Uncategorized

GlobeSt.Com: More than 75,000 SF Leased at Headquarters Plaza

Posted on May 23, 2012 | Leave a comment

May 22, 2012,  By Antoinette Martin

MORRISTOWN, NJ–First quarter leasing was energetic at Headquarters Plaza in downtown Morristown, with more than 75,000 square feet taken in the first quarter of 2012, according to Cushman & Wakefield of New Jersey, exclusive broker for the Morris County complex.

Nine companies signed, renewed or expanded leases at Headquarters Plaza in the past four months. The complex, an Olnick-Fisher joint venture, had recently undergone a multi-million dollar capital improvement program. A 41,000-square-foot fitness center, a massage and facial spa, and a wellness facility offering a variety of treatments and services were among additions made to the property..

The office building is located near the center of Morristown’s pedestrian-friendly downtown, near its train station and across from its historic green. Tenants include investment and accounting firms, law offices, staffing companies and other business: Graham Curtin, Jones Trading, Morristown Capital, Telemanagement (TM Forum), Walsh & Borresen, Insight Global, Global Knowledge, and Gilford Securities.

“Corporate users continue to be drawn to Headquarters Plaza’s comprehensive onsite amenities and services and vibrant downtown environment which are key attributes when recruiting and retaining employees today,” says Robert Donnelly, Jr., of Cushman & Wakefield, which is handling leasing for Fisher Development and the Olnick Organization, the original developers and joint-venture partners.

“In addition to the all-under-one roof approach at Headquarters Plaza, the complex benefits from an ideal location in the Morris County seat which is home to the County court system and government buildings and services.  It’s also minutes from the many social and entertainment opportunities that have long made Morristown a popular destination for area residents and professionals,” Donnelly adds.

Over the past decade, a number of developers have concentrated on redeveloping the downtown area and brought an influx of upscale restaurants, shops, and luxury residences which in turn is drawing office tenants, he noted.

Headquarters Plaza offers more than 700,000 square feet of commercial, office and retail space and includes the 256-room Hyatt Morristown Hotel and Conference Center. Its onsite amenities include restaurants, a daycare center, a ten- screen Clearview cinema, Hertz rental car service and a parking garage with 3,500 covered spaces.  Chapman Concierge, a full-time corporate concierge, caters to both business and personal requests for tenants and employees,

Available build-to-suit suites at Headquarters Plaza range from 2,000 to 49,500 square feet.

Read the full story here.

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US builder confidence at highest level in 5 years

Posted on May 15, 2012 | Leave a comment

By CHRISTOPHER S. RUGABER | Associated Press

WASHINGTON (AP) — Confidence among U.S. builders rose to the highest level in five years in May, a hopeful sign that modest improvement in the housing market will pick up.

The National Association of Home Builders/Wells Fargo builder sentiment index rose to 29 in May. That’s the highest reading since May 2007 and up from a downwardly revised reading of 24 in April.

The index rose for six straight months before falling in April.

Still, any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached hit that level since April 2006, the peak of the housing boom.

Homebuilders reported improving sales and higher traffic from prospective buyers. A gauge measuring confidence in sales over the next six months also rose, to 34 from 31.

The improved outlook follows other recent signs that the depressed housing market is slowly improving.

In March, builders requested the highest number of permits to build new homes and apartments in 3 ½ years. And the number of people who signed contracts to buy homes rose in March to the highest level in nearly two years.

Mortgage rates have fallen to record lows and hiring has picked up, making it easier for more Americans to buy homes. Still, many would-be buyers are having difficulty qualifying for home loans or can’t afford larger down payments required by banks.

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US Government Home Price Index Posts First Annual Gain Since 2007

Posted on April 25, 2012 | Leave a comment

 

 

By Alan Zibel and Jeffrey Sparshot/Dow Jones Newswires

WASHINGTON – U.S. home prices posted their first annual gain since the housing bust, a sign that the market has hit bottom, according to a government home price index released Tuesday.

Home prices were up 0.4% in February from a year earlier, the first time the index has gained on a year-over-year basis since July 2007, the Federal Housing Finance Agency said. Compared with a month earlier, February’s index rose 0.3% on a seasonally adjusted basis.

The nation’s housing market, however, is far from a robust rebound. The index is 19.4% below its peak in April 2007 and around the same level as in January 2004.

Prices in January, meanwhile, were down 0.5% from a month earlier. The previous index had said prices were flat that month.

February’s index value was 182.5. A reading of 100 is equal to the price of homes in January 1991.

The FHFA’s index is calculated by using the prices of houses purchased with mortgages backed by government-controlled mortgage companies Fannie Mae (FNMA) and Freddie Mac (FMCC).   CONTINUE READING >>>

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Report signals start of broad-based housing recovery

Posted on April 18, 2012 | Leave a comment

By June Fletcher, Yahoo! Real Estate

Could it be that housing has emerged from its funk?

While some hard-hit markets still lag, overall, a number of key indicators are pointing in that direction and could confirm “the beginning of a broad-based housing recovery,” according to the latest report from Realtor.com. “We’re seeing some hope,” says Steve Berkowitz, the company’s chief executive officer, adding that in general, close-in suburbs are recovering faster than the outlying ones. The report looked at data from March 2012 and compared it with a year earlier.

Signaling the more optimistic outlook, median list prices for resale homes jumped about 5.6% to $189,900 from a year before. (Sales prices of existing homes eased up 0.3% in February to an estimated $156,600 from a year earlier, according to the latest statistics from the National Association of Realtors.)

In the 146 markets Realtor.com surveyed, listing prices were up 1% year over year in 111 metropolitan statistical areas and 5% or more in 70 cities. The biggest listing price increases happened in two places that had been hard-hit by the foreclosure crisis, Phoenix and Miami. The report suggests that because asking prices have risen, these two cities, as well as Boise City, Idaho, and Punta Gorda, Fla., “appear to be in the recovery process.”

Listing prices were flat in 18 markets and fell more than 1% in 17 markets. Only two cities, Chicago and Knoxville, Tenn., experienced a drop of 5% or more. The report says that the shift shows a change in the nation’s housing problems “away from the sand states and into older, more industrialized areas” that have been slammed by the recent recession.

When it comes to days on the market, there’s more good news for sellers. The median time on the market was 89 days in March, roughly a 19.8% decline from the same month a year earlier. It’s a remarkable turnaround: In March 2010, the median age of for-sale inventory was up about 26.1% from the year before. Homes sold in fewer than 50 days in Denver; Washington, D.C.; and Iowa City, Iowa, as well as the California cities of Oakland, Fresno, Bakersfield and San Francisco. They took longer than 150 days in rural areas in southern South Carolina as well as Asheville, N.C.; Santa Fe, N.M.; and Myrtle Beach, S.C.

Shrinking supply also has a lot to do with consumers’ more upbeat attitudes, the report noted. Nationwide, inventory levels of resale homes, which include single-family, condos, townhouses and coops, fell about 21.5% from the year before, which the report says is a sign that the market is in a stronger position than it was this time last year. Some of the country’s most distressed markets have seen inventory declines greater than 38%, including Oakland, Bakersfield and Fresno in California and Miami, Fort Lauderdale and Orlando in Florida. Atlanta, Seattle, Phoenix and Portland, Ore., also showed steep declines. Only Philadelphia and Hartford, Conn., showed bump ups in inventory levels, and the increases were slight.

However, the so-called “shadow inventory” of homes that are heading for foreclosure or already reclaimed by lenders remains a wild card that could dampen the recovery’s momentum. Santa Ana, Calif.-based research firm CoreLogic estimates that the shadow inventory is about 1.6 million units, which would take about six months to clear at the current sales rate. But some economists think that estimate is too low. Ed Sullivan, chief economist for the Portland Cement Association, says that bank processing delays are masking the true extent of the shadow inventory and expects that it will take nearly nine months to burn it off. “It will slow things down, but not stop the recovery,” he says.

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US homebuilder outlook unchanged near 4-year high

Posted on March 20, 2012 | Leave a comment

US homebuilder sentiment unchanged in March but future outlook improving ahead of spring

 By Derek Kravitz, AP Real Estate Writer | Associated Press

WASHINGTON (AP) — Homebuilders’ feelings about the current housing market haven’t changed from February. But many are growing more optimistic that sales could pick up in the coming months.

The National Association of Home Builders/Wells Fargo said Monday that its builder sentiment index stayed at 28, the highest level since June 2007. The flat reading followed five straight increases.

Builders expressed more confidence in sales over the next six months. A separate gauge measuring that outlook rose in March for the sixth straight month, from 34 to 36.

Even with the brighter outlook, the industry has a long way to go. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.

A key reason homebuilders are more optimistic is that they have seen more people express interest in buying a home. And growing interest has occurred alongside other improvements that suggest the troubled housing market could pick up after four weak years.  Continue Reading >>>

 

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Homebuilder optimism rises for 5th straight month

Posted on February 17, 2012 | Leave a comment

In this Feb. 13, 2012 photo, a builder works on a new single-family home in North Andover, Mass. U.S. homebuilders are gradually growing more optimistic about the depressed housing market and believe homes sales could pick up sharply at the beginning of 2012. (AP Photo/Elise Amendola)

 via Derek Kravitz, AP Real Estate Writer/  Yahoo Finance WASHINGTON (AP) — U.S. homebuilders are gradually growing more optimistic about the depressed housing market and believe homes sales could pick up sharply when the spring buying season begins.

The National Association of Home Builders/Wells Fargo said Wednesday that its builder sentiment index rose for a fifth straight month in February to 29, up from 25 in January. The index has climbed 15 points since September and is now at its highest level since May 2007.

Builders have generally become more hopeful during that stretch about current sales, sales six months out and foot traffic, the report shows.

Even with the brighter outlook, the industry has a long way to go. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.

A key reason homebuilders are more optimistic is they are seeing more people express interest in buying a home. And rising interest has occurred alongside other improvements that suggest the troubled housing market could pick up after four weak years. READ MORE >>>

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Another Bklyn condo project goes rental

Posted on January 31, 2012 | Leave a comment

Despite some signs of more demand from buyers for high-end housing, a new owner opts for the safer route of leasing units.

via Crains New York

Despite signs that the market for residential condominiums in Brooklyn may be regaining its feet, one owner is having none of it.

The new owner of 75 Clinton St. in Brooklyn Heights, a property that was originally planned as a 74-unit condo conversion, will instead bring it to market early next month as a rental, according to Angela Ferrara, vice president of sales for The Marketing Directors, which was retained as the project’s exclusive marketing firm.

The news comes just a week after Invesco, a Dallas-based investment firm, closed on the purchase of the building for an undisclosed price and named Milestone Management the property’s manager. It was that firm that then tapped Marketing Directors.

Just last month Invesco paid a reported $57.5 million for a 95-unit residential building called Arias Park Slope in that eponymous Brooklyn neighborhood. That property too had been conceived as a condo, but had recently been successfully re-positioned as a rental with Marketing Directors as the agent there, as well.

“75 Clinton was built as a condo so the level of finishes is amazing,” said Ms. Ferrara, adding her firm’s experience with the Arias, which it leased up in under five months, would seem to bode well for the property in Brooklyn Heights. “Renters will be getting multi-million dollar homes for far less than they would have paid if they bought it.”

Rents will range from $2,800 a month to $7,000 a month, depending on the size of the apartment. The nine-story building, which features a view of the Brooklyn Bridge above the fifth floor, has studios to three bedroom apartments.

The penthouses with 957 square feet outdoor space will go for around $8,000 a month. According to Streeteasy.com, studios were being sold for a minimum of $435,000 and two bedrooms were being sold for as much as $1.3 million. The original developer of the conversion was Marshall Weisman, according to published reports.

While apartments were being marketed by The Corcoran Group a few years ago while the project was underway, the condo plan was never declared effective, according to Ms. Ferrara.

“The rental market is booming,” she said, adding that while rentals in Brooklyn especially prime areas like Brooklyn Heights are attractive because it is still cheaper than Manhattan, where rents of $70 to $80 per square foot. For instance, rents at 75 Clinton St. range from $50 to $60 per square foot.

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Home sales at 11-month high

Posted on January 20, 2012 | Leave a comment

via Lucia Mutikani/REUTERS

WASHINGTON (Reuters) – Sales of previously owned homes rose to an 11-month high in December and the supply of properties on the market tumbled to a near 7-year low, pointing to a nascent recovery in the housing market.

The National Association of Realtors said on Friday existing home sales increased 5 percent month over month to an annual rate of 4.61 million units.

November’s sales pace was revised down to a 4.39 million-unit pace, previously reported as a 4.42 million-unit rate.

Economists polled by Reuters had expected sales to rise to a 4.65 million-unit sales pace. Sales in December were up 3.6 percent from a year ago. A total of 4.26 million homes were sold in 2011, up 1.7 percent from the prior year.

“A sector of the economy that has been a large weight on growth has started to stabilize over the last few months and we will continue to look for momentum in 2012,” said John Doyle, currency strategist at Tempus Consulting in Washington.

The third straight month of gains in sales added to hopes that a tentative recovery in the housing market was starting to take shape, but progress will be painfully slow given a glut of unsold properties that is weighing down on prices.

Data this week showed single-family home starts rose for a third straight month in December and optimism among builders this month was the highest in four-and-a-half years.

But the sector, responsible for the 2007-09 recession, remains challenged by an oversupply of homes amid an 8.5 percent unemployment rate. In addition, declining prices have left many Americans with homes that are worth less than their mortgages.

But there are tentative signs of improvement. There were 2.38 million unsold homes on the market last month, the fewest since March 2005. That represented a 6.2 months’ supply at December’s sales pace, the lowest since April 2006, and compared to 7.2 months’ supply in November.

However, the inventory of unsold homes tends to decline in winter. A supply of 6 months is generally considered as ideal and anything above indicates further declines in house prices. The median sales price fell 2.5 percent to $164,500 from a year ago.

Sales last month rose across all four regions, with gains in both the multifamily home and single-family home segments.

Single family home sales rose 4.6 percent, while multi-family dwellings advanced 8.7 percent.

But the road to recovery will be bumpy. Distressed properties, foreclosures and short sales which typically occur at deep discounts, accounted for 32 percent of overall sales last month, little changed from November.

A third of pending existing home sales contracts were canceled, the NAR said.

 

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Twenty50 Rental Breaks Ground in Fort Lee

Posted on December 27, 2011 | Leave a comment

via GLOBE ST/Debra Hazel

The 12-story $70 million building is located at 2050 Central Rd.

FORT LEE, NJ–The recent groundbreaking of Twenty50, the 194-unit luxury rental building at 2050 Central Road here, is the culmination of nine years of planning, says BNE Real Estate Group, the project’s developer.

The recession and resulting renewed appeal of rentals led BNE to reduce the size of the residences and double the number of units at the $70 million, 12-story building, says Jonathan Schwartz, senior vice president of BNE Real Estate Group. “It becomes like starting from scratch,” Schwartz tells GlobeSt.com.

Schwartz, other BNE executives and officials from Fort Lee, NJ participated in the groundbreaking of the project, located near the George Washington Bridge. Twenty50 is directly across the street from Fort Lee Historic Park, the New Jersey section of the Palisades Interstate Park, and a short walk from Fort Lee’s town center.

“We are very proud to be the host community for this type of development,” Mayor Mark Sokolich said at the groundbreaking. “Even in these tough economic times, we want to make Fort Lee a business-friendly environment. We want to make sure that our community is inviting to projects such as this.”

Designed by The Lessard Design Group, the building will offer a mix of one- and two-bedroom residences. Amenities will include a concierge, lobby with water wall, resident lounges, a café, Wi-Fi library/den, game rooms, fitness center and an outdoor pool.

First up in terms of construction is three months of blasting through bedrock to build the foundation. Thus far, all has gone according to schedule. “We did a lot of due diligence,” Schwartz notes.

Construction is scheduled to be complete by September, 2013. There are no concerns that the market pendulum will have swung back toward for-sale residences by then, Schwartz adds.

“Especially in Northern New Jersey, even in the worst of times, the apartment sector was very, very strong,” he says. “Even if things do turn to home buying again, there is still a strong demand for apartments.”

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CRYSTAL POINT ON JERSEY CITY WATERFRONT WOWS NEW YORK CITY REAL ESTATE BROKER

Posted on October 5, 2011 | Leave a comment

JERSEY CITY, N.J. – Sophine Hung, a real estate broker at Metropolitan Residential Partners in New York City, had never been to Jersey City, N.J. before. The 20-year real estate veteran had been selling upscale homes in highly-amenitized buildings in Westchester County and Manhattan for the past two decades, but New Jersey’s Hudson River “Gold Coast” was unfamiliar territory.

“For the last two years, I’ve been focused in Manhattan showing high-end homes from uptown to downtown,” Mrs. Hung says. “I never considered crossing the Hudson River into New Jersey’s for sale market before.”
Mrs. Hung had one client she’d established a strong relationship while showing condominium homes in some of New York City’s most popular neighborhoods.

“We looked at several buildings until one day my client realized most of the homes were outside their price range,” Mrs. Hung recalls. “They decided they wanted to look in New Jersey where they could get more home for the money so I referred them to one of our local brokers.”

Comfortable with Mrs. Hung, the client asked if they could continue working with her and if she would represent them as the buyers’ sales agent for a potential purchase at Crystal Point, the upscale, 42-story condominium building being developed by Fisher Development Associates directly on the Hudson River waterfront in downtown Jersey City, N.J. Mrs. Hung agreed and set off for her initial trip to the fast growing Hudson County City.

“When I first got off the PATH, I couldn’t believe how nice a neighborhood downtown Jersey City was,” she recalls. “The landscaping and tranquil greenery created a very relaxed, laid back atmosphere in an active downtown district with shops, services and more.”

Mrs. Hung then made the short walk from the PATH station to Crystal Point.
“As soon as I walked in I told my client this was the place for them,” Mrs. Hung says. “The apartment was spectacular, located on a high floor with incredible Manhattan views. The price couldn’t compare with any similar buildings in Manhattan. Crystal Point had everything they were looking for; upscale homes, five-star amenities and a sought after waterfront location.”

With more and more potential homebuyers realizing the New Jersey waterfront is an attractive alternative to New York City thanks to its well-priced homes, upscale urban environment and countless mass transportation options into Manhattan, Mrs. Hung is just one of several New York City brokers who have crossed the Hudson River to complete deals at Crystal Point, which is now more than 80% sold.

“Sales at Crystal Point have been driven by its widespread appeal to buyers not only in New Jersey, but also those in New York City who want more home for their money,” says Brian Fisher, President of Fisher Development Associates. “They realize here they can get the same luxurious designs, recreational amenities and a downtown waterfront location that rivals Manhattan’s trendy neighborhoods at extremely competitive prices.

“Add in the PATH trains which are available minutes away at both Exchange Place and Newport and make commuting to the business centers of New York City even quicker than some neighborhoods within the City and its clear why this building has become a desired destination.”

The finest selection of homes is now available at Crystal Point. Many condominiums in the current inventory offer all the attributes that have led Crystal Point to the most successful sales program in Hudson County in recent memory – value-packed pricing from the upper-$500,000s, unobstructed views of the ever changing Manhattan skyline and Hudson River, easy access to a host of world-class on-site amenities and a key location in close proximity to major public transportation,.

The lifestyle that separates Crystal Point can be found in its world class amenities, including an expansive outdoor deck of over ten thousand square feet overlooking the Hudson River on the building’s sixth-floor which features a sparkling pool, giant hot tub, private cabanas and lounge chair seating, as well as two BBQs and dining area, fire pit and a children’s play area.

Indoors, residents enjoy five-star amenities including the Crystal Spa with a thermal bath, sauna, steam and treatment rooms, a yoga/aerobics room, state-of-the-art fitness center, lounge with flat screen televisions, game room with billiard and poker tables, children’s play room and a screening room within the Crystal Club. There’s also a professional concierge on site and valet parking.

Homes at Crystal Point range from 800 to 1,586 square-feet and offer an array of premium finishes. Residents also benefit from free on-site parking. Homes are made even more attractive thanks to a 30-year tax abatement that has been granted to the building.

“Floor-to-ceiling windows drench the homes in natural light and many of the residences offer riverfront balconies,” notes Adrienne Albert, CEO of The Marketing Directors, Inc., the building’s marketing and exclusive sales agent.

“Kitchens boast Italian Pedini wood and glass cabinetry, sparkling quartzite counters, under-cabinet task lighting, full height pantries, islands with breakfast bars and a full Jenn-Air appliance suite. Each residence also has SMART home technology capabilities and a full-sized washer and dryer.”

Created by the renowned New York City architectural firm Gruzen Samton LLP, the distinctive design of the landmark Crystal Point building maximizes its unrivaled waterfront location and creates homes with modern, open and furnishable living areas.

“Unlike many high-rise developments which often seem cavernous with long hallways, we split the Crystal Point plan in half with elevators positioned in the middle of the residential floors to create short corridors and provide the building a very intimate feel,” says Jordan Gruzen (FAIA) of Gruzen Samton.

“We utilized multiple façade planes to break the building‘s mass up and ensure that every home had magnificent views. Each condominium was designed so from the moment the front door of each home is opened one is aware of the views and the light emanating from the water.

“The layouts of the homes themselves often create large square rooms and sprawling living spaces that are open, airy and extremely functional.”

The award-winning Crystal Point building has been recognized as the ULI-NNJ’s 2010 “Project of the Year” and last year received the Gold Award for “Community of the Year” from the National Association of Home Builders.

For additional information on Crystal Point, please call 201-433-7778 or visit www.crystalpointcondos.com.
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