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The Property Exchange
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Business New Haven
2/3/2003
By: BNH
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NEWS
N.E. Construction Outlook Improves
TEMPE, Az. - Construction industry executives in the six New England states foresee an improved construction climate in 2003, according to the annual forecast from CIT Group Inc. The forecast's key benchmark - the Optimism Quotient (OQ) - rose 15 points for the region, a 22-percent improvement over the year before.
Nationally, “The New England region experienced the biggest improvement in optimism this year,” said Tom Vasilakos, CIT's senior vice president for the Northeast region. “More than one-third of contractors in the region expect activity to increase [in 2003], slightly above the national average of 31 percent. About 40 percent of contractors predicting more activity [this] year cited an improving economy as the primary reason for their optimism. On the other hand, distributors were less optimist for an upswing than the national average.”
Wm. Orange Hails Brokers
ORANGE - William Orange Realty has announced its top producers for 2002. Wayne Hugendubel was named Top Listing Realtor for the tenth year running. He also achieved Realtor with the Most Buyers recognition. Hugendubel holds the Certified Residential Specialist (CRS) and Accredited Buyer Broker Representation (ABR) designations. Also, Judy Cooper was named Top Producer. In addition to the CRS and ABR designations, Cooper is a Professional Standards Certified Specialist (PSCS) and Senior Real Estate Specialist (SRES).
Irwin Brokers Mortgage
NEW HAVEN - The Irwin Realty Group has arranged an $11.3 million mortgage for the renovation of thecoorperative housing complex known as University Towers, 100 York Street. The 42-year-old property is a 16-story building on 66,000 square feet housing 238 apartment units, 11,700 square feet of professional space, surface parking for 52 vehicles and a two-level parking garage accommodating 139 vehicles.
The new loan, at an interest rate of three percent floating over LIBOR, will allow the co-op to emerge from bankruptcy, pay off its current $4.1 million mortgage and rehabilitate existing fixtures.
Maretz Shines for Press
HAMDEN - Press/Cuozzo Realtors' Jane Maretz, CRS, has earned the Quarterly Achievement Award from the Greater New Haven Association of Realtors for outstanding sales in the fourth quarter of 2002. A multi-million-dollar producer since 1978, Maretz specializes in higher-end homes and new construction in Woodbridge and elsewhere in the region.
Pearce's Odenwaelder Earns ABRM
NEW HAVEN - H. Pearce Co. senior vice president and New Haven office manager Nelly Odenwaelder has been awarded the Accredited Buyer Representative Manager (ABRM) designation by the Real Estate Buyer's Agent Council. The requirements for this designation include three days of comprehensive coursework in buyer representation, two written examinations on the legal and practical aspects of client representation and demonstration of practical and oversight experience in the field of buyer representation.
SALES
Shelton Parcel To Be Preserved
SHELTON - A 106-acre parcel on East Village Road known as French's Farm was sold by the estate of Eleanor Cecarelli to the town of Shelton last month for $3.34 million. The parcel will become part of Mayor Mark Lauretti's initiative to expand the town's open space properties. Fred Maretz and Allene Goldman of Levey Miller Maretz were the listing and selling agents in the transaction.
Galvin Brokers Guilford Sale/Leaseback
GUILFORD - Reliance Realty Partner I has purchased a 63,000-square-foot industrial building at 351 New Whitfield Street for $2.1 million. The present owner, NAVTEC Inc., a manufacturer of rigging equipment for larger sailboats, has signed a long-term lease and will continue its operation in Guilford. NAVTEC has occupied the site for nine years. Joel Galvin of H. Pearce Co.'s North Haven industrial/commercial office represented both the seller and buyer.
Dixwell Ave. Bldg. Sold
NEW HAVEN - Milton Smirnoff has sold a multi-tenant commercial property at 206-208 Dixwell Avenue, New Haven, to Nizar Sidi. The 8,000-square-foot building closed for $250,000. Joel Nesson of Press/Cuozzo Realtors in Hamden represented the seller in the transaction and advised buyer Sidi.
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