Search Results for: "hovnanian enterprises"

RED BANK: COUNCIL DROPS REVERSE APPEALS

red bank nj oceanfirst hqThe OceanFirst Bank headquarters was the subject of a reverse appeal case settled Wednesday. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

hot topic red bank njBombarded by criticism from the business community, the Red Bank council on Wednesday dropped a plan to pursue a new round of  “reverse appeals” against commercial properties it believed to be undertaxed.

But first, the council approved the settlement of an older reverse appeal that will boost the taxable value of a downtown building by 69 percent over three years. And battles over cases filed in 2018 continue.

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RED BANK: TOWNHOMES PLANNED, AGAIN

red bank denholtz southbank 16-22 west front stAn architect’s drawing of the townhomes proposed for Boat Club Court. (Rendering by Rotwein+Blake. Click to enlarge.)

By JOHN T. WARD

hot topic red bank njFifteen years after approvals were granted for a Red Bank townhouse project that never got built, a third builder is taking a shot at a tucked-away plot overlooking the Navesink River.

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RED BANK: COFFEE CORRAL PLAN OK’D

An exhibit used in the Coffee Corral hearing illustrates the placement of the new building, which would on Shrewsbury Avenue at the corner of Drs. James Parker Boulevard. The existing shop would be used for roasting beans. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

Red Bank’s Coffee Corral won approval for an ambitious West Side building plan Monday.

The borough planning board gave a unanimous OK for owners Courtlyn Crosson and her father, business founder Russ Crosson, to transform vacant land at the corner of Shrewsbury Avenue and Drs. James Parker Boulevard into a new home for the coffee shop, plus an adjoining restaurant.

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RED BANK: HOVNANIAN SELLING HOME OFFICE

Hovnanian’s headquarters in Red Bank, as seen from Maple Cove at the foot of Maple Avenue. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

[This post has been updated with comments from Mayor Pasquale Menna.]

Eleven years after moving in, dramatically shrunken homebuilder Hovnanian Enterprises is selling its gleaming Red Bank headquarters and moving to Matawan, redbankgreen has learned.

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RED BANK: HOVNANIAN NEARLY BREAKS EVEN

hovanian hq 071715Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

After a $16.2-million net loss in the year-prior period, Red Bank-based home builder Hovnanian Enterprises just about broke even in its first fiscal quarter of 2017.

The company reported a net loss of $100,000 on a 4.1-percent drop in revenue for the period in results posted Wednesday.

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RED BANK: PLAN PANNED FOR LOOKS, PARKING

An architect’s depiction of the Element, as seen from the north side side of West Front Street. (Rendering by Rotwein + Blake. Click to enlarge)

By JOHN T. WARD

A new round of hearings on the Element, a proposed 35-unit apartment building in downtown Red Bank, began Wednesday night with concerns raised about parking adequacy and aesthetics.

Mayor Pasquale Menna called the appearance of the structure “bulky and not very inviting,” while several residents challenged a traffic consultant’s claim that the project’s on-site parking was sufficient.

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RED BANK: BUILDER PRESERVES OLD HOME

219 e bergen 042716The newly restored structure at 219 East Bergen Place is believed to date back to 1874, says its new owner. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

WhatsGoingOnHereAn investment by a business owner has secured a future for another one of Red Bank’s older homes.

Mike Villane, owner of Lead Dog Custom Homes, recently completed a gut-job renovation of 219 East Bergen Place, where his young business is now headquartered.

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RED BANK: HOVNANIAN ‘DELEVERAGING’ BOOKS

hov-hq-8-12-06Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Red Bank-based Hovnanian Enterprises‘ departure from the Minnesota market contributed to a $16.2 million net loss in its first fiscal quarter, the company reported Wednesday.

The company tied the loss to $11.7 million of land-related charges, primarily related to assets in Minnesota, which it said it is exiting. The result compares to a net loss of $14.4 million, including $2.2 million of land-related charges, in the first quarter of the previous year, the company reported.

The exit from Minnesota is part of a broader strategy of “deleveraging,” or reducing debt, by leaving select markets, CEO Ara Hovnanian said in a prepared statement.

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RED BANK: HOV LOSSES EXTENDED

hovanian hq 071715Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Red Bank-based homebuilder Hovnanian Enterprises posted a net loss of $7.7 million in its third fiscal quarter, the company reported Wednesday.

In the current fiscal year, which began November 1, the company has posted net losses of $41.6 million, compared to a loss of $15.3 million in the first nine months of fiscal 2014, Hov reported.

As he did after the second-quarter results were released in June, president and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results. But better days lie ahead, he said.

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RED BANK: HOVNANIAN POSTS $19.6M LOSS

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Hovnanian Enterprises posted a net loss of $19.6 million in its second fiscal quarter, more than doubling the $7.9 million loss in the comparable 2014 period, the Red Bank-based homebuilder reported Tuesday.

In the current fiscal year, which began November 1, the company has racked up net losses of $33.9 million, compared to a loss of $32.4 million in the first half of fiscal 2014, Hov reported.

President and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results.

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RED BANK: RIVERFRONT REC CENTER PROPOSED

red bank harbor 1 041515Renderings of the proposed Red Bank Harbor plan filed with the borough government on Wednesday. The horseshoe-shaped borough marina is in the foreground above. (Drawings by S.O.M.E. Architects. Click to enlarge.)

By JOHN T. WARD

red bank harbor 2 041515Vastly eclipsing the concept of a mere dog run, a startup development firm has proposed the creation of a privately funded, $3.5 million recreation facility on the site of Red Bank’s borough-owned red clay tennis courts in Marine Park, redbankgreen has learned.

Dubbed Red Bank Harbor, the plan drafted by Jetsun Enterprises and filed at borough hall on Wednesday calls for the creation of an enclosed visitors’ center along with an 18-hole miniature golf course, a synthetic ice rink, a boathouse for rental of paddleboats and kayaks, and a concession stand in the park, which fronts on the Navesink River.

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RED BANK: HOMEBUILDER’S NET DOUBLES

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Hovnanian Enterprises posted net earnings of $17.1 million in its third fiscal quarter, more than doubling the $8.5 million net in the comparable 2013 period, the Red Bank-based homebuilder reported Thursday.

Citing “the early stages of a recovery” for the housing industry, and “assuming no change in current market conditions,” the compaany expects to wrap up the year with a profit, president and CEO Ara Hovnanian said in a statement.

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RED BANK: HOMEBUILDER POSTS LOSS

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Hovnanian Enterprises delivered fewer homes and a net loss in its latest fiscal quarter, the Red Bank-based homebuilder reported Wednesday.

The second quarter saw a net loss of $7.9 million in the three months ended April 30, compared with net income of $1.3 million in the prior-year second quarter, which included $2.6 million of federal and state tax benefits.

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RED BANK: BURNHAM STILL FIERCE ON COVE

rb parking 041713The parking lot at Maple Cove, as viewed from the library property on West Front Street. Below, Councilwoman-elect Cindy Burnham with borough Administrator Stanley Sickels at a recent fire department event. (Click to enlarge)

By JOHN T. WARD

sickels burnham 120313Cindy Burnham may have broken the Democratic lock on Red Bank’s council, but she hasn’t abandoned the pet cause that got her there, or her style of defending it.

At several borough council meetings since winning election in November, Councilwoman-elect Burnham has stood at the commenters’ microphone and sparred with nearly all of her future colleagues on the governing body over the fate and history of Maple Cove, the town’s sole public Navesink River access. Burham is widely credited with having saved the site, at the north end of Maple Avenue, from possible development.

As she has for years, Burnham insists that the incumbents secretly want to sell the property to Hovnanian Enterprises, which owns abutting real estate. The latest evidence of the council’s intent, Burnham says, is the administration’s scheduling of a public forum on Monday, December 30, over whether to remove the site and another one at the public library from the town’s Recreation and Open Space Inventory, or ROSI.

One by one, as they have in the past, the Democrats insisted they do not, and – despite her repeated claims to the contrary – never have had plans to sell the site.

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RED BANK: HOV POSTS STRONG RESULTS

hov-hq-090511Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Red Bank-based homebuilder Hovnanian Enterprises reported strong growth in revenue and earnings Thursday.

Revenue rose 21.5 percent in the fourth quarter, to $591.7 million, driving net income for the period to $32.8 million, after a loss of $84.4 million i the year-prior period. At 59 cents per share, the earnings “handily beat analysts’ expectations” of 17 cents per share, the Motley Fool reported.

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HOV POSTS SECOND CONSECUTIVE PROFIT

Hovnanian’s headquarters, on Maple Avenue in Red Bank. (File photo. Click to enlarge)

After going one-for-22, Red Bank-based national homebuilder Hovnanian Enterprises racked up a second consecutive net gain in its most recent fiscal quarter, the company announced Thursday.

In posting a profit of $34.7 million in the quarter ended July 31, compared with a prior-year loss of $50.9 million, Hovnanian “recorded double-digit revenue growth and a jump in contracts, the latest sign of improvement in the housing market,” the Wall Street Journal reports.

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HOV STUNNER: A PROFIT

Hov_hq_81206Hovnanian’s Red Bank HQ, as seen from the foot of Maple Avenue.

Hovnanian Enterprises surprised Wall Street with news Wednesday that it’s most recent fiscal quarter was a profitable one.

Bloomberg reports that the Red Bank-based homebuilder’s net profit of $1.8 million, on a 52-percent surge in sales, was “unexpected.”

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SAWTOOTH ADDS CREATIVE BITE TO RED BANK

Sawtooth Group principals Kristie Bridges and Jay Quilty in the firm’s new third-floor space at Corporate Plaza before the move-in last weekend. (Click to enlarge)

By JOHN T. WARD

Red Bank got a double-barreled economic and creative infusion with the opening of Sawtooth Group‘s new headquarters in long-vacant space on West Front Street Monday.

Local officials and merchants expect the ad agency’s wholesale move of 60 employees from Woodbridge to the five-year-old Corporate Plaza complex, at the corner of Pearl Street, will give a jolt to downtown restaurants and stores.

But firm principal Kristie Bridges, of Rumson, tells redbankgreen there’s a third way in which Sawtooth hopes to make its presence felt: through volunteerism.

“We always wanted to be in a culturally rich town, with a sense of community,” she said. “We really feel we could get involved here and be inspired here.”

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