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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: 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: BIZ INCUBATOR SEEKS IDEAS

studio red bank 103015 2Studio Red Bank team members Gordon Forsyth, Erin Largey and Rob Arace. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

Got an idea for a business, but don’t know how to bring it to life?

Defined Logic, a Red Bank company that specializes in leveraging digital technology for large and medium-sized enterprises, recently launched an incubator to help Monmouth County residents test the viability of their dream businesses, even if they’re barely a gleam in the eye.

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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 FINANCIAL ADVISOR INDICTED

evan kochavEvan Kochav seen in a frame from a promotional video for Marcus Evans.  (Click to enlarge)

A financial consultant said to be have been based in Red Bank was indicted Tuesday on charges he stole more than $560,000 from investors.

The indictment of 33-year-old Jersey City resident Evan Kochav, handed down by a grand jury in Trenton on Tuesday, comes five months after the state Bureau of Securities slapped Kochav and his firm with a $2 million civil fine for defrauding investors.

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RED BANK FIRM SLAPPED WITH $2M FINE

HOT-TOPIC_02A financial consultant said to be have been based in Red Bank was fined $2 million after he defrauded investors and spent $100,000 of their funds on online gambling, football tickets, casino hotel rooms, dining, shopping and travel, law enforcement authorities announced Friday.

Evan Korchav, of Jersey City, and his firm, White Cedar Group, were also barred by the state Bureau of Securities from doing finance-related business in New Jersey acting state Attorney General John Hoffman said.

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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: 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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FAIR HAVEN: FEDS CHARGE $18 MILLION SCAM

just_in1The owner of an investment firm based in Fair Haven was arrested Monday on charges he ran an $18 million Ponzi scheme, federal authorities said.

Louis J. Spina, 56, formerly of Colts Neck, is alleged to have lost $8 million of that amount on stock trades and burned through the rest to pay his clients phony ‘returns,’ as well as for personal expenses, “including car purchases/payments, luxury apartment rental payments, and a $400,000 donation to a private university,” the office of United States Attorney Paul Fishman said in a prepared announcement.

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SANDY HOOK: GOT ANY IDEAS?

A committee is seeking proposals that might save three dozen structures at Fort Hancock. (Photos by John T. Ward. Click to enlarge)

By COLBY WILSON

With the future of 36 historic buildings in the Fort Hancock Historic Landmark District at Sandy Hook at stake, an advisory committee is asking the public for ideas for future uses of the properties.

The Fort Hancock 21st Century Advisory Committee, established by the Secretary of the Interior in 2012, met last Friday to discuss a Request for Expression of Interest (RFEI) to assess the possibility of saving deteriorated buildings that overlook the Sandy Hook Bay in the Gateway National Recreation Area.

The RFEI, issued by the National Park Service, invites individuals, government agencies, for profit and not-for-profit organizations to submit ideas for the re-use of the buildings in ways that benefit the community, maintain the serenity of Sandy Hook and preserve its rich history.

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RED BANK: SCAVONE TO LEAD RIVERCENTER

Jim Scavone, left, rockin’ promotional sunglasses at a Red Bank Flavour event last month with RiverCenter program director Amanda Lynn, center, and Visitors Center director Margaret Mass. (Click to enlarge)

By JOHN T. WARD

Red Bank RiverCenter kept it local, choosing interim director and borough resident Jim Scavone to lead the downtown promotion agency, the organization announced Tuesday night.

The selection of Scavone, who was RiverCenter’s operations manager prior to the April departure of Nancy Adams as executive director, marks a win for members of the search committee who urged their store-and-restaurant-owning colleagues to stick with in-house talent rather than bring in someone unfamiliar, people involved in the selection process told redbankgreen.

“The best man won,” said Tom Fishkin, RiverCenter’s vice chairman and owner of Readies Fine Foods on Broad Street.

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BANK TO DEPOSIT ITSELF ON BROAD STREET

OceanFirst Bank will take space in a building that’s been a supermarket, a five-and-dime and home to a number of financial services companies over its 92-year history. (Click to enlarge)

By DANIELLE TEPPER

Rcsm2_010508In recent decades, the white stone building at 73 Broad Street has been a home to many financial service companies: Provident Savings Bank, Prudential Securities, then Wachovia Securities, and most recently, Wells Fargo Bank.

The pattern resumes this spring with the expected arrival of OceanFirst Bank.

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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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WHERE’D THE LOVE GO?

The former home of Love Lane Tuxedos is one of downtown Red Bank’s most persistent large vacancies. (Click to enlarge)

By MIKE BARON

Where’s the love for the old Love Lane building?

The prominent storefront on West Front Street, with its distinctive retro signage, has remained stubbornly vacant for eight years, and the exterior is showing its age.

Now, amid  many signs of resurgence on the block, the address is starting to stand out as an eyesore, neighbors say.

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‘FLOATING’ DOWNTOWN OFFICE WAFTS TO OK

The addition will connect two existing buildings while permitting vehicles to pass underneath. (Click to enlarge)

By JOHN T. WARD

Framed by talk about its positive effects on lunchtime restaurant business, a plan for an office bridge between two downtown buildings won easy approval from the Red Bank zoning board Thursday night.

With no objectors present, the plan by property owner Downtown Investors drew a smattering of questions about window placement and parking, as well as praise by board members.

“I do want to say, another wonderful project by the Hermans,” said member Karen Waldmann, speaking of Downtown Investors principals Jay and Todd Herman.

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MORE RED INK FOR RED BANK HOMEBUILDER

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

Hovnanian Enterprise reported a $72.7 million loss as revenue fell in latest fiscal quarter. The deficit was worse than Wall Street analysts had anticipated, according to a Bloomberg News report in the New York Times.

The Red Bank-headquartered national homebuilding company reported that revenue fell 20 percent, to $255.1 million, from $318.6 million a year earlier, in the quarter ended April 30. Net orders dropped 17 percent.

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BOSS BUSTED FOR EMPLOYEE BENEFIT THEFTS

authorities2bMiddletown police say they arrested a township-based employer Tuesday for theft of his workers’ Individual Retirement Account benefits.

David Crosby, 56, of Murphy Road in the Port Monmouth section, was arrested at his home by police and agents of the United States Secret Service. They allege that Crosby,  owner of Crosby Site Work and Utility in Port Monmouth, knowingly withheld $17,000 in company contributions to his employee’s IRA funds.

From MTPD press release:

The Middletown Police Department was contacted by the New York Field Office of the United States Department of Labor who informed them of the complaints they had received from employees of the business. Det. Daniel Sullivan conducted a joint investigation with the United States Secret Service and determined that Crosby had withheld approximately $17,000.00 in contributions to his employees IRA funds.

Crosby was arrested at his residence and processed and released on a summons pending a court
appearance.

Here’s some other recent Middletown activity, as provided by the police department:

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