Search Results for: hovnanian enterprises

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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LIBRARY TO FETE LIFE OF SIGMUND EISNER

Local-history librarian Elizabeth McDermott, below, with a custom-branded Eisner lightbulb in the second-floor New Jersey Room of the Red Bank Public Library, once the home of industrialist Sigmund Eisner. (Click to enlarge)

By JOHN T. WARD

On April 15, 1937, the Red Bank Public Library – for decades an itinerant but growing collection of books and archival material – finally found a permanent home, relocating from a downtown storefront to a mansion at 84 West Front Street.

Three months earlier, the heirs of Sigmund Eisner – mass-manufacturer of uniforms for the Army, the Boy Scouts and other organizations  – had donated their late father’s mansion overlooking the Navesink River to the library.

The shared hope of H. Raymond, Monroe and J. Lester Eisner was that the house would provide a warm and dry place for reading, but also that it would function “as a bit of a museum, too,” says local-history librarian Elizabeth McDermott.

Next month, the library will celebrate its 75th anniversary in the house with museum-like displays that highlight Eisner and his transformative impact on Red Bank as an industrialist and philanthropist.

The event, says McDermott, “is completely about” Eisner.

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HOV BOOSTS REVENUE, SHRINKS LOSS

By JOHN T. WARD

Red Bank-based homebuilder Hovnanian Enterprises notched a 6.7-percent sales gain in the first fiscal quarter from a year ago, the company reported Tuesday morning.

The closely-held publicly traded company continued to lose money in the quarter, but narrowed the loss to $18.3 million, down from $64.14 million a year ago, it said in an announcement.

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HOV TOUGHS OUT ANOTHER Q

hov-hq-090511Hovnanian’s Red Bank headquarters, as seen from Maple Cove. (Click to enlarge)

By JOHN T. WARD

Red Bank-based homebuilder Hovnanian Enterprises endured a 25-percent plunge in revenue in its latest fiscal quarter, another in a litany of bruising periods.

Still, the closely held company managed to narrow its loss to $50.9 million, from $72.9 million in the comparable 2010 quarter, by absorbing smaller write-downs for land.

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OFFICIALS COUNTER MAPLE COVE CHATTER

sickles-m-coveStanley Sickels gave a brief history of the parking lot at Maple Cove Wednesday night in response to comments posted on redbankgreen. (Photo by Dustin Racioppi; click to enlarge)

By DUSTIN RACIOPPI

park_it_021Responding to “drama” in the redbankgreen comments section last week in which readers weighed in with speculation, history — or their version of it — and assorted posits about the repaving of the parking lot at Maple Cove, Red Bank officials took a break from Wednesday night’s regular order of business to clear the air. Fact check. Dispel the bloggy bosh.

To “try and shed some factual light,” said Mayor Pasquale Menna, “instead of just hypothetical speculation and gossip.”

Read on. Comment if you dare.

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DONE GOOD: WALK, RUN, PUTT, CUT ‘N STRUT

relayforlife2009It’s Friday night lights as Relay for Life returns to RBR this weekend. (File photo. Click to enlarge)

donegoodlogoCancer, as they say, never sleeps — and if you’re among the many thousands of people who’ve spent sleepless nights out of concern for a loved one who’s battling cancer, the American Cancer Society has a constructive, even celebratory, way to “walk the walk” — even in those darkest-before-the-dawn hours.

On Friday evening, May 20, the first of two local events in the ACS Relay for Life campaign commences on the outdoor track at Red Bank Regional High School, when close to 600 fundraising volunteers will gather into teams to run, walk and “celebrate the lives of people who have battled cancer, remember loved ones lost, and fight back against the disease.” The up-all-night benefit takes place under the lights between the hours of 5 p.m. Friday and 7 a.m. Saturday — and there’s still time to register, sponsor or participate in the event, by taking it right here.

Check here as well for info about the June 17 Relay for Life event at Mater Dei High School in Middletown — and turn the pixelated page for more Done Good doings in the days and nights to come.

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POPPING OFF AT MAPLE COVE

Red Bank’s KaBoomFest kicked off its 2011 fundraising season Thursday night with a tent party on the lawn of Hovnanian Enterprises’ HQ, followed by a sample pyrotechnics show on the Navesink by Garden State Fireworks, which will once again be handling the big show on July 3.

To enlarge the photo display, start it, then click the embiggen symbol in the lower right corner. To return to redbankgreen, hit your escape key.

BOOM TOWN BASH IS A BIG-TENT TICKET

kaboom-preview-2008The annual KaBoom!  fundraiser culminated in a fireworks preview outside the Monmouth Boat Club in 2008. This year’s edition will be at Hovnanian HQ.

Whether you love it — or leave town for the day because of it — the annual KaBoom Fireworks on the Navesink event is one of “the fabulous events that make Red Bank and the Navesink River community the special place that it is,” says KaBoom! Committee chairman Tim Hogan.

As an attraction that draws some 150,000 gawkers and revelers to multiple sites along the riverfront, the July 3 sky-splash is surely the single biggest happening of the borough’s calendar year — one in which all of the more than $200,000 needed to produce KaBoomFest comes from private donations.

While the KaMittee’s underwriting vehicles have ranged from big-league corporate sponsorships to the less sophisticated (but no less effective) “Kick In for KaBoom Bucket,” it’s the annual springtime cocktail party that has traditionally fired the first signal flare in the Countdown to KaBoomsday — and on the evening of Thursday, April 28, the fuse will be lit for an intensive interlude of pyrotechnics, preparations, promotion, and the soliciting of those crucial private donations.

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BANK GOES TO PLAN B ON FORMER HOV HQ

old-khov1The former Hovnanian Enterprises headquarters in Middletown is in the midst of a complete makeover and almost ready for tenants. (Photo by Dustin Racioppi; click to enlarge)

By DUSTIN RACIOPPI

Following a failed proposal to open a bank with a drive-through at the old Hovnanian Enterprises headquarters on Route 35 in Middletown, the building’s owner, Valley National Bank, has moved on to a new idea: completely overhauling the three-and-a-half story, box-like building and leasing it out.

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REPORT: HOV LOSS LARGER THAN EXPECTED

HovHovnanian’s headquarters on West Front Street.

Red Bank-based homebuilder Hovnanian Enterprises closed out its fiscal year October 31 on a larger-than-expected net loss, according to a news report.

The company’s fourth quarter produced an after-tax net loss of  $132.1 million, or $1.68 per common share, compared with a net loss of $250.8 million, or $3.21 per share, in the comparable 2009 quarter.

The New York Times, citing Thomson Reuters, said analysts had been expecting a loss of 66 cents a share.

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HOV BACK IN BLACK AFTER THREE YEARS

HovHovnanian’s headquarters on West Front Street.

Red Bank-based homebuilder Hovnanian Enterprises ended a 13-quarter losing streak in its latest reporting period, the company announced Tuesday.

Though revenue in the quarter ending on January 31 plunged 14 percent, to $319.6 million, the company managed to rack up a profit of $236.2 million, or $2.97 a share, compared with a year-earlier loss of $178.4 million, or $2.29 a share.

That beat the consensus expectation of Wall Street analysts for a loss of 46 cents a share on revenue of $321 million, the Wall Street Journal reports.

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A ‘WHITE ELEPHANT’ NO MORE

rb-corporate-plazaRed Bank Corporate Plaza, showing off its backside along Wall Street. (Photo by Dustin Racioppi)

By DUSTIN RACIOPPI

Four months ago, when redbankgreen first reported on the impending pizza renaissance in Red Bank, we described the slated location of one of those pie joints, Pazzo’s Coal Fired Oven Restaurant, as a nearly-empty “white elephant.”

Boy, did we get an earful. Suzanne Macnow, who brokers the leases for  Red Bank Corporate Plaza at 141 West Front Street, took issue with the characterization, citing actual occupancy, signed leases and others that were nearing signature.

Whether our terminology was apt then was a matter of disagreement. No more. Today, we’re eating our words as if they were served atop an airy, coal-fired pizza crust.

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HOV REVENUE FELL BY HALF IN 2009

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

Hovnanian Enterprises reported a fourth-quarter net loss of $250.8 million yesterday.

That’s down from a net loss of $450.5 million in the final fiscal quarter of 2008, the Red Bank-based homebuilder disclosed.

In announcing its results, the publicly traded company said revenue in the quarter fell to $437.4, from $721.4 a year earlier. For the full year, revenue fell by half, to $1.6 billion, from $3.3 billion.

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PLANNERS OK STORE CONVERSION TO EATERY

pazzo-renderingA rendering of the proposed restaurant’s facade. (Photo by Dustin Racioppi)

by DUSTIN RACIOPPI

Planning Board Chairman John Cash said little at Monday night’s planning meeting, but spoke the words Leonardo DiMaria most wanted to hear: “Welcome to Red Bank.”

Following a brief overview from DiMaria’s attorney concerning plans to open a coal-fired pizzeria at 141 West Front Street, the board quickly gave approval to a change-of-use request for about 4,900 square feet of empty retail space at Red Bank Corporate Plaza to primary food with outside dining.

“We’re pretty much ready to go,” DiMaria, who is one of three owners of Pazzo’s Coal Fired Oven Restaurant, said afterward.

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WSJ: HOV SEEKING DEBT RESTRUCTURING

Img_9341Hovnanian’s headquarters overlooking the Navesink River.

Red Bank-based Hovnanian Enterprises is trying to refinance some $759 million in debt even as other homebuilders are beginning to buy land again, today’s Wall Street Journal reports.

The company’s moves toward a debt restructuring were underway last week when company founder and chairman Kevork Hovnanian died Friday at age 86. The impact of the Rumson resident’s passing on his family’s control of the publicly traded company is unclear, the Journal reports.

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ATRIUM LOT PLAN HITS SPEED BUMP

atrium-lot-render2A representative of the Atrium at Navesink holds an artist’s depiction of the proposed lot while residents listen to testimony at last night’s zoning board hearing. (Click to enlarge)

Questions about traffic and pedestrian safety slowed plans for a 98-car valet parking lot to serve the Atrium at Navesink Harbor senior citizen high-rise last night.

Complicating the work of the Red Bank zoning board was its own determination to weigh the plan as though a second, pending proposal — for the addition of six stories to an already approved six-floor annex to the Atrium — did not exist. That plan is expected to land before the board as early as next month.

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NEARLY EMPTY COMPLEX MAY GET RESTAURANT

rb-corp-plaza Except for limited office use, Red Bank Corporate Plaza has been empty since completion two years ago.

By Dustin Racioppi

Red Bank’s comeback from the depths of the economic downturn may turn out to be based on an unexpected foundation: pizza.

In recent months, one large pizza restaurant has opened, a second one  has committed to the downtown, and a third, smaller one is rumored to be coming.

Now, a fourth pizzeria appears about to take over a huge retail space in a white-elephant office, retail and parking complex on West Front Street. And this one could have a coveted liquor license.

Leonardo DiMaria, a co-owner a place to be called Pazzo’s Coal Fired Oven Restaurant, tells redbankgreen a sublease on some 4,900 square feet of space at Red Bank Corporate Plaza is “pretty much done. We should be signing the lease Tuesday or Wednesday.”

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HOV POSTS 12TH CONSECUTIVE NET LOSS

hov-hq-8-12-06Hovnanian’s HQ, at the foot of Maple Avenue in Red Bank.

Homebuilder Hovnanian Enterprises has notched its third straight year in red ink, according to data released Wednesday.

The glimmer of good news for investors in and employees of the Red Bank-based company is that the latest quarterly deficit was smaller than the one recorded a year earlier.

For its third fiscal quarter, ended July 31, Hovnanian said it lost $168.9 million, down from $202.5 million in the comparable 2008 period.

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FIREWORKS CROWD PROMPTS POLICE REVIEW

kaboom-711Friday night’s crowd overtook the parking lot of the 7-11 at Maple Avenue and West Front Street, among other viewing spots.

Red Bank police and other officials plan a debriefing this week to review the handling of Kaboom Fireworks on the Navesink security after large crowds put emergency personnel on their heels Friday night.

Of particular concern was a post-event crush of revelers at the train station, where many of the 20 arrests made that night occurred, said Capt. Steve McCarthy. Nearly all the arrests were for disorderly behavior.

Also on the table is what might be done about the throngs of visitors who annually crowd the West Front Street entrance to Riverside Gardens Park.

At this morning’s borough special events committee critique of the fireworks show, Capt. Darren McConnell said the KaBoom crowd was so thick opposite the park that an emergency might have resulted in injuries or even a fatality.

“It was to the point of being unsafe,” he said. “It was the worst I’ve seen in 20 years.”

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PHS WANTS MORE AIRSPACE, PLUS PARKING

Phs prc

The owner of the Atrium at Navesink Harbor, center, wants to add six stories to a planned addition, and to use the lot in the foreground for parking. Riverview Towers is at right; the addition is to go between the two highrises.

Before it has even put a shovel into the ground for a long-delayed six-story addition, PHS Senior Living is asking Red Bank for permission to double the size of the planned project on Riverside Avenue.

If approved, the addition-to-the-addition would boost a portion of the new structure to the same height as the nonprofit's existing 12-story tower of high-end senior apartments, formerly known as Navesink Harbor and recently retagged the Atrium at Navesink Harbor.

To sweeten its request for variances, Princeton-based PHS is promising not to build an approved office building on a triangular site at the intersection of Riverview Avenue and West Front Street, according to Chuck Mooney, PHS's chief operating officer. Instead, the lot would be used for parking.

The plans, though, may meet resistance from residents of neighboring Riverview Towers. Shareholders in the luxury highrise co-op are scheduled to meet tonight to decide whether to give the PHS request their blessing.

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GALLERIA PLANS PARKING GARAGE, OFFICES

GallerialotWith a parking deck topped by two floors of offices, Galleria Park would connect to the existing building via a two-level footbridge. Below, a view of the proposed structure from West Front Street. (Click to enlarge)

The nation's economy may be stalled and the real estate market on life support, but the owners of the Galleria

Red Bank apparently see opportunity in their asphalt-covered soil.

GalleriagaragenorthThey've submitted plans to the Red Bank planning department for a structure to be built at the corner of Shrewsbury Avenue and West Front Street that would nearly double the footprint of the 120,000-square-foot shopping and office mecca.

On that 2.7-acre parcel — a parking lot that is home to the Galleria-sponsored Farmers' Market in summer and autumn — would rise a 4.5-level, 102,000-square-foot parking garage topped by a 39,000-square-foot, two-story office building. The structure would connect to the existing Galleria by an enclosed footbridge.

Dubbed 'Galleria Park,' the project is likely to set off alarms among motorists whose commute through the often-congested intersection of Shrewsbury Avenue and West Front Street is often slowed to a crawl.

It may also displease those who'd like to see more 'park' and less building at the corner. The developers are seeking variances that would put the structure close to the sidewalks on two sides.

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