Hovnanian’s headquarters, at Maple Avenue and West Front Street, will become “HQ II” for OceanFirst Financial. (Photo by John T. Ward. Click to enlarge)
By JOHN T. WARD
In what may be a record-setting transaction for the borough, 
OceanFirst Financial paid $42.5 million in late October to buy the Red Bank headquarters of homebuilder Hovnanian Enterprises, redbankgreen has learned.
Hovnanian’s headquarters in Red Bank, as seen from the borough library. (Photo by John T. Ward. Click to enlarge)
By JOHN T. WARD
OceanFirst Financial plans to buy the Red Bank headquarters of homebuilder Hovnanian Enterprises, redbankgreen has learned.
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.
Hovnanian’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.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Homebuilder Hovnanian Enterprises‘ posted a steeply reduced net loss in its latest fiscal year, which its chairman called “very challenging,” the Red Bank-based company reported Thursday.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based home builder Hovnanian Enterprises‘ posted a sharply reduced net loss in its third fiscal quarter, compared to year-ago results, the company reported Friday.
Hovnanian’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.
Hovnanian 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.
Hovnanian 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.
Hovnanian 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.
Hovnanian 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.
Hovnanian 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.
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.
Hovnanian’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.
Hovnanian’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.