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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BANK EYES FORMER HOVNANIAN HQ

old-k-hov-hqIt’s been a few years since anybody’s operated in there, but a bank hopes to make the old Hovnanian home base its new digs. (Photo by Dustin Racioppi)

By DUSTIN RACIOPPI

For the first time in four years, the former headquarters of home builder Hovnanian Enterprises has a serious candidate to take up residence in the Middletown building overlooking the Navesink River.

Neighbors don’t want it.

Valley National Bank, which is listed as the owner of the 27,000 square-foot, four-story building, has submitted plans to build a drive-through at the Route 35 location and use the other three levels for already-zoned office use.

The Wayne-based bank chain, with branches nearby in Red Bank and Middletown, is in the midst of zoning board hearings as it seeks a variance to use the property for bank purposes, said Jason Greenspan, Middletown’s planner.

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