For more than three decades, the Turners and Usdans lived side by side in two of the smallest 19th-century brownstones in Manhattan. Now, they are ready to move on, again in tandem: They put their twin, 12?-foot townhouses on East 78th Street on the market together.
In the arithmetic of New York real estate, one plus one often equals far more than two, and the families are working together to sell their tiny homes to a single buyer as a 25-foot-wide mansion. The asking price: a combined $11.95 million.
From the street, the compact townhouses are mirror images of each other. With the exception of the building numbers, one in brass, the other in ceramic tile, they already appear to be a single building.
Inside, the rooms measure a maximum of 11 feet wide. They are smaller where there are fireplaces or built-ins, and they are far narrower in the center, where one can just about touch a finger on a stair banister and the other on the far wall.
Yet the interiors are remarkably different: one is glitzy and modern, the other preserves Victorian touches.
In Manhattan, there are only three homes under 12 feet wide, with the slimmest at nine-and-a-half-feet on Bedford Street in Greenwich Village, according to city tax records.
But there are about 60 houses between 12 and 13 feet wide, the logical result of a grid of streets laid out in 1811 with standard lots that were 25 feet wide and could be divided. These small lots can be a tough sell, in the age of McMansions in the suburbs and sprawling penthouses in the city.
So the hope on East 78th Street is to sell the well-preserved houses on a quiet residential block off Lexington Avenue to a family or a developer looking to create a single 25-wide mansion by breaking through the wall between the houses.
"Somebody could create a gorgeous piece of architecture," said Anne Snee, a Corcoran broker who helped the Turners buy their house in 1977 and is now working with both families.
It is not clear whether an eventual buyer would remove a staircase and open up and preserve the existing features, or tear down both houses and start from scratch. The houses are just outside the bounds of an historic district, and the property can be developed for commercial as well as residential use.
This has raised worries on the Upper East Side.
"We are always concerned when older and more or less intact buildings are getting torn down to be replaced with something new on a block that has a lot of character," said Tara Kelly, the executive director of Friends of the Upper East Side Historic Districts.
Pamela Usdan, a television producer, and her husband, Morton, a yarn manufacturer, bought 153 East 78th Street in the spring of 1978 for $185,000.
That was only about six months after Jon Turner, a professor at New York University's Stern School of Business, and his wife, Margaret Helfand, an architect and former president of the American Institute of Architects' New York Chapter, paid $165,000 for their slightly smaller house.
The two families kept their rear yards open, separated by a row of hedges with an opening, so that they could borrow each other's yard when holding parties or barbeques.
The couples spent many New Year's Eves together and were friends over the years, according to Mr. Turner. They hired a contractor to restore both facades at the same time.
In the late 1970s, as the city recovered from a deep fiscal crisis, real-estate prices were depressed. Mr. Turner said he and his wife bought the townhouse on the rebound after being outbid by a few thousand dollars on a co-op on Central Park West with a 50-foot long park view. Their bid on the co-op: $78,000.
The Usdan house is fiercely modern with black walls for accent and track lighting; walls and even a ceiling in one room are covered with mirrors to expand the sense of space.
Next door, Ms. Helfand, though known for her contemporary designs, restored and preserved ornamental plaster details in the ceilings, and saved old molding and etched glass pocket doors in the living room.
After his wife died of cancer in 2007 at the age of 59, Mr. Turner decided to spend most of his time at an apartment he owns San Francisco. Mr. Usdan had died the year before at age of 70.
2011年12月14日星期三
2011年10月13日星期四
Saudi Ceramic profit leaps 17% for third quarter
Saudi Ceramic Company said net profit rose 17% against the same period last year, though fell by the same margin against the second quarter.
The country’s biggest supplier of tiles, porcelain and bathroom fixtures made SAR 54.2m ($14.45m) after tax between July and September, up 17.3% against the SAR 46.2m ($12.31m) posted last year. Gross and operating profits rose 19% and 15% respectively as production efficiency improved at its Riyadh facilities. The company has also opened new production lines in this time and expanded its international network of sales.
“These positive results and increases of the third quarter of 2011 compared with the same period of the last year reflect the company’s ability in sales and production as well since the new factories started the production.”
Net profit for the first three quarters of 2011 rose 10% against last year – SAR 179.5m ($147.856m) from SAR 162.5m ($43.32m) – with gross and operating profits rising 16% and 14% respectively.
Saudi Ceramic Company has benefitted from the higher levels of construction activity in Saudi Arabia, including the hotel projects in the country’s major cities and the thousands of homes under construction across the country.
This year the company has expanded its operations. In January the company test-ran a new pipe-making facility that it is running in conjunction with a subsidiary, Ceramic Pipe Company. In September, it completed the construction of its fourth tile factory, boosting the total capcity to 52m2 and adding an estimated SAR 150m ($40m) to revenue.
Earlier this month, the company said it is planning a second factory that will produce bathroom fixtures, investing SAR 120m ($32m) in the first phase out of the company’s own cash flow from the Saudi Industrial Development Fund and commercial banks. The new factory is estimated to contribute SAR 75m to revenues when at full capacity.
The country’s biggest supplier of tiles, porcelain and bathroom fixtures made SAR 54.2m ($14.45m) after tax between July and September, up 17.3% against the SAR 46.2m ($12.31m) posted last year. Gross and operating profits rose 19% and 15% respectively as production efficiency improved at its Riyadh facilities. The company has also opened new production lines in this time and expanded its international network of sales.
“These positive results and increases of the third quarter of 2011 compared with the same period of the last year reflect the company’s ability in sales and production as well since the new factories started the production.”
Net profit for the first three quarters of 2011 rose 10% against last year – SAR 179.5m ($147.856m) from SAR 162.5m ($43.32m) – with gross and operating profits rising 16% and 14% respectively.
Saudi Ceramic Company has benefitted from the higher levels of construction activity in Saudi Arabia, including the hotel projects in the country’s major cities and the thousands of homes under construction across the country.
This year the company has expanded its operations. In January the company test-ran a new pipe-making facility that it is running in conjunction with a subsidiary, Ceramic Pipe Company. In September, it completed the construction of its fourth tile factory, boosting the total capcity to 52m2 and adding an estimated SAR 150m ($40m) to revenue.
Earlier this month, the company said it is planning a second factory that will produce bathroom fixtures, investing SAR 120m ($32m) in the first phase out of the company’s own cash flow from the Saudi Industrial Development Fund and commercial banks. The new factory is estimated to contribute SAR 75m to revenues when at full capacity.
2011年8月25日星期四
Versatile spaces in McLean
It may seem necessary to drive dozens of miles outside the District’s city limits to find a hidden oasis of privacy and
quiet - but sometimes, the most serene places can be found within minutes of the city’s borders.
The home at 1707 James Payne Circle in McLean, on the market for $1,197,500, offers a peaceful retreat from daily life
hidden beneath a canopy of trees. Built in 1968 and meticulously maintained and modernized, this home provides seemingly
endless places to enjoy outdoor living along with flexible rooms indoors for myriad activities. The owners have
landscaped the property for low-maintenance living as well as maximum privacy.
Just minutes from downtown Washington and the shops and amenities of McLean, this all-brick home in the Chesterbrook
Hills area easily blends traditional style and contemporary flair. Sited on .35 acre, the home has a landscaped front
yard with mature trees and a meandering stone path that leads to the two-car garage and the brick front courtyard, which
sits low enough below the street for privacy and is semienclosed by brick walls. The courtyard has a brick patio and an
Italian-style water fountain.
A wood deck wraps around the back and two sides of the main level, while a wood balcony off the master suite provides a
private outdoor space for the owners. Another brick patio is located off the back of the lower level.
Double front doors open from the courtyard into the home, which has hardwood flooring throughout most of the main level.
To the right of the foyer is a library with built-in bookcases and cabinets on two walls. The windows in the library and
the rest of the main level have custom-built plantation shutters.
In front of the foyer, a double door opens into the formal living room, which has a wood-stove insert in the fireplace
and French doors to the deck. Double doors open from the living room into the formal dining room, which has dentil crown
molding, wainscoting and a stained-glass chandelier. French doors link the dining room with the deck, a swing door links
the room to the kitchen, and a second set of French doors opens from the dining room into the family room. The family
room has a beamed ceiling, an oversized gas fireplace and French doors opening onto the deck.
At the front of the home is the renovated gourmet kitchen, accessible from the foyer, dining room and family room.
Remodeled in 2010, the kitchen includes sleek black-painted wood cabinets, open shelving, granite counters, ceramic tile
flooring, upgraded stainless steel appliances and an oversized skylight. The kitchen includes a breakfast bar and opens
to a breakfast area with windows facing the front courtyard. Adjacent to the kitchen is a powder room with crown molding
and ceramic tile flooring.
Past the kitchen is almost a separate wing of the main level that includes three large rooms with flexible uses. The
first room is being used as a home office and includes a double-door closet plus French doors that open into the sunroom.
The sunroom has ceramic tile flooring, a wall of windows, a free-standing wood stove and a second set of French doors
that open into a card room or sitting room. The sunroom has transoms above all the windows and doors and is currently
used as an exercise room.
An exit to the front of the home allows this space to function well as a home office for people who have visitors to
their office. Alternatively, the area can be used as a playroom or children’s study, an art studio or simply for
additional rooms for entertaining friends and family.
The upper level originally had four bedrooms and easily could be reconfigured to that floor plan. For now, the master
suite includes a separate sitting room with a ceiling fan and a double-door closet, along with a window overlooking the
backyard. The owners will replace the wall between the master bedroom and master sitting room to re-create the fourth
bedroom if the buyers prefer.
The master bedroom has a glass door to a private balcony overlooking the front courtyard. The suite includes a dressing
room with a door to an oversized walk-in closet with built-ins. The luxurious master bath has ceramic tile flooring, a
glass-enclosed shower with a seat and a granite counter on the vanity.
The upper level has two more bedrooms, each with a double-door closet. These bedrooms share a renovated full bath with
ceramic tile flooring. The hall includes a linen closet and a storage closet.
The finished lower level includes a spacious bedroom with two double-door closets and a walk-in closet. This level also
has a recreation room with French doors to the patio, a gas fireplace and plenty of space for a seating area and two
separate game areas. Adjacent to the recreation room is a kitchenette with granite counters, a dishwasher, a wine cooler,
a refrigerator, a microwave and multiple cabinets.
The lower level also has a sauna, a full bath with a deep soaking tub, a cedar closet and an oversized laundry room with
ceramic tile flooring, a sink and cabinets. At the opposite end of this level is a workshop and storage room with French
doors to the patio.
quiet - but sometimes, the most serene places can be found within minutes of the city’s borders.
The home at 1707 James Payne Circle in McLean, on the market for $1,197,500, offers a peaceful retreat from daily life
hidden beneath a canopy of trees. Built in 1968 and meticulously maintained and modernized, this home provides seemingly
endless places to enjoy outdoor living along with flexible rooms indoors for myriad activities. The owners have
landscaped the property for low-maintenance living as well as maximum privacy.
Just minutes from downtown Washington and the shops and amenities of McLean, this all-brick home in the Chesterbrook
Hills area easily blends traditional style and contemporary flair. Sited on .35 acre, the home has a landscaped front
yard with mature trees and a meandering stone path that leads to the two-car garage and the brick front courtyard, which
sits low enough below the street for privacy and is semienclosed by brick walls. The courtyard has a brick patio and an
Italian-style water fountain.
A wood deck wraps around the back and two sides of the main level, while a wood balcony off the master suite provides a
private outdoor space for the owners. Another brick patio is located off the back of the lower level.
Double front doors open from the courtyard into the home, which has hardwood flooring throughout most of the main level.
To the right of the foyer is a library with built-in bookcases and cabinets on two walls. The windows in the library and
the rest of the main level have custom-built plantation shutters.
In front of the foyer, a double door opens into the formal living room, which has a wood-stove insert in the fireplace
and French doors to the deck. Double doors open from the living room into the formal dining room, which has dentil crown
molding, wainscoting and a stained-glass chandelier. French doors link the dining room with the deck, a swing door links
the room to the kitchen, and a second set of French doors opens from the dining room into the family room. The family
room has a beamed ceiling, an oversized gas fireplace and French doors opening onto the deck.
At the front of the home is the renovated gourmet kitchen, accessible from the foyer, dining room and family room.
Remodeled in 2010, the kitchen includes sleek black-painted wood cabinets, open shelving, granite counters, ceramic tile
flooring, upgraded stainless steel appliances and an oversized skylight. The kitchen includes a breakfast bar and opens
to a breakfast area with windows facing the front courtyard. Adjacent to the kitchen is a powder room with crown molding
and ceramic tile flooring.
Past the kitchen is almost a separate wing of the main level that includes three large rooms with flexible uses. The
first room is being used as a home office and includes a double-door closet plus French doors that open into the sunroom.
The sunroom has ceramic tile flooring, a wall of windows, a free-standing wood stove and a second set of French doors
that open into a card room or sitting room. The sunroom has transoms above all the windows and doors and is currently
used as an exercise room.
An exit to the front of the home allows this space to function well as a home office for people who have visitors to
their office. Alternatively, the area can be used as a playroom or children’s study, an art studio or simply for
additional rooms for entertaining friends and family.
The upper level originally had four bedrooms and easily could be reconfigured to that floor plan. For now, the master
suite includes a separate sitting room with a ceiling fan and a double-door closet, along with a window overlooking the
backyard. The owners will replace the wall between the master bedroom and master sitting room to re-create the fourth
bedroom if the buyers prefer.
The master bedroom has a glass door to a private balcony overlooking the front courtyard. The suite includes a dressing
room with a door to an oversized walk-in closet with built-ins. The luxurious master bath has ceramic tile flooring, a
glass-enclosed shower with a seat and a granite counter on the vanity.
The upper level has two more bedrooms, each with a double-door closet. These bedrooms share a renovated full bath with
ceramic tile flooring. The hall includes a linen closet and a storage closet.
The finished lower level includes a spacious bedroom with two double-door closets and a walk-in closet. This level also
has a recreation room with French doors to the patio, a gas fireplace and plenty of space for a seating area and two
separate game areas. Adjacent to the recreation room is a kitchenette with granite counters, a dishwasher, a wine cooler,
a refrigerator, a microwave and multiple cabinets.
The lower level also has a sauna, a full bath with a deep soaking tub, a cedar closet and an oversized laundry room with
ceramic tile flooring, a sink and cabinets. At the opposite end of this level is a workshop and storage room with French
doors to the patio.
2011年4月26日星期二
MasTec Acquires Canadian Energy Infrastructure Company Fabcor
today announced that it has acquired Fabcor TargetCo, Ltd., and its subsidiaries ("Fabcor"), a Canadian pipeline and facility construction services company with offices in Grand Prairie, Alberta and Dawson Creek, British Columbia, Canada. Fabcor's pipeline and facility construction services to the oil and gas industry include: new pipeline construction; pipeline modification and replacement services; well-site and compressor station construction services; and gas plant modification and plant commissioning support services.
MasTec acquired all of the issued and outstanding shares of Fabcor for approximately $21.1 million in cash, the assumption of $8.8 million in debt which was subsequently paid off, plus a five-year contingent earnout. Fabcor had a strong balance sheet at closing, with $26.3 million in tangible net worth, $15 million of which was related to pipeline construction equipment. Fabcor has worked for most major oil and gas companies in Canada, including Murphy Oil Corporation, Encana, and Quicksilver. Fabcor was recently awarded a contract to construct a 100 MMcf/d natural gas processing plant in British Columbia.
MasTec anticipates significant opportunities for energy infrastructure work in Canada during the coming years and that Fabcor will provide MasTec the platform it needs to provide those services in a variety of areas. While Fabcor's initial focus will be on pipeline and facility related projects, MasTec plans to leverage this investment and participate in other areas of the Canadian energy infrastructure build-out.
Jose Mas, MasTec's Chief Executive Officer, commented, "We are very excited about the Fabcor acquisition. Its strong management team and dedicated workforce will provide MasTec with access to the dynamic Canadian energy markets, which we believe will show significant profitable growth in coming years."
Mr. Mas continued, "Our acquisition program is now focused on smaller, strategic companies that can enhance our current geographic or client reach. Fabcor fits this profile as it provides us with an immediate presence in the Canadian market, allowing us to serve new as well as existing MasTec customers. We believe that Fabcor is the right fit for our business model, as it will create opportunities and expose MasTec to a very large infrastructure market adjacent to the markets we currently serve."
A financial and operational update of the transaction, as well as financial projections affecting 2011 guidance, will be given in conjunction with MasTec's first quarter earnings call on May 5th at 9:00 a.m. Eastern time.
Additional details are contained in the SEC Form 8-K that is being filed concurrently with this press release.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's activities include the building, installation, maintenance and upgrade of energy, communication and utility infrastructure, including but not limited to: electrical utility transmission and distribution, wind farms, solar farms, other renewable energy, natural gas and petroleum pipeline infrastructure, wireless, wireline, satellite communication, industrial infrastructure and water and sewer systems.
MasTec acquired all of the issued and outstanding shares of Fabcor for approximately $21.1 million in cash, the assumption of $8.8 million in debt which was subsequently paid off, plus a five-year contingent earnout. Fabcor had a strong balance sheet at closing, with $26.3 million in tangible net worth, $15 million of which was related to pipeline construction equipment. Fabcor has worked for most major oil and gas companies in Canada, including Murphy Oil Corporation, Encana, and Quicksilver. Fabcor was recently awarded a contract to construct a 100 MMcf/d natural gas processing plant in British Columbia.
MasTec anticipates significant opportunities for energy infrastructure work in Canada during the coming years and that Fabcor will provide MasTec the platform it needs to provide those services in a variety of areas. While Fabcor's initial focus will be on pipeline and facility related projects, MasTec plans to leverage this investment and participate in other areas of the Canadian energy infrastructure build-out.
Jose Mas, MasTec's Chief Executive Officer, commented, "We are very excited about the Fabcor acquisition. Its strong management team and dedicated workforce will provide MasTec with access to the dynamic Canadian energy markets, which we believe will show significant profitable growth in coming years."
Mr. Mas continued, "Our acquisition program is now focused on smaller, strategic companies that can enhance our current geographic or client reach. Fabcor fits this profile as it provides us with an immediate presence in the Canadian market, allowing us to serve new as well as existing MasTec customers. We believe that Fabcor is the right fit for our business model, as it will create opportunities and expose MasTec to a very large infrastructure market adjacent to the markets we currently serve."
A financial and operational update of the transaction, as well as financial projections affecting 2011 guidance, will be given in conjunction with MasTec's first quarter earnings call on May 5th at 9:00 a.m. Eastern time.
Additional details are contained in the SEC Form 8-K that is being filed concurrently with this press release.
MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's activities include the building, installation, maintenance and upgrade of energy, communication and utility infrastructure, including but not limited to: electrical utility transmission and distribution, wind farms, solar farms, other renewable energy, natural gas and petroleum pipeline infrastructure, wireless, wireline, satellite communication, industrial infrastructure and water and sewer systems.
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