Northeast Property Group, Inc. has been appointed by the Superior Court of CT as Receiver of Rents for a significant residential property portfolio located in Bridgeport, CT on November 15, 2011.

The 174 Unit portfolio is located in nine separate properties located throughout the city. A receivership order is a mechanism for the court to protect the property in the event of a disagreement between lender and borrower in a foreclosure process or other types of litigation and typically involves income producing property.

Daniel G. Barber, Sr. Vice President the company is acting as asset manager for the project. Northeast Property Group is a full service Real Estate Services, Management and Brokerage  firm headquartered in New London, CT and has provided Receivership Services throughout Connecticut for over 15 years.

Daniel G. Barber, CCIM, SIOR

Sr. Vice President

The below PDF provides a regional preparedness guide in the event of extreme weather for Southeastern CT. Towns that are included in the guide are City of Groton, Town of Groton, East Lyme, Ledyard, Montville, New London, Norwich, Old Lyme, Stonington, North Stonington and Waterford.

This information is useful for any resident or property owner in the event a hurricane, flood or other emergency come to Connecticut. Info like emergency shelter location, local government contact numbers and each town’s escape routes. The guide also recommends signing up for Connecticut’s Emergency Alerting and Notification system at http://www.ctalert.gov, which will provide an electronic alert to your cellphone, email, pda or other electronic device.

To view the pdf, the link is here: Regional Emergency Preparedness Guide 2011

In an emergency court order filed and granted on Christmas Eve, Northeast Property Group, Inc. has been appointed by the Superior Court of CT as Receiver for the property known as the Connecticut Business Center located at 321 & 322 Ellis Street in New Britain, CT. The 650,000 SF mixed use complex is located on a 40 acre site immediately off of Route 9 in Central CT.

Property operations include industrial, office, self storage and warehousing. Daniel G. Barber CCIM, Vice President of Northeast Property Group is acting as asset manager on behalf of the lender, Wells Fargo Bank.

Northeast Property Group is a full service Real Estate Services, Management and Brokerage firm headquartered in New London, CT and has provided Receivership Services throughout Connecticut for over 15 years.

To read more about our Receivership management services, visit http://www.neproperty.com/management/receivership-work/

SHAW’S COVE 6 NEW LONDON, CT

90,000 SF    Class A Office

JE Robert Companies / JP Morgan

Assignment:

Lender initiated foreclosure proceedings while the property was 66% vacant. Complex litigation regarding borrower representations represented a delay in gaining property control. NPG was named Court Appointed Receiver in October, 2007.

Strategy / Results:

NPG gained complete control of the property, negotiated lease buy outs from existing tenants in default and successfully leased 30,000 SF within the first year of Receivership. The property suffers from an insufficient parking ratio for modern office requirements. As receiver, NPG succesfully negotiated the long term lease of adjacent city owned land and subsequently permitted and constructed an additional 96 unit parking lot as a part of an overall repositioning strategy by the foreclosing lender, NPG has managed and completed major capital projects at the property. This property remains in receivership and under the management and control of Northeast Property Group.

14 Lords Hill Road Stonington, CT is owned by Quiambog, LLC a division of The Shermen Group, headquartered in New York City. The 70,000 SF building formerly owned and occupied by Hubbell Incorporated is located on a 34 acre waterfront site overlooking Fishers Island Sound near Mystic, CT.  The property is being converted from an Industrial use to Office and R&D facility. The building was formerly a manufacturing facility which stopped production over ten years ago. Hubbell, Incorporated has maintained R&D and administrations functions in the building and will be vacating the property in 2011.

Building renovations have commenced to include new exterior window walls, roofing and mechanical systems. Interior renovations will transform the former industrial space to an open floor plan office and R&D environment. 

The tenant, Zachry Nuclear Engineering, Inc is  based in San Antonio Texas and currently has local operations in Groton, CT. The company plans to expand their current operations by approximately 20,000 SF and transfer an initial 110 employees to the site when they occupy in 2012 with plans to increase its staff to almost 200 employees over several years.

Ted Harris, Managing Director of Studley, Inc in Denver, CO represented Zachry in the transaction.

Visit our Connecticut property management home page and give us a call at 860-437-7005 to arrange a meeting to review your property’s individual needs and how you can benefit from our management services.

For over 20 years Northeast Property Group has been creating property management solutions for a broad range of commercial, condominium, apartment and industrial clients in CT.

If you own commercial or residential property and seeking new management, take a close look at the services that Northeast Property Group can offer: Property Management Services

We strive to provide the best service in the industry through our dedication to our clients. If you’re unhappy with current management or simply seeking a fresh approach to the management of your real estate, give us a call today and request a meeting and proposal.

Call Us: 860-437-7005

We are also instituting a referral program where you can earn cash for referring us to a legitimate prospective client. Just “Leave Your Reply” below, call or use our new contact page: Contact Northeast Property Group

Common Interest Ownership Act

This statute, also known as “CIOA,” applies to common interest communities created on or after January 1, 1984. An annotated version can be found here: CIOA Annotated. Portions of it apply to communities created before then, as stated in the footnotes in the table of contents and in the parenthetical notes after relevant section numbers.

A comprehensive set of amendments were made to the Connecticut Common Interest Ownership Act in 2009. The amendments are based on the 2008 Amendments to the Uniform Common Interest Ownership Act or “UCIOA 3.0,” which were prepared by the Common Interest Ownership Committee of the National Conference of Commissioners on Uniform State Laws or “NCCUSL.” Portions of the amendments were effective upon enactment in 2009. The rest will become effective on July 1, 2010.

Amendments to CIOA via Public Act No. 09-225
The amendments to the common interest ownership act effective July 1, 2010 are contained in Public Act No. 09-225, is available in full at the state of CT site here:CIOA Amendments.

Condominium Act of 1976

This statute, also known as the “Condo Act,” applies to condominiums created on or after January 1, 1977 through December 31, 1983.

Unit Ownership Act

This statute, which is no longer codified in the Connecticut General Statutes, applies to condominiums created before 1977.

Revised Nonstock Corporation Act

This statute, also known as the “Nonstock Act,” applies to common interest communities whose associations of unit owners are incorporated as nonstock corporations.

Community Association Manager Registration Statute

This statute, Chapter 400b of the Connecticut General Statutes, applies to managers of community associations.

Freedom to Display the American Flag Act of 2005

This federal statute, Pub.L. 109-243, July 24, 2006, 120 Stat. 572, which is cross-referenced to 4 U.S.C. § 5, applies to all community associations and limits their ability to restrict the display of the United States Flag.

More info can be found online at: http://theday.com/article/20100621/BIZ02/100629982/1017

So when I was recently discussing these challenges with a Board member, he brought out a newspaper article about new year’s resolutions all condo owners could adopt. How true these are!

1. Remember that Board members are not your employees, servants or slaves.
2. Show your appreciation for the volunteer work performed by Board members.
3. If you think things are operated poorly, run for the board.
4. To owners who are happy with their association: say thank you!
5. The manager of the association takes direction from the board, not you.
6. For those Board members who are constantly looking to find violations: get a life.
7. To managers who are constantly looking to find violations: you need to be replaced.
8. If you do not like to follow rules, then do not live in an association.
9. Rules are not meant to be broken.
10. Before running to a lawyer, try working it out…it’s cheaper.
11. Mediating a problem is cheaper and less stressful than litigation. Try it.
12. A nice violation letter goes a long way vs. a letter from an attorney.
13. To the one owner who always disrupts the meeting: give it a rest.
14. To the owner who always thinks everyone wants to hear your opinion — NOT!
15. To the one owner who knows he/she is causing stress to everyone — please move!
16. Remember the president needs the proper authority to take action.
17. To the president who thinks he is king — vote him/her out of office.
18. To the board that never wants to hear what it’s owners think — you need to be replaced.
19. To any vendor who rushes you into signing a contract — say goodbye.
20. Before signing a contract — read it, understand it and then get an opinion.
21. Before hiring a contractor — get a few references and then call them.
22. To the owner who likes the TV or music loud — shut your window.
23. Ask yourself — would you tolerate the abuse you are giving to someone else?
24. If your lawyer, manager or vendor does a good job, try saying “thank you.”
25. If you are ‘thin skinned’, you should not be a board member.
26. If you do not care about your fellow neighbor/owner, can you pretend to?

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