In Memoriam Don Ostroff, senior director of Cushman & Wakefield of Texas, and a co-founder of Cushman and Wakefield's Multi Housing Group, died in September after suffering an aneurism while jogging. Ostroff was celebrating his 25th year in the multifamily industry. Over the past seven years, he brokered the sale of $2 billion worth of properties for multifamily stalwarts such as Equity Residential Properties Trust, Archstone-Smith Trust, and ING Clarion Partners. Ostroff is survived by his wife, parents, four daughters, and a host of multifamily colleagues. —C.W.
New Direction AMCAL Multi-Housing is moving beyond new construction. The Agoura Hills, Calif.-based developer launched AMCAL Equities, an investment division dedicated to the strategic acquisition, reposition, and disposition of assets in the Western states. The developer will acquire properties that are underperforming or have significant added-value potential, with a first-year goal of acquiring approximately $30 million in assets. —R.Z.A.
Urban Renewal Imagination is at work at General Electric. The Fairfield, Conn.-based firm has purchased $25 million in taxable bonds to provide low-cost financing for a housing development in downtown Bridgeport, Conn. The bonds will be purchased at a 4 percent rate through the Connecticut Housing Finance Authority, which will work with GE and the city to select the winning project this fall. The selection committee is looking for green, transit-oriented projects. —R.Z.A.
Art Show Sylmar, Calif., 12th grader Sergio Rodriguez took home the grand prize in the National Affordable Housing Management Association's national calendar artwork contest. Rodriguez won a $2,500 scholarship and joins 15 other national winners who will have their artwork featured in the association's 2008 “Drug-Free Kids” calendar. The contest—open to children, seniors, and special needs residents at affordable multifamily housing across the country—was themed “New World of Hope,” with a subtheme of “The Promise of Technology.” Calendars can be ordered for $5.50 each from www.nahma.org.—C.W.
Top Dollar Citigroup ex-CEO Sandy Weill just helped sales at Zeckendorf Development's 15 Central Park West luxury condo tower in Manhattan eclipse the $1 billion mark, according to reports in the New York Observer. The $42.2 million Weill forked over in September for one of the property's penthouses is believed to be the third-largest amount paid for a midtown pad, falling just shy of a $51.5 million unit at the Plaza and a $44 million triplex purchased by Rupert Murdoch at 834 Fifth. But Weill's record may be in jeopardy: The Observer reports that hedge fund icon Daniel Loeb is eying a $45 million penthouse at 15 Central Park West. —C.W.