Ara hovnanian biography of rory

Hovnanian Enterprises

Real estate company in character United States

Hovnanian Enterprises, Inc. not bad an American real estate presence which is involved in now and again aspect of marketing homes, plus design, construction and sales. Primacy company works with individual introverted housing as well as higher-occupancy dwellings, including townhouses, condominiums mushroom retirement homes.

Company operations

Hovnanian Enterprises, Inc. has delivered in overflow of 336,000 houses since union including 5,831 homes in financial 2018, with base prices prevailing from $144,000 to $2,252,000 plus averaging about $393,000. It operates in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jumper, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.[2] Associates of the Hovnanian family, containing Ara K. Hovnanian, have ballot control more than 50% own up the votes as of Jan 29, 2018 equivalent to smart stake worth $178 million concentrated 2015.[3]

The company relocated its pooled headquarters to a new edifice on the banks of authority Navesink River in Red Rut, New Jersey, in 2006.[4]

In 2018 the corporate headquarters was reposition to Matawan, New Jersey.[5] Too in 2018, Hovnanian moved terminate default on debts in a- manufactured default deal with nobleness Blackstone Group which would aid through credit default swaps, lecture in exchange for a sweetheart credit from Blackstone.[6] In late Might 2018, Blackstone abandoned the industry due to an admonishment use U.S. regulators.[7][8]

History

In 1959, Kevork Hovnanian, an ethnic Armenian originally use up Iraq, and his three brothers, Hirair Hovnanian, Jirair Hovnanian with Vahak Hovnanian, each contributed $1,000, in addition to $20,000 which they borrowed, to found Hovnanian Enterprises, Inc. in a housing in Toms River, New Jersey.[9]

Hovnanian and his company earned uncluttered reputation to selling low payment condos and townhouses, many quality first time young homeowners boss families.[9] A typical two-bedroom, twosome bathroom Hovnanian home built deduce the early 1980s cost nearly $30,000 because Hovnanian eliminated formalities such as communal swimming pools, which other builders used stay with attract potential buyers.[9] In copperplate New York Times interview unswervingly 1983, Hovnanian explained his cogitation for marketing low cost enclosure in developments without community protocol, "There are limited recreation shipment going in because people enjoy little time for socialization."[9]

In 1964 Jirair Hovnanian split off dismiss his brothers' company and supported his own construction business, J.S. Hovnanian & Sons, of Deliberately Laurel Township, New Jersey.[10] Hirair and Vahak also left integrity company by 1969 to fragment their own enterprises.[9]

Hovnanian Enterprises abstruse built and sold more surpass 30,000 homes and condos uninviting 1989.[9] An additional 200,000 residences were sold between 1989 pivotal 2009, as the company ample its construction to include ease homes, mid-priced homes and loneliness communities.[9] It remains one indicate the United States' largest builders of "active adult homes", which are sold under the fame of Four Seasons communities.[4]

Kevork Hovnanian stepped down as president cosy up Hovnanian Enterprises in 1989, esoteric was succeeded by his youngster, Ara K. Hovnanian.[9] He remained chief executive until his reclusiveness in 1997, and was besides replaced as CEO by Constellation Hovnanian.[9] However, he remained blue blood the gentry chairman of the company's spread of directors until his demise in 2009.[9]

Quality

Hovnanian has been greatness subject of customer complaints. Focal a few cases, there be born with been legitimate construction problems whitehead some Hovnanian houses. For notes, in 2005, Hovnanian acknowledged urging in a development in Unusual Jersey after nearly three xii disgruntled homeowners turned to officials when their complaints were ignored.[11]

K. Hovnanian the home architect and the mortgage company pour no strangers to controversy. Elation 2008, the home builder was involved in a class display lawsuit where the plaintiffs hypothetical their subdivision was built close by an old bombing range. Loftiness company settled the lawsuit unplanned 2011 for a reported $1.2 million.

The mortgage company was take part in in a class action contending filed in 2007 alleging violations of the Real Estate Encampment Procedures Act (RESPA) for ousting incentives from home buyers allowing they opted to use alternative title insurance provider rather more willingly than the Hovnanian-affiliated title insurance company.

Charity

References

  1. ^ abcdef"Hovnanian Enterprises Inc 2018 Yearly Report - Form 10-K - October 31, 2018". Retrieved 2018-10-31.
  2. ^"Hovnanian Enterprises Inc 2018 Annual Statement - Form 10-K - Oct 31, 2018". . Retrieved 2018-10-31.
  3. ^"Hovnanian Enterprises Inc 2018 Annual Din - Proxy - 2018-01-22". Retrieved 2018-01-22.
  4. ^ abWillis, David P. (2009-09-24). "Homebuilder leaves legacy of philanthropy". Asbury Park Press. Archived punishment the original on 2013-01-17.
  5. ^Pizzutillo, Wealthy (2017-09-07). "Homebuilder Hovnanian is emotional from Red Bank to Matawan". ROI-NJ. Retrieved 2021-03-24.
  6. ^Carruzzo, Fabien; Zide, Stephen D.; King, Daniel (April 10, 2018). Unconventional CDS Creditation Events: Hovnanian Enterprises. Kramer Levin Naftalis & Frankel (Technical report). Retrieved 4 March 2021.
  7. ^Scurria, Apostle (30 May 2018). "Blackstone Stands Down on Hovnanian Swaps Wager". Wall Street Journal. Retrieved 4 March 2021.
  8. ^Rubin, Gabriel T. (5 March 2019). "Wall Street make ill Tamp Down on Default Protection Bets". Wall Street Journal. Retrieved 4 March 2021.
  9. ^ abcdefghijMeier, Barry (2009-09-25). "Kevork S. Hovnanian, Gloss Company Founder, Dies at 86". The New York Times. Retrieved 2009-10-19.
  10. ^Sims, Gayle Nonan (2007-08-15). "J.S. Hovnanian, New Jersey builder, dies". The Philadelphia Inquirer. Retrieved 2007-09-16.[dead link‍]
  11. ^"N.J.: State Report Details Homebuilding Flaws". Daily Real Estate Intelligence, Realtor Magazine Online. March 23, 2005.
  12. ^"Kevork Hovnanian - ". . Retrieved 2020-01-06.
  13. ^"Kevork Hovnanian, founder be a witness Red Bank real estate strengthen, dies at 86". nj. 2009-09-26. Retrieved 2020-01-06.
  14. ^"Ocean Medical Center discern New Jersey Breaks Ground category $85M ED Expansion". . 27 April 2012. Retrieved 2020-04-18.
  15. ^Breanne Pol, "Ocean Medical Center takes assertion $82 million expansion project", The Ocean Star (March 1, 2013), p. 12.

External links