In the News

The real estate professionals at Lemor Realty Corp are In the Newsalways in the news. When they’re not busy with real estate development projects, property management and serving brokerage clients, you’ll find them serving their communities, sharing their expertise, and giving interviews.

Winter 2016. Chicago, IL

The current projects of our development affiliate, Lemor Development Group, are highlighted in the Winter 2016 edition of Affordable Housing News magazine on pages 62-63, which are reproduced below. [Click an image to enlarge and start a slideshow; read the article below.]
Affordable Housing News: Lemor RealtyAffordable Housing News: Lemor RealtyAffordable Housing News: Lemor Realty

Finding a niche in affordable housing, Lemor Development Group is delivering much-needed assistance to low-income individuals and families throughout New York and New Jersey.

With Tucker View, its first-ever development in Newark, New Jersey, the firm is delivering 42 units of affordable housing on two vacant sites in Bergen Street Corridor of the South Ward neighborhood.

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“The Bergen Street Corridor is an area that has depressed housing and many low-income families,” says Kenneth Morrison of Lemor Development Group. “It has not seen new development in the past 20 to 25 years. We are going to be the catalyst for this project.”

Lemor now has all of the financing in order on Tucker View and expects to begin construction by the end of 2016. The firm is working with a partner and has been conducting remediation on the site, as it’s the former home of a gas station. Among other things, crews need to remove several underground fuel tanks.

DEMAND IS PREVALENT Considering the large number of applications it receives for each development the firm completes, Lemor has realized the enormous demand for affordable housing throughout the region. In fact, as many as 66,000 people have applied for a 50-unit affordable housing property Lemor has recently marketed. The firm is hard at work expanding as quickly as it can to help meet that demand.

Another current effort for Lemor is The Robeson, which will be a 10-story, 79-unit affordable housing community that will include a range of amenities, such as a gym, washers and dryers, storage and a rear yard serving as shared community space. Lemor is now in the rezoning process at the site.

The Robeson is a tax credit affordable development in New York that’s being financed in conjunction with the The Leroy—named after Lemor founder Leroy Morrison. The Leroy will involve the construction of a seven-story building with 20 apartments. It will also feature a 2,500 square-foot community space that nonprofit Street Corner Resources will be able to use free of charge in perpetuity.

Throughout its efforts the firm aims to provide higher-end appliances, cabinetry and finishes to make for a more pleasant living experience for residents.

“Unfortunately, a lot of people think of affordable housing as substandard housing,” Morrison says. “Just because a unit is affordable does not mean you have to have the basic standards. We try to supply the same kind of standards that you would see in market-rate housing in our affordable units.”

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March 15, 2016. New York, NY

Writing in the March 15th, 2016 edition of the New York Real Estate Journal, Osei Rubie, the President of National Standard Abstract in Floral Park, N.Y., answers the question “Why discuss joint venture partnerships in today’s housing market?” Mr. Rubie called on Kenneth Morrison, principal of Lemor Development Group, a for-profit developer based in Harlem, for an example of where a joint venture partnership preserves affordable housing. Mr. Morrison “ explained that a nonprofit without a strong balance sheet and operating capital would benefit from a partnership with a for-profit entity with the capital and balance sheet required.” Read the complete article.

January 1, 2015. New York, NY

The January 2015 issue of The Cooperator, a monthly for condos and co-ops, focuses on the role of Management.  The lead article by Anne Childers is Hiring New Management
When it’s Time for a Change!  Ms. Childers based her story on intereviews with high profile New York property management executives, including Lemor Realty Corp.’s principal, Kenneth Morrison. Ken “believes fiscal responsibility is the number one requirement for a property management firm.” Well worth reading.

December 11, 2013. New York, NY

Real Estate Weekly, which serves the commercial, residential and industrial markets, reported that Kenneth Morrison, principal of Lemor Realty, has closed on an $11,766.304 construction loan which will be used to provide 51 residential rental units and four commercial spaces totaling 4,000 sq ft. Get all the details.

August 6, 2012. New York, NY

Morningsider, the blog about Morningside Park, caught up with Lemor Realty Corp.’s principal, Kenneth Morrison, and asked him to suggest some important preparations for first-time home buyers. Ken contributed 10 tips.

Deciding to purchase a home is one of the most important life decisions you will make, and can be a daunting and intimidating experience.  And while there is always the unexpected, preparing with these 10 steps will make the experience much easier. Read Ken’s tips…