Property Markets Group in Chicago Transforming One Neighborhood at a Time

News provided by

Mar 28, 2012, 02:04 ET

MIAMI, March 28, 2012 /PRNewswire/ -- Property Markets Group (PMG), the premier source for affordable residential housing in Chicago, is pleased to announce the firm has been chosen by the Neighborhood Stabilization Program (NSP) to assist in the re-development of distressed residential assets. Through the program, PMG will be rebuilding neighborhoods home by home. The efforts of PMG in Chicago will not only provide homes for low to medium income families in the local community, but more importantly provide jobs to the local community through the redevelopment effort.

Working closely with the City of Chicago, the Neighborhood Stabilization Program is combating a challenging housing market that affects neighborhoods across the Chicago area. The program is focusing on the revitalization of the housing market in the blighted neighborhoods in hopes of beginning the recovery of our economy. By creating high-end and energy efficient homes the program will re- stimulate local markets, support local economic development and job growth. The purpose of this program is to restore local confidence and ultimately see the City of Chicago prosper.

Since 2009, PMG has invested in local neighborhoods in Chicago by acquiring distressed single-family homes and rehabilitating the properties. Since their inception, PMG is responsible for redeveloping over 15 distressed neighborhoods in Chicago and over 80 assets. More importantly, PMG in Chicago utilizes local labor, which has a greater impact on the stabilization of the neighborhood than the home itself.

"Being a part of the Neighborhood Stabilization Program is truly an honor," says Noah Gottlieb managing partner of PMG Chicago. "The owner and founder of PMG, Kevin Maloney, is huge supporter of the program. Maloney, a long-standing developer has spent the majority of his career privately investing and developing, but welcomes the opportunity of a public-private effort. "NSP's focus on investing in local labor is quietly brilliant; the creation of jobs through the rebuilding effort is the key to the success of this program."

About PMG:

Established in 1991 and headed by Kevin Maloney, Property Markets Group is a New York City-based real estate acquisition and development firm with real estate assets spread throughout the United States. PMG has been successfully transforming underutilized assets into highly profitable operating properties for over 20 years. The company is responsible for over 150 real estate transactions, with a wide variety of development product type ranging from new construction luxury condominium to hotel and resort to Single Family. both in New York City as well as Florida, South Carolina and Illinois. PMG is currently developing 210 West 18th Street, a $150,000,000 luxury condominium project in Manhattan, in partnership with Starwood Capital; 435 West 50th Street, a $70 million multi-family residential project in Manhattan; 50 North 1st Street, a 46-unit multi-family rental building located in Williamsburg, Brooklyn; and 95th On The Ocean, a 7-unit luxury residence condominium one block from Bal-Harbor Shops; distressed assets in the City of Chicago through a public-private partnership.