Latest news with #StuartMiller
New York Times
23-05-2025
- Entertainment
- New York Times
A Decades-Long Friendship Turns to Love
Gianine Denise Rosenblum doesn't see herself as a poet. As a clinical psychologist, she is a 'science writer,' she said. But when she and Stuart Miller got together in 2022, after decades of friendship, she found herself writing poems. 'They would burst out of her,' Mr. Miller, 59, said. The two first met on the phone on Oct. 1, 1983, when they were 17 and in their senior year of high school in Brooklyn. She attended Edward R. Murrow, and he was at Midwood. Back then, Dr. Rosenblum, who goes by Gia and is now 58, had just gone on a date with Mr. Miller's friend. The friend was at Mr. Miller's house in Prospect Park South, Brooklyn, and passed the phone around for friends to say hello. When Mr. Miller got on the line, they said they talked for two hours, bonding over Monty Python and other shared interests. She started dating his friend and joined their friend group, watching Marx Brothers movies and even sneaking along on his high school's senior trip. After high school, they remained friends. In 1987, they studied abroad in Europe — she in Copenhagen, he in London — and met up to travel to different European cities. By then, she and Mr. Miller's friend had broken up, they said. Regardless, they felt that a relationship between them was off-limits. But there was 'romantic tension,' they said. A year or two later, he wanted to date, but she didn't feel the same way. Over the ensuing decades, they built lives and careers. They both got married and started families. She earned a bachelor's degree in psychology from SUNY Albany and master's and doctorate degrees in psychology from Rutgers. She is now a clinical psychologist in private practice in Lawrenceville, N.J. Mr. Miller has a bachelor's degree in English from Tufts University and a master's in journalism from Columbia. He is a freelance journalist with work in publications including The New York Times, and the author of 'The 100 Greatest Days in New York Sports.' As their paths diverged, they kept in touch through phone calls and email. They sometimes got together for movies, Broadway shows and museum outings. 'We would always find ways to stay in touch,' he said. In June 2022, Mr. Miller interviewed a filmmaker whose film featured a character who meets a soul mate, but can't be with her for various reasons. The film reminded Mr. Miller of his experience with Dr. Rosenblum, and he reached out to her. They talked on the phone for over two hours. 'It was literally like a lightbulb went off,' Dr. Rosenblum said of hanging up. At the time, she was in the process of separating from her ex-husband, she said. 'I suddenly had this feeling of: What are the odds that I would ever find someone who I am as compatible with, who I already love, who I share so much with, who I trust so completely, who I have such deep feelings for?' She decided to tell Mr. Miller how she felt. [Click here to binge read this week's featured couples.] Later that summer, they met up in New Jersey's Mercer County Park. They sat and talked for a long time, and found that the feelings were mutual. By the fall, they said they were both separated from their spouses. Both divorces were finalized in 2024. Now in a new phase, Dr. Rosenblum and Mr. Miller got to know each other as a couple, going on park dates and seeing performances together. For their first big trip as a couple, they returned to Barcelona, which was one of their favorite places in college. They also visited Valencia, Spain, for the first time. Mr. Miller described it as 'the romance of going to the old place, and then exploring something new.' Early on, she knew that she wanted to marry him. Around that time, Mr. Miller mentioned the idea of getting married one day. 'I said it half in jest because I didn't know how she would react, but I obviously meant it,' he said. She felt relieved, and confessed she'd been looking at wedding dresses online. On May 8, they eloped in Dead Horse Point State Park in Moab, Utah. Aimée Flynn, a Universal Life Church minister and photographer, officiated. The bride wore a dress from the collection of free wedding dresses at the Maurice M. Pine Free Public Library in Fair Lawn, N.J., and cowboy boots she bought online. They exchanged vows, played music on a portable speaker and toasted with Prosecco and brownies. They plan to have a celebration at Camp Sacajawea in Sparta, N.J., in July, with about 120 guests, including Dr. Rosenblum's daughter from her previous marriage, and Mr. Miller's two sons from his, who are all in their 20s. When they were interviewing wedding photographers, one asked why they had chosen Moab as their destination. Dr. Rosenblum said, 'I want the vista to be a representation of the expansiveness of our love.'
Yahoo
25-04-2025
- Business
- Yahoo
Starbucks opens its first 3D-printed store. Is it cheaper than the real thing?
Starbucks is brewing up something new in Texas—and this time, it's not just what's in the cup. Next week, the coffee giant will open its first-ever 3D-printed store, a drive-thru-only location in Brownsville that looks more like the future of construction than your average café. The Sun Belt housing market is so weak the largest U.S. homebuilder pulls back The Dow Jones Industrial Average set a startling record that shows just how flawed it truly is Bot farms invade social media to hijack popular sentiment Built with layers of concrete piped out by a giant robotic printer, the 1,400-square-foot structure is part of the company's ongoing effort to modernize operations and trim costs. But does a 3D-printed café actually save money—or is this just a buzzworthy experiment? Peri-3D, a German company, used a giant 3D printer to pump out layers of concrete mixture to create the structure. According to the Texas Department of Licensing and Regulation, the cost for building the small scale coffee shop was about $1.2 million. The accounting platform Freshbooks says building a restaurant from the ground up can cost up to $2 million. However, a smaller-scale quick-serve restaurant may cost less to build. According to KRG Hospitality, it costs around $535 per square foot to build a quick serve restaurant, which comes out to $749,000 for a 1,400-square-foot structure like the new Starbucks—a bit less than the $1.2 price tag for the 3D-printed build. Of course, the new method is a first for the brand. And builders say, the more they use the technology, the more efficient they are at it. In Georgetown, Texas, an entire community of 100 homes was recently built using 3D-printing. The company who built the community, Lennar, says they're seeing costs drop with each build. Stuart Miller, chairman and co-CEO of Lennar, told CNBC earlier this year that the construction company says their costs and cycle time go down 'by half' by adopting 3D-printing. 'This is significant improvement in evolving a housing market that has the ability to change over time and being more adaptable and more functional in providing affordable and attainable housing for a broader swath of the market,' said many building materials are becoming more expensive all the time. According to a 2023 report by construction cost data tracking firm Gordian, 82.5% of construction materials have skyrocketed since 2020, with the average increase at 19%. Now that the impact of tariffs is looming, those costs are expected to increase even more.3D-printing is also much faster, meaning that projects can be completed in a fraction of the time, potentially drastically cutting labor costs. According to the World Economic Forum, 3D-printing can cost just 30% of what building structures the old-fashioned way costs. That's why some companies are using it as a tool to address labor shortages and the housing crisis. 3D-printing is gaining momentum for construction purposes, given it's less time-consuming and has the power to be less costly. In addition to housing, in Japan, a 3D-printed train station was just erected. And Peri-3D, itself, has completed at least 15 construction projects, including residential buildings in Europe and Germany.3D-printing has been incorporated into some restaurants when it comes to customizing food, or even making 3D-printed furniture, too. But building restaurants with the technology is a brand-new development. With restaurant chains looking for cost-cutting initiatives in the wake of inflation, rising operating costs, and the impact of tariffs, 3D-printing could eventually become a time-slashing, and cost-slashing way for establishments to expand. Especially because, no matter how the restaurants are built, the food, and the coffee, are likely to taste the same. This post originally appeared at to get the Fast Company newsletter: Sign in to access your portfolio
Associated Press
02-04-2025
- Business
- Associated Press
Dandelion Energy and Lennar Announce One of the Largest Residential Geothermal Deployments in US History
The partnership establishes a framework for making geothermal heating and cooling the standard in new home construction. ARLINGTON, Va., April 2, 2025 /PRNewswire/ -- Dandelion Energy, the nation's leading home geothermal heating and cooling company, today announced they are partnering with Lennar Corporation (NYSE: LEN and LEN. B), one of the nation's leading homebuilders, on one of the most significant residential geothermal heat pump deployments in US history. Over the next two years, Dandelion's innovative geothermal systems will be integrated into over 1,500 new Lennar homes built in Colorado. Geothermal offers the lowest monthly energy bills for homeowners who are expected to save approximately $30 million over 20 years compared to heating with air-source heat pumps. Dandelion Energy, a leader in residential geothermal systems, has developed a streamlined installation process that makes it easier and more affordable than ever for builders and homeowners to benefit from geothermal heat pumps. By eliminating the need for outdoor AC units and traditional heating systems, Dandelion's technology enhances home efficiency and durability. Homeowners in participating communities will enjoy the peace of mind that comes with a low-maintenance, resilient, and emissions-free heating and cooling solution. 'This partnership with Lennar sets a new benchmark for affordable, energy efficient, and high-quality home heating and cooling,' said Daniel Yates, CEO at Dandelion Energy. 'We're excited to bring our geothermal technology into a high-production environment and accelerate our efforts to deliver the unparalleled comfort, performance, and cost savings of geothermal heat pumps to Colorado homeowners.' 'Our collaboration with Dandelion Energy brings innovative geothermal technology into our homes—offering Colorado homeowners a cleaner, more efficient way to heat and cool their homes, while reducing long-term costs and future-proofing their investment,' said Stuart Miller, Executive Chairman and Co-CEO of Lennar. 'It supports our broader commitment to making high-quality, attainable housing more accessible.' Geothermal heat pumps dramatically lower home energy use and costs. Due to their superior efficiency, geothermal heat pumps also significantly reduce peak electric demand. According to a recent report from the Department of Energy, widespread adoption of geothermal heat pumps could eliminate the need for 24,500 miles of new grid transmission lines — the equivalent of crossing the United States eight times. 'Geothermal energy - the heat beneath our feet - is a clean energy option that will help save Coloradans money and protect our state for future generations. I'm very excited that Dandelion is building on Colorado's leadership on geothermal by connecting more than 1,500 Colorado homes to low-cost heating and cooling. It's good for Coloradans, for our air quality, and our economy,' said Governor Polis. 'Geothermal heat pumps are extremely efficient at both heating and cooling, while reducing emissions, easing demand on the electric grid, and saving residents thousands of dollars on energy costs,' said Colorado Energy Office Executive Director Will Toor. 'Ensuring affordable access to geothermal heating and cooling is essential to achieve net-zero emissions by 2050, and we're excited to be part of such a huge effort to bring this technology to so many new Colorado homes.' This initiative will benefit from incentives including Colorado's state tax credit for geothermal heat pumps and Xcel Energy's geothermal and all-electric new construction programs. With incentives, the up-front cost of geothermal heat pumps is significantly reduced for homebuilders like Lennar, enabling broader adoption and significant benefits to Colorado residents. 'This ground-source heat pump project is an example of how our Clean Heat Plan and our electrification strategy for new home developments are delivering on our shared climate goals and keeping bills low,' said Robert Kenney, President of Xcel Energy-CO. 'Our customer options, including rebates, are designed to lower the cost of highly efficient electric technologies for customers interested in all-electric new homes, as well as replacing their natural gas furnaces to reduce the use of natural gas in existing homes. We'll continue working with the Governor's office, the state, local governments and industry partners to raise awareness for the new programs and rebates available to our customers to lower their own emissions and keep their energy bills low.' 'Colorado is leading the nation in the transition to clean energy, and today's groundbreaking marks a major step forward in that effort. With this investment, we are not only reducing carbon emissions but helping to lower energy costs for families. Colorado is proving that we can fight climate change, create good-paying jobs, and ensure a healthier future for all,' said Senator Michael Bennet, Senator John Hickenlooper, and Congressman Jason Crow. About Dandelion Energy Dandelion Energy is a leading provider of residential geothermal heating and cooling solutions with a mission to make geothermal energy accessible and affordable for homeowners. Since 2017, Dandelion has installed thousands of residential geothermal heat pumps and installed over 1 million linear feet of ground loops throughout the United States. The nation's leading homebuilders are partnering with Dandelion to bring the benefits of geothermal to their home buyers. For more information, please visit About Lennar Corporation Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit 678-644-4122 Danielle Tocco Lennar Corporation 949-789-1633
Yahoo
22-03-2025
- Business
- Yahoo
Lennar Corp (LEN) Q1 2025 Earnings Call Highlights: Navigating Market Challenges with Strategic ...
Average Sales Price: Declined to $408,000, 1% lower than last year. Homes Started: 17,651 homes. Homes Delivered: 17,834 homes. Homes Sold: 18,355 homes. Sales Incentives: Increased to approximately 13%. Gross Margin: Reduced to 18.7%. SG&A: Came in at 8.5%. Net Margin: 10.2%. Community Count: Increased from 1,447 to 1,584 communities. Cash on Book: $2.3 billion. Debt-to-Total Capital Ratio: 8.9%. Share Repurchase: 5.2 million shares for $703 million. Liquidity: Approximately $5.3 billion. Homesites Owned: 13,000 homesites. Homesites Controlled: 533,000 homesites. Inventory Turn: 1.7 times. Return on Inventory: Almost 30%. Book Value Per Share: About $86. Q2 New Orders Guidance: 22,500 to 23,500 homes. Q2 Deliveries Guidance: 19,500 to 20,500 homes. Q2 Average Sales Price Guidance: $390,000 to $400,000. Q2 Gross Margin Guidance: Approximately 18%. Q2 SG&A Guidance: 8% to 8.2%. Q2 EPS Guidance: Approximately $1.80 to $2 per share. Warning! GuruFocus has detected 2 Warning Signs with BFRI. Release Date: March 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lennar Corp (NYSE:LEN) successfully completed the Moro spin-off and Rausch Coleman acquisition, supporting their transition to an asset-light land-light model. The company maintained a strong balance sheet with $2.3 billion in cash and an 8.9% debt-to-total capital ratio. Lennar Corp (NYSE:LEN) achieved a sales pace of 4.1 homes per community per month, aligning with their target and demonstrating operational efficiency. Construction costs decreased by 2.5% year-over-year, reaching the lowest level since Q3 2021, indicating effective cost management. The company repurchased 5.2 million shares for $703 million, demonstrating a commitment to returning capital to shareholders. The macroeconomic environment remains challenging with high mortgage interest rates, impacting housing market demand. Lennar Corp (NYSE:LEN) experienced a decline in average sales price to $408,000, 1% lower than the previous year. Sales incentives rose to approximately 13%, significantly impacting gross margins, which fell to 18.7%. The company faces ongoing pressure on margins due to the need for incentives to maintain sales volume. Consumer confidence and affordability issues continue to limit actionable demand in the housing market. Q: What is Lennar's view on the normalized operating margin and the path to achieve it? A: Stuart Miller, Executive Chairman and Co-CEO, explained that Lennar is focused on improving efficiencies across all business elements, especially after the Millrose spin-off. The current high level of incentives is temporary, and the company expects to achieve a significantly higher operating margin once these incentives normalize. Diane Bessette, CFO, added that historically, SG&A was around 7% and corporate G&A around 1.5%, suggesting room for improvement from current levels. Q: How does Lennar determine its sales pace, and what if current demand levels are the new normal? A: Stuart Miller stated that Lennar assesses demand at the community level and believes the current market is undersupplied due to years of underproduction. The company is prepared to adjust its production levels quickly if necessary, typically within a quarter or two, as market conditions evolve. Q: Is Lennar underwriting new land acquisitions to current incentive levels, and can margins improve without incentives returning to historical levels? A: Stuart Miller confirmed that Lennar is strategically turning over land inventory to align with current market conditions. Fred Rothman, COO, added that the company is patient and strategic in land acquisitions, underwriting them to current incentive levels while aiming for higher margins as land costs adjust. Q: How does Lennar respond to concerns about increased cyclicality in margins due to its even flow strategy? A: Stuart Miller emphasized that Lennar's strategy is to work through assets at lower margins rather than walking away from deposits. The company believes that maintaining production levels and turning land into cash is more beneficial in the long run, even in a challenging market. Q: What is the impact of the Millrose transaction on Lennar's cash flow and leverage strategy? A: Stuart Miller noted that the Millrose transaction is part of Lennar's transition to an asset-light model, which will eventually lead to cash generation approximately equal to earnings. Diane Bessette highlighted that 2025 is a transition year, but the asset-light model is expected to enhance shareholder returns through increased cash flow and stock buybacks. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
22-03-2025
- Business
- Yahoo
Lennar posts lower quarterly profit on sustained market weakness
Lennar Corp reported lower first-quarter profit on Thursday, as high mortgage rates and house prices deterred potential buyers, sending shares down 4% after the bell. "While demand remains strong, persistently higher interest rates and inflation, combined with a downturn in consumer confidence and a limited supply of affordable homes, made it increasingly difficult for consumers to access homeownership," said co-CEO Stuart Miller. For the first quarter ended February 28, Lennar reported a decline in average sales price to $408,000, 1% lower than last year, reflecting continued weakness in the market. It also reported home sales gross margins of 18.7% in the first quarter, below its forecast range of 19.0% to 19.25%. The lack of affordable entry-level housing for families has consistently been a major challenge in the U.S. economy and has routinely pushed potential first-time homebuyers out of the market. Homebuilders have ramped up incentives such as interest rate buydowns and price adjustments to attract potential buyers and avert inventory buildup, which has reduced their margins. Including losses of $62.5 million incurred on technology investments, Lennar posted a quarterly profit of $1.96 per share, compared with $2.57 a year ago. The second-largest U.S. homebuilder reported first-quarter revenue of $7.6 billion, a 5% rise from the previous year, surpassing analysts' estimates of $7.43 billion, according to data compiled by LSEG. The Miami-based company delivered 17,834 homes in the first quarter, an increase from 16,798 units in the same period last year.
