Cove developers sent back to drawing board
By Dan Orlando City councillors on Monday sent Astoria Cove developer Alma Realty back to the drawing board with plans for a 1,700 unit Queens … Continued
Category : Construction & Design
TOD biggest trend of century, says new report
Transit Oriented Development (TOD) has emerged as the most substantial development trend of the early 21st century, according to real estate experts. Releasing a new report exploring the consequences of rapid population growth in ten major North American cities, Cushman & Wakefield’s industry-leading Americas Research group noted that the majority...
Breakthrough Atlantic Yards module honored as work stoppage continues
Forest City Ratner’s groundbreaking modular tower has earned a Breakthrough Award from Popular Mechanic. Roger Krulak, senior vice president of Modular Housing at FCRC, and … Continued
Macklowe celebrates the next big thing with tallest US apartment tower at 432 Park Ave.
By Konrad Putzier Harry Macklowe and his partners at CIM Group, topped out the tallest apartment building in the western hemisphere yesterday (Tuesday) at 432 … Continued
Beware the minefield that is EOT requests
By Henry L. Goldberg, managing partner, Goldberg & Connolly We continue to sound the alarm about the increasingly wide-spread use by public agencies of C.O.F.E.D.s (Contractor Forfeiture Enhancement Devices”). The drumbeat of this campaign will warn of the land mines to which we have seen contractors and subcontractors repeatedly, and...
Builder row not necessarily the final nail in coffin
In real estate as in personal relationships, a divorce can be the best solution for all involved. A week after Skanska canceled its contract to build Forest City Ratner’s Pacific Park modular tower in Brooklyn, it seems less and less likely that the sides will come back together. This means Forest City Ratner may be forced to find a new contractor for the half-finished residential project — once hailed the future of construction but now mired in delays and cost overruns. While switching contractors halfway through a project is unusual, it can end up being the lesser evil.
Luxury builders reap rewards as new condo prices soar
Manhattan’s apartment sales market has continued its steep climb, benefiting from strong demand for luxury new development. The median sales price grew by 4.2 percent year-over-year to $908,242 while the average price grew by 17.4 percent to $1.684 million, according to Miller Samuel’s report for Douglas Elliman, as luxury sales far outpaced the rest of the market. The median sales price in the luxury market — defined as the top ten percent in terms of price — rose by 22 percent, while the number of sales at or above $10 million grew by 89.7 percent. And as demand continues unabated, new condo developers like HFZ Capital Group are seeing strong demand for their units.
WSP earns Best Buildings award
WSP, the engineering design and environmental consultancy, has been named Best Commissioning Provider in the United States Green Building Council’s (USGBC) first annual Best of … Continued
Owners spending big bucks altering properties for tech, media tenants
New York City’s private and public building owners initiated $5.7 billion worth of alteration and renovation (A&R) projects in 2013, a 5 percent increase from 2012, when A&R starts totaled $5.4 billion, and a 25 percent increase from 2011 ($4.6 billion). The upward trend has continued through the first six...
City re-build program begins for Sandy victims
Mayor Bill de Blasio announced that the City has approved the start of construction for 535 homes and sent 543 reimbursement checks through the Build it Back program, exceeding the Mayor’s goals that were set as part of the Sandy recovery overhaul earlier this year. Launched in 2013, Build it Back...