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[30 Oct 2014 | No Comment | ]
NYBC warns of funding gap in MTA plan

The MTA Board of Directors recently approved a $32 billion Capital Plan for 2015-2019 that the New York Building Congress says faces several hurdles before going forward.
The spending plan is allocated to three priority areas:
• $23.5 billion for core “system renewal.” This includes approximately $17 billion for the subway system and $6 billion for Long Island Rail Road and Metro-North Railroad;
• $3.1 billion to maintain and improve the MTA’s nine bridge and tunnel facilities; and
• $5.5 billion to continue major expansion projects, commencing Phase II of the Second Avenue Subway, …

Construction & Design »

[30 Oct 2014 | No Comment | ]

New York-based LEED-accredited architecture firm Design AIDD Architecture, DPC, has been awarded the contract to design a six-story multi-family market rate rental project at 284 Wadsworth Avenue in Washington Heights, which will be known as HAP 4.1.
Developed by HAP Investments, the 10,000 s/f residence will have 10 one- and two-bedroom apartments, with such features as mini-split heating-and-cooling systems and in-unit washer/dryers.
The architects will use an ICF system for building construction. The efficient material is being used to not only save construction time, it is considered one of the world’s top …

Construction & Design »

[30 Oct 2014 | No Comment | ]
New York Festival of Lights will showcase leading global artists

The New York Festival of Light (NYFOL)) comes to DUMBO, Brooklyn, for three consecutive nights November 6 through 8.
A curated collection of lighting installations from renowned artists designing in the medium of light from all over the world and from Brooklyn will be showcased during the festival.
New York City now joins the ranks of major cities such as Berlin, London, Lyon, Montreal and Sydney that have festivals of light. The festival is free and open to the public and all ages are welcome.
In partnership with the DUMBO Business Improvement District, …

Construction & Design »

[30 Oct 2014 | No Comment | ]

Driven by an unprecedented surge in high-end residential construction, as well as by continued strength in the commercial and government sectors, New York City construction activity is brushing up against the heights experienced during the boom years of 2007 and 2008.
In its annual New York City Construction Outlook, the New York Building Congress – with support from the New York Building Foundation – forecasts $32.9 billion New York City construction spending in 2014, a 17 percent increase from 2013, when spending reached $28.2 billion.
Construction spending is expected to increase further …

Construction & Design »

[30 Oct 2014 | No Comment | ]
Parking system gets test drive in Brooklyn

A new environmentally friendly automatic parking system is being given a test drive in downtown Brooklyn.
Parkmatic, specialists in mechanical and automated parking systems for more than 20 years, is introducing its Carousel Parking System to the US at Verti-Park, 169 Tillary Street, at the corner of Gold Street in Downtown Brooklyn.
The environmentally-efficient system utilizes a Ferris wheel-style car stacker capable of holding 30 vehicles in the space of six, with retrieval time spanning 15 seconds for the lowest vehicle, and up to two minutes for the highest. The carousel parker …

Deals & Dealmakers, Featured »

[30 Oct 2014 | No Comment | ]
First-time buyers zeroing in on Brooklyn market

By Konrad Putzier
When veteran broker Bob Knakal recently remarked that most investment properties are now being bought by first-time buyers from outside the city, he had Manhattan in mind. But increasingly, this trend is also noticeable in Brooklyn.
One of the latest newcomers into the borough is of the Pittsburgh-based real estate investment and property management firm, HLC Equity.
The firm recently bought 146 Fenimore Street, a 17-unit rental apartment building in Prospect Lefferts Gardens, for $3.4 million and is in talks to acquire several other Brooklyn properties.
The purchase marks HLC’s first …

Deals & Dealmakers »

[30 Oct 2014 | No Comment | ]
Classic Villard mansion clicks with new e-tailer

High-end menswear e-tailer Trunk Club will open its first store at The Villard Mansion on Madison Avenue on November 1.
CBRE Group, Inc. announced that it represented the New York Palace Hotel, operated by Northwood Hospitality, in the 26,190 s/f retail lease for the New York flagship store of Trunk Club, an online store bought by Nordstrom earlier this year.
CBRE Retail’s Michael Kadosh, first vice president, and Robert Bonicoro, represented Northwood Hospitality in the transaction, which will see Trunk Club move into the Villard Mansion’s entire ground-through-6th floor space. Matthew Seigel, …

Deals & Dealmakers, Photo Gallery »

[29 Oct 2014 | No Comment | ]

A launch party for the new Vicky Ward real estate book, The Liar’s Ball, held at the home of magazine editor Tina Brown, drew several prominent real estate executives. The book chronicles the history of the GM Building and its suitors, including Harry Macklowe and Donald Trump. Real Estate Weekly is giving away free copies of the book with new subscriptions to the industry’s oldest commercial real estate title.
Photos by Patrick McMullan

Featured, Finance & Accounting »

[29 Oct 2014 | No Comment | ]
Silverstein celebrates $1.6B bond deal

Developer Larry Silverstein has sold $1.6 billion worth of unrated bonds to finance his planned office tower 3 World Trade Center. The offering, managed by investment bank Goldman Sachs, is the largest sale of unrated debt in history, according to Bloomberg.
The deal brings Silverstein a big step closer to resuming construction on the tower, his third on the World Trade Center. Work on the site has long been stalled after the developer failed to secure sufficient construction financing. In spring, Silverstein tried unsuccessfully to get a loan guarantee from the …

Brokers Weekly, Deals & Dealmakers, Featured »

[29 Oct 2014 | No Comment | ]
Urban Compass doubles new Fifth Ave. headquarters space

Upstart real estate firm Urban Compass its expanding its new Fifth Avenue headquarters space to 50,000 s/f.

Owner RFR Realty announced that the technology-driven real estate platform signed a new lease at 90 Fifth Avenue, effectively doubling its space in the building.

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