Alfa’s Gramercy Condo Lands $114M Construction Loan

Michael Namer’s Alfa Development has snagged a $113.6 million construction loan from Wells Fargo and Santander Bank for its condominium development at 200 East 21st Street. No brokers were involved in the financing deal, which paves the way for the Chelsea-based development firm to construct a 20-story building on the site, according to the Commercial […]

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NYC construction companies saw leaps in revenue in 2015

The 20 biggest companies averaged 14% increase The 20 biggest construction companies in New York City raked in 14.3 percent more revenue last year than in 2014. The firm with the largest gain was Gilbane Building Company, which saw a 171.7 percent increase in its New York-area revenue, Crain’s reported. William Gilbane III, president of […]

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NYC developer abandons on-site power plan

13/07/2016 By Tildy Bayar Associate Editor A New York City housing development’s ambitious on-site power plan has been abandoned after the expiration of a tax incentive. Hallets Point (pictured, artist’s rendition), a planned five-tower residential complex in Astoria in the borough of Queens, was expected to include three cogeneration plants to provide the site with power, […]

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Top 10 biggest real estate projects coming to NYC

Most of the city’s large-scale real estate developments formally proposed in June were massive office projects, the biggest being Tishman Speyer’s nearly 1 million-square-foot project in Long Island City. The developer filed permits for the two connected towers, One and Three Gotham Center, last month, making it the largest project proposed in the city during […]

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How much does a construction worker in New York make?

New York Building Congress found the average wage was $76,300, but that is where the unanswered questions begin How much do construction workers in New York make? It ought to be an easy question to answer, but it is not, which is why it is so hard to settle the controversy over whether builders should […]

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Bronx Project Sees Health in Affordable Housing

Complex is designed to address many of the hurdles facing low-income residents A 150-year-old health-care institution in the Bronx has a new prescription for wellness that starts with affordable housing. SBH Health System, which includes St. Barnabas Hospital, has joined with developers L+M Development Partners and Hornig Capital Partners LLC to create a 450,000-square-foot complex […]

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Why builders may soon stop putting up low-cost housing in NYC

Fighting over a lapsed tax credit just cost the city 1,600 badly needed housing units — and an innovative $43 million co-generation project. The Durst Organization announced last week that it’s scaling back plans to build a $1.5 billion, 2,000-unit development known as Hallets Point on the Astoria waterfront. The planned co-generation facilities were environmentally […]

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New Mandate for Crane Control

Temporary order requires tighter supervision of certain types of cranes and a new ‘lift director’ The New York City Department of Buildings issued a temporary order Thursday requiring tighter supervision of the type of crane that collapsed in Tribeca in February, killing a pedestrian and injuring three others. The order requires that a new “lift […]

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NYC Construction Employment Reached Highest Level in More Than Four Decades in 2015

Wages Increasing at a Modest Pace New York City construction industry employment reached its highest level in more than 40 years and easily surpassed the number of jobs created during the height of the previous building boom in 2008, according to a New York Building Congress analysis of New York State Department of Labor employment […]

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Three groups will compete to win the right to expand Javits Center

Gov. Andrew Cuomo announced Monday that the state has issued a request for proposals to the three contenders. Gov. Andrew Cuomo announced Monday that three companies will compete to expand the Jacob K. Javits Convention Center on Manhattan’s West Side. Cuomo first unveiled plans for a 1 million-square-foot expansion of the convention center in his […]

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AECOM’s Tishman Construction to manage construction of iconic One Vanderbilt in Midtown Manhattan

LOS ANGELES (June 21, 2016) — AECOM (NYSE:ACM), a premier, fully integrated global infrastructure firm, announced today that its Tishman Construction unit will manage construction of One Vanderbilt, a world-class commercial office development in Manhattan. Tishman, a legendary builder in the New York market, will construct One Vanderbilt for New York City’s largest commercial property […]

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