Delta Negotiating New Ground Lease at LGA, Gets $600M in Port Authority Funding

Commissioners of the Port Authority of New York & New Jersey voted today to earmark $600 million for its part of building the Delta Air Lines component of the new LaGuardia Airport, with the rest of the $4 billion project under negotiation. Delta has a handshake agreement with the agency, which controls the ground at […]

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Engineering firm tapped to design overhaul of deteriorating Hudson River Park pier

The Hudson River Park Trust announced Wednesday it has selected an engineering firm to design the overhaul of Pier 40—the 15-acre sports, parking and office facility that sits atop 3,500 decaying steel piles on Manhattan’s West Side. Colorado-based Ch2m was tapped by the trust, a quasi-governmental nonprofit that maintains and operates its namesake park, for […]

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Brooklyn is hotspot of summer leasing

Leasing activity in Midtown and Midtown South is slowing down as office tenants continue to cross the East River to Brooklyn. According to CBRE’s second quarter 2016 Office MarketView report, leasing activity in two of Manhattan’s largest office markets declined drastically compared to the same period last year. During the quarter, leasing activity in Midtown […]

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Can developers win in the lending game?

Over the past year, New York’s real estate industry has seen a real peer-to-peer lending boom. A flurry of development firms have launched mezzanine and other debt platforms since mid-2015, blurring the line between lenders and borrowers. The most recent newcomers to the developer-lender arena include Kushner Companies , RXR Realty, Moinian Group and RFR Realty, […]

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M+W Group is ENR New York’s Contractor of the Year

ENR New York has chosen M+W Group as its Contractor of the Year. The firm will be profiled in the July issue of ENR New York, alongside the Top Contractor Survey. M+W Group is a global company that is at the forefront of solar power in upstate New York. In 2015, the firm opened a […]

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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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