The Real Deal New York

Posts Tagged ‘construction’

  • Photo and rendering of 433 Broadway

    Photo and rendering of 433 Broadway

    In the “Hollow Men,” T.S. Eliot wrote: “Between the idea/ And the reality/ Between the motion/ And the act/ Falls the Shadow.” I thought of those lines, oddly enough, when looking at 433 Broadway, which is located on the northwest Broadway and Howard and is nearly at its completion. [more]

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  • From left: Manhattan West, Hudson Yards and One World Trade Center

    From left: Manhattan West, Hudson Yards and One World Trade Center

    Manhattan will see office space increase by 9 million square feet in the three years between 2013 and 2015, according to a new report from the New York Building Congress. That would be the fastest pace of development since 1990. [more]

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  • structure-tone

    From left: Structure Tone’s Bob Mullen and Cyrus Vance

    Construction giant Structure Tone admitted to defrauding several law firms, banks and advertising agencies out of millions over a four-year period. The firm pleaded guilty yesterday in New York State Supreme Court.

    Structure Tone, which was tapped to construct Sony’s new Madison Avenue headquarters, also said it would forfeit $55 million related to the scheme. The company’s specialty is building interiors and office space. It arranged for subcontractors to add millions in inflated costs of office space for Bloomberg, Bank of America and others between 2005 and 2009. [more]

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  • From left, plans for 41 E 22nd Street, the current lot at the address

    From left, plans for 41 E 22nd Street, the current lot at the address

    WEEKENDEDITION Continuum Company has unveiled new images for what its new residential tower at 41 East 22nd Street will look like once it is completed. [more]

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  • From left:

    From left: Louis Coletti, Jay Badame, Richard Anderson and Barry LePatner

    From the April issue: New York may have been one of the last cities in the country to get hit by the recession and one of the first to recover from the real estate downturn, but that doesn’t mean there wasn’t suffering here. And among the hardest hit segments of real estate was the construction sector. [more]

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  • Donald Trump and a rendering of the Trump Golf Links at Ferry Point

    Donald Trump and a rendering of the Trump Golf Links at Ferry Point

    Donald Trump’s public golf course in the Bronx is now projected to cost $236 million to complete, more than 10 times the original cost when construction began in 2000. [more]

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  • This month in real estate history

    January 22, 2014 04:30PM

    From the January issue: The city reported 83 years ago this month that apartment building plans for 1930 declined dramatically from the prior year, illustrating that the Great Depression was putting the brakes on the once-heady residential construction market. [more]

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  • Rendering of LG Electronics' proposed New Jersey headquarters

    Rendering of LG Electronics’ proposed New Jersey headquarters

    The New Jersey Superior Court has given the go-ahead for LG Electronics to move forward with its plan to build an office tower just beyond the Palisades, according to DNAinfo. [more]

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  • Robert LiMandri

    The Department of Buildings has issued 34 full and 75 partial stop work orders as part of a citywide safety inspection of 920 low-rise construction sites, the agency said. The orders covered 12 percent of the 920 sites inspected as part of “Operation: Low Rise.”

    The two-month investigation, concluded today, netted more than $954,000 in penalties from violations, the department said. The mostly minimal violations included missing fences, missing guardrails, missing fire extinguishers and work without proper permits, the news release said. [more]

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  • Homeowners have been hesitant to open their wallets for renovations, but a new study shows that spending on home improvements is set to accelerate through at least the third quarter of 2013, the New York Times reported. The projections reflect rising home sales and construction, and low financing costs, said Kermit Baker, director of the Remodeling Futures program at Harvard University’s Joint Center for Housing Studies, which conducted the study. [more]

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  • U.S. construction spending in November fell 0.3 percent below the revised October figure of $868.2 billion, according to the U.S. Census Bureau and the U.S. Department of Commerce. Spending in November totaled $866.0 billion, a 7.7 percent year-over-year gain. As The Real Deal reported last month, the October figures showed a second consecutive month of gains, following a large drop in July and another fall in August. [more]

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  • Construction employment in October declined in 156 out of 337 American cities, according to a press release issued today by the Associated General Contractors of America. For the remainder of the cities, employment figures increased in 127 cities and remained the same in 54.

    As The Real Deal reported last month, the figures declined in a total of 160 U.S. metro areas in September. AGCA officials attributed the declines to uncertainty about federal tax and investment programs and on declining public sector demand. [more]

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  • Toll Brothers CEO Doug Yearley

    Building off recent momentum, Pennsylvania-based builder Toll Brothers saw a $411.1 million profit in the fourth quarter, up a whopping 2,641 percent over the same period in 2011, HousingWire reported. The gain comes as new home contract signings soared year-over-year and the company nabbed a one-time tax benefit to the tune of $350 million.

    The fourth quarter profit this year marks a significant jump from last year. The company last year posted a $15 million profit in the fourth quarter. There was also an increase in the amount of homes built in the fourth quarter — a total of 1,088, up 44 percent year-over-year. And with that comes contracts signed, which also saw a year-over-year gain of 75 percent, worth a total of $684.1 million. [more]

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  • Construction spending was up in October

    December 03, 2012 12:30PM

    Construction spending in October rose 1.4 percent above the revised September figure of $860.4 billion, according to the U.S. Census Bureau and the U.S. Department of Commerce. Spending in October totaled $872.1 billion, a 9.6 percent year-over-year gain.

    As The Real Deal reported last month, the September figures showed the first gain in spending following a large drop in July and another fall in August. But even with the declines over the summer, the first 10 months of 2012 have seen construction spending reach $707.4 billion — a 9.3 percent year-over-year increase. [more]

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  • Following two months of declines, U.S. construction spending in September rose 0.6 percent above the revised August figure of $846.2 billion, according to a release sent today by the U.S. Census Bureau and the U.S. Department of Commerce. Total construction spending last month totaled $851.6 billion, which also marks a 7.8 percent year-over-year gain. [more]

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  • Annual construction spending in the Big Apple is expected to exceed $30 billion for the first time since 2008 according to an annual New York Building Congress report issued today.

    Thanks to an increase in demand for luxury housing, and an upswing in non-residential activity and government spending, the group predicts a 9 percent year-over-year increase in overall construction spending to $30.7 billion this year, from $28 billion last year. And thanks to an increase in activity across all sectors, spending has climbed 22 percent since falling to a post-recession low of $25.2 billion in 2010. [more]

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  • Following disappointing numbers in July, U.S. construction spending fell again in August. However, the weak numbers are tempered by strong year-over-year growth of 6.5 percent, according to data released today by the U.S. Census Bureau and the Department of Commerce.

    Construction spending reached a seasonally adjusted annual rate of $837 billion in August, a 0.6 percent decline from July’s figure. [more]

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  • DOB 2012 revenue surges $51M above forecast

    September 21, 2012 05:30PM

    The Department of Buildings took in $51 million more than it anticipated in fiscal year 2012, according to a city report released yesterday, as the agency stepped up enforcement, increased fees and saw a slight uptick in construction applications.

    In budget discussions in March, the Bloomberg Administration estimated the profitable agency would take in $146.9 million in revenue. Instead, it took in $198.2 million, the highest in the agency’s history, and $33 million more than the previous record in fiscal year 2011, the city’s annual Mayor’s Management Report says. The city’s fiscal year ends June 30. [more]

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  • U.S. construction spending fell by the largest amount in a year in July, largely because consumers stopped commissioning home improvement projects, according to data released today by the U.S. Census Bureau and the Department of Commerce.

    Construction spending reached a seasonally adjusted annual rate of $834.4 billion in July, 0.9 percent below June’s figure and the first decline since February 2012. [more]

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  • The upside of neighborhood construction

    August 31, 2012 11:00AM

    From left: construction and Leslie Hirsch of Brown Harris Stevens

    No one wants to live near construction — the noise, dirt and general chaos have always been thought to drive down real estate prices. But according to a report from NY1, residents have reason to embrace construction in their area.

    Buyers and renters should consider a couple of factors before turning down a prospective apartment just because construction is going on nearby. While an obstructed view could be a deal-breaker, other facets of construction — like new amenities in the neighborhood, or newer housing stock — could be a boon for area pricing, according to the report. [more]

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