The Real Deal New York

Posts Tagged ‘construction’

  • 500 Fourth Avenue

    500 Fourth Avenue

    While developers are swiftly breaking ground on new projects all over Brooklyn and taking advantage of high property values, the quality of their buildings might be suffering.

    As more residents move into the newly built construction, some worry that mistakes from the last housing boom — shoddy construction, bringing substandard product to the market — are being repeated, according to the New York Times. [more]

  • 5075612989_f0834ef2e3_z

    Construction site (Photo: Pedro Moura Pinheiro on Flickr)

    Construction costs in the U.S. hit a record level after declining slightly in 2008, according to a report by property and construction firm Rider Levett Bucknall.

    The firm’s quarterly index of construction costs, which are rising at the fastest pace in six years, increased 1.66 percent between July and Oct. 1. According to the report, this is the largest three month increase in building costs since the beginning of 2008. [more]

  • 247-hancock

    247 Hancock Street in Bed-Stuy, and Jonathan Miller

    New York City construction loans are on the rise as neighborhoods such as Harlem and Bedford-Stuyvesant undergo a major makeover.

    The number of loans increased 24 percent to 233 during the first half of this year compared to the same period in 2012. The U.S. arm of TD Bank, for example, saw construction loan volume in the New York area grow by 15 percent through mid-November compared with all of last year, Bloomberg News reported. [more]

  • Construction in New York City

    Construction in New York City

    From the October issue: A few years from now New York City’s skyline will look a lot different. New buildings will soar on the Far West Side, Long Island City will be even more filled out than it is today and the finishing touches will be put on high-profile residential buildings both Uptown and Downtown. [more]

  • From left: Related's Stephen Ross, 30 Hudson Yards, 10 Hudson Yards and Tishman Speyer's Rob Speyer

    From left: Related’s Stephen Ross, 30 Hudson Yards, 10 Hudson Yards and Tishman Speyer’s Rob Speyer

    From the October issue: It’s no shock to hear that 1 World Trade Center, the centerpiece of the famed Lower Manhattan development site, has a construction price tag of $3.8 billion dollars. But that world-famous tower is not the only New York City building that developers are forking over that much money to construct. [more]

  • 040-041 Construction main se FINAL.indd

    From the October issue: The skyrocketing price of land has been on the lips of every developer and investment sales broker in New York City for the last few years. [more]

  • Approved permits for new housing units in New York City

    Approved permits for new housing units in New York City

    New York City is falling behind other cities when it comes to building new housing. [more]

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]