News: Brokerage

AECOM's Tishman Construction managing the construction of Somerset Mews, a new residential tower in New Jersey

Tishman Construction, an AECOM company, is serving as construction manager for Boraie Development LLC's Somerset Mews. This $80-million redevelopment sits adjacent to N.J. Transit's New Brunswick train station and the city's hospital corridor. The project will transform the site into a 400,000 s/f residential and retail tower featuring 16 stories that include 238 units, 8,000 s/f of retail space, and a 4-story parking deck. Somerset Mews will also have a fitness center, outdoor space and common-area amenities for its residents. This project highlights Tishman's successful, ongoing relationship with Boraie, having completed the 25-story, 400,000 s/f One Spring Street mixed-use tower in 2007. "We are happy to be continuing our work with Boraie Development to further enhance the New Brunswick community," said Jay Badame, Tishman's president and chief operating officer of New York, New Jersey and Pennsylvania. "Somerset Mews will be a fantastic residential development, and our dedicated team is committed to the successful realization of Boraie's vision." Hiam Boraie, vice president of marketing for Boraie, added, "Tishman has proven to be a reliable, efficient and true business partner on our development programming. We are excited to begin this second major construction initiative with them." An official groundbreaking ceremony occurred on Sept. 23, 2013, and construction on the project is expected to be completed by the end of 2014.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking