News: Brokerage

Private-public partnership delivers green public school in Manhattan;designed by EE&K Architects

A public-private partnership between the Educational Construction Fund (ECF), an arm of the N.Y.C. Board of Education, and real estate developer The World-Wide Group has resulted in the recent opening of one of the borough's first School Construction Authority (SCA)-certified green schools located at 213 E. 63rd St. The building, designed by Ehrenkrantz Eckstut & Kuhn Architects (EE&K), is the new temporary home for Public School 59. The project is one of the first schools to comply with the Dept. of Education's NYC green schools rating system, which was adopted this year to comply with a set of sustainable design standards for public construction projects in the city established by the City Council in 2005. The Department of Education developed the system based on LEED certification requirements from the U.S. Green Building Council. The new school includes a rooftop play area, a full-sized gymnasium, common learning areas, science laboratories and classrooms. With SCA standards calling for higher levels of fresh air, the 63rd St. School was designed with an ultra-efficient HVAC system utilizing a superior filtering system. All the school's windows were replaced and glazed with low E-coated glass, which helps keep heat out and light in. The building uses steam for heat, which emits no greenhouse gases. The World-Wide Group and its affiliates are privately held investment companies, based in New York City. They are headed by Victor Elmaleh, chairman; and James Stanton, president, who have been engaged in real estate development and venture capital investing for over half a century. With a reputation for successfully tackling complex urban development opportunities, the group has developed over $3 billion worth of new luxury residential properties in New York City. Its projects include 255 East 74th Street, Milan, 50 Murray Street, 53 Park Place, 88 Greenwich Street, 71 Broadway, The Steiner Building in Chelsea and The Reade Street Condominiums in Tribeca. EE&K Architects has established a thoughtful, careful approach to designing great places. Throughout a variety of projects, there remains one primary constant: a dedication to complementing form and shape with use and context. EE&K Architects considers each project, no matter its size, worthy of big thinking. After examining how a building or plan affects and is affected by its surroundings, the resulting design is uniquely suited for what it provides, and to whom it is provided. Established in 1959, EE&K Architects operates offices in New York City, Washington, D.C., Los Angeles and Shanghai, China. Educational Construction Fund The Educational Construction Fund, a financing and development vehicle of the New York City Department of Education, provides funds for combined occupancy structures including school facilities in New York City. The Fund encourages comprehensive neighborhood development by constructing mixed-use real estate projects which feature new school facilities.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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
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.