Owners Developers & Managers

Executive of the Month: Bifulco, managing member of TSC: Elevating safety from a role to a respected profession

New York, NY When James “Jim” Bifulco, managing member of Total Safety Consulting, LLC (TSC), crisscrosses the city, driving through the outer boroughs and Manhattan, he sometimes finds himself reflecting upon how TSC was instrumental in many of the projects that surround him. Yet it’s not the numbers that matter, it’s knowing that TSC ensured that each project was built safely that gives him a sense of fulfillment and pride. Heading a 23-year-old construction safety solutions provider, one of the first and largest in the metro area, carries a responsibility that is rewarding and challenging. 

L&L, Maefield and Fortress’ TSX Broadway is fully capitalized

Manhattan, NY According to L&L Holding Company, Maefield Development and Fortress Investment Group, their 46-story, $2.5 billion Times Square tower is fully capitalized, with construction expected to start in January. UBS led a new round of equity investments totaling $780 million, bringing the total equity in TSX Broadway to more than $1 billion. UBS’s global network of investors provided a majority of this equity, with the remainder coming from existing partners and a series of additional institutional limited partners.

CCC partners with Gotham Organization to create urban community development in East New York

Brooklyn, NY Christian Cultural Center (CCC) and Rev. A.R. Bernard formed a partnership with the Gotham Org. to transform CCC’s East New York campus into a sustainable, pedestrian friendly, mixed-income community. The proposed development will supplement the existing church facility with 2,100 new income-based affordable residential units in addition to numerous purpose-built neighborhood amenities thoughtfully envisioned to support civic, spiritual, educational, cultural and economic opportunities.

MBD Community Housing receives New York Housing Conference 2018 Non-Profit of the Year Award

Bronx, NY MBD Community Housing Corp., a leading community organization devoted to increasing affordable housing opportunities and improving the quality of life in the borough, has received the New York Housing Conference 2018 Non-Profit of the Year Award. Founded in 1974 as a coalition of volunteers determined to save their community from the devastating impact of arson, disinvestment, abandonment, and population loss in the Crotona Park East section of Bronx Community District 3, MBD has been a catalyst in the revitalization of the community through the development of new and renovated affordable housing and the restoration of vital public services.

MHACY unveils $5.2 million in renovations at Martinelli Manor

Yonkers, NY Martinelli Manor, a 45-unit senior housing complex, is the latest to benefit from renovations as part of a three-year plan by The Municipal Housing Authority and the city to upgrade more than 1,700 units of affordable housing in the city. City, state and MHACY officials and members of the Martinelli family unveiled the newly renovated building with a tribute to the late mayor Angelo Martinelli, who the complex is named after.

JSC Builders’ The Stanwix to offer Amazon Alexa-powered smart apartments

Brooklyn, NY The Stanwix is one of the first apartment buildings in the borough to offer smart home technology in every apartment. Every tenant will receive a free Amazon Alexa when they sign their lease. Nooklyn, the real estate startup that makes finding apartments and roommates easy, will manage leasing at The Stanwix.

RMS Companies launches development of Stratus on Hudson; 74-unit rental high rise designed by Boronson

Yonkers, NY RMS Companies, a Connecticut-based real estate development company, has launched its first development in the city. Stratus on Hudson, a new 74-unit rental high rise is located at 1077 Warburton Ave., close to the Greystone Metro North Train Station and downtown Yonkers and Hastings-on-the-Hudson. The architect was Kenneth Boronson, and the interior designer was Julia Walters, JL Design Associates.

Muss Development’s 1 Brooklyn Bay ends 2018 with sales surge

Brooklyn, NY 1 Brooklyn Bay Condominiums, Muss Development’s newest residential project, in conjunction with Avalon Bay’s 17 floors of market-rate rentals, has ended 2018 with a sales flourish. After six recent closings, only 17 units remain for sale at the market-rate property. 

Zussman named CFO of Related Companies

New York, NY David Zussman has been named CFO of Related Companies. In this role, Zussman will oversee Related’s finance, accounting and treasury groups as well as continue his active engagement in the company’s financial planning and capital markets initiatives. He will join the Related investment committee and the investment committees for several of the funds managed by Related Fund Management.

Question of the Month: Is Jamaica ready for the jolt in demand for development as rezoning and attractive pricing gains attention? - by Taic and Chartash

Real estate investors continue to devour development sites in Queens, with their sights set on above-average returns. As land in some neighborhoods in NYC look pricey, builders will seek land in regions that are best positioned to appreciate, such as Jamaica, with an expansive rezoning and attractive land values destined to make it a developer’s dream. As the U.S. economy strengthened this year, so did the development market in the “world’s borough.” During the first three quarters, Queens saw 86 development transactions totaling $831.7 million in gross consideration, according to Ariel Property Advisors’ investment research division. Transaction and dollar volume were 30% and 110% higher, respectively, than the same period in 2017.