New York, NY In 2012, New York State passed legislation allowing the creation of a new corporate form called the Design Professional Corporation (DPC). In a DPC, engineers, architects, land surveyors, landscape architects and geologists may join together to form a company to practice these professional disciplines. This legislation also states that if a firm’s Employee Stock Ownership Plan (ESOP) qualifies under certain criteria (greater than 75% of the ESOP’s trustees and plan committee members are licensed design professionals), that ESOP can be the largest shareholder and own up to 24.9% of the firm. This has proven to be a successful business model, and many firms have taken advantage of the flexibility it provides and the ESOP ownership provisions.
New York, NY Matt Duthie of NKF received the Institute of Real Estate Mangament (IREM) Great New York chapter’s Real Estate Person of the Year award on February 7th at the organization’s annual dinner at 230 FIFTH. Gail Duke, Duthie’s friend and colleague, presented the award. In his speech, Duthie extolled the virtues of IREM’s education and designation program saying, “It’s the most important investment you can make in yourself.”
New York, NY The BOMA New York office in midtown hosted another sold out Lunch & Learn – focused on Local Law 88 of 2009 (LL88), AKA the Greener, Greater Building Plan. Deborah Deluca, vice president of electronic drives and controls, and chairperson of the Lunch & Learn program welcomed the packed room and introduced Christopher Cayten, LEED AP, M.Arch, principal of CodeGreen.
It’s that time of year again – snow that is pretty for some is scary for others. You may have experienced, read or heard about ice damming. You are familiar with the damage this phenomenon can cause. Perhaps your association has spent thousands or over a million dollars on roofing improvements or replacements within the last few years.
New York, NY The New York Real Estate Journal recently sat down with John Meyers, CEO and president of Pumping Solutions Inc., for a question and answer session. The pump sales and service company serves real estate companies, commercial establishments, colleges, and hospitals all across the New York Metropolitan area.
Manhattan, NY According to United Management and Reuveni Real Estate, Dahlia, a 20-story residential building on the Upper West Side, has officially “topped off” construction. A catered recognition ceremony, held at the building located at 212 West 95th St. between Broadway and Amsterdam Ave., attracted guests who toured the construction site, viewed project renderings and signed the last beam that was then hoisted and placed at the top of the building. The project is being developed by United Management in conjuction with Certes Partners. CetraRuddy is the design architect and interior designer, RKTB is the architect of record and JRM is the construction manager of the project.
New York, NY Helmsley Spear, LLC is collaborating with Hercules SEZC, a blockchain-based supply chain software company, in the initial phase of documenting rent rolls for Helmsley Spear’s commercial leases and providing confidentiality and indisputable historical building documentation for two of its properties in Lower Manhattan. The collaboration has the potential to transform rent roll processes through blockchain technology open approach to database management. This technology will improve security, privacy, interoperability and smart contract flow framework with an indisputable digital audit trail. Helmsley Spear president Kent Swig said, “Changing real estate trends, intense competition and increasingly complex financial considerations require an understanding of investment and management risk and rewards.”
New York, NY With a western view of the Midtown skyline, BOMA New York packed their event space in January’s Lunch & Learn called, I.T. – As a competitive differentiator. Raj Goel, founder of Brainlink International, addressed the sold out room about a myriad of different types of cyber threats to be aware of. He shared real-time case studies and best practices to both educate and to be better prepared.
Brooklyn, NY Inspiron Construction, under the leadership of principal and CEO Alen Gershkovich, has recently begun closing out phase I, one of the firm’s larger and more complex interior projects. Located in Brooklyn Heights on the corner of Clark St. and Willow St., Inspiron was tasked with the full interior demolition, structural improvements and infrastructure upgrades to the 15-story, 320,000 s/f building. The tower, a Romanesque-style former hotel that opened in 1928, will soon be New York City’s newest luxury senior-living development.
Manhattan, NY Oxford Properties Group, the global real estate arm of OMERS, has reopened the interior public plaza at Olympic Tower — a new, architecturally distinct retreat in East Midtown. Located at 645 Fifth Ave., Olympic Tower is a office and retail destination. In addition to the renovated public space, the $30 million redevelopment of Olympic Tower brings a modern private lobby and new amenities for the building’s customers. The fully-occupied tower is home to the headquarters offices of the National Basketball Association as well as MSD Capital and Richemont North America.
