Crain’s New York Business is reporting a market downturn for both co-ops and condos - a downturn that “may get worse.” While building managers cannot be held responsible for market trends, they can get caught in some of the crossfire between buyers and sellers. Every buyer in the market working with a savvy broker will be fully familiar with this market trend and will be looking for any edge to justify a low ball purchase offer.
Robots at the wheel. It’s not a matter of if autonomous vehicles are coming; it’s when – and real estate companies are preparing now. Will there be the same demand for parking? Will automated lanes be dedicated for pick up, driving and drop off? Will fleets of self-driving cars require fueling stations? Will there be a reduction in traffic congestion that could open new land-use opportunities?
New York is set to adopt radical changes to building energy regulations that will significantly shift the building industry. These changes come against the backdrop of both the 2018 United Nations Intergovernmental Panel on Climate Change report outlining the direst picture of possible climate impacts to date, as well as the U.S.’ decision to pull out of the Paris Climate Agreement. The increasing urgency to reduce CO2 emissions in the near term has fallen on institutions and local governments.
New York, NY Honest Buildings, the only capital planning and project management platform purpose-built for real estate owners, announced a first-of-its kind, two-way integration with MRI Software’s Platform X. Now, clients who use MRI’s flagship property management and accounting platform in conjunction with Honest Buildings’ products will experience better workflows that help drive the growth and health of their businesses.
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.
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.
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.
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.
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.
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.
