Rye Brook, NY Con Edison’s announcement on January 18 that effective March 15 it will no longer accept new natural gas customers in rapidly developing lower Westchester County due to a severe shortage of available supply, is a wake-up call for all who are focused on the economic present and future of Westchester and the entire metropolitan area. In light of Con Edison, the Business Council of Westchester will immediately organize a campaign to bring together the best minds from the public, private and not-for-profit sectors to address the natural gas shortage crisis head-on and present viable, practical solutions.
White Plains, NY More than 100 real estate professionals were on hand for the Annual State of the Market luncheon held recently by the Building Owners and Managers Association of Westchester (BOMA). The program, which was held January 10th at the Crowne Plaza, featured a panel of real estate executives including Charles Epstein, VP of development for Lennar Multifamily Communities; Guy Leibler, president of Simone Healthcare Development; and Peter Duncan, president and CEO of George Comfort & Sons. Robert Weisz, president and CEO of RPW Group, was the moderator.
Brooklyn, NY According to Brown Harris Stevens Development Marketing, the firm has added JDS Development Group’s 613 Baltic to its roster of developments. The brokerage firm, which just opened its second office in Park Slope, will be assuming sales and marketing for the 11-story, 43-unit condominium building.
As the Tax Cuts and Jobs Act brings the most sweeping changes in the tax code in over 30 years, the 2018 tax season is going to be a roller coaster ride for many. Tax professionals are scrambling to learn all of the implications for both individuals and businesses as the season gets into full swing. How this affects you, the commercial real estate investor, and what you should be aware of before making your next real estate purchase, is detailed below. We also rate the tax changes between 2017 and 2018 as Good, Great or Ugly.
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.