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Former Bloomberg Executives to Be Charged in Construction Fraud Scheme

Former Bloomberg Executives to Be Charged in Construction Fraud Scheme

More than 18 months ago, the Manhattan district attorney’s office opened yet another investigation into fraud in the city’s $62 billion construction industry, this one involving Bloomberg L.P., the financial information and media company owned by former Mayor Michael Bloomberg, who is considering running for president in 2020. As investigators peeled back the complex layers of contracts, […]

Tariffs are driving city construction costs even higher

Tariffs are driving city construction costs even higher

It has been four months since the introduction of President Donald Trump’s tariffs and the start of a trade war with China.  While the president agreed at the G20 Summit to halt new trade tariffs for 90 days to allow for negotiations, levies on steel, aluminum, ceramics and many other building supplies continue to have […]

Cutting Costs, Overcoming Construction Challenges in NYC

Cutting Costs, Overcoming Construction Challenges in NYC

Today’s real estate development landscape is undergoing unprecedented shifts. Labor shortage, technology, rising interest rates and the trade tariffs are some of the biggest catalysts for change. In recent years, construction costs have gone up and the rise is expected to continue due to the limited land supply. For some projects, other factors such as  unforeseen […]

New looks at JFK Airport’s forthcoming $13B overhaul

New looks at JFK Airport’s forthcoming $13B overhaul

Gov. Andrew Cuomo unveiled several new details about the upcoming transformation of John F. Kennedy International Airport, most notably the creation of two new terminals that will replace some of the existing terminals, and rise on the northern and southern end of the complex. The cost of this revamp has gone up from the $10 billion […]

NYC Moves to Stop Fake Renovation Filings Used to Evict Renters

NYC Moves to Stop Fake Renovation Filings Used to Evict Renters

New York’s city council is moving to enact a law to deter landlords from falsifying construction permit applications for building renovations in an effort to drive tenants out of rent-controlled apartments. The tactic has drawn increased scrutiny after the city fined Kushner Cos., the family business of President Donald Trump’s son-in-law, Jared Kushner, for allegedly engaging […]

Crane drops steel beams at NYC construction site

Crane drops steel beams at NYC construction site

A crane in New York City dropped steel beams onto scaffolding on West 34th Street and 12th Street at the Javits’ Center just before 10 a.m. Tuesday. No injuries have been reported, said Cadet Taylor Cannon, of the New York City Police Department. Cannon said the crane does not appear to be in danger of […]

The NYC hotel construction boom is back

The NYC hotel construction boom is back

One out of five dwelling units currently under construction in New York City is in a hotel. That’s the highest proportion since 2013, according to an analysis by The Real Deal. This milestone reflects a combination of several factors. As the volume of active apartment construction has slowly trended downwards over the past two years, hotel […]