NEW YORK CITY—According to a New York Building Congress report released today, last year's construction spending was $10 billion more than 2014's totals. In fact, after adjusting for inflation, 2016's construction spending bested the previous high-water mark reached in 2007 by 1%.
NEW YORK CITY—The REBNY report, which is issued twice a year, showed that average asking rents for available ground floor retail spaces fell in 14 of Manhattan's top 17 shopping corridors compared with the spring of 2016.
NEW YORK CITY—Commercial brokerage firm Savills Studley reports it has arranged a long-term lease deal for the global architectural firm totaling approximately 11,000 square feet at the 49-story, 476,000-square-foot office building.
NEW YORK CITY—Madison Realty Capital reports it has provided the New York City-based development firm $53.5 million in first mortgage loan financing for the purchase and construction of a 90,000-square-foot project on the development site at 722 Metropolitan Ave.
ALBANY—Empire State Development came out swinging in response to the report, differing with many of the audit's results and characterizing it through a spokesman as a “politically motivated.”
YONKERS, NY—The 330-unit building is GDC's third major luxury rental development to open in Westchester County since the veteran development firm shifted its focus from for-sale residential condominium developments to rental apartment projects.
NEW YORK CITY—This quarter's decline was fueled by brokers' shaken confidence in the future real estate market six months from now, which, as measured by the Real Estate Broker Future Confidence Index, declined by 0.27 to 5.7 quarter-over-quarter.
