Post-Tropical Storm Sandy
A globally trending energy solution known as Solar Photovoltaics has been helping reduce energy expenses for property owners, business owners and landlords citywide and nationwide.
With Con Edison’s electricity rates notoriously high—it’s more expensive here than anywhere else in the country—it’s a good idea to bring in a company like OnForce Solar, which helps landlords lessen their energy bills while going green at the same time.
The New York Building Congress will issue a series of recommendations today that would go “a long way” toward mitigating the risk associated with future storms like Hurricane Sandy.
A task force made up of 43 local experts found that insufficient power and telecommunications reliability, “uneven emergency response,” vulnerable infrastructure and antiquated building systems contributed Read More
Representatives from Con Edison visited the financially beleaguered Players Club on Monday and said they’d cut the lights at the Gramercy Park social club if it didn’t pay the $8,000 it owes the utility giant.
Year in Real Estate
Capstone Equities has scooped up a prominent retail corner location at 1-9 Flatbush Avenue in Brooklyn, with plans to reposition the retail and potentially use the air rights on the current structure to tack on a residential component, sources tell The Commercial Observer.
City records confirm that the firm paid $14.25 million for the two-story property, and a source familiar with the company said the plan is to draw in a stable retailer then assess the options to use the 50,000 square feet of air rights to build residential units – and possibly dormitories.
Post-Tropical Storm Sandy
The whirlwind negotiations between the Federal Emergency Management Agency and Muss Development to create an impromptu relief outpost in Queens in the days following Hurricane Sandy’s descent on New York would not have happened had it not been for one of the real estate industry’s leading dynasties.
In a deal that would later come to symbolize the overall dedication of the city’s real estate titans, government officials and executives banged out terms for 200,000 square feet of temporary space at the Forest Hills Tower in a mere five days, a minor miracle in the world of office leasing.
Silverstein Properties reopened 120 Wall Street Wednesday morning for the first time since Hurricane Sandy flooded the 600,000-square-foot building’s basement and damaged electrical distribution equipment.
The company pumped more than one million gallons of water out from the building’s basement and removed contaminants before methodically checking all base systems to get them back up and running, Jeremy Moss, the firm’s vice president of leasing told The Commercial Observer.
“Since the storm we’ve been working around the clock to get the building up and running and to bring tenants back – we succeeded this morning at 8 a.m,” Mr. Moss said.
Douglas and Jody Durst of the family-owned Durst Organization are well known in the real estate industry for their firm’s progressive stance on environmentally sustainable building practices. Last week, the cousins spoke to The Commercial Observer about co-generator power, a revolutionary, albeit costly, method of generating electricity in buildings they own at 4 Times Square, 1 Bryant Park and, soon, 1 World Trade.
One of the few upsides to a down real estate economy is the plethora of deals to be had by the savvy investor with money on hand. That is certainly one way to describe the Fisher family, who began developing real estate in the outer-boroughs in 1915 and progressively worked their way in to some Read More