Construction Reports

Report: NYC Higher Learning Sector to Spend $10B on Construction

NYC Building Congress report

New York City’s 105 colleges and universities will invest $9.85 billion in construction of new and improved academic facilities between 2013 and 2017, according to a report released this morning by the New York Building Congress at an event at New York University.

The city’s colleges, graduate schools, professional schools and medical schools, a group that, at 534,710 students, commands a total enrollment that’s larger than the population of Atlanta, will provide an economic boon that’s more than double the $4.2 billion the higher education sector spent on 463 construction projects over the previous five years, the report by the group that promotes the design, construction and real estate industry says. Read More

Mortgage Observer

NYU Hospital Centers Buys Out Ground Lease, Plans Renos With $150M Loan

333 East 38th Street

New York University, a real estate investor that doubles as an institution of higher learning, is continuing to expand its holdings. But the latest land grab is for a good cause, at least: to renovate medical facilities.

Earlier this week, the school’s hospital closed a $150 million mortgage from TD Bank to buy out its long-term leasehold interest at 333 East 38th Street and pay for renovations at two university facilities, an NYU Hospital Centers representative confirmed to Mortgage ObserverRead More

It Takes a Village

NYU Expansion Plan Hits a Roadblock: Judge Rules Legislative Approval Is Needed for Some Aspects of Project

Could Tuesday's ruling stall NYU's expansion plan?

NYU’s expansion plan suffered a setback on Tuesday when Manhattan Supreme Court Justice Donna Mills ruled that some aspects of the plan—which would add 2 million square feet to the university’s Greenwich Village campus—involve the alienation of public parkland and therefore require approval from the state legislature. The question is just how much of a setback the ruling will prove. Read More

Lease Beat

Dr. Nileh Patel Joins 20 East 46th Street

Courtesy of Emporis

Dr. Nilesh Patel has signed for a new office at 20 East 46th Street.

The ear, nose, and throat medical specialist will be taking a 2,514-square-foot office on the eighth floor of Extell Development‘s 20 East 46th Street in Midtown. The lease, signed for 10 years, will consolidate his practices in Queens and Manhattan into Read More

Lease Beat

In Move That Will Greatly Magnify City’s Role in Genetic Sequencing, New York Genome Center Inks 150,000-Square-Foot Deal on 6th Avenue

101-Avenue-of-the-Americas

The New York Genome Center has completed a deal to take 150,000 square feet at 101 Avenue of the Americas, sources involved in the transaction have revealed to The Commercial Observer.

The center, which was founded through a partnership of several large medical and academic institutions, will be a biotech, data storage and genetic sequencing facility. Read More

Mortgage Observer

The Secrets Behind M&T’s Lending Might

Lipiec, Martocci, Gore and D'Arcy.

Fleet of foot, with a concentration on maintaining its focus on community banking and an ownership mentality, M&T Bank’s performance during the financial crisis might give competitors pause. Now, with May 2011’s acquisition of Wilmington Trust, the bank is branching out, providing high-wealth owners of real estate in New York and elsewhere with wealth management and services.

In New York, the bank’s real estate portfolio has grown significantly over the past few years. Executives cited, between 2009 and 2011, an increase of $1.1 billion—up to $5.6 billion. Read More

Ethics

Why Building Things in New York Comes Down to What You Learned (or Didn’t Learn) from Mom and Dad

New York real estaters met at NYU’s Schack Institute on Wednesday morning for a brief breakfast forum on construction ethics. While the mafia wasn’t represented—possibly because of the mass arrests last month—their presence could’ve gone a long way to help filling up the empty seats.

“Here at New York University we’re trying to instill Read More