Greek Construction Execs Seek Real Estate Opportunities in NYC

Niolaos Bakatselos, Kyp Bazenikas, Louis Katsos, Simos Anastasopoulos and Dimitris Iliopoulos (Photo: Arman Dzidzovic).

A group of Greece-based construction supply companies have come stateside to expand their exports as their homeland contends with a tough economic recovery.

Executives from companies that make metal, windows and kitchen sinks have been meeting with New York construction leaders over the last couple of days to discuss possible relations that would put their products in buildings across the city. While forging those relations and exports are at the early stage, they and Greek-American business leaders are confident they’ll build up the Big Apple. Read More


Pace Dorm at 33 Beekman Reaches 65 Percent Built [Updated]

Rendering of the Pace dorm and public space at 33 Beekman Street. (Credit: Naftali Groups website)

Construction of the 178,500-square-foot Pace University dormitory at 33 Beekman Street in the Financial District has reached 22 stories, leaving 12 more to go, Commercial Observer has learned.

The dorm, being developed between William and Nassau Streets by a joint venture of Naftali Group, SL Green Realty and Harel Insurance and Finance, will have 378 housing rooms with 725 beds, said Miki Naftali, chairman and CEO of Naftali Group. Read More


‘The Launcher’ is Alive at Brookfield’s Manhattan West

Manhattan West Platform JOB #124158

Ladies and gentlemen, meet “The Launcher,” a giant yellow machine that is currently hard at work constructing a prefabricated platform upon which Brookfield Development’s Manhattan West project will rise.

The pictures contained herein, sent exclusively to Commercial Observer, show the custom-designed mechanical marvel that so far has completed one of 16 precast concrete bridge panels Read More

legislation, Development, Construction

EB-5 Legislation Clears Senate, Now Congress Awaits

Battery Maritime Building, an EB-5 recipient

Legislation related to the EB-5 Immigrant Investor Program, a financing pipeline that has been used to fund several major development projects in the city, has cleared one hurdle towards renewal.

Last week, the U.S. Senate passed a bill that would restore an important component of the program set to expire at the end of September. According to people familiar with EB-5 and the legislative process to preserve it, a similar bill must now pass through Congress in the next few weeks before the program sunsets on September 30, a deadline that could possibly cut off millions of dollars of financing for a number of construction projects. Read More


NYBC: Construction Among Institutions, Especially Schools, Slows


New York City’s higher learning institutions as well as its public schools have recently seen a sharp decline in new construction projects, according to a report released Thursday by the New York Building Congress.

The report, based on NYBC’s analysis of McGraw-Hill Construction Dodge data, charts a 41 percent decline in projects undertaken by public and private institutions in the city—down to $704 million in the first half of 2012 compared to the same period a year earlier. Read More


After Missing Tappan Zee Project, Dragados Looks To Regroup

Chris Ward

It wasn’t the splash Chris Ward was hoping Dragados would make in New York, a state where the Madrid-based construction company had aimed its recently-hatched aspirations at dramatically growing in the U.S.

In recent weeks, the firm had to withdraw late in the months-long bidding process to build one of the biggest infrastructure projects in the country, a $5 billion dollar replacement for the Tappan Zee Bridge in Westchester – a project that has triggered outcry for the $14 round trip toll state officials say the new bridge would have to charge, a dramatic increase over the current $5 fee. Read More

Construction, The Lobby

Chris Ward Named To Building Congress Board

Chris Ward

Chris Ward was named a member of the New York Building Congress’s board of directors, the powerful industry group announced this morning.

Mr. Ward served as the Port Authority’s top New York executive for three years before leaving the large transit and infrastructure agency last year to become an executive in the Manhattan office of Dragados, a large Madrid-based construction firm. Read More