Dive Brief: Australian contractor and developer Lendlease and joint venture partner Aware Super have broken ground on 1 Java Street in Brooklyn, the company announced Monday. It will become New York state’s largest geothermal residential building and the company’s first for-rent multifamily project in the city, according to a release. Lendlease said that the 834-unit […]
Dive Brief: Although it’s unlikely that the U.S. government will default on its debt, Al Brooks, head of commercial real estate for J.P. Morgan, said that there are still steps multifamily owners should take to prepare for this doomsday economic scenario in a new report. Recent interest rate increases have shown the danger in overleveraging […]
Dive Brief: A Pennsylvania swimming pool subcontractor will pay $317,097 in back wages to three U.S. workers and 56 workers from Mexico employed under the federal H-2B guest worker visa program, the U.S. Department of Labor announced April 17. The payments will be made pursuant to a consent order resolving charges that the subcontractor violated […]
Dive Brief: Though residential high-density construction units remain the most prevalent type of modular building, Vaughan Buckley, CEO at Volumetric Building Companies, a Philadelphia-based modular builder, noted a recent shift away from market-rate multifamily projects to affordable housing developments. Affordable housing projects jumped from around 10% of VBC’s pipeline to about a 50% share over […]
Dive Brief: New York is about to become the nation’s first state to pass a law banning natural gas in most new buildings, Gov. Kathy Hochul said in an April 27 announcement of agreements reached with legislators for the fiscal year 2024 budget. Specifics of the law are not yet public, but Hochul said it would take […]
Award: NMS La JollaValue: $125 millionLocation: Los AngelesClient: WS Communities, Steinberg Hart Gilbane Building Co. completed construction on NMS La Jolla, a $125 million mixed-use residential and commercial building with a lens-like shape that draws inspiration from the film and television industry of Los Angeles, according to an April 18 release. Designed by Los Angeles-based architecture firm […]
Every May, the Builder 100 list ranks each of the top single-family home builders in the U.S. by their closings in the past year — including both homes built for sale and for rent. Despite some weakness brought on by interest rate hikes, the build-to-rent sector remains one of the hottest investment segments in commercial […]
On the surface, the recent collapses of Silicon Valley Bank, Signature Bank and First Republic Bank shouldn’t harm the multifamily sector as much as other commercial real estate asset classes. Recent data from research firm MSCI shows that local and regional banks hold a relatively small percentage of apartment loans. Over the last decade, they […]
Dive Brief: Manufacturing starts, which had been an ironclad sector of resilience for builders so far this year, plunged 68% in April. The nosedive brought total construction kickoffs down 4% for the month to a seasonally adjusted annual rate of $1.04 trillion, according to Dodge Construction Network. Despite that monthly decline, on a year-to-date basis, nonresidential […]
Sam Zell, a real estate titan and the founder and chairman of Chicago-based REIT Equity Residential, died Thursday at age 81. Sam Zell D Dipasupil via Getty Images At the news of his passing, those who worked with Zell or for rival commercial real estate firms expressed their admiration for his trailblazing work. “To […]
