Construction Safety

Leading construction firm pushes for stricter safety standards Gilbane asking OSHA to adopt tie-off rule company says prevented 20 potentially fatal falls

With job site deaths on the rise amidst a city-wide building boom, one contractor is asking federal regulators to adopt a safety policy that it says has prevented 20 potentially fatal accidents since 2011.

Gilbane Building Co., which is workin上海千花网龙凤论坛 上海千花社区g on sites such as Hudson Yards and the expansion of New York-Presbyterian Hospital on the Upper East Side, requires all of its workers to attach to a safety harne阿拉爱上海同城 爱上海龙凤419桑拿ss whenever they climb more than six 上海同城对对碰交友社区 上海夜网论坛feet above the ground, Crain’s reported.

William Gilbane III, head of the company’s New York off阿爱上海同城 阿拉爱上海同城ice, said he’s calling on federal regulators to follow the same standard.

“We are proposing that [OSHA] adopt the six-foot tie-off rule that we have on our sites, and that it become a new standard for working at height in New York,” he said.

Most serious injuries on construction sites are the result of worker falls, and the Occupational Health and Safety administration requires structural steelworkers to tie off only when they climb higher than 25 feet. When any worker climbs scaffold above 10 feet, they’re required to use one attachment that they unhook and then reattach as they climb.

Gilbane’s workers, on the other hand, are required to tie off above six feet, and use two attachments anytime they climb scaffolds higher than that.

But because of the macho hardhat culture on job sties, workers often ignore such safety rules.

Gilbane made the announcement as construction firms gather for a national campaign to promote job site safety.

Between July 2014 and last summer, 10 people died in construction-related accidents, up from the average of 5.5 over the previous four years.

[Crain s] Rich Bockmann

Tags: construction accidents, OSHA
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Anna Zarro

Former Town exe爱上海同城 爱上海c Anna Zarro joins Extell as SVP At Gary Barnett’s firm, she will help staff new developments and determine strategy

Anna Zarro and Gary Barnett

Anna Zarro, Town Residen爱上海同城 爱上海tial s former senior vice president of marketing and leasing, has joined Gary Barnett s Extell Development, more than a year after leaving the brokerage.

Z上海千花网龙凤论坛 上海千花社区arro is now senior vice president of sales and leasing at Extell, where she will oversee the staffing of new developments and help determine the sales and leasing strategy for the company s projects, sources said.

She declined to comment and a spokesperson for Extell was not immediately available for comment.

Zarro worked for three years at Town before resigning last July. Sources said she was subject to a one-year noncompete, which may explain the gap in her employment. She began her career as an agent at Citi Habitats in 2005.

At Town, she helped build the company s large leasing portfolio which, at the time of her departure, included 3,000 new development units, up from 500 in 2013.

Extell has several major projects in the works, including上海同城对对碰交友社区 上海夜网论坛 One Manhattan Square on the Lower East Side and Central Park Tower on Billionaires Row.

Tags: extell development, gary ba爱上海同城 爱上海rnett, town residential
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Ben Shaoul

Developers claim Ben Shaoul obstr上海千花网龙凤论坛 上海千花社区ucted Union Square condo project He allegedly tried to buy the project and bet he could stall it for a year

809 Broadway in Union Square

UPDATED, Dec. 13, 2:58 p.m.: The developers of a Union Square residential building have accused Ben Shaoul of interfering with his condo project.

A group of investors, led by Ariel Rom, filed a lawsuit against Shaoul, claiming that the property mogul delayed progress at 809 Broadway, the Commercial Observer reported. Shaoul owns a neighboring building at 813 Broadway, so Rom needed his permission to do any work above the property.

Initially Shaoul asked for $250,000 in ex爱上海 爱上海同城手机版change for his permission, but the two developers eventually cut a deal in November 2015 for an undisclosed sum. When the Department of Buildings instructed Rom to demolish a damaged wall上海千花网论坛 上海千花网 — work that would ve required crane work above 813 Broadway — Shaoul allegedly stalled the work until Rom agreed to pay an additional $20,000 per month.

Shaoul also allegedly offered to buy the 15-story project for well below the $50 million Rom poured into it. He later gave Rom an ultimatum: either sell the building to him or he would take him out of business, according to the lawsuit. He also allegedly bet $1 million that he could delay the project for a year.

Shaoul, however, said that Rom caused extensive damage to his property when workers accidentally spilled concrete into his building, displacing both businesses and residents.上海千花网论坛 上海千花网 Shaoul told The Real Deal that the gas and electricity is still shut off in the building after the mishap. He said Rom is unfairly trying to move forward with his project before Shaoul can remedy the issues at his building.

We didn t ask for this. We re the victims here, Shaoul said. [CO] — Kathryn Brenzel

Tags: ben shaoul, union s爱上海同城论坛 爱上海同城quare
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EB

During the dark days of the credit crisis, New York developers discovered something of a silver bullet in a little-known U.S. immigration program.

Now wildly popular and well-publicized, the EB-5 program offers a green card and potential citizenship to foreign investors in exchange for economic investment in the U.S.

In New York, developers have used the program to finance high-profile projects like the Hudson Yards redevelopment and 701 Seventh Avenue, where developer Steve Witkoff and others are building a 39-story, mixed-used tower to be anchored by Ian Schrager’s Marriott Edition hotel.

But after reeling in developers with the promise of cheap — and seemingly endless — capital, sources said the EB-5 visa program is now at a crossroads.

“We had this boom period, and that corresponded with the rise of Chinese investment,” said attorney Joel Rothstein, a partner in Paul Hastings’ real estate and structured finance department. “Now, we’ve reached the balloon-bursting point in some respects.”

Last year, for the first time since its inception in the 1990s, the EB-5 program allocated 10,000 visas, the maximum allowed. And interest is only rising: Investors filed 10,928 EB-5 applications with the U.S. government in fiscal year 2014, up from 6,346 a year prior and just 1,258 in 2008.

While numbers are hard to come by, more than $3.7 billion in EB-5 money has flowed into several dozen New York City projects over the past several years, according to an analysis by The Real Deal, using publicly available information as well as data compiled for an academic paper by a New York University professor.

Ironically, unprecedented demand for EB-5, particularly among Chinese investors seeking U.S. citizenship, has saddled the process with delays and increased competition to attract investors, which has turned some developers off to the program (see related story on page 56).

But on May 1, the federal government imposed a waiting list for EB-5 investors from China seeking green cards.

While the waiting list could dampen investor interest in the long term, the immediate impact has been loan terms that some say are riskier for developers.

On top of that, China’s economic slowdown and the government’s crackdown on corruption could “absolutely” impact investment in EB-5, said Nick Mastroianni II, CEO of the U.S. Immigration Fund, a Miami-based regional center that specializes in EB-5 fundraising and has worked with major New York developers.

“The government has changed its philosophy a few times over the last five, six years and every time they do it affects the market,” he said during a panel discussion at TRD’s New Development Showcase Forum last month.

上海贵族宝贝交流区 上海贵族宝贝论坛Meanwhile, the program is up for Congressional renewal in September, placing more pressure on developers to squeeze as much funding as possible out of EB-5 now, since no one knows if, or how, the program will be modified in the fall.

In particular, Congress could change the rules pertaining to where projects may[……]

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Superstorm Sandy

Developers are soaking NYC s waterfront areas with new construction Red Hook saw 27 new buildings between 2012-2017

The R上海贵族宝贝 上海千花网龙凤论坛ed Hook waterfront in Brooklyn (爱上海龙凤419桑拿 上海龙凤论坛sh1fCredit: YouTube)

Five years after Superstorm Sandy soa上海千花网交友 上海千花网论坛ked the city s coastal neighborhoods and caused billions in damages, developers are flooding those areas with new residential and commercial buildings.

According to StreetEasy, there s been an explosion of new buildings in waterfront neighborhoods like Red Hook and Belle Harbor in Queens, reported DNAinfo. “The demand for new housing has proven stronger than the memory of Sandy’s destruction,” Grant Long, a senior economist, said in the report.

Deve上海同城对对碰交友社区 上海夜网论坛lopers built 27 new residential buildings in Red Hook since 2012, according to the report. The neighborhood s streets were flooded with up to nine feet of water during Sandy. In May, Sitex Group agreed to pay Italian developer Est4te Four $110 million for a five-property development site on the waterfront.

In Queens, Belle Harbor — which was hard hit by the storm — has seen prices rebound since 2012. The median sales price on the peninsula dropped to $207,000 from $357,500 after Sandy. But it bounced back and is seeing the largest building boom of any flood-zone neighborhoods in the city.

Bob Tracey, of Tracey Real Estate, said potential storms are part of the territory when people move to the coast. “Living along the coast has its benefits and its liabilities, he said, and the benefits outweigh the possibility of a storm. [DNAinfo] 爱上海同城论坛 爱上海同城E.B. Solomont

Tags: Development, Hurricane Sandy, Waterfront Real Estate
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GOP Tax Plan

Governor Andrew Cuomo (Credit: Getty Images)

New York Gov. Andrew Cuomo said on Thursday that he is considering challenging the constitutionality of the GOP tax law in court. He s also taking action to help New Yorkers circumvent a new cap on state and local tax de上海千花社区 上海千花网交友ductions. But time is running out. The tax law will take effect on Monday. 

New York Gov. Andrew Cuomo is fighting back against the G爱上海同城手机版 新爱上海同城对对碰论坛OP tax law signed by President Donald Trump last week after months of legislative wrangling on Capitol Hill.

Cuomo is specifically targeting a change to the so-called SALT deduction, which currently allows high-income taxpayers in states like New York and California who itemize their deductions to benefit from an unlimited deduction on state and local taxes. Under the new Republican law, that SALT deduction is now capped at $10,000.

“We’re going to propose a restructuring of our tax code, Cuomo said in an interview with CNN on Thursday. I‘m not even sure what [Republicans] did is legally constitutiona上海同城对对碰交友社区 上海夜网论坛l and that’s something we’re looking at now.

In a subsequent tweet, Cuomo called the tax law partisan and said he believes that the cap on SALT is punishment for tax payers in overwhelmingly Democratic states.

This partisan tax bill pillages blue states to finance cuts for red states. This is partisan politics over any semblance of good government. 上海贵族宝贝 上海千花网龙凤论坛https://t.co/MJ5GFTQUCV

— Andrew Cuomo (@NYGovCuomo) December 28, 2017

Circumventing the president s changes

Even though Cuomo is considering a potential legal challenge against Trump s tax law, he has already taken action.

On Friday, he issued an executive order allowing local governments in New York to issue tax warrants for 2018 property tax payments, thereby giving property owners the chance to pay at least a portion of their overall bill before Monday, when the law takes effect.

We’re doing this to circumvent the bill the president just signed? Cuomo said at a press conference on Friday. You’re damn right I am.

Anticipating significant financial losses, homeowners across the country have been rushing to prepay their property taxes in recent days before the tax law goes live on Monday.

From Virginia to Massachusetts, and New York to California, municipalities — mostly in areas with higher levels of state and local income taxes — have seen a stunning increase in property-tax receipts.

It s been insane here, James McAuliffe, the town treasurer in Milton, Massachusetts,上海同城对对碰交友社区 上海夜网论坛 told The Wall Street Journal.

McAuliffe estimated that roughly half of Milton s residents would be affected by the new $10,000 cap. The limit also covers state and local income and sales taxes, but the law prohibits people from prepaying those taxes. Lawmakers left the prepayment of property taxes up to local municipalities.

In response to the surge in prepayments, the Internal Revenue Service (IRS) issued an advisory notice to taxpayers on Wednesday, warning them that gaming the system by prepaying their property[……]

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Paramount Group

Paramount Group has $600M in commitments for a new fund REIT’s co-investment platform will target value-add properties

Albert Behler and 1633 Broadway

Paramount Group has $600 million of dry powder to snap up office buildings when the time is right.

上海贵族宝贝论坛 上海贵族宝贝

The real estate investment trust has $600 million worth of commitments for a co-investment fund named the Paramount Gateway Office Club, company CEO Albert Behler said on the real estate investment trust’s earnings call Friday. The company is still in fundraising mode, and the club could grow as large as $1 billion, Behler said.

The equity comes from foreign third-party capital partners and Paramount has the option – but no obligation – to co-invest up to 51上海贵族宝贝 上海千花网龙凤论坛 percent on each deal. Behler said, however, that the public company will be very selective about which properties the club purchases, and how much Paramount will invest in each deal.

“[We] just wanted to be ready for the right time and the right moment,” he said. “Because I ve had the experience over the last 20 years, that when the market is right to make an investment, very o上海千花社区 上海千花网交友ften the investors are getting gun shy and they re not willing to commit. So we wanted to be ready for it.”

Behler said the fund will target value-add properties, particularly those in New York City and San Francisco, but stay away from ultra-core acquisitions.

Paramount Group has been pretty conservative when it comes to acquisitions this past cycle, focusing more on recapitalizing properties or buying stakes rather than making outright purchases. The company last year sold a 95 percent stake in 60 Wall Street to the Singapore sovereign wealth fund G上海贵族宝贝 上海千花网龙凤论坛IC in a deal that valued the tower at $1.1 billion.

But more than two years into a correction in the investment-sales market, property prices across the board started to come down last year. And some industry experts predict transaction volumes will pick up this year as sellers become more realistic about pricing and buyers start阿拉爱上海同城 爱上海龙凤419桑拿 to pull out their checkbooks.

L L Holding recently partnered with the California State Teachers Retirement System to launch a $500 million joint venture with $4 billion of purchasing power.

Behler said, though, that the company is under no pressure to do a deal.

“This doesn’t mean that we would pull a trigger tomorrow and we have to invest this capital,” he explained. “These are very prudent institutional investors who know that one has to be ready if the time is right and that’s why we did it. So nobody should expect us to . . . get the money out quickly, only to get the money to work.”

Tags: Commercial Real Estate, paramount group
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Sagaponack farm listed for $12.5M goes into contract after only 3 months

A swift buyer snapped up a Sagaponack farmhouse that had only be爱上海龙凤419桑拿 上海龙凤论坛sh1fen on the market for only three months, Curbed first reported. The home’s last listing price was $12.5 million. The 2,600-sq上海千花社区 上海千花网交友uare-foot farmhouse, which was built in the 1920s, has two bedrooms, while a newly-built 7,300-square-foot main house has another four bedrooms. A barn that once stored potatoes has since been renovated, now containing three horse stalls, a gr阿爱上海同城 阿拉爱上海同城oom’s lounge with a full bathroom and a lofted sitting area. The 10-building, three-acre compound also includes a sunken terrace, hot tub and a heated saltwater gunite pool. Dana Trotter of Sotheby’s International Realty, who handled the listing, noted that there were about 50 brokers in attendance at the ho上海千花网交友 上海千花网论坛me’s open house, telling Curbed: “I have been doing this over 20 years and have never had the response to a new listing like this.” [Curbed]

Tags: Hamptons
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