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Lightstone Group Gets $51M Construction Loan for Upscale Multifamily Project in Queens

Lightstone Group Gets $51M Construction Loan for Upscale Multifamily Project in Queens

Manhattan-based development company The Lightstone Group, along with its branch Lightstone Value Plus Real Estate Investment Trust (LVPR), has recently closed a $51 million construction loan with the Canadian Imperial Bank of Commerce (CIBC) and plans to use the funds to create a multifamily complex in Queens Borough’s Long Island…

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NYC Housing Authority Initiatives Pave the Way for New Affordable Units

NYC Housing Authority Initiatives Pave the Way for New Affordable Units

In an attempt to renew and revitalize public housing developments in New York City, the New York City Housing Authority (NYCHA) Chairman John B. Rhea announced a series of initiatives meant to generate more revenue for the Housing Authority. The first project announced by Chairman Rhea calls for at least…

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World’s Tallest Ferris Wheel to Be Built on Staten Island

World’s Tallest Ferris Wheel to Be Built on Staten Island

Local officials in New York City are aiming big for the ”Big Apple." Mayor Michael Bloomberg announced last week plans for a new tourist attraction that would reinvent the northeastern side of Staten Island: the world’s tallest Ferris wheel, a 625-foot -tall structure destined to become one of the city’s…

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The Bronx, Manhattan Welcome Marriott-Branded Hotels; Frank Reilly Joins Avison Young NYC as Principal

The Bronx, Manhattan Welcome Marriott-Branded Hotels; Frank Reilly Joins Avison Young NYC as Principal

The first Marriott hotel operating under the Residence Inn brand is set to open in the Bronx in 2014 inside a 370,000-square-foot mixed-use complex known as Metro Center Atrium, part of the 42-acre, multi-building Hutchinson Metro Center. A Simone Development Companies venture, the Atrium will also include offices, medical spaces,…

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Complex Redesign Project Announced for NYC’s Historic Pier 17

Complex Redesign Project Announced for NYC’s Historic Pier 17

Howard Hughes Corporation (HHC)—a company that owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S.—and the New York City Economic Development Corporation (NYCEDC) have reached an agreement for a multi-year revitalization project of a 195,000-square-foot building at South Street Seaport, one of Manhattan’s most popular areas.…

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$22M Mixed-Use Development to Break Ground in Downtown Yonkers; Valuation Expert Steven Kurtz Joins Avison Young as Principal

$22M Mixed-Use Development to Break Ground in Downtown Yonkers; Valuation Expert Steven Kurtz Joins Avison Young as Principal

Development company Rising Development recently got the green light from the Yonkers Industrial Development Agency (YIDA) to go on with a $22 million project that would transform five properties in the downtown area into residential, retail and restaurant space. According to LoHud.com, YIDA has granted more than $500,000 in tax…

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Refurbished Double Tree by Hilton Hotels Opens in New York City

Refurbished Double Tree by Hilton Hotels Opens in New York City

Double Tree by Hilton recently inaugurated its newly revamped full-service hotel in New York City—an upscale property located on the corner of Lexington Avenue and 51st Street in the fashionable East Side. The iconic building, which was designed by architect Morris Lapidus as the Summit Hotel in 1960—in an unusual…

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Lighting Retrofit Completed at Ernst & Young NYC Headquarters; Avison Young Closes on Three Transactions

Lighting Retrofit Completed at Ernst & Young NYC Headquarters; Avison Young Closes on Three Transactions

A team of contractors made up of JAS Consulting, Philips Lightolier Energy Service Group and One Lux Studio recently finished work on a massive lighting retrofit project at Ernst & Young’s 650,000-square-foot headquarters in Times Square.…

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New Affordable Rental Units Available in Bedford-Stuyvesant

New Affordable Rental Units Available in Bedford-Stuyvesant

By Veronica Grecu, Associate Editor A new affordable housing complex was inaugurated last week in Brooklyn’s Bedford-Stuyvesant neighborhood during an official ceremony attended by representatives of the New York City Department of Housing Preservation and Development (HPD), development partners and residents. Created as part of Mayor Michael Bloomberg’s New Housing…

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Avison Young Anticipates a Rebound for Manhattan Real Estate in Late 2012

Avison Young Anticipates a Rebound for Manhattan Real Estate in Late 2012

As the second quarter of 2012 drew to a close, the Manhattan office market showed mixed indicators. Despite some increase in new leasing activity as compared to the record lows seen during the first quarter, vacancy rates continued to rise, which led to a high level of unoccupied inventory.…

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JV Breaks Ground on Luxury Development in Jersey City

JV Breaks Ground on Luxury Development in Jersey City

Development partners Ironstate Development Company and Kushner Real Estate Group have broken ground on 18 Park—a 550,000-square-foot, mixed-use project that will replace an undeveloped site adjacent to the Liberty Harbor North Light Rail Station near PATH and ferry service to Manhattan, all within the Liberty Harbor Redevelopment District in Jersey…

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Toll Brothers and Starwood Capital Team Up to Build Luxury Hotel and Condo Complex at Brooklyn Bridge Park

Toll Brothers and Starwood Capital Team Up to Build Luxury Hotel and Condo Complex at Brooklyn Bridge Park

The Brooklyn Bridge Park (BBP) Board of Directors has designated a joint venture between Toll Brothers Inc. and global private investment firm Starwood Capital Group to develop a 550,000-square-foot luxury hotel and condominium complex next to Pier 1 in Brooklyn Bridge Park.…

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