This tax bill would be a massive win for condo developers, if it ever makes a vote

A stalled bill in the House of Representatives would grant luxury condominium developers the same tax benefits homebuilders already receive, saving them millions during construction. The “Fair Accounting in Condominium Construction Act,” introduced last summer by Miami Republican Carlos Curbelo and co-sponsored by Queens Democrat Joe Crowley, would allow condo developers to defer income tax on condo unit sales until they’ve finished building. It’s a tale of two tax accounting methods that stretches back decades. […]… Read More This tax bill would be a massive win for condo developers, if it ever makes a vote

SunTrust Lends $34M on Housing Complex Planned for Jacksonville

Waypoint Residential, a Boca Raton, Fla.-based multifamily developer, has pinned down $34 million in financing from Atlanta’s SunTrust Bank to fund work on a planned housing development in Jacksonville, Fla., the lender announced today. The debt will fund construction of a 17-building, 301-unit residential complex called Volaris West Kernan in the northern Florida city, along […]… Read More SunTrust Lends $34M on Housing Complex Planned for Jacksonville

Related says LaBarbera is lying about 50 Hudson Yards

The fight between New York’s construction unions and developer Related Companies is morphing into an information war. The head of the Building and Construction Trades Council of Greater New York, Gary LaBarbera, claims to know that Related’s $4 billion office project 50 Hudson Yards is behind schedule. “They can argue everything is going great, but we know it’s not going great,” he told Crain’s. “They have had some concrete blowouts where they had to replace […]… Read More Related says LaBarbera is lying about 50 Hudson Yards

One of the city’s biggest concrete contractors, Navillus, gets greenlight to exit bankruptcy

A federal bankruptcy court judge on Wednesday approved Navillus’ reorganization plan, meaning the construction company can begin exiting bankruptcy in the next few weeks. Judge Sean Lane signed off on the plan, which will include a $25.7 million award to five construction unions. Navillus announced the approval Wednesday evening. The approval, which signals the final stage of bankruptcy, comes nearly one year after Navillus filed for Chapter 11 protection in Manhattan federal court. The company […]… Read More One of the city’s biggest concrete contractors, Navillus, gets greenlight to exit bankruptcy

New York’s construction unions are at a crossroads

Standing in front of thousands of construction workers in Union Square, Gary LaBarbera screamed into the microphone — his voice going hoarse from condemning Related Companies. “In my opinion, they are a bunch of fucking liars,” the New York Building and Construction Trades Council president said. “You can sue me, you can take me to court, but I will not stand down.” He was referring to Related’s two lawsuits against him and the Building Trades and […]… Read More New York’s construction unions are at a crossroads

BBVA Provides $37M Construction Loan for Florida Resi Project

A Florida developer has nabbed a $37.3 million construction loan from BBVA Compass to kick off work on a new multifamily project on the state’s Atlantic coast, Commercial Observer can exclusively report. A Colliers International brokerage team led by Jeffrey Donnelly and Dmitry Levkov arranged the financing, according to a Colliers spokesman. The lender, based […]… Read More BBVA Provides $37M Construction Loan for Florida Resi Project

60 Miles Northwest of NYC, Lego Toy Company Opening $350M 150-Acre Park

For the third Legoland in the U.S. (and the ninth in the world), Merlin Entertainment is building and spending big. The family entertainment company is shelling out $350 million—its largest investment in a single Lego toy theme park to date—to create an 150-acre Lego wonderland for children ages 2 to 12 called Legoland New York Resort. Situated […]… Read More 60 Miles Northwest of NYC, Lego Toy Company Opening $350M 150-Acre Park

Construction company pleads guilty to manslaughter in death of worker at 161 Maiden Lane

A long-troubled concrete subcontractor pleaded guilty on Friday to charges related to the death of an employee at a Lower Manhattan condominium tower last year. SSC High Rise Construction pleaded guilty to second-degree manslaughter, stemming from the death of 36-year-old Juan Chonillo in September. Chonillo fell from the 29th floor of 161 Maiden Lane, an 80-unit condo tower being developed by Fortis Property Group. Officials said at the time that he was wearing a harness, […]… Read More Construction company pleads guilty to manslaughter in death of worker at 161 Maiden Lane