Orion Jones

Jul 1, 2024 | therealdeal.com | Kevin Rebong |Orion Jones

What’s old is new again in Coney Island, where Will Blodgett’s Tredway is moving forward with plans to build affordable housing for senior citizens just blocks from the ocean. The developer filed an application last week with the Department of Buildings for a 180,000-square-foot infill project with 250 new apartments at 2828 West 28th Street, on a parking lot across Neptune Avenue from Kaiser Park.

Jul 1, 2024 | therealdeal.com | Orion Jones |Matthew Elo

After the state’s affordable housing policy lapsed last summer, developers went nearly a year without a functioning market for multifamily construction. It wasn’t the only headwind. Still, New York City’s 20 most active developers were building more than 27 million new square feet of real estate, according to The Real Deal’s ranking of active new building filings — a substantial uptick from years past, due partly to approaching deadlines for the lucrative 421a tax abatement.

Jun 26, 2024 | therealdeal.com | Kevin Rebong |Orion Jones

Score one for the landlord next door. A bill to make it easier for developers to gain access to an adjacent property has failed after stalling in the state Assembly. Before beginning construction in New York, a developer must install vibration monitors in neighboring buildings. The tools, similar to seismographs, check for overly disruptive work. But for the monitors to be installed, and thus for construction to proceed, a developer must hope for friendly neighbors.

Jun 4, 2024 | therealdeal.com | Kevin Rebong |Orion Jones |Elizabeth Cryan |Matthew Elo

With new tax subsidies in place for affordable housing construction in New York, following a year of practically no new residential construction projects, lenders pulled the trigger in April on new developments in Halletts Point, Mott Haven and Flatbush, all in the outer boroughs. Refinancings visited L&L’s shiny new office building at 425 Park Avenue, the Brodsky Organization’s 18 Sixth Avenue and the Monogram condo project in Midtown Manhattan.

May 1, 2024 | therealdeal.com | Ilya Hourie |Orion Jones |Elizabeth Cryan |Matthew Elo

With office valuations falling and interest rates not, some of New York City’s largest loans in March went to refinancing the once-unstoppable office asset at lower levels of debt. Blackstone replaced a $425 million loan from 2019 with new debt of just over $300 million. Meanwhile, the city’s largest office landlord, SL Green, borrowed 7 percent less against its Midtown office tower at 10 East 53rd Street in order to roll over its debt.