Pending a final hearing on May 2, a New York County Supreme Court judge has given his preliminary approval for Malkin Holdings’ plan to convert ownership in the Empire State Building (and 18 other properties) into a publicly traded real estate investment trust.
Construction on a $680 million platform above LIRR and Amtrak tracks on Ninth Avenue will allow Brookfield Properties to proceed with its $4.5 billion Manhattan West development, which will feature two 60-story, LEED Gold-hopeful commercial office towers.
With $400 million in financing secured from Bank of America and a Middle East wealth fund, Related is ready to break ground on the first commercial office tower at its 300-acre Hudson Yards project, which will be home to Coach and seek a LEED Platinum rating from USGBC.
Houston-based Hines has secured construction financing that will allow it to proceed with 7 Bryant Park, a 28-story LEED-hopeful trophy office tower in Midtown.
Two of New York City’s highest profile green building projects are on the ropes thanks to the ongoing credit crisis.
A tight market for construction financing may force Vornado to cut its planned Harlem Tower – and Major League Baseball’s future home – by nearly a third.
The program is offered through NYSERDA and offers interest rate deductions on loans supporting energy efficiency improvements to real property.