Related Companies, Oxford Properties Group and Mitsui Fudosan America have secured $1.5bn senior construction loan for 50 Hudson Yards, an office tower in Manhattan, New York.
Japanese property developer Mitsui Fudosan, through its US subsidiary Mitsui Fudosan America, is set to develop JPY400bn ($3.6bn) office tower in New York.
All Year Management has secured a $270m construction loan from Madison Realty Capital (MRC) for a major development at the former Rheingold Brewery site in Brooklyn, New York.
Developer Newby has secured the green light from the City of York Council to redevelop the former Nestle factory on Haxby Road in York.
Skanska has signed a $1.26bn contract with Empire State Development Corporation (ESD) and developers Related Companies and Vornado Realty Trust to transform the James A Farley Post Office in New York into a train hall and commercial complex.
Fetner Properties has been selected as the developer for the first NextGeneration (NextGen) Neighborhoods site on the Holmes Towers site in Manhattan, New York.
Education Realty Trust (EdR) and Cornell University have broken ground on a new housing project for the university’s graduate and professional students.
Union College, a private, non-denominational liberal arts college located in New York, has unveiled a $100M project to expand and renovate its Science and Engineering Center.
New York City mayor Bill de Blasio has announced a new $136M project at Brooklyn’s historic Bush Terminal in New York.
Empire State Development (ESD), New York's chief economic development agency, has selected Turner Construction and LendLease to design and build the $1.5bn expansion of the Jacob K. Javits Center in New York.
JDS Development Group has obtained $660M in financing for the American Copper Buildings at 626 First Avenue in Manhattan, New York.
American Packaging has decided to construct a new $170M manufacturing plant in Monroe County, New York.
Plans to transform the former Spofford Juvenile Detention Center in New York City into a five-acre live-work campus have been unveiled.
UK-based Wates Construction has secured three contracts worth more than £130M from Select Property Group to build three student accommodation projects in the UK.
US-based real estate investment trust SL Green Realty has broken ground on One Vanderbilt Avenue in midtown Manhattan, New York.
US-based developer SL Green Realty has secured $1.5bn in financing for the construction of an office tower in midtown Manhattan, New York.
Ground has been broken on a new $250M in-patient building at South Beach Psychiatric Center in Staten Island, New York.
A joint venture of Walsh Construction and Consigli Construction has started construction on a new patient pavilion for Health Quest in Poughkeepsie, New York.
The Port Authority of New York and New Jersey has approved a total of $600M of funding for the construction of a new terminal to replace Terminals C and D for Delta Air Lines at LaGuardia Airport. The Port Authority plans to contribute $200M towards the Delta terminal for new concourses and ramp work and $185M for the construction of an electrical substation and the expansion of the East Garage, along with any necessary temporary parking solutions during construction. Furthermore, $215M will go towards roadways and other supporting infrastructure. Delta Air Lines will be responsible for performing and managing the construction work, with full responsibility for any cost over-runs. The development, which represents the second phase of the airport’s redevelopment and modernisation program, will help unify the airport through the interconnection of Terminal B with the new 37-gate Terminal C&D facility which will house Delta. The second phase of the project is expected to cost about $4bn. Work on the Delta phase of the project is expected to start in 2017 — subject to approval from the Federal Aviation Administration — and is scheduled to be complete in 2024. The main head house of the new terminal is anticipated to open in 2020.
A consortium of lenders led by Maybank is set to provide the first syndicated shariah-compliant construction financing worth $219M for the development of a luxury residential tower in Manhattan, New York.Maybank was selected as a joint lead arranger along with Warba Bank of Kuwait for the syndication, which includes lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners.The funding includes a $174M senior construction loan and a $45M mezzanine loan, which will be used for the construction of the Tribeca condominium tower, a 43-storey building to be developed by Soho Properties and located at 45 Park Place, Manhattan. Maybank group head of global banking Amirul Feisal Wan Zahir said: “This syndication is a milestone being the first shariah-compliant construction financing in New York City, and it reaffirms our ability to offer value-creating Islamic banking solutions for global clients.“As one of Asia's leading banking groups, we have been at the forefront in financing major infrastructure and property development projects across many countries.”Construction on the 665ft-tall glass and steel tower will start in mid-2016 and is set to be complete in 2018.