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Vornado Realty Trust, the developer hoping to remake the skyline around Pennsylvania Station with a bundle of new office towers, has put the brakes on the massive redevelopment plan for now as interest rates remain high and the real estate market struggles to recover from the pandemic.
Plans for the Penn site, a roughly 18 million-square-foot project that could include 10 new skyscrapers of mostly office space around the transit hub, could be delayed for at least two to three years.
— The New York Times
Despite her recent mum on the status of the $7 billion project, the Empire State Development agency said it remains confident in New York Governor Kathy Hochul’s commitment. Vornado, which owns half of the sites included in the scheme and in January was delisted from the S&P 500, reportedly... View full entry
New York’s Metropolitan Transportation Authority, the largest U.S. mass-transit provider, is running on borrowed time, facing budget and revenue challenges as federal aid is set to tap out in 2025, State Comptroller Thomas DiNapoli, said in a report Tuesday. — Bloomberg
The announcement comes on the heels of a rough summer for the MTA, which is only now seeing its ridership climb past 50% of pre-pandemic levels as it weighs a controversial congestion pricing plan that would add $1 billion in revenue a year beginning in 2023. Interim boss Sarah Feinberg... View full entry
This post is brought to you by BQE Core As an architect, you want to spend your time designing, creating, and innovating. But as a firm principal, you need to make sure you have a healthy cash flow to pay for those projects and support your passions. Manage your cash flow well, and you can stay in... View full entry
This post is brought to you by BQE Core. Your world—at least during the workday—likely revolves around projects. Keeping them going smoothly and profitably is a critical goal for any architecture firm. That’s why you need to monitor them in multiple ways, including through key performance... View full entry
This post is brought to you by BQE Core. Putting up with a late-paying client every now and then is definitely annoying, but it usually won't break the bank. If late payments become a regular occurrence, however, you should take action by better communicating with your clients. Otherwise, you risk... View full entry
While President Trump talks repeatedly about fixing America’s inner cities, it’s a good bet that in the coming years, New York and other large metropolitan areas will need to be more self-reliant in solving pressing problems, especially low-income housing. [...]
Fortunately, there’s an already tested alternative: an annual luxury housing tax, levied on new high-end condos and rentals, which would feed a self-sustaining fund dedicated to develop truly affordable units.
— New York Times Op-Ed by Eric Uhlfelder
This post is brought to you by BQE ArchiOffice. In my experience, most firm owners don’t appreciate the significance of being at the helm of a business. At the risk of sounding cliché, they run a “practice” and they operate it as if they’re just… well… practicing. This... View full entry
This post is brought to you by BQE ArchiOffice. Learn how this Brisbane-based architectural firm is enjoying faster cash flow now. About Based in West End, Brisbane, Tim Bennetton Architects is a small, private architectural firm with a single director and three employees. They work in an... View full entry
This post is brought to you by BQE ArchiOffice. Providing great architectural services and running a financially successful firm are not mutually exclusive. It’s quite the contrary. If you are as good an architect as you think, you’ll be successful and it won’t be because of your design... View full entry
The developer behind the Kingdom Tower, set to become the world’s tallest building, has secured new funding to complete its construction. [...]
The company said that 26 of the planned 252 floors of the tower had been completed by contractor Saudi Binladin Group (SBL).
The tower would overtake the 828-metre Burj Khalifa in Dubai as the world’s tallest building when it is expected to be completed in 2018.
— thenational.ae
Related news on Archinect:Work to start next month on 1km Kingdom Tower in Jeddah, Saudi ArabiaAS+GG Designs Kingdom Tower, to Be the World’s Tallest BuildingSaudi Arabia's uneasy relationship with its cultural heritage of Mecca and Medina View full entry
When CU’s board of trustees decided last year to start charging tuition, its chair Richard S. Lincer claimed that to do so was “the only realistic source of new revenue in the near future.”
The Attorney General’s office will be looking into the decisions that left the university in such a precarious financial situation [...]
It will also investigate the decision to start charging tuition itself, which was the subject of protests, demonstrations, multiple occupations, and, currently, a lawsuit
— hyperallergic.com
