Thursday August 01, 2013
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| Bipartisan Legislation Aims to Reform Tax Code for Foreign Property Investment: Politicians |
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BY GUS DELAPORTE
U.S. Representatives Kevin Brady (R-TX) and Joseph Crowley (D-NY) announced bipartisan legislation aimed at removing restrictions in the U.S. tax code that discourag foreign investment in commercial real estate. The legislation, if passed, will reform the Foreign Investment in Real Property Tax Act of 1980 in an attempt to increase capital flow into the U.S. market.
“Restriction on foreign investment in America’s commercial real estate is a relic of the past,” Rep. Brady said in a conference call yesterday.
To read the full story, click here
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| Tenants Gobble Space at Former JELL-O Plant |
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BY AL BARBARINO
Cohen Brothers Realty Corporation has leased out nearly 30,000 square feet of space at its 39-acre, 500,000-square-foot office campus at 333 Westchester Avenue in White Plains, The Commercial Observer has learned.
South BuildingThe complex, anchored by four interconnected mid-rise office buildings surrounded by gardens and courtyards, recently welcomed four new tenants.
“We’ve always been host to a number of Class A office tenants and these are just fabulous additions,” said Charles Cohen, president and CEO of the firm.
To read the full story, click here
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| CityMD Continues Growth With UWS Lease |
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BY BILLY GRAY
The urgent care provider CityMD continued its rapid expansion by signing a 7,000-square-foot lease at 2398 Broadway on the Upper West Side.
The new location, on Broadway at West 88th Street, will be CityMD’s eighth Manhattan location and second on the Upper West Side. Over the next year, the company expects to add 15 outposts throughout Manhattan, Brooklyn, Queens and Westchester County.
To read the full story, click here
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| Lower Manhattan, A Whole New World |
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BY KEN MCCARTHY
Before the end of the third quarter of 2013, 4 World Trade Center will be ready for tenants to take possession.
Three to four months after that happens, 1 World Trade Center will be ready. In just the past few weeks, Silverstein Properties reached an agreement with GroupM, a subsidiary of British advertising giant WPP, to occupy some 500,000 square feet of space in the yet-to-be-built 3 World Trade Center.
To read the full story, click here
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| Leave the Stone Age, Part II: Pricing the Cost of Construction in the 21st Century |
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BY BARRY LEPATNER
In my previous column, I discussed the failure of the design/construction industry to embrace technology, which restricts the much-needed evolution of this $1 trillion industry.
In particular, the design/construction industry lacks a standardized, searchable database that allows owners to review the current costs of all of the various products used to build their projects.
To read the full story, click here
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