Photo courtesy of the Greek Orthodox Archdiocese of America
Construction company Skanska USA stopped work at the St. Nicholas Greek Orthodox Church this month after the Greek Orthodox Archdiocese of America failed to make payments on the project. The cost of rebuilding the church, which was destroyed in the terror attacks on 9/11 more than sixteen years ago, increased to an estimated $78 million from a 2013 estimate of $20 million. While the archdiocese raised $37 million in donations, it was still unable to pay its bills, prompting an independent investigation of the church’s financial mismanagement, as the New York Times reported. Since learning of its deficit, the archdiocese has cut 25 percent of its staff and 25 percent of its expenses. A new treasurer and a chief financial officer have also been hired.
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Photo © Field Condition
Prefab housing has taken the world by storm in the last years, lauded for its low cost and flexibility, with buildings ranging from single-family homes to art schools popping up across the globe. But not until Forest City Ratner’s plan for B2 BKLYN have we seen an attempt to build a large-scale module tower topping out at 32-stories—the world’s tallest prefab tower.
It’s well known that the project has been a big flop; construction was far slower than originally projected and was halted in August amidst disputes between the builder, Skansa USA, and the developer, Forest City Ratner. In September lawsuits went flying, both pointing fingers as to why the whole thing failed. Forest City blamed the execution of the plan, while Skanska said the design was flawed. Fast-forward to today, and the work on the tower has been shut down with only 10 stories erected. A recent WSJ article looks at where the whole thing went awry, and more importantly: Is pre-fab construction even feasible at such a scale?
- The Arthur G. Cohen Estate has put in a $205M bid for the Chelsea Dream Hotel. [CO]
- New York isn’t expensive as you think it is. If you’re rich by U.S. standards, you’re probably also rich by New York standards according to these two graphs at Slate and Vox. [Slate/Vox]
- The Annabelle Selldorf-designed 42 Crosby Street will have $1M parking spots. [NYT]
- Lightstone Group has struck a deal with the EPA to clean up a toxic Gowanus site in order to bring 700 new condos the area. The decontamination effort will cost the developer $20M. [Crain’s]
42 Crosby Street (left); The proposed Gowanus condos (right)
- Inside the Park Slope condos giving away a Tesla with every purchase. [Curbed]
- Forest City Ratner slaps Skanska USA with a second lawsuit over the B2 modular tower. [TRD]
- The Philip House, located at 141 East 88th Street, has added ten new residences for sale, including four penthouses. [Philip House Residences]
- After several years of trying to unload his brownstone mansion at 135 West 69th Street, six-time Grammy-winning jazz musician David Sanborn has finally sold off the palatial pad for $11M. Mickey Conlon, Tom Postilio and Shaun Osher at CORE handled the sale. [NYO]
David Sanborn’s former home (left); The Philip House penthouse (right)
- It’s cheaper to buy than rent in a number of US cities. [Business Insider]
- Forest City is suing Skanska over the Pacific Park (formerly the Atlantic Yards) B2 modular tower. Skanska issued a Stop Work Order last week over cost overruns, and Forest City is now countering with a lawsuit saying Skanska agreed to a “fixed price” and any issues are due to the builder’s own “failures and missteps”. [Curbed]
- The New York Times Editorial Board is in favor of cutting deals with private developers if it means bringing more affordable housing stock to NYC. [NYT]
- The New York City Department of Transportation breaks ground on the second phase of Fordham Plaza’s reconstruction in the Bronx. Grimshaw is the architect behind the design. [Architect’s Newspaper]
- Op-ed: Brooklyn Bridge Park can be maintained without building any of these 14 new high-rises on the park. The park is poised to come into as much as $200M when tax breaks expire starting 2018. [NYDN]
- Developer Aby Rosen Instagramed an image of what the interiors of the Norman Foster-designed 610 Lexington Avenue will look like. [Curbed]
Images: B2 (left). Image by Field of Schemes; Manhattan aerial (right). Image Wiki Commons
B2 (left); 635 West 42nd Street (right)