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Kathryn Kucharski Marketing Manager Shawmut Design and Construction

Kristin Liu
On January 21st SMPS-NY held its annual Principal’s Breakfast at the CUNY Graduate Center. The panel was expertly moderated by Richard Anderson, President of the New York Building Congress.

[expand title=”Click here to read more…”] The panelists included: • Kevin Davis, Chief Investment Officer, Taconic Investment Partners • Jeff Nelson, EVP, Real Estate Transaction Services, NYCEDC • Neil Goldmacher, VP, Newmark Knight Frank (NKF) • Robert LiMandri, Sr. Principal, Vidaris • Dan Palmer, Sr. Dir. Dodge Editorial, Dodge Data & Analytics Dan Palmer of Dodge says New York City’s construction market has experienced $100 billion of growth over the last three years and this is unprecedented over the last fifteen years. Jeff Nelson from NYCEDC noted a robust demand for city-owned properties and Neil Goldmacher of NKF saw a high demand across all market sectors. Kevin Davis of Taconic said foreign investment in NYC real estate brought annual returns of 20%. The strongest market was residential, with a focus on condominiums rather than rentals, although retail and office buildings are also doing well. Dan stated that the New York healthcare market tripled over the last year with growth of $2 billion in 2014. Jeff mentioned that New York City’s investment in the life sciences corridor along the East Side is spurring activity and that the Cornell Campus on Roosevelt Island will have an impact on Long Island City. Robert of Vidaris brought up the topic of our new building and energy codes and the time-consuming permitting process. He noted investors’ concerns about access to capital and finishing before competing projects are completed can be mitigated if you pick the right consultants and technology. Neil predicted that the next big commercial redevelopment will be Midtown East. Kevin thought that if the 7 Subway Line could be extended up through the West 40’s to West 57th Street, it would be a catalyst for growth west of 11th Avenue. Overall, the picture seems bright for continued growth in the New York market. Click here to view the Principal’s Breakfast photo gallery.[/expand]