Most types of construction in New York have been halted for more than a week, an unprecedented statewide shutdown that presents a slew of financial and logistical challenges for builders. The potential consequences are manifold as development timelines are stretched indefinitely and workers on projects allowed to continue risk exposure to the coronavirus. While the long-term effects of the suspension remain to be seen, experts say projects will likely take a financial hit when it
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The coronavirus pandemic continued to batter the U.S. hotel market in the first week of April. The national hotel occupancy rate plunged to 21.6 percent for the week ending April 4, a nearly 69 percent drop from the same time last year, according to data from hotel research firm STR. The rate for the last week of March was 22.6 percent. For the top 25 markets in the U.S., the drop was more staggering: Occupancy
The ruling to shorten 200 Amsterdam may not ultimately force SJP Properties to deconstruct nearly half of the nearly complete building, but it has already ended the use of gerrymandered zoning lots to boost building heights. In 2017, SJP Properties and Mitsui Fudosan America secured approval to erect a 668-foot condominium building at 200 Amsterdam Avenue based on a convoluted zoning lot 10 times the size of the building’s actual footprint. Locals swiftly mobilized against