September 2021 Industry Update

September 2021


Real Estate and Development

Residents of Troubled Supertall Tower Seek $125 Million in Damages - The condo board at 432 Park Avenue is suing the developers for construction and design defects that have led to floods, faulty elevators, and electrical explosions. New York Times


Return-to-Office Plans: When Companies Are Planning to Go Back - Below is a running tab, in alphabetical order, of companies’ return-to-office plans, or lack thereof, based on information from the firms, previous Commercial Observer reporting, or reporting in other media outlets (linked to where possible). It also includes details, where available, on whether companies are requiring vaccinations and how they plan to enforce that. And “hybrid” in this case is defined as working partly in the office and partly remotely (in most cases two to three days a week). Commercial Observer


A Newark Day: Inside the Brick City’s Burgeoning Development Boom - The past 18 months haven’t been kind to Newark, which lost more than 1,000 residents to the coronavirus, experienced flooding in September during Hurricane Ida, and saw foot traffic downtown slow to a trickle as commuting office workers and students stayed in the suburbs. But New Jersey’s largest city is slowly returning to normal, and its nascent revitalization is continuing with a slew of large residential projects — most with affordable housing — inching forward in downtown and outlying wards. - Commercial Observer


Grassi Reveals Findings of 2021 Construction Benchmarking Survey - Grassi, a leading provider of advisory, tax and accounting services for the construction industry, has revealed the finding of its latest survey of New York-area contractors and subcontractors. Designed to uncover the industry’s current trends, outlooks and state of COVID-19 recovery, Grassi’s 2021 Construction Industry Survey was developed by the firm’s construction practice and advisory board, which consists of industry leaders from across the tri-state area. - Commercial Observer

The Dotted Line: Careful contract wording can combat price escalations - As supply chain disruptions and material pricing volatility continue to rattle the construction industry, the timeline for when contractors might see a return to normalcy has only grown murkier. In this uncertain time, comprehensive and carefully worded contracts are more important than ever, said Trent Cotney, CEO of Cotney Attorneys & Consultants. 
"Specific provisions can help builders and contractors anticipate material shortages and price increases, while providing them with options," Cotney said. - Construction Dive

Shortages have created a 'traffic jam' in construction: Lennar - "They [shortages] are intermittent, and they are not over yet," Jaffe said on an earnings call. "In many ways, it's truly a game of whack-a-mole, creating a traffic jam. Like cars, the construction process is backed up, creating a chain reaction of delays that cascades from one trade to the next." - Construction Dive

5 Ways to Make Your Living Space More Pet-Friendly - If there’s one thing Kari Whitman knows for sure, it’s that it is entirely possible to create a home that is beautiful as well as pet-friendly. This is something she’s proven repeatedly over the last 23 years as owner of the design firm Kari Whitman Interiors and of the Ace of Hearts dog rescue. Though Whitman is a high-end designer, she believes it’s important to create spaces for the entire family—pets included. We picked her brain on some of the simple tricks that people can employ to optimize their living spaces for all the wear and tear that comes with pet parenting. Here’s what she had to say. - Architectural Digest


A First Look Inside The Iconic Home, the Virtual Show House from AD and the Black Interior Designers Network - The Iconic Home, the virtual show house presented by AD and the Black Interior Designers Network, is set to open its doors on AD’s website come September 27. An all-new set of talent from the Black design community has brought the showcase to life through their imaginative creations. - Architectural Digest



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