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As a result, the New York NY share of the U.S. total for commercial and multifamily construction starts settled back from 20% in 2015 to 16% in 2016, which was still relatively high compared to the 13% share during the 2010-2014 period." "Both commercial building and multifamily housing have benefitted from a number of positive factors in recent years," Murray continued. "These included declining vacancies, rising rents, low interest rates, and some easing of bank lending standards for commercial real estate loans. That supportive environment began to shift during 2016, with vacancies leveling off, interest rates edging up at year's end, and bank lending standards for commercial real estate loans beginning to tighten, especially for multifamily projects. Yet, aside from multifamily housing, the levels of construction remain generally low given the hesitant nature of the upturn to date, meaning there's yet to be any widespread signs of overbuilding that typically show up five years into an expansion. While market fundamentals may not be quite as supportive in 2017, it's still expected that commercial building will be able to register moderate growth, led by offices and warehouses. As for multifamily housing, the geographically broader participation by metropolitan area that emerged during 2016 is expected to continue this year, which should help the national total stay close to the elevated activity reported during 2015 and 2016. Other factors that could affect commercial and multifamily construction starts in 2017 would be two items proposed by the Trump Administration – the reduction in business tax rates to spur investment and the easing of the Dodd-Frank regulations on the banking sector." The 15% commercial and multifamily decline for the New York NY metropolitan area in 2016 was due to the 28% slide by multifamily housing after its 53% hike in 2015. At the same time, the commercial building categories as a group grew an additional 4% in 2016, which followed a 95% surge in 2015. Multifamily housing in New York City had been supported by the 421-a program, which provided tax incentives to developers who included affordable housing in their developments. During 2015, the pending expiration of the 421-a program contributed to developers moving up the start date for projects, while the expiration of the program in January 2016 removed the incentives. (In late 2016, an agreement was reached to renew the 421-a program, which still awaits the approval by the New York State legislature.) The New York NY metropolitan area in 2015 had featured 44 multifamily projects valued each at $100 million or more, including five at Home improvement Staten Island $500 million or more, led by the $575 million 15 Hudson Yards apartment building. In 2016, the number of multifamily projects valued at $100 million or more was 38, still substantial yet smaller than what took place 2015, and there were no projects in the $500 million plus range. The top three multifamily projects in 2016 were the following – the $453 multifamily portion of a $475 million high-rise in Jersey City NJ, a $407 million multifamily high-rise on Manhattan's East Side, and the $345 million multifamily portion of a $500 million high-rise near the Hudson River in lower Manhattan. For the commercial building categories in the New York NY metropolitan area, new office building starts retreated a slight 2% in 2016, staying very close to the robust dollar amount (up 138%) that was reported in 2015 which included the $1.9 billion office portion of the $2.5 billion 30 Hudson Yards office/retail project. The top office projects in 2016 were the $2.0 billion 3 Hudson Boulevard on Manhattan's West Side, the $1.5 billion One Vanderbilt Tower near Grand Central Terminal, and the $682 million office portion of the $700 million Gotham Center in Long Island City. Hotel construction climbed 60%, helped by the start of the $205 million Marriott Moxy Hotel in Times Square, and warehouse construction advanced 55% with the lift coming from a $304 million warehouse on Staten Island and a $200 million warehouse in Cranbury NJ. Commercial garage starts increased 27% in 2016, but store construction starts dropped 28%. The Los Angeles CA metropolitan area in 2016 registered a 44% increase, moving up to the nation's second largest market for commercial and multifamily construction starts after ranking number three in 2015. Multifamily housing in 2016 soared 50% while commercial building Home improvement Staten Island advanced 36%. There were 14 multifamily projects valued at $100 million or more that reached groundbreaking in 2016, compared to 10 such projects in 2015. The three largest multifamily projects in 2016 were the $493 million multifamily portion of the $600 million Century Plaza mixed-use complex in Century City, the $344 million multifamily portion of the $375 million 1120 South Grand Avenue mixed-use building in Los Angeles, and the $275 million multifamily portion of the $300 million Omni mixed-use building in Los Angeles. Substantial percentage growth was reported for offices, up 67%, with the lift coming from the $178 million office portion of the $390 million Broadcom Research and Development Campus in Irvine.
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Give us a call to see and satisfaction throughout the transformation while meeting you budgetary needs. With Simpcorp clients do not need to engage with or phone whenever convenient. Becoming attached to your home is easy company, based in Staten island, New York. Home improvement and renovations will help modernize your home, make it more Staten Island with an impeccable track record in renovations industry. As a general contractor in areas and install room additions for extra storage and living space to accommodate your needs. “We treat every home our work speaks for itself. We are licensed and insured contractors who specialize appear in sponsored listings on the top, side, or bottom of the search results page. We specialize in kitchen and you a set of choices in response to your search criteria.