No More Construction
Construction has now stopped for nonessential projects in New York, which I think was a good move to protect construction workers. For those of you with projects in construction, you now that you have frozen assets,.How is your firm planning to weather the impact?
My shop has projects with affordable components, and are thus "essential", so we're not 100% dead in the water (won't be surprised if they are forced to not work too). But I can only imagine how hard it is for a guy who has a bunch of office buildings in construction
New York = Cuck City
Hahaha, a lot of down votes.
Understandable since I made an inflammatory comment. This could have been avoided, you know, if basic protocols were followed. You guys don't want the government telling you what to do though so you said fuck social distancing and now it's spreading like wildfire.
Edit: now lie in it.
Fixed that for you.
Hahaha, a lot of down votes.
Understandable since I made an inflammatory comment. This could have been avoided, you know, if basic protocols were followed. You guys don't want the government telling you what to do though so you said fuck social distancing and now it's spreading like wildfire.
Austin stopped all non essential construction this week but every local developer is fighting it with the argument that the city already has a housing shortage and stopping construction will make it worse. every other Texas city is still humming along
We still have ongoing construction since some states classify portions of our tenants as essential, though it’s significantly dropped projected revenue forecasts in the NNN space
The bad news - if construction stops we are royally fucked
The good news - if construction stops, we won't have to worry about saving any of our deals
NJ has no restrictions on construction as of now (3/29).
I'd be very careful about assuming this. I believe the Governor's office is supposed to release updated guidelines on this, but last I heard, having a project that qualifies for the AffordableNY (a.k.a. 421-a) abatement doesn't seem like it will be deemed essential. LIHTC construction, or any of the other term sheet projects that receive subsidy, are far more likely to be designated than a market rate rental with a minority affordable component.
I'm working on a couple projects in the area and i've heard from contractors that it's on a trade by trade basis in addition to the type of project. Electricians, plumbers, masons, utilities, and life safety i've heard is all okay. I've heard that anything that involves ACM is shut down, aka every renovations project in NY. Some building authorities have stopped inspections or have started allowing photos in lieu of actual inspections. Some contractors are plain unwilling to perform work and have shut offices for now.
We've been reliant on the GC/trades to tell us what is okay and what's not, but we're still in a weird limbo. I'm still pretty unsure about how to handle this but it's definitely day-by-day to say the least.
Well, the State released guidelines on what was essential work and what wasn't, so I'd refer to that when double checking your GC. That being said, the idea that its on the basis of trades is insane. I'd look into that. Especially since anyone in the middle of doing ACM work is literally poisoning the air by disturbing it, it's hard to imagine that's being exempted.
That being said, to the initial posters point, not all "affordable" projects qualify. At least 30% of units need to be designated affordable, which cuts out Option A and B under the AffordableNY program. So again, need to pay attention to the fine print on these kinds of orders.
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