Category: Real Estate

World Trade Center Transportation Hub Project Completed

 

World Trade Center Transportation Hub  pic
World Trade Center Transportation Hub
Image: ny.curbed.com

As head of Milestone Building Ventures, Alex Getelman guides complex New York construction projects that involve working closely with contractors, engineers, architects, and investment partners. Alex Getelman keeps a close watch on the real estate and construction markets, as well as high-profile projects in his industry.

One of the most prominent recent New York building projects involved the creation of the World Trade Center Transportation Hub at the site of the 9/11 attacks. A centerpiece of the 16-acre redevelopment zone, the transportation hub services approximately a quarter of a million commuters daily and includes retail space spanning 400,000 square feet. In addition, it offers internal pathways that link to the site’s office tower.

The large-scale project centers on the Oculus, a transit hall that has a design configuration evocative of a dove taking flight. Large quantities of glass and steel were used in constructing a wing-shaped shell that provides abundant interior light. A pair of large-capacity tower cranes were employed in hoisting steel pieces, which weighed up to 80 tons, as high as 185 feet.

The award-winning project was completed without serious incident through coordination with the New York City Fire Department, which undertook inspections on a weekly basis.

Value Engineering in the Construction Sphere

 

A Mixed Growth Picture in the US Real Estate Market

Milestone Building Ventures pic
Milestone Building Ventures
Image: buildingmilestones.com

Based in New York, Alex Getelman leads Milestone Building Ventures and spearheads complex projects that require close coordination with partners, engineers, architects, and contractors. Alex Getelman maintains a close watch on real estate markets and follows forecasts that indicate where investment trends are heading.

An early 2016 article in Money highlighted a cautious optimism in the residential sphere, as housing markets continue to recover from the financial crisis. A major issue is one of inventory, as millennials begin searching for single-family homes at a time when construction has yet to meet demand. Year-on-year figures showed inventory down by 9 percent, with home values rising correspondingly.

An October, 2016, survey of US real estate-focused economists found that, while no major decline is on the horizon, growth expectations have been adjusted downward. These encompass factors ranging from housing starts to interest rates and the issuing of commercial mortgage-backed securities. One silver lining is in the industrial sector, where availability of space has tightened and rents and investment returns are on the rise.

Benefits of Investing in Commercial Real Estate

 

Milestone Building Ventures pic
Milestone Building Ventures
Image: buildingmilestones.com

Alex Getelman is the founder of Milestone Building Ventures, a project management and consulting firm based in New York City. Possessing several years of field experience, Alex Getelman is knowledgeable about such topics as real estate investing and commercial real estate.

Commercial real estate includes everything from retail and office buildings to industrial buildings and apartments. This variety makes commercial properties very attractive to investors. Below are a few benefits of investing in commercial real estate:

1. Higher returns. Commercial real estate is known for having attractive returns. Most commercial properties generate annual returns between 6 and 12 percent of the purchase price. This rate is significantly higher than returns on single-family homes. Further, commercial properties may see fair returns even as the markets fluctuate.

2. Shared goals. Both owners and tenants share a common interest in keeping a commercial building well maintained. This is particularly true of tenants maintaining storefronts. A bad storefront pushes away customers, so tenants are more likely to take care of the buildings they are renting. In doing so, they help increase the value of the property for property investors.

3. Simplified valuation. Potential investors can request an income statement from a commercial property owner to get a good idea of how much the property is worth. This simplifies the valuation process by largely removing the emotional pricing that frequently affects residential properties.