Blog

Prevailing Wage

Author: Sean Deery SBU'19, REI Senior Marketing Intern 5/10/19

A proposed prevailing wage law going through Albany could challenge the financial success of public/private partnerships. This bill, sponsored by Sen. Jessica Ramos (D-East Elmhurst) and Assemblyman Harry Bronson (D-Rochester), is drawing support from union officials and drawing opposition from real estate industry officials.

This law would expand the definition of public projects to include any private project that receives public incentives or funding. A public works project requires the payment of prevailing wages - which are set by the Department of Labor and to labor union’s schedule. If enacted, any project currently being funded by public funds would immediately have to convert to paying the maximum prevailing wage in addition to following separate operational guidelines set forth by the union and Department of Labor.

This article is meant to objectively explore the issue of prevailing wages from a Long Island perspective.

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A Model for Long Island Downtown Redevelopment

Author: Sean Deery SBU'19, Senior REI Marketing Intern        10/03/18

Downtown revitalization projects aim to provide the housing, lifestyle and jobs that attract individuals to maintain residence in the prestigious state of New York.

The biggest hurdle to downtown revitalization is figuring out where to start - how do you transform a community of blight into a desirable location?

Luckily, we now have a prime example of proper downtown revitalization here on Long Island - Patchogue Village.

Patchogue is touted as a model for downtown revitalization- something many other Long Island towns are trying to emulate. The walkable downtown of Patchogue enjoys:

  • Zagat rated restaurants
  • A historic Performing Arts Theatre
  • An LIRR station
  • Ferries to Fire Island
  • Public artwork
  • An ornamental community garden
  • Year round community events
  • Nightlife
  • ...

 

Think Outside the Box on Work Product

Author: John E. Damianos, Esq. Damianos Realty        03/23/18

When space sits for six months to a year we question its leaseability, in particular its appealability. This is your work product, so it has to be in top shape. While it sits vacant you are presented with numerous repeated opportunities to re-clean it, remove confusing wall layouts, update to brighter LED lighting, touch up paint, remove cobwebs, etc. Any new items or upgrades will help raise the attraction to your space over that of competitors. Buildings with higher numbers of tenants are more popular (not to mention profitable) than those with less.

 

Think Outside the Box on Rents

Author: John E. Damianos, Esq. Damianos Realty        24/01/2018

As your vacant spaces return to the market for re-letting, ask yourself how competitive your terms are in this soft market. If the space has been vacant for six months or more, offer an extra month of free rent over that of your competitors. Offer upgrades to boss offices in areas such as wall coverings, carpets, and moldings. Lower the rent the first year. Be diligent in your efforts to beat the competition. You’ll have the five (5) year lease as the reward.

 

Can Real Estate Development Benefit The Environment?

Author: Christopher Kelly of Tritec Real Estate Company        11/20/2017





Smart Growth & Sustainable Redevelopment

Historically, employing “green” techniques in real estate development seemed unattainable. Contrary to the belief that new development will add to our environmental headache, many new developments can be the start of a cleaner, healthier Long Island. Modern-day construction practices and innovative building plans are paving the way to forward-thinking, environmentally-conscious and economically-feasible development projects. Regardless of whether or not a new project moves to apply for LEED certification, the inclusion of sustainable elements, such as Energy Star-rated appliances, or the distinctive choice...

 
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