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New York keeps the Northeast market hot

Post Time:Nov 12,2013Classify:Industry NewsView:42

Part three of four

Read about nonresidential construction in the West here and the Midwest here.

The Northeast has one major asset in the face of the nationwide residential construction slump: New York. The 23-square-mile city that never sleeps has been resilient to the housing decline affecting the rest of the country and has even experienced a luxury residential building boom. “The condos worth $5 million and more can’t be built fast enough,” says Jeff Haber, managing partner for W&W Glass Systems Inc., Nanuet, N.Y. Douglas Schulman, CEO of Manhattan Shade and Glass Co., agrees with Haber. “The New York residential market is very hot,” Schulman says. “Apartments are selling out long before buildings are even finished.” The Nov. 28 release of the Beige Book from the Federal Reserve found Manhattan’s co-op and condo sales picked up slightly in the third quarter. The nonresidential market remains strong. Haber says institutional and sports projects will keep W&W busy for several years. “We have big projects going on at City Field, Yankee Stadium, the East River Science and Technology Center and Julliard,” Haber says. The Northeast offers more than just New York to glass companies. Atlantic City has also experienced quite a bit of casino and hotel growth, says Tom Salzer, president of AGP-America Inc. in Glassboro, N.J. Currently, MGM Mirage and Harrah’s are undergoing major construction projects. “Atlantic City is getting bigger. … We do most of our work there,” Salzer says. One high-profile project in the past year includes the 90-foot glass dome at Harrah’s Atlantic City. Salzer says AGP also continues work for other nonresidential in and around Philadelphia, a region that has seen steady growth in the institutional segment, according to the Beige Book. However, construction of commercial buildings has slowed, according to the report. The commercial building prospects for New England are less positive because of lending problems. As a result, “sales activity and planned construction have continued to decline in both Boston and Hartford,” according to the Beige Book. Commercial construction is also expected to decline in Maine and Rhode Island. Justin Provencal, project manager for R&R Window Contractors, Easthampton, Mass., says he has not seen a decline in commercial work, and R&R did more office jobs in the last year than the year before. The company does have a growing number of institutional jobs. “We’re seeing more public jobs come in,” Provencal says. “More healthcare and school work. The school market is always steady here.” Read an article about New York City’s condo market in the January issue of Glass Magazine. For the full Beige Book report, click here. See next week’s e-glass weekly to read about the building market in the South. —By Katy Devlin, e-Newsletter Editor, e-glass weekly

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