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Gem Tower Tops Out; NYCHA Audit Shows Waste

BROOKLYN—Brooklyn rental rates spiked 7.5% and 10.2% year over year, for one and two bedroom apartments, respectively, but studio dwellers caught a break during the same period. Studio rents dropped 2% from a year ago, according the February's rental market report from MNS. [Curbedwire Inbox]

NYC—An audit by the NYC Comptroller's office found that the NYC Housing Authority wasted $7.6 million in the 2010 fiscal year through poor oversight and management of its construction projects. "NYCHA’s senior staff is not able to promptly address change orders, problems or delays in construction because staff does not update information on project status in their internal computer system known as Primavera. The $7.6M is money spent on personnel (in-house and outside construction management) for projects that should have been closed sooner than they were." [Curbedwire Inbox]

International Gem Tower

50 West 47th Street, New York, NY