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NYC real estate prepares for coronavirus impacts
As the novel coronavirus outbreak continues its global spread, New York City’s real estate and construction worlds are bracing for project delays and rising costs of materials as Chinese manufactures and shipping slows to crawl, the Commercial Observer reports.
The city’s construction industry faces perhaps the biggest threat with mounting concerns over ordering supplies and fixtures from China—where the sprawling industrial city of Wuhan is the heart of the outbreak. In the coming months, some contractors may have to turn to other more expensive sources—risking project cost overruns—if they’re unable to purchase materials from Chinese manufactures, according to industry experts.
“The biggest concern is supply chain issues—steel, millwork, plumbing fixtures, electrical fixtures, concrete boards, flooring tiles, steel,” Joseph Natarelli, the head of the construction industry practice group at accounting firm Marcum LLP., told the Commercial Observer. “It takes about three weeks to get something from China to the U.S., and any delay could stretch it out much more.”
Projects underway likely won’t be impacted, Natarelli notes, as contractors tend to order their supplies years in advance, but an outbreak could spell trouble for future development. And panic may drive up prices, too. Some alarmed contractors are “chasing the market and trying to ensure they buy up materials before everyone else,” said Natarelli. “The market is starting to get saturated; supply could be an issue.”
And in other news...
- Neighborhood advocates are calling for East New York to become Brooklyn’s first “cease-and-desist” zone to protect homeowners from harassment from real estate speculators.
- El Museo del Barrio is restoring its historic 600-seat children’s theater.
- A South Street Seaport lot has emerged as a key issue in the race for a Lower Manhattan State Assembly seat.
- Come March 9th, the MTA will have a new interim president in charge of the city’s subway and buses: Sarah Feinberg. WNYC’s Stephen Nessen sat down with Feinberg for a Q&A to on how she plans to carry out her role of New York City Transit President.
- Amtrak named a former air cargo executive, William J. Flynn, as its new president and CEO on Monday.
- Nice work if you can get it: The Downtown Alliance is on the hunt for what they call an “explorer-in-chief” that’ll get paid to travel and basically have fun around Lower Manhattan—while living rent free on Wall Street.