Paul Bubny is editor of Real Estate New York.

NEW YORK CITY-Equipment shortages, accelerated schedules and a citywide building boom all help ensure that construction costs in the city remain high, said a panel of experts convened Wednesday by the Urban Land Institute’s New York chapter. However, the panelists agreed that these costs could be managed through proactive planning by clients as well as their construction and design teams.

“Nothing beats good planning,” said panelist Charles Murphy, SVP and general manager at Turner Construction Co., during ULI New York’s “Controlling Construction Costs” event held at Club 101. In common with other panelists, Murphy also cited more specific strategies to control costs, which ranged from using design-assist partners to paying contractors in timely fashion so they don’t have to go to lenders to keep projects going.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.