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.

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