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Scott Rechler says New York City needs to address its transit and traffic problems to preserve its status as a world class city.

“24-hour parking demand is increasing, commensurate with stepped-up downtown multifamily and hospitality development,” says Cushman & Wakefield's Ryan Larkin.

NP International, which acquired the 4.3-acre site in November 2016 from Berkowitz Development for $60.25 million, has hired UK-headquartered Balfour Betty to build the transit-oriented project that is scheduled for delivery in the fourth quarter of 2020 and is designed to achieve LEED-certified Silver designation.

Since 2010, over 4,000 multifamily units and 22,000 single family residential units have been delivered to the City of Redmond, with an additional 1,300 units currently approved and permitted.

The business partnership represents the coming together of two well-respected Cayman Islands real estate companies, known for developing innovative, sustainable and design-focused residential properties.

CARROLLTON, TX—Bethesda, MD-based Walker & Dunlop Inc. recently revealed that it has structured $26.23-million in financing for the acquisition…