The Real Deal - How NYC’s hard hats stack up

Press - May 1, 2018

Real deal construction illustration In the wake of a development slowdown and widespread corruption and labor battles, NYC’s top construction firms are navigating a tumultuous market while trying to stay active.

One57, the first of the glassy giants to rise on 57th Street, wasn’t Lendlease’s key to Billionaire’s Row — it was a 60-story residential project on West 42nd Street. Roughly a decade ago, Extell Development tapped the Australian construction company to build the Orion, a 551-unit condominium building.

That gig led to additional jobs for Gary Barnett as he grew his luxury empire. And in a matter of a few years, Lendlease became one of the go-to contractors for high-end condo construction in New York City. “That good work paid off when those developers acquired trophy sites overlooking the park,” said Ralph Esposito, who heads Lendlease’s construction operations on the East Coast. The contractor has completed construction on most of Billionaires’ Row, including Harry Macklowe and CIM Group’s 432 Park Avenue, World Wide Group and Rose Associates’ 252 East 57th Street, Vornado Realty Trust’s 220 Central Park South and Hines’ 53 West 53rd Street.

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