Project Profile: Beacon Provides Construction Monitoring Services for Leading Real Estate Developer in New York City
Beacon Consulting Group has been retained to monitor many high-profile construction projects in recent years. In New York City, Beacon has provided monitoring and consulting services related to many high-rise construction projects, office build-outs, and renovations for hotels, office towers, and residential buildings. Our clients include leading banks, real estate developers, sureties, government agencies, and other project stakeholders.
In 2023, Beacon completed a construction monitoring project for GDSNY, an award-winning, vertically integrated owner, operator, lender, asset manager, designer and developer of commercial and residential real estate based in New York City. GDSNY is well known in NYC (and beyond) for developing unique residential and commercial projects which are beautifully designed and which attract well-known tenants. For GDSNY, Beacon provided project monitoring services for a multi-floor, multi-million-dollar interior build-out of 4 floors of Class A office space.
The location of the project was 1245 Broadway in the the NoMad neighborhood of Manhattan, a few blocks north of Madison Square Park. The high-profile project included monitoring the build-out of new office space across four floors in the building (totaling approx. 40,000 sf). A24, the well-known film and television production company, was a main tenant moving into the new space. The 23-story building, developed and completed by GDNSY in 2022, is LEED Gold certified, includes 200,000 sf of office space and features CO2 monitoring, natural lighting, and landscaped outdoor terraces for tenants.
Beacon performed monthly draw-down review services for this project. This means we monitored construction-related draw-down requests against an allowance provided by the landlord (related to the multi-floor office build). Beacon reviewed both hard and soft construction costs each month during the build-out process.
Beacon's monthly report specifically addressed the accuracy of both the hard and soft construction cost funding requests in comparison to the work completed on site. Beacon's services were critically important in terms of helping the building owner to track the project and properly manage funds during the renovation process.
Beacon's consulting assignment for this project was successfully completed in 2023. For more information about 1245 Broadway, please visit the website for the building: https://1245broadway.com
Please click on the small photos below to see a few photos from this building (photos courtesy of GDSNY).
