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Marvel’s Jonathan Marvel and Dattner’s Kirsten Sibilia
In the early weeks of 2020, architect Jonathan Marvel saw a steady stream of multifamily and public works jobs come across his desk.
“And then everything came to a screeching halt,” he said.
Marvel’s eponymous firm wasn’t alone. Design work dried up during the height of the pandemic as many construction sites shut down and financing became scarce.
Still, once construction work was permitted to resume in New York, many firms saw business pick back up.
The Real Deal compiled a list of the most active architecture firms of 2020, based on the square footage of ground-up projects.
You guessed it: For over half of it, taxpayers are on the hook. Time to take a look.
The mortgage for “2 Cooper Square,” a 15-story luxury apartment tower with 143 units in the NoHo neighborhood of Manhattan, is now over 30 days delinquent, according to the Commercial Observer. In 2010, when the building opened, three-bedroom apartments sported asking rents “as high as $20,000 per month,” gushed the Wall Street Journal at the time. In 2012, the developer, Atlantic Development Group, sold the long-term leasehold in the building to Wafra Capital Partners in Kuwait for $134 million. In 2019, Wafra unloaded the leasehold to David Werner Real Estate and Emerald Equity for about $85 million – a loss of nearly $50 million, or about 37%.
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