22B — June 24 - July 14, 2016 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers

CBRE & MADGI complete $730k office

On behalf of Point Capital Development Fields Construction Co. builds 83-unit development

ERSEY CITY, NJ — Point Capital Develop- ment and Fields Con- struction Company an- nounced that construction is complete at The Baker Build- ing at 234 Suydam Ave., a new community of 83 apartments in the Lafayette neighborhood of Jersey City. Fields, one of the most active and well-regarded construction management companies in the region, oversaw construction of the project, which Point Capi- tal developed in response to the demand among young profes- sionals and longtime Jersey City residents for high-quality rental residences in the historic neighborhood of Lafayette. A ribbon-cutting ceremony attended by a number of city officials, including Mayor Ste- ven Fulop was recently held for the five-story complex, which is situated 1500 feet from the Liberty State Park light rail station, and features various amenities, including a roof deck, courtyard, dog run, parking, a lounge and fitness center. “Lafayette is one of Jersey City’s great residential areas in terms of both pricing and location, and that’s what led us to develop The Baker Build- J HAMILTON, NJ — New Day Underwriting Manag- ers LLC , the leading specialty intermediary of environmental and construction-related profes- sional liability insurance, and Berkley Construction Pro- fessional Underwriters , a provider of specialized construc- tion professional insurance and pollution coverage, teamed on June 1 to “Investigate Mitiga- tion/Rectification Coverage for Contractors.” The one-hour webinar hosted by New Day’s president Jeff Slivka provided in-depth insights into coverage trends, claims services as well as various terms included in standard Contractor’s Profes- sional Liability (CPrL) insur- ance policies amongst compet- ing carriers. “The inclusion of rectifica- tion and mitigation coverage into the typical CPrL form has become an increasingly impor- tant risk financing tool for the construction industry over the past five years,” said Slivka. “Introduced to pay for the costs to remedy the challenges as- sociated with design errors and ultimately prevent third-party

ing — the neighborhood’s most significant residential development in many years,” said John Fio Rito, founder and principal of Point Capital Development. “The beauti- fully designed residences and amenity spaces that Fields Construction brought to life, combined with the pricing and proximity to mass transit and Downtown Jersey City and Manhattan, has resulted in a value proposition that’s second to none.” Designed by C+C Architec- ture and withUrbanDesign Workshop as the architect of record for construction, the building features a diverse se- lection of fourteen floor plans, some units with private out- door space and most with un- obstructed views of the Statue of Liberty. Unit flooring varies from traditional engineered hardwood or polished concrete for a more modern feel. Kitch- ens are outfitted with modern high-gloss white cabinets, gray quartz countertops and stainless steel appliances. Also integrated are technologies to make residents’ lives easier, such as USB outlets in the kitchens, keyless door fobs and a video intercom system controlled via smartphone. claims, these coverage types can either be interchangeable or greatly nuanced depending on the carrier. Today, virtually everyone in the industry offers some level of this coverage. Our goal was to clearly define the products, their benefits and the steps involved with identifying and fixing onsite design and pollution problems as quickly and cost-effectively as possible.” Joining Slivka during this live event were Berkley Construc- tion’s Laila Santana , executive vice president & chief claims officer, and Ray Bustamante , executive vice president, who described mitigation coverage as a “proactive claims manage- ment tool” that has proven its value in “expediting project work, solving potential issues faster” and helping insureds to “avoid significant litigation.” Santana followed by outlining the “thought process” behind “getting the mitigation process going,” “resolving claims to avoid bigger losses down the line” and “determining causes before the issues are fixed and costs incurred.” According to Santana, this

The new complex takes its name from the Baker Paint and Varnish Company, a manufacturing facility that stood at the site for more than 100 years. It was eventually demolished to make way for construction of the apartment building. “We’ve been extremely ac- tive in building multifamily throughout Jersey City, Hobo- ken and the rest of the Gold Coast, and I can confidently say that The Baker Building is comparable to most newly constructed buildings in terms of quality and amenities,” said Jim Caulfield , principal of Fields Construction. “We’re attracted to emerging cities and neighborhoods, so we’re excited to establish a success- ful track record in Bergen-La- fayette. I think the The Baker Building will be an impetus for attracting new restaurants, shops, and other amenities to the neighborhood, and we’re happy to be a part of that.” In addition to various proj- ects along New Jersey’s Gold Coast, Fields Construction is currently providing third- party construction manage- ment services for high-profile projects in the cities of Asbury Park and Harrison. n process starts with the immedi- ate “mobilization” of key parties and experts chosen specifically for their ability to “proactively diagnose and gauge” the scope of problems. As described by Bustamante, this is the path- way to a “total remedy and not just having the insurer tak- ing it on the chin.” He added, “forensic technology experts are light years from where they were years ago. They now have the expertise to determine what’s wrong in hours rather than days or months. This is the opportune time to validate claims and the ideal tool for bettering work and protecting the reputation of construction companies.” The panelists then cited the areas where claims have in- creased over the past few years. These ranged from commercial office complexes and schools to heavy industrial projects. Noted by the panel was the re- alization that claims were “not particular to any size project,” but rather that “losses hap- pened as a whole in any type of project,” which didn’t neces- sarily “have to be complex.” n

180 Madison Avenue

offices and plenty of social space – have been the workplace design concept of choice for technology, advertising, media, and IT (TAMI) tenants for sev- eral years. More recently, this design has also been adopted by other industries. This trend makes the tech loft pre-built offices easier to lease for land- lords. It used to be that the majority of pre-builts were just generic ‘plain vanilla’ boxes,” said MADGI principal Daniel Montroy, AIA. n A few years ago, Schmidt was brought in to help a small contractor complete a gut renovation of a five-story walk up in Harlem. The marching orders were to help, but as time went on it was apparent that the contractor was not up to the job, and with correcting non-conforming structural work already done, the project was going to cost the owner more than the end value of the building. “It’s a difficult call to tell your client to stop the project and sell, but it was the best advice we ever gave a client,” said Schmidt. Shortly thereafter, the housing bubble burst and as a result Schmidt prevented the client’s loss of nearly $1 million. Today Schmidt’s projects include the construction of two private schools, a landmarked gut renovation in Cobble Hill Brooklyn and the planning for an out of the ground school in Ethiopia. “Each project has unique challenges for their own obvious reasons,” he said. “Despite the complexities each successful completion validates the work we do and my own early insights from 25-years ago. I’m looking for- ward to seeing what the next 25 years will bring.” n

continued from page 8B of the owner’s time and money. “When we built an out of the ground condo in Harlem we had fully coordinated plans with permits and were good to go on an 18-month schedule. Mid-way through construction a design addition of a small penthouse created coordination issues and ripple effects in the already topped off structure. Although seemingly minor, resolution of design and coor- dination issues for the small addition was the most cru- cial threat to the budget and schedule and needed to take immediate priority.” Seem- ingly counter-intuitive at the time, the needed actions would not have been taken without Schmidt’s presence on the proj- ect. The time-value of money makes the added value clear. “The construction process is inherently risky,” said Schmidt. “You can’t have the same people sitting around like in a GM plant stamping out a million cars per year, where that system is down pat. Every project is unique, the location, the design, the contractors and government inspectors. You have to bid everything out so you don’t know who you’re going to get. The owner needs to have their interests protected or the NEWYORK, NY —Property manager CBRE and architect MontroyAndersenDeMarco (MADGI) have completed the construction of a pre-built office space on the 21st floor of 180 Madison Ave. in Manhattan. This is MADGI’s eighth proj- ect for CBRE at 180 Madison Ave. MADGI has already com- pleted the main lobby reno- vation and upgrades for the elevator cabs. “Tech lofts” – open loft-like spaces with minimal private

Advising clients on how to get better results on their projects in Elizabeth. . . project won’t flow the way they need it to flow.”

New Day Underwriting Managers host one-hour webinar

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