Development against the backdrop of the US recession

300 East 23rd Street was conceptualized as a luxury condo development in the heart of New York City. The project took approximately three years to construct, and was completed at the height of the US recession in the midst of the associated challenges. The development is finished to the highest standards in residential construction, and comprizes of 92 condos, a leisure center and two commercial units at street level. Our team’s extensive residential expertise and experience in New York led to our engagement by our client. 

Full cost management

Full cost management services were provided by Linesight for this project, including cost estimating, project controls, procurement including bid evaluation, processing of payments, cost reporting, change management, and cash flow projections. All validation and approval of funding drawdowns were also overseen by our team.

Manhattan hit full force

  • The mixed use development was under construction when the US recession hit Manhattan with full force
  • This brought about a plethora of challenges, including the replacement of the general contractor and many sub-contractors who had fallen on hard times before the works were complete
  • Our expertise, local knowledge, and skills were utilized in full to ensure that despite the challenges posed the project was delivered on time and within budget, thus allowing the developer to honor the sales agreements he had made to investors and owners, in what was then a very different marketplace
92 condos, a leisure center and 2 state-of-the-art commercial units
139,000 sq.ft. US$60m