Latest New School Construction Update

ByDon

Next week (October 8 to October 12), Material and equipment deliveries and installation work will continue on all floors. Curtain wall installation on upper floors will continue. Curtain wall installation on the lower floors will proceed along 5th ave inside the construction site. The crane that is on site will remain for the duration of curtain wall installation and will not affect pedestrian or automotive traffic.

The following week (October 15 to October 19) Material and equipment deliveries and installation work will continue on all floors. Curtain wall installation will continue on all upper floors. Curtain wall installation on the lower floors will proceed along 5th ave inside the construction site. The site will be open on Monday the 8th.

This weekend the site will be open on Saturday, October 6th for superstructure related activities and curtain wall installation between the work hours of 7AM and 5PM as permitted by the City. Con Ed will be working in the street.

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    Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City at 4th Ave and 13th Street for total consideration of $104.1 million, or approximately $595,000 per key. The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012.