COMMERCIAL REAL ESTATE
According to research from Colliers International, the average asking rent for office space in Manhattan was $74.19 per square foot by the end of the first quarter of 2018, a new quarterly record. Read more at BisNow.
The Jay Group has plans to construct a 17-story, mixed-use project at 56 West 125th Street that would be one of the tallest buildings in the area. The proposal calls for replacing the current, four-story structure with 141 apartments, ground-floor retail, recreation spaces and parking for 71 bicycles. Read more at Curbed New York.
Albany-based Key Capture Energy LLC will build a $9-million-plus battery energy storage facility at the Luther Forest Technology Campus in Saratoga County. The 20-megawatt storage system inside a 32,000-square-foot building will house batteries that store and release power to and from the electric grid. Read more at the New York Business Journal.
COST OF LIVING
A new study from MagnifyMoney ranks the best and worst cities in the country to live on a six-figure salary and New York comes in as the 10th worst on the list. The price comparison and financial education website used a hypothetical couple with one child that earns a combined gross income of $100,000, then estimated monthly expenses and taxes to calculate the family’s disposable income in 100 metro areas. Read more at Philly Mag.
Researchers from UK-based Wayve have successfully taught an autonomous car how to stay in its a lane over a period of 15-20 minutes using a “reinforcement learning” algorithm along with a human safety driver. Read more at CNET.
Miami-based MyPark raised $2.1 million in seed financing in April, which it will use to support expansion of its app that allows users to reserve a parking space at their local mall. Shoppers can book spaces on demand for a few dollars an hour. Read more at Philly Voice.