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11 Broadway, New York City

BY CSA STAFF

Architectural firm GreenbergFarrow is designing 11 Broadway, a 161,570-sq.-ft., mixed-use property now under construction at Kent Avenue and Broadway in Brooklyn’s Williamsburg section.

11 Broadway is a mixed-income building that includes both residential and commercial spaces. It was developed by L+M Development Partners, Inc. and continues the company’s work in providing high-quality affordable housing to emerging communities in New York City.

The 11-story site — with design elements reflecting the character of the surrounding neighborhood — will blend 160 rental units totaling 132,400 sq. ft. with a one-story, 29,170-sq.-ft. retail base. The project is scheduled to open by the end of 2012.

“More than most neighborhoods, Williamsburg is a visually stimulating place," said Navid Maqami, principal of architecture at GreenbergFarrow. “The community itself inspired a design approach that reinforces and complements the area’s existing urban motif."

11 Broadway’s design evokes the look of early, brick loft buildings once common along the Brooklyn waterfront. In contrast, the retail base features heavy, steel architecture that references its setting at the foot of the Williamsburg Bridge. Construction began in June 2010.

The ground floor of the project has been specifically tailored to meet the needs of a grocery store tenant and there will also be retail space for several small local shops.

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May-06-2013 07:57 am

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New CEO named at Ashley Stewart

BY CSA STAFF

SECAUCUS, N.J. — Ashley Stewart, manufacturer of plus size apparel, announced that its board of directors has appointed Celia Clancy as president and CEO.

"I am thrilled to have the opportunity to lead Ashley Stewart, with its iconic brand in plus size fashion and deep heritage in the urban community," said Clancy. "Alongside a remarkably deep and talented team, we are going to reinforce the brand’s leadership position in value-oriented plus size fashion, expand the retail footprint and develop new channels of growth, including e-commerce and potentially licensing. The Company has achieved positive comparable store sales and strong profitability despite a difficult macroeconomic environment. We have excess cash, an undrawn revolver and no third-party debt as we look to significantly accelerate our growth plans."

Clancy has more than 30 years of experience in retail. She has served in leadership roles at various retail brands, including president of AJ Wright, where she is credited for helping to turn around the company.

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Consumer Reports Index reveals Americans still stressed by economy

BY CSA STAFF

YONKERS, N.Y.Consumer Reports announced that its Index, which measures overall consumer sentiment, fell to its lowest level since December 2009 and registered its sharpest drop in two years, as recent events in Washington about the debt ceiling debate fixed attention on the weak economy.

"The debt ceiling debate in Washington focused the consumer’s attention fully on the dire state of the economy, leaving many in a dispirited mood," said Ed Farrell, director of the Consumer Reports National Research Center. "Americans are facing real financial difficulties due to weak employment, which is a key impediment to an economic recovery. This is reflected in nearly every measure of the consumer’s experience."

The Consumer Reports Index fell to 43.4, down sharply from 48.5 last month. The figure represents the percentage of people saying they were financially better off versus worse off than they were a year ago.

The Consumer Reports Trouble Tracker, a gauge of the breadth and depth of financial difficulties among American households, jumped 10 points to 60.6 in August, reflecting financial difficulties pertaining to health care and an inability to pay mortgages and other bills. The Employment Index fell to its lowest level since March 2010 and slid sharply, as more jobs were lost than created.

"The Consumer Reports Index shows no clear signs pointing to an economic recovery any time soon," Farrell said. "Too many households are feeling financial pain and more jobs were lost than created. Unfortunately, the burden of this bad economy has fallen on the households that earn less than $50,000 a year. They’re the ones having trouble finding new jobs, paying bills and affording health care."

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