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December 24, 2008
Construction unions may finance building projects
Crain's NY Business
As Forest City Enterprises deals with cash flow woes and tries to keep plans for the Atlantic Yards megaproject alive, here's something to keep track of:
New York construction unions, anxious to keep their members employed as building in the city slows, are exploring starting a fund to help finance real estate projects.
Ed Malloy, President of the Building and Construction Trades Council, says the unions may put $100 million of pension fund money into a fund that would fund various construction projects. However, he said the unions would seek matching funds from the city and the state to create a fund of $300 million. A proposal will be sent to government officials next year.
“As the days go on you hear about more projects with financial problems and we really want to do something to help,” said Mr. Malloy.
Posted by lumi at December 24, 2008 5:03 AM