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June 17, 2011
NYC Unions Agree to 20% Wage Cut On Manhattan Residential Project
Local 157 blogspot
by Carolina Worrell
Key unions in New York City, including laborers and structural trades, agreed to a 20% wage cut yesterday, June 15 for work on Gotham West, a residential development on Manhattan’s West Side that will consist of four buildings and about 1,240 residential units, according to a recent article in Crain’s New York Business.
...Following Gotham’s lead, developer Forest City Ratner Cos. has submitted an application for a labor agreement to build a residential tower, part of the first phase of its mixed-use Atlantic Yards project in Brooklyn.
...A Forest City spokesperson said it is “too premature” to say why the company applied for the agreement.
NoLandGrab: We'll take a wild guess that they applied for the agreement because they can't afford to build otherwise.
Posted by eric at June 17, 2011 9:54 AM