Located In The ‘Heart Of Manhattan’ Near Times Square, The National AFL-CIO HIT Helps Finance New Construction Of A $337.7 Million Mixed-Use Development Project At West 42nd Street In Exchange For The Creation Of ‘Good’ Union Jobs
(NEW YORK CITY) - The National AFL-CIO Housing Investment Trust (HIT) is helping finance the $337.7 million new construction of 311 West 42nd Street, a mixed-use development comprised of 330 residential rental units - 83 of which are affordable, and 41,678 square feet of rentable retail space.
The project, located in the heart of Manhattan near Times Square, will offer modern and Green apartments and is comprised of a seven-story mid-rise and a 33-story residential tower that will offer residents enclosed and outdoor amenities, including a fitness center, a rooftop pool and a landscaped outdoor space.
The HIT will purchase a $50 million participation interest as part of a syndicate of institutional lenders that are providing an aggregate $204 million construction loan for the development.
311 West 42nd Street is HIT’s 74th project in New York City.
In addition to the economic impacts listed here, 83 units (25%) at 311 West 42nd Street will be set aside for residents earning below 40%, 60% or 120% of Area Median Income.
The investment objective of the HIT is to provide competitive returns for its investors and to achieve the collateral benefits of creating jobs for Union Members in the Construction Trades and related industries and building affordable and workforce housing.
Gary LaBarbera, the President of the Building and Construction Trades Council of Greater New York, said: “We appreciate the AFL-CIO Housing Investment Trust’s commitment to investing in Union Construction Projects in New York. When Union Pension Capital is prudently invested in transformative transit-oriented construction projects built with one-hundred-percent Union Labor, while creating much needed housing, we are investing in ourselves while addressing the needs of the community.”
This transit-oriented development is located adjacent to the Port Authority Bus Terminal and atop one of the busiest New York City subway stations in Manhattan with access to 12 different subway lines and one stop from the major transportation centers at Penn Station and Grand Central Station.
For More On This Labor News Story, Go To: www.aflcio-hit.com/project/311-west-42nd-street/