$170m project to create 1,000 construction jobs.Gov. George E. Pataki announced the groundbreaking for the construction of 500 units of mixed-income housing going up on Roosevelt Island Roosevelt Island formerly (until 1921) Blackwell's Island and (1921–73) Welfare Island Island in the East River, between the boroughs of Manhattan and Queens, New York, New York, U.S. at the Octagon Building, one of New York's significant architectural landmarks. The project will create more than 1,000 construction jobs. Becker and Becker Associates designed and will develop the project. Multi-Employer Property Trust is providing financing and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. is providing tax credit equity investment in the project. "This is a landmark project for a landmark building which will be constructed through the great cooperation between real estate developers and unions," Governor Pataki said. The Octagon, listed on the National Register of Historic Places This article is about the U.S. Register. For the National Register of Historic Places in Canada see Canadian Register of Historic Places. The National Register of Historic Places , is the eight-sided remnant of an 1839 building that housed an asylum and later the Metropolitan Hospital. Developer Becker and Becker, of Fairfield, Connecticut, known nationally for its work in landmark preservation, stabilized the Octagon in 2002 and designed complementary flanking wings for the 500 apartment units. Multi-Employer Property Trust (MEPT MEPT Multi-Employer Property Trust ) is providing $145 million in financing for the project. Bank of America is providing more than $14.1 million in total tax credit equity investment for the project. Members of 26 unions will work on the project under the general contractor Gotham Construction. (see attached list) Edward J. Malloy, President, Building and Construction Trades Council of Greater New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of said, "The Octagon Park Apartments project is proof that affordable housing can be built by workers who are paid good union wages with health and pension benefits. It is also a prime example of the fact that union labor continues to invest in economic growth and jobs for New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . " |
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