Five new NYC construction projects to receive federal stimulus funds

Five development projects will receive federal stimulus funds, according to the New York Times, including a hotel, medical facility and a cement depot. The five projects, one in each borough, were selected by city officials to receive as much as $87 million total. The projects selected include a proposed hotel in Downtown Brooklyn and a parking deck addition for St. Barnabas Hospital in the Bronx. David Lombino, a spokesperson for the New York City Economic Development Corporation, said that the developments would create approximately 600 construction jobs and 300 permanent jobs. The stimulus money has proven crucial for the planned developments, Lombino said, as tight credit has made it difficult to acquire funding. “There is no significant construction lending taking place right now,” Lombino said. “But for this program, these projects wouldn’t go forward.”