The garment and hotel workers unions have agreed to the key terms of
their split this week, after six years together. The Amalgamated Bank
— whose assets are valued at nearly $5 billion — will stay with the
garment workers, who brought the bank into the merger, Crain’s
reported.The garment
workers’ former headquarters, at 275 Fifth Avenue, will go to the hotel
workers union, Unite Here, serving as its new headquarters. The
600,000-square-foot, 28-story building was built in 1928 and appraised
at $75 million a year and a half ago. Officials from Unite Here put the
total value of the deal, including the building, at “hundreds of
millions of dollars,” although sources told Crain’s it is likely closer
to about $150 million. Federal regulators still must approve the
institution’s transfer to Workers United, which is the new name of the
garment workers group. [Crain’s]