Sam Zell and a rendering of 500 West 23rd Street
From the June issue: Since the 2008 financial meltdown, the pace of new residential construction in Manhattan has been limited by tight capital markets, rising labor and material costs, and weak demand for new housing. But a new luxury West Chelsea rental project from billionaire Sam Zell is being closely watched as an indicator of where new development is headed in the near future.
Already, the project at 500 West 23rd Street has been a focal point for union protests. Certainly, with 23 union contracts set to expire this month in New York, the kerfuffle is indicative of the deteriorating relationship between big developers and organized labor in the city. Still, the developers have high hopes for the High Line-adjacent building, as the rental market recovers in one of the city’s busiest areas for new development. [more]
April 30, 2012 at 11:41 am, Zell reaches union deal for Gramercy construction, closes in on two more union labor contracts « « TEAM3P TEAM3P said:
[...] famously caught heat for using non-union workers to construct his 111-unit apartment building at 500 West 23rd Street. But Crain’s speculated that his recent decision at Park Avenue South and East 28th Street [...]