New York pension funds to invest $500M in Sandy damaged areas

TRD New York /
Mar.March 01, 2013 11:30 AM

Victims of Hurricane Sandy are about to see relief from an unexpected source: the city’s four largest pension funds. City Comptroller John Liu announced this week that the funds have voted to invest some $500 million into areas ravaged by the storm through newly formed partnerships with the Related Companies and Hudson Cos., GlobeSt. reported.

Related and Hudson will receive $300 million and $200 million, respectively, from the New York City Pension Funds, which will cover the projects’ equity. The project will also utilize approximately $1 billion of additional loans toward the total $1.5 billion in Sandy-related building projects.

The plan is expected to create or restore 3,000 units of housing and 150,000 to 200,000 square feet of commercial space over the next three years. In the coming months, money will begin to be invested in repairs and construction of mostly affordable housing.

“The $1.5 billion rebuilding program will become the bricks and mortar neighborhoods need to rebuild from Sandy’s wrath,” Liu said in a statement. “This investment demonstrates the steadfast commitment of city employees and retirees to pursue opportunities that are not only expected to deliver strong returns, but also to generate collateral benefits for the communities they call home.” [GlobeSt.] —Christopher Cameron


Related Articles

arrow_forward_ios
Fairway at 480-500 Van Brunt Street in Red Hook and the O’Connell Organization's Greg O’Connell (Credit: Google Maps)

Fairway landlord: Private-equity owners ruined Red Hook store

Fairway landlord: Private-equity owners ruined Red Hook store
Mayor Bill de Blasio and subway damage caused by Hurricane Sandy (Credit: Getty Images)

Program to rebuild Sandy-damaged homes needs extra $92M

Program to rebuild Sandy-damaged homes needs extra $92M
Army Corps of Engineers Commander Lt. Gen. Todd Semonite and flooding caused by Hurricane Sandy in 2012 (inset) (Credit: Getty Images)

A $119B seawall still might not protect Manhattan, critics say

A $119B seawall still might not protect Manhattan, critics say
Plans for NYC’s storm-surge barrier raise environmental concerns

Plans for NYC’s storm-surge barrier raise environmental concerns

Plans for NYC’s storm-surge barrier raise environmental concerns
Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more

Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more

Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more
Coney Island Hospital moves forward with $738M renovation plan

Coney Island Hospital moves forward with $738M renovation plan

Coney Island Hospital moves forward with $738M renovation plan
After Sandy, buildings flood city’s most vulnerable neighborhoods

After Sandy, buildings flood city’s most vulnerable neighborhoods

After Sandy, buildings flood city’s most vulnerable neighborhoods
Developers are soaking NYC’s waterfront areas with new construction

Developers are soaking NYC’s waterfront areas with new construction

Developers are soaking NYC’s waterfront areas with new construction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...