“A combination of union concessions, city tax breaks and a willingness by developer BFC Partners to take on greater costs led to the last-minute agreement on the Staten Island St. George’s waterfront development, the borough’s biggest project in decades.
As late as mid-October, BFC was willing to hire union labor for only 15 percent of the site, but late last month, the developer said it would hire union workers for the entire $580 million mall project, which includes 80 stores and a 200-room hotel among a million square feet of mixed-used space. In exchange, the unions pledged to cut the developer’s construction costs by 20 percent, according to Crain’s. The project was approved by City Council last week.”
To read the full The Real Deal article, please click here: Staten Island megaproject was a result of union concessions, tax breaks
About The Staten Island Board of REALTORS® (SIBOR)
The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-979-0007 and viewed online at http://siborrealtors.com. SIBOR may also be visited on Facebook at “Staten Island Board of Realtors,” on Twitter via @SIBOR, and on YouTube at the Staten Island Board of Realtors and RelevantPR channels.
Media Contact: Barton Horowitz