$896 Million Facility Creates 5,200 Total Union Jobs
NEW YORK – The AFL-CIO Housing Investment Trust (HIT) will provide $40 million of union pension capital towards construction of the $896 million Weill Cornell Ambulatory Care Center, which is part of New York-Presbyterian Hospital. The project will utilize 100% union labor, creating more than 5,200 union construction jobs. The HIT’s investment will fund approximately 420 of the jobs.
The ambulatory care center is a major expansion of the hospital’s community health facilities and supports plans to significantly increase outpatient services at the nation’s largest not-for-profit, non-sectarian hospital. The care center will be located on New York City’s Upper East Side, next to the Weill Cornell Medical Center, one of New York-Presbyterian Hospital’s main facilities.
“New York-Presbyterian Hospital is a preeminent source of healthcare for the New York area,” said Carol Nixon, Director of the HIT’s New York City office. “We are very pleased to be part of a project that will increase the hospital’s capacity to deliver state-of-the-art medical services to the residents of this community.”
Vincent Alvarez, President of the New York City Central Labor Council and a member of the HIT Board of Trustees, said, “This is an investment that reflects the HIT’s commitment to New York’s working families. Through this project, we are looking to improve access to quality healthcare, while also creating thousands of jobs for members of our building and construction trades unions, and helping to preserve union jobs for healthcare professionals.”
The 15-story LEED-designed building will allow the hospital to consolidate existing services currently spread throughout its multi-site campus, while providing space for future growth in patient care. Plans for the 450,000-square-foot facility include 12 operating rooms, 12 endoscopy rooms, radiology and MRI services, primary care, and a maternity section with private rooms.
New York-Presbyterian Hospital is affiliated with Columbia University’s College of Physicians and Surgeons and the Weill Cornell Medical College. The 2,409-bed hospital is among the top-ranked clinical and medical research centers in the country.
The New York Nurses Union and SEIU 1199 represent nursing and maintenance staff at the hospital.
The HIT has invested over $930 million in the New York City metro area since January 2002 to build or preserve more than 30 projects with an estimated total value of over $2.3 billion.
About the HIT
The AFL-CIO Housing Investment Trust (HIT) is a fixed-income investment company registered with the Securities and Exchange Commission. It manages over $4.5 billion in assets for more than 370 investors, which include union and public employee pension plans. The HIT invests primarily in government and agency insured and guaranteed multifamily mortgage-backed securities. The HIT is one of the earliest and most successful practitioners of socially responsible, economically targeted investing, with a nearly 50-year track record that demonstrates the added value derived from union-friendly investments. The investment objective of the HIT is to provide competitive returns for its investors and to promote the collateral objectives of constructing affordable housing and generating employment for union members in the construction trades and related industries. Since its inception, the HIT has invested over $6.8 billion to finance nearly 110,000 units of housing nationwide, generating 72,000 union jobs.