AFL-CIO HIT Finances New Construction in New York City
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $337.7 million new construction of 311 West 42nd Street, a mixed-use development comprised of 330 residential rental units, 83 of which are affordable, and 41,678 square feet of rentable retail space. The project, located in the heart of Manhattan near Times Square, will offer modern and green apartments. The development is comprised of a seven-story mid-rise and a 33-story residential tower and will offer residents enclosed and outdoor amenities, including a fitness center, a rooftop pool and a landscaped outdoor space. The HIT will purchase a $50 million participation interest as part of a syndicate of institutional lenders that are providing an aggregate $204 million construction loan for the development. 311 West 42nd Street is HIT’s 74th project in New York City. In addition to the economic impacts listed here, 83 units (25%) at 311 West 42nd Street will be set aside for residents earning below 40%, 60% or 120% of Area Median Income.
The investment objective of the HIT is to provide competitive returns for its investors and to achieve the collateral benefits of creating jobs for union members in the construction trades and related industries and building affordable and workforce housing.