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AFL-CIO Invests $134M in Penn South Co-op

NEW YORK CITY-The co-op’s 2,820 housing units will remain affordable for current residents for another 20 years due to the investment, which will also create hundreds of union jobs.

By Carl Gaines | Updated on August 31, 2011

NEW YORK CITY-The AFL-CIO Housing Investment Trust (HIT) has invested $134 million of its union pension capital in Penn South Cooperative, at 321 Eighth Ave. in Manhattan. The money will go toward preserving affordability and capital improvements among the complex’s 2,820 housing units.

An intended byproduct of the capital improvements will be the 610 union construction jobs that the planned improvements–heating and air conditioning as well as asbestos remediation–will create during a time when construction industry unemployment is extremely high.

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