Manhattan, NY The Building Trades Employers Association (BTEA) recently held its 2022 BTEA Transformative Project Awards, honoring union contractors responsible for five transformative projects that will be remembered for playing a pivotal role in New York City’s revitalization for generations. The BTEA also named three transformative industry leaders for 2022.
Addressing over 400 fellow BTEA union contractors at the Ziegfeld Ballroom, Louis Coletti, president and CEO, said: “This evening, we celebrate the world-class projects and transformative leaders who are not only revitalizing the city but also reimagining it by contributing to New York’s vibrancy, sustainability and livability for all.”
He was joined at the podium by Mayor Eric Adams and Kathryn Garcia, director of State Operations & Infrastructure for Governor Kathy Hochul. Both leaders praised the BTEA and its members for leading the way in building critical new projects for New Yorkers and the region.
Five transformative projects honored were:
In addition, the BTEA honored three individuals for transformative leadership in labor and minority and women-owned businesses (MWBEs):
“New York City is undergoing an unprecedented comeback from the pandemic. Despite economic challenges, the city continues its transformative new era of recovery,” said Coletti. “Although the pandemic brought the industry – and our city’s economy – to a screeching halt, construction spending is expected to reach an all-time high this year.”
The real estate and construction industry comprise 20 percent of New York City’s GDP while providing 10 percent of jobs and five percent of wages, “fueling a pathway to the middle class as one of New York’s top five paying job sectors,” said Coletti.
Coletti added, “The 2022 BTEA Transformative Projects are testaments to our city rebuilding better while we honor our resilient workforce and recognize the transformative leaders paving the way to our brighter future.”
The BTEA comprises 26 Construction Contractor Associations, with over 1,200 Construction Manager, General and Specialty Trade Subcontractor Companies
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,