New York City Mayor Eric Adams, New York State Governor Kathy Hochul, and the United Nations Development Corporation (UNDC) today continued “Jobs Week” by announcing a $500 million development plan for One and Two United Nations Plaza.

That will help create more than 1,800 jobs and infuse billions of dollars back into the city’s economy. As part of the agreement, the United Nations (UN) has committed to long-term leases of space at UN Plaza, creating an estimated 1,800 jobs, securing New York City’s reputation as a global capital, and supporting the city’s effort to revitalize commercial office space. Today’s announcement comes as the city celebrates recently breaking the all-time high jobs record for the eighth time and unemployment going down across all demographics since the start of the Adams administration. This week, the Adams administration is celebrating “Jobs Week,” highlighting the city’s efforts to ensure job opportunities reach every borough, block, and neighborhood and advancing Mayor Adams’ 2025 State of the City commitment to make New York City the best, most affordable place to raise a family.

“Having the United Nations headquartered in New York City is a powerful, symbolic reminder of our city’s proud reputation as a global capital along with being an economic engine and job creator,” said Mayor Adams. “As we kick off ‘Jobs Week,’ we’re proud to partner with the state for this groundbreaking development plan for the UN Plaza that will create1,800 jobs in the process, re-energize our commercial office space, and generate billions in economic impact for our city. ‘Jobs Week’ doubles down our efforts to make New York City the best, most affordable place to raise a family, starting with delivering the best jobs on the globe.”

“This $500 million investment by the United Nations Development Corporation is more proof that New York’s resurgence is in full swing,” said New York Governor Kathy Hochul. “Projects like this create good-paying jobs, drive economic growth, and reinforce our position as the global capital of commerce and diplomacy. When we build, we create opportunity — and there’s no better place for it than right here in Manhattan.”

“New York City stands as an undeniable global hub, and the United Nations’ commitment to long-term commercial office space in our city underscores that distinction,” said First Deputy Mayor Maria-Torres Springer. “The redevelopment of the UN Plaza properties will not only revitalize Midtown’s office market but also modernize office spaces for the thousands within the UN community, all while generating high-quality jobs. We are grateful for the partnership with Governor Hochul and the UNDC in bringing this visionary plan to life”

“New York City’s global leadership is reinforced by our deep and enduring partnership with the United Nations. As the proud host of the UN, we recognize the immense value this institution brings to our city and the world,” said New York City Mayor’s Office for International Affairs Commissioner Edward Mermelstein. “It is an honor to represent the city on the UNDC Board and to support these efforts. This investment, occurring as the UN celebrates its 80^th anniversary, stands as a powerful testament to New York City’s continued leadership and the significant economic benefits the UN brings to New Yorkers.”

“The United Nations and New York City have a partnership that goes back nearly 80 years, and this announcement of a comprehensive repositioning of the buildings combined with new long-term leases continues that partnership for years to come,” said George Klein, chairman, UNDC.

The development plan is expected to support approximately 1,800 construction and related jobs, in addition to preserving thousands of existing jobs created directly or indirectly by the UN community. Finally, more than 20,000 full- and part-time jobs in New York City are attributable to the presence of the UN community, through both direct employment as well as through the number of jobs its presence is estimated to support.

The project will include building-wide renovations by UNDC, together with renovations by the tenants of their leased office space. CBRE acted as advisor to UNDC, and Newmark acted as advisor to the UN for the project. The total project will cover approximately 900,000 square feet. Building-wide renovations will include new systems with enhanced energy efficiencies under New York state’s BuildSmart 2025 program, which will help the state achieve its ambitious energy goals to make it more affordable, cleaner, and resilient for all New Yorkers. Additional projects include updates to current fire safety, and disability codes and regulations.

The architect for the project is Spacesmith; the mechanical, electrical, and plumbing engineer is Cosentini Associates; and the construction manager is Turner Construction Company. Construction is expected to begin in the second quarter of 2025, and the project will be completed in approximately 48 months. Turner Construction Company has signed a Project Labor Agreement with the Building and Construction Trades Council that will benefit trade contractors and result in cost savings for the project. UNDC plans to issue up to $380 million in bonds to fund the project. The underwriters for the financing will be Goldman Sachs and Siebert Williams Shank.

UNDC is a public benefit corporation established by New York state in 1968 to provide office space and other facilities for the UN community. UNDC developed and operates the UN Plaza buildings, which were designed in the 1970s and 1980s by Kevin Roche, recipient of architecture’s highest honor, the Pritzker Prize. One and Two UN Plaza, which include office space and a hotel on the top floors, together with Three UN Plaza, were developed to meet the needs of the UN as it expanded. The planned development of One and Two UN Plaza will enable further consolidation of UN personnel, maximizing efficiencies for the organization. The United Nations Children’s Fund (UNICEF), which maintains its world headquarters at Three UN Plaza, will own the building in 2026.

The Adams administration has invested hundreds of millions of dollars in creating good-paying, family-sustaining, public- and private-sector jobs for New Yorkers. The New York City Mayor’s Office of Talent and Workforce (NYC Talent), last year, announced that nearly 8,500 job-seeking New Yorkers were connected to employment, free training, and workforce development resources over six months through Mayor Adams’ “Jobs NYC” initiative. Jobs NYC is a multi-pronged citywide effort to reduce barriers to economic opportunities and deliver workforce development services directly to communities across the five boroughs that are experiencing high unemployment. To find job opportunities, free training, and employment resources, New Yorkers can visit the Jobs NYC website.

The Adams administration has also launched and advanced transformative projects in all five boroughs to support job creation, including projects ranging from the Kingsbridge Armory in the Bronx, to the Brooklyn Army Terminal and Brooklyn Marine Terminal in Brooklyn, to SPARC Kips Bay in Manhattan, to Willets Point in Queens, to the North Shore Action Plan on Staten Island. Cumulatively, these projects will create tens of thousands of permanent and temporary construction jobs, generate more than $100 billion in long-term economic impact for the city, and cultivate good-paying, 21st-century job opportunities.

Additionally, last year, NYC Talent announced the city delivered more than 15,000 apprenticeship opportunities to New Yorkers in less than three years — more than halfway to the administration’s moonshot goal of creating 30,000 apprenticeships by 2030 announced in Mayor Adams’ 2023 State of the City address.  Further, last summer, NYC Talent announced expanded workforce services for New Yorkers with disabilities and celebrated a hiring milestone for the community. Finally, Mayor Adams, also last summer, announced the city’s first-ever community hiring effort, which leverages more than $1.2 billion in city contracts to create job opportunities for underserved New Yorkers. Community hiring allows the city to use its purchasing power, set hiring goals across city procurement contracts, and build on the success of existing project labor agreements and agency-specific hiring programs.

“This historic investment strengthens New York City’s position as a global leader, committed to supporting both local and global economies,” said U.S. Representative Gregory W. Meeks. “This project will create nearly 2,000 jobs for hard-working New Yorkers. Partnerships like these are a testament to the strength of our city and have the potential to benefit many. As we continue addressing employment challenges across the city, I encourage New Yorkers to take advantage of these new opportunities right in their own neighborhoods.”

“New York is proud to be home to the United Nations, the center of diplomacy and peacemaking for the world. Today’s announcement shows a commitment to those values, while creating 1,800 jobs and ensuring that this crucial commercial area remains a thriving and vibrant center of public space for New Yorkers,” said New York City Councilmember Keith Powers. “I’m glad to represent the UN in New York, and I applaud this investment in its continued presence in our city.”

“New York City has long been a cultural and economic hub on a national and global level, and we must continue to invest in projects that will not only uphold this status but also generate middle class opportunities for our hard-working people,” said Gary LaBarbera, president, Building and Construction Trades Council of Greater New York. “The redevelopment of United Nations Plaza will be a key part in continuing to revitalize Manhattan through the creation thousands of good-paying union jobs and economic stimulus that will support our communities. We applaud Governor Hochul, Mayor Adams, and UNDC for pushing this initiative forward and look forward to playing a role in seeing it to completion.”

Latest Posts