Lower labor costs allow construction of New York tower to resume

05/29/2009 | New York Times (tiered subscription model), The

The falling price of construction materials and a reduction in labor costs has allowed construction to proceed on the Beekman Tower in lower Manhattan. Developer Bruce Ratner is participating in an agreement reached with labor unions that allows developers to cut labor costs by 20%. Work resumed last week on the skyscraper, which will be the tallest residential tower in the city when it is completed.

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