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New York City Mayor Eric Adams, New York Governor Kathy Hochul, and the United Nations Development Corporation (UNDC) have unveiled a $500 million redevelopment plan for One and Two United Nations Plaza, a move set to create more than 1,800 jobs and bolster the city’s economic recovery.

The announcement, which aligns with the Adams administration’s “Jobs Week” initiative, comes as New York City marks a record-breaking employment milestone for the eighth time since Adams took office, with unemployment rates declining across all demographics.

Mayor Adams emphasized the economic and symbolic significance of the UN’s continued presence in New York: “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.

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 create 1,800 jobs in the process, re-energize our commercial office space, and generate billions in economic impact for our city.”

Governor Hochul echoed this sentiment, reinforcing the importance of infrastructure investment in the city’s resurgence: “This $500 million investment by the United Nations Development Corporation is more proof that New York’s resurgence is in full swing. Projects like this create good-paying jobs, drive economic growth, and reinforce our position as the global capital of commerce and diplomacy.”

The redevelopment of One and Two UN Plaza will include building-wide renovations, modernized office spaces, and enhanced energy efficiency systems under New York State’s BuildSmart 2025 program. The initiative aims to revitalize Midtown’s office market, ensure compliance with updated fire safety and disability regulations, and strengthen New York’s reputation as a center for global diplomacy. The project, spanning 900,000 square feet, is expected to support 1,800 construction and related jobs while preserving thousands of existing jobs tied to the UN community. The United Nations has committed to long-term leases for commercial office space in the buildings, further securing its presence in New York for years to come.

The redevelopment will be overseen by Spacesmith (architectural firm), Cosentini Associates (engineering firm), and Turner Construction Company (construction manager). Turner Construction has signed a Project Labor Agreement with the Building and Construction Trades Council, ensuring fair wages and cost efficiency for the project. Goldman Sachs and Siebert Williams Shank will underwrite $380 million in bonds to finance the project. The construction is set to begin in Q2 of 2025 and is expected to be completed within 48 months.

City officials highlighted the redevelopment as a key step in reinforcing New York’s status as a global hub for diplomacy and commerce. “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. Edward Mermelstein, Commissioner of the NYC Mayor’s Office for International Affairs, emphasized the economic and diplomatic significance of the UN’s continued presence in the city: “This investment, occurring as the UN celebrates its 80th anniversary, stands as a powerful testament to New York City’s continued leadership and the significant economic benefits the UN brings to New Yorkers.”

New York has been investing heavily in job creation across all five boroughs. The Adams administration’s Jobs NYC initiative has already connected nearly 8,500 job-seeking New Yorkers with employment and training opportunities in just six months. Additionally, the city is working toward its ambitious goal of 30,000 apprenticeships by 2030. “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 of the Building and Construction Trades Council of Greater New York.

With this $500 million investment, the UN Plaza redevelopment is set to strengthen New York’s economy, modernize commercial spaces, and create new opportunities for thousands of workers, reaffirming the city’s position as a thriving global capital.