I am pleased to report that the Realty Advisory Board (RAB) and Local 32BJ reached an agreement just past midnight last night. The agreement, ratified by the RAB and subject to ratification by the Union, appears to be a fair and reasonable settlement. Over the four year agreement, building service workers will receive an increase in wages averaging 2.16% per year.  The total package will average 2.92% per year. The agreement calls for protection to owners from unexpected future cost escalation for health benefits.  For the first time, Management has now transferred the risk of extraordinary regulatory or inflationary increases in benefits to the Union.  This was not part of the previous agreement. In addition to this important change, the agreement calls for a significant reduction in the health benefit cost starting in 2012. The projected reduction will cover a significant portion of the wage and benefit increase over the four year agreement.
I want to thank Howard Rothschild, President of the RAB, lead negotiators Charlie Dorego, Eric Rudin, Jeff Brodsky and our lead attorney Paul Salvatore for the time and effort required to achieve this fair and positive agreement for all parties.

Steven Spinola – President, REBNY