Press release issued by Nelson Management Group and United Tenants Association of Cathedral Parkway Towers

New York City Comptroller William C. Thompson, Jr., on behalf of three New York City pension funds, celebrated the completion of the rehabilitation of Cathedral Parkway Towers , a 309-unit Mitchell Lama apartment complex in Manhattan .

"The New York City pension funds understand the desperate need to preserve decent, safe, and affordable housing in the City," Thompson said. "By financing the rehabilitation and purchase of this Mitchell Lama complex by its tenants, the Funds played a key role in the preservation and rehabilitation of much needed affordable housing for New Yorkers. We look forward to making other prudent investments for the City's pension funds that also help to meet its affordable housing needs."

In 2003, the New York City Employees' Retirement System (NYCERS), the Teachers' Retirement System (TRS), and the New York City Police Pension Fund issued a $35 million commitment to provide the permanent takeout for a construction loan provided by the Community Preservation Corporation (CPC). The CPC loan covered the rehabilitation of the facade of Cathedral Parkway Towers .

"This investment is a win-win," said Martha E. Stark, chair of NYCERS and TRS and New York City Finance Commissioner. "This commitment will add to the great work already done by Mayor Bloomberg to preserve affordable housing in New York City . And our members will receive a healthy return on their investment."

"The New York City pension funds investment in the Cathedral Parkway Towers is a prime example of how to both safeguard the retirement benefits of City workers and to preserve affordable housing in the city," said Lillian Roberts, NYCERS trustee and Executive Director, District Council 37, AFSCME, AFL-CIO. "This was a prudent investment that has already produced dividends for pension fund members, the residents of Cathedral Parkway Towers , and New York City ."

"Helping to provide affordable housing for working class New Yorkers while providing a safe and secure investment for our pension funds is a win-win situation" said Randi Weingarten , TRS trustee and President of the United Federation of Teachers.

The trustees of the pension funds are:

NYCERS: Comptroller Thompson; Commissioner Stark (Chair); New York City Public Advocate Betsy Gotbaum; Borough Presidents C. Virginia Fields (Manhattan), Helen Marshall (Queens), Marty Markowitz (Brooklyn), Adolfo Carrion (Bronx), and James Molinaro (Staten Island); Lillian Roberts, Executive Director, District Council 37, AFSCME; Roger Toussaint, President Transport Workers Union Local 100; and, Carroll (Carl) Haynes, President, International Brotherhood of Teamsters, Local 237.

TRS: Comptroller Thompson; Commissioner Stark (Chair); Deputy Chancellor Kathleen Grimm, New York City Department of Education; and, Sandra March, Melvyn Aaronson and Mona Romain, all of the United Federation of Teachers.

New York City Police Pension Fund: Comptroller Thompson; Mayor Bloomberg; Commissioner Stark; New York City Police Commissioner Raymond Kelly (Chair); Patrick Lynch, Patrolmen's Benevolent Association; Michael Palladino, Detectives Endowment Association; Edwin Mullins, Sergeants Benevolent Association; Anthony Garvey, Lieutenants Benevolent Association; and, John Driscoll, Captains Endowment Association.