On Friday, April 13th a contract agreement was reportedly reached between Local 32BJ, representing building workers in Manhattan, Brooklyn, Queens and Staten Island and the Realty Advisory Board (RAB). The new contract is set to run for four years through April 2022 and now needs to be ratified by the union’s members.
It was announced that the unratified deal includes 11.3% in pay raises over four years, as well as better retirement plans and benefits (the total increase in cost will be 13.28 %). The agreement will bring average wages up to $55,000 for the employees, making them among the highest-paid apartment workers in the country.
The 32BJ contract for Bronx building employees doesn’t expire until 2019. If history is any indicator of the future, one might expect a similar agreement to be reached with the Bronx Realty Advisory Board (BRAB) next year.
It may be prudent right now or whenever expenditures are discussed, for Boards of Directors, building managers and treasurers to take a quick look at the current settlement and how its cost increases may impact projected budgets. Those buildings that develop 3-year and 5-year financial plans may especially benefit from this information.
As in the past several contract talks, the Association of Riverdale Cooperatives and Condominiums will be working closely with BRAB to represent its members’ interests during all negotiations with the union.