July 12, 2010

Hotel and garment unions settle on divorce terms

After failed marriage of two big unions, garment workers to keep longtime cash cow Amalgamated Bank, while hotel workers to walk away with a Seventh Avenue office tower worth $70 million.

By Daniel Massey

The garment workers union will hang on to Amalgamated Bank and the hotel workers union will gain ownership of a 600,000-square-foot Seventh Avenue office tower under terms of a tentative deal to end the bloody civil war that has raged between the two groups for nearly two years, sources on both sides said Monday.