The new "multi-billion-dollar joint venture" -- the partners would be no more specific about the amounts of money involved -- represents a high-profile plunge into the New York market by Hong Kong investors. Trump, who has been struggling to emerge from millions of dollars of debt, but is also a "solid vote of confidence in New York City," Mayor Rudolph W. "Development of Riverside South will mean the creation of thousands of construction jobs at a time when that industry is at nearly 50 percent unemployment," Mr.
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Among their concerns is that Riverside South would add to the already overtaxed North River Sewage Treatment Plant in Harlem.
A group led by the Coalition for a Livable West Side has filed suit in Federal court seeking to prevent further hookups to the North River sewage treatment plant and another one on Wards Island. Yiu said yesterday that the investors had reached "a certain comfort level that this issue can be resolved over time as the project moves along." Mr.
"It will create thousands of permanent jobs and will brings hundreds of millions of dollars in sales and other tax revenues to the city." Mr.
Trump and his new partners said no final decision had been made on which parcels would be developed first, or how many.
A waterfront park would be built in phases, along with construction of the towers. "You don't find such large-scale projects easily in New York or in the United States," he said.