CDCU Federation Co-Opted on Wall Street

WALL STREET – The National Federation of CDCUs said yesterday it is being forced by the Post-Sept. 11 reconstruction of Lower Manhattan to vacate its headquarters in the high-rent neighborhood of the New York Stock Exchange and JP Morgan, in the heart the city’s financial district. The trade association for low-income credit unions moved here 15 years ago when the owner Larry Silverstein–who also owned the World Trade Center buildings--offered below-market rents to dozens of non-profits in exchange for tax-breaks offered by the city after the stock market crash of 1987 caused high office vacancies. But the building, with its view of the East River, is now being renovated into high-end residential condominiums, forcing the Federation’s move to a new home four blocks north, at 116 John St., near Fulton St. The Federation, which represents about 220 CDCUs, will occupy the entire 33rd floor of the new site. The move will take place on February 16, but the Federation will retain its main phone number and email addresses.