Annual Report 2001

Page 6

Formed in 1998, the New York Building Foundation is advancing the long-term growth and well-being of the industry through research, education and philanthropic activities. To follow are some program highlights from the past yearas well as goals for the coming year.

Development Institute
The New York Building Foundation recently formed a Development Institute that uses research and expert analysis to promote a rational and thoughtful approach to development in New York City and the region. In its first year, the Institute has undertaken several research initiatives, including examining prospects for future development in the City and facilitating a dialogue on energy issues among major business, community and environmental groups with diverse perspectives. While the Institute endeavors to undertake projects devoted to long-term, citywide issues – such as infrastructure capacity and economic development – it also is being structured to address emerging issues.

New School University Fellowship
The Foundation recently created a $10,000 fellowship with the New School University. The fellowship will provide graduate school assistance to one student for a full academic year. This student will work closely with Foundation officials conducting research and analysis on vital industry concerns. The Hennessy Fund, created by Building Foundation Chairman John F. Hennessy III and his family, is sponsoring this inaugural fellowship.

Philanthropy
One of the Building Foundation’s first projects recently earned high praise from industry peers. New York Construction News honored the $300, 000 reconstruction of Peter’s Place, a drop-in center for frail and elderly homeless New Yorkers, with a “Best of 2000 Award.” The Foundation currently is exploring other charitable projects that would benefit valuable social service agencies that lack the financial wherewithal to improve their physical surroundings. As with Peter’s Place, the Foundation would serve as a sponsor and coordinating benefactor.