Bear Stearns renews lease.This week the city is celebrating a small, but important victory: Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. & Company is here to stay. The investment bank was threatening to move 1,500 of its employees to New Jersey because the rent at its MetroTech Center location in Brooklyn was about to go up. Thanks to some creative maneuvering on the part of the Economic Development Corporation, however, it has just signed a 20-year, 290,000-SF lease renewal. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new agreement between the city and Bear Stearns, the bank will be able to convert the tax credits left over from the building of its Manhattan headquarters on Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. into property tax exmptions for MetroTech landlord Forest City Ratner. The parties involved in the transaction say this is a mutually advantageous arrangement. "Bear Stearns was considering two other buildings -- 55 Water St. in Manhattan and 101 Hudson St. in New Jersey. Of course, the tax credits were not the only thing that got the deal done, but they were the last piece, the piece that got it over the goal line," said the bank's broker David W. Levinson, vice chairman of Insignia/ESG. "Their decision to remain here is great for Brooklyn, great for New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , and of course terrific for MetroTech. We want to thank the City for its efforts in bringing this to a conclusion that will prove to be a win for everyone," said Forest City Ratner president Bruce C. Ratner. Certain published reports, however, maintain that Bear Stearns might have been unduly greedy greed·y adj. greed·i·er, greed·i·est 1. Excessively desirous of acquiring or possessing, especially wishing to possess more than what one needs or deserves. 2. in its dealings with the city. The bank has used the threat to move to New Jersey once before, ending up with $36 million in incentives to move to Brooklyn. In addition, it has received another $39 million for its headquarters. To ask for more benefits now, when the City is in a fiscal crisis, some feel is inexcusable. But officials at the Economic Development Corporation deny that New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of will have to spend an extra cent to help Bear, Stearns. "They have agreed to stay at MetroTech with no additional incentives," said Janel Patterson, a spokesperson for the agency. "The city will pay nothing." Besides, Mayor Bloomberg seems to approve of the deal, whatever it took. "Bear Stearns' decision to move 1,500 employees to MetroTech in 1991 was a catalyst for the burgeoning growth and renaissance of Downtown Brooklyn Downtown Brooklyn is the third largest central business district in New York City (following Midtown Manhattan and Lower Manhattan), and is located in the ," he said. "I am very pleased that they had decided to recommit re·com·mit tr.v. re·com·mit·ted, re·com·mit·ting, re·com·mits 1. To commit again. 2. To refer (proposed legislation, for example) to a committee again. to MetroTech." |
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