Broker gets 'bright' idea for safer Midtown streets.Real estate broker Fred Smith Fred Smith may refer to:
n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan. Smith of Cushman & Wakefield has launched the "Light up 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 " campaign to convince all Midtown property owners and leaders of major corporations to light the lower facades of their buildings at night. This will discourage crime, Smith believes, and dispel the misconception mis·con·cep·tion n. A mistaken thought, idea, or notion; a misunderstanding: had many misconceptions about the new tax program. that New York is the "crime capital of the world." "The landlords have a vested interest Vested Interest A financial or personal stake one entity has in an asset, security, or transaction. Notes: For example, if you have a mortgage, your bank has a vested interest on the sale of your house. See also: Right in our streets being safe, so do corporations located here, so does the government," he said. While many owners do keep their lobbies lit at night, Smith said, this is only a fraction of the building's front. By lighting buildings at street level. Smith said, owners will make current and potential tenants feel safer and they will highlight the special features of their property. To reward building owners that participate, Smith is asking Con Edison to give a rate reduction and for Governor Cuomo to offer some type of a tax incentive. But, Smith said, the program will not be tied into these allowances. If Con Ed and Albany agree, he said, that will be "dessert." "I don't want this project to be dependent on what Con Edison does or doesn't do," he said. "The real purpose is for New York property owners to take responsibility..." Making the city feel safer, Smith said, would, in fact, boost tourism and commerce and enhance the city and state's tax intake. "This is all going to be an increase in revenue for city and state and this would lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. the burden on the real estate industry," he said. Cushman & Wakefield, Smith said, is behind him all the way and they are underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. his costs, which, so far, include only postage and meetings. Smith is meeting with groups such as the East Side Association and the Business Improvement Districts that cover midtown Manhattan. The Grand Central Partnership recently organized a number of buildings to help light Grand Central Station. The broker said he has no pre-conceived ideas on how owners should increase the lighting outside of their buildings. "I have no set rules or ways to do it... Just make sure the streets in from of your building is bright and safe," he said. |
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