Business incentive renewals give downtown an edge.The Alliance for Downtown 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 announced that the Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North Energy Program, and the Industrial and Commercial Incentive Program, two vitally important business incentive programs that were major catalysts for development in Lower Manhattan, have been extended by the New York State Legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: A three-year extension of the Commercial Revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. Program, which reduces real estate taxes in pre-1975 buildings in Lower Manhattan The following is a list of buildings in Lower Manhattan, particularly New York City's financial district, and especially Wall Street. Wall Street
"We are thankful for the efforts of Assembly Speaker Sheldon Silver Sheldon Silver (born February 13, 1944) is a politician and member of the Democratic Party, currently serving as Speaker of New York State Assembly. Personal life An Orthodox Jew of eastern European descent, Silver has lived all his life on Manhattan's Lower East Side. , Governor Spitzer, Mayor Bloomberg and the New York State Legislature to ensure the continuation of these important incentive programs, says William Bernstein, acting president of the Alliance For Downtown New York Inc. "The availability of these incentives will undoubtedly help Lower Manhattan's economy continue to grow for years to come." The availability of a wide variety of business incentive programs helped attract hundreds of new companies and thousands of workers Downtown and restore the number of businesses currently located in Lower Manhattan to its pre-September 11, 2001 level. Thanks in large part to these incentive programs, Lower Manhattan is now one of the strongest commercial real estate markets in the country and home to an ever-diversifying economy. A recent survey of the Lower Manhattan commercial real estate market by the Downtown Alliance determined that: Lower Manhattan is the nation's fourth-largest business district, with a daily population of approximately 310,000 office workers. More than 356,000 total employees are expected in Lower Manhattan by 2012. Lower Manhattan boasts the nation's third lowest downtown office vacancy rate at just 6.7%, down from 7.2% last quarter and 11.2% a year ago. The Lower Manhattan real estate market saw nearly 2.26 million square feet of leasing activity, and over $2.3 billion worth of property has changed hands since the beginning of 2007. Since July 2005, 149 firms have moved to Lower Manhattan from Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town and other areas of the metropolitan area, filling 3.5 million square feet of space. Business incentives currently available to companies considering moving to or expanding in Lower Manhattan include: Real Estate Tax Abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when : A $2.50 per square foot real estate tax abatement for up to five years for commercial tenants that locate in non-residential pre-1975 buildings south of Murray Street Murray Street may refer to:
Commercial Rent Tax Special Reduction: Offers an exemption on commercial rent tax for retailers and commercial businesses with an annual rent over $200,000. It expires June 30, 2009. Industrial and Commercial Incentive Program: Provides a partial exemption from or abatement of property taxes for up to 25 years for eligible industrial and commercial buildings south of Murray Street that are built, modernized mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. , rehabilitated, expanded or otherwise physically improved. It expires June 30, 2008. Lower Manhattan Energy Program: Can reduce energy costs by up to 45% for 12 years for eligible buildings and commercial tenants in those buildings. It expires June 30, 2010. Lower Manhattan Relocation Employment Assistance Program: Provides a $3,000 tax credit per employee, per year, to businesses that relocate to Lower Manhattan from outside the five boroughs. A full list of incentives, and an incentives calculator calculator or calculating machine, device for performing numerical computations; it may be mechanical, electromechanical, or electronic. The electronic computer is also a calculator but performs other functions as well. that can help companies determine how much they can save, is available at www.downtownny.com/dobusiness/assistance/incentives. Personal assistance is available through the Downtown Alliance's Incentives Hotline at 212-835-2790 or via email at incentives@downtownny.com. The Downtown Alliance manages the Downtown-Lower Manhattan Business Improvement District (BID). |
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