Downtown Revitalization Plan signed by governor.

"This is another great day in New York," said Governor George Pataki. With an electronic flourish, the Governor signed the long-awaited bill officially granting benefits to pre-1975 buildings south of Chambers Street.

A bevy of politicians and onlookers watched the governor sign the paper version. Then tentatively, and with a lot of laughs, he took up an electronic pen that displayed his signature as he wrote it on a cyberspace copy of the bill through a hookup with the 55 Broad Street Internet home-page.

The New York Information Technology Center, a/k/a 55 Broad Street, and the Rudin family, who own the long-vacant property, hosted the signing event that took place in the middle of Broad Street at high noon last Sunday, October 29.

Some of the building's new high-tech tenants provided electronic displays and even a virtual reality ride for the attendees, who included many children.

Mayor Rudolf W. Giuliani, who had proposed the revitalization plans last December, thanked everyone for working together for the benefit of the people of the City and the State of New York.

Downtown Lower Manhattan President Robert Douglas moderated the event, which featured speeches by Council Speaker Peter Vallone, Senate Majority Leader Joe Bruno, Assembly Speaker Sheldon Silver, Senator Martin Connor, and Council Member Kathryn Freed. They all had more than a few words to say about their hopes for Downtown that stem from the bill signing.

Their speeches included gentle jabs at each other for the three and a half-month delay before the Senate passed the bill on October 12th, but they also lavished praise on the Rudins and each other for working together to get this legislation passed and the economic turbine revved up.

Lewis Rudin, co-chairman of Rudin Management, noted it was very difficult to get all the politicians and private sector individuals together for the signing, but everyone realized, "this is so important and so wonderful for the City of New York."

Also on hand were Rep. John Ravitz; Rep. Herman (Denny) Farrell, Jr.; Eugene McGrath, chairman of Con Ed; Bernard Mendik, chairman of the Mendik Company and the Real Estate Board of New York; Charles Maikish, director of the World Trade Center; Ambassador Charles Gargano, who heads the State's economic development programs; Deputy Mayors John Dyson, Fran Reiter and Peter Powers; and Finance Commissioner Joseph Lhota. Ed Malloy, head of the Building Trades, Richard Anderson, president of the Building Congress and Joseph Strasburg, president of the Rent Stabilization Association, were also among the dignitaries.

Through energy credits, reductions in real estate taxes and by allowing mixed-use buildings, Pataki said, "We will create in Downtown Manhattan a 24-hour cyber community that draws people and investments from around the world."

Agreed Speaker Silver, whose district encompasses Lower Manhattan, "This legislation will firmly establish Lower Manhattan as the prime engine for economic growth for the entire region in the decades to come. My sincere gratitude to Lew and Bob [Douglas] and Bill Rudin for making this dream a reality."

And from the other side of the legislature, Senator Bruno declared, "I am very proud of what we are doing here this morning because it will benefit all of the people of this state."

There was also a moment of concern and then levity as Senator Connor's chair fell over and he tumbled over. "Well, we lost another tenant," quipped Rudin, who was speaking at the time.

Council Member Freed said she would keep her remarks short, because she knew "everyone wants to make this law, which is currently virtually reality, real reality."

The links with cyber space and the technology community have been marketing tools that have been embraced by several Downtown owners, including the Rudin's building that has been designated the "official" incubator by the City, as well as 11 Broadway, which is becoming an Internet services building.

On hand with his young son, Michael Printz, director of marketing and sales for the Rent Stabilization Association, made the connection further when he told PEW later, "If cyberspace is the Final Frontier, then 55 Broad Street is the Starship Enterprise and Captain Kirk and Science Officer Spock are Billy Rudin and John Gilbert respectively," he said, referring to Rudin Management's president, and the RSA's former president and Rudin executive vice president and COO respectively. "Real estate and telecommunications are unsuspecting but not unwanted partners at the alter."

Another Downtown owner's rep, Jonathan Covert, vice president of Concord Properties, which is controlled by Li Ka-Shing and owns 60 Broad Street across the street, said "No taxes for ten years is enough to make you do your homework." He is currently considering turning a portion of the property into residential units, a process that will now be allowed by the legislation.

While the legislation is retroactive to April, nervous buyers and tenants had held off making decisions awaiting the legislative and gubernatorial sign-offs. A number of brokers reported leases on many deals and sales transactions on many buildings will now be proceeding.