Riverbank arranges move for Puerto Rican government.Riverbank arranges move for Puerto Rican Puer·to Ri·co Abbr. PR or P.R. A self-governing island commonwealth of the United States in the Caribbean Sea east of Hispaniola. government In a major governmental office transaction, the Puerto Rico Industrial Development Company The Puerto Rico Industrial Development Company (PRIDCO), along with the Puerto Rico Government Development Bank (GDB), was created by the government of Puerto Rico in 1942, during the administration of Governor Rexford G. (PRIDCO PRIDCO Puerto Rico Industrial Development Corporation (Puerto Rican government agency) ) has signed a long-term lease for 21,820 square feet at 666 Fifth Avenue, for use by its parent organization, the Economic Development Administration (EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. ) of the Commonwealth of Puerto Rico, it was announced by Riverbank Realty Company. The aggregate rental value rental value n. the amount which would be paid for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in lawsuits in which loss of use of real property or equipment is an issue, and the rental value is the of the 15-year lease was reported at approximately $ 16 million. Riverbank Realty's James de Jong, first vice president and Henry J. Goodfriend, vice president, handled the relocation assignment. de Jong and Goodfriend, who are preeminent representatives of Latin American realty interests, are the exclusive national agents for PRIDCO and EDA, the two entities comprising Puerto Rico's famous "Fomento" organization. In this capacity, Riverbank Realty has also structured lease transactions for EDA in several other cities. Fomento serves as the primary industrial promoter for the Island. EDA attracts manufacturing and service industry projects through worldwide direct sales, advertising and corporate seminars. EDA promotes the Island's tax advantages and skilled labor pool, positioning Puerto Rico as a major industrial location in the Caribbean and as a springboard to market centers in the Americas and the world. PRIDCO supports EDA's promotional efforts by providing competitive industrial leases to prospective industrialists in pre-built factory structures. The tenant is relocating from 1290 Avenue of the Americas. Coincidentally, EDA was once located at 666 Fifth Avenue and will be returning there after a 20 year absence, due to the prestige, excellent building services and strong ownership that it provides. The landlord of 666 Fifth Avenue is a limited partnership in which Sumitomo Realty and Development (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 ) Inc. is the general partner. PHOTO : L to R: Riverbank Realty Company's Vice President Henry J. Goodfriend, Arthur Bocchi, Sumitomo Realty and Development New York Inc.; Henry Torres, Puerto Rico Economic Development Administration The Puerto Rico Economic Development Administration, known as "Fomento" in Spanish, was created in the 1940's and for many years was the main government agency responsible for the dramatic industrialization of Puerto Rico from the 1950's to the 1990's. and James de Jong, First Vice President of Riverbank Realty in front of 666 Fifth Avenue. Riverbank Realty has just completed a 15 year lease for EDA in the building. |
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