Silverstein's Association Center fully occupied after the latest lease (Silverstein Properties Inc.).Silverstein Properties has announced that three not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. organizations have signed leases comprising nearly 60,000 square feet of space at 120 Wall Street, bringing The Association Center to 100 percent occupancy. The three long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. leases, representing a combined value of more than $18 million, are with the American Foundation for Aids Research, which leased the entire 13th floor; the Jewish Child Care Association of Greater 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 , which took the entire 12th floor; and Girls Incorporated, which will occupy part of the third floor. These groups were represented by Glenn H. Isaacson of Insignia/Edward S. Gordon Co.; Howard Rosen of Grubb & Ellis New York, Inc; and Howard M. Simson and Tara Stacom of Cushman & Wakefield, respectively. The three new tenants will relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. into the Association Center during the first quarter of 1998. "This is a tremendous success story made possible by imagination and cooperation between private business and government," said Roger A. Silverstein, vice president of Silverstein Properties. Thanks to incentives provided by the city's Industrial Development Agency, non-profit tenants in the building are exempt from city real estate taxes, which are usually passed through by landlords as part of the rein. "This is a win-win for everyone," Silverstein said of the program, which began in 1992. The American Foundation for Aids Research will relocate to the Association Center from 733 Third Avenue; the Jewish Child Care Association of New York from 575 Lexington Avenue; and Girls Incorporated from 30 East 33rd Street. Under a joint venture between Silverstein Properties and the Economic Development Corporation, two-thirds of the building is designated for this incentive program. Silverstein said that future available space will be offered to the not-for-profit and for-profit sectors alike. EDC EDC See: Export Development Corp. entered into this program with Silverstein Properties in an effort to stem the exodus of not-for-profit organizations from 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. . "Not-for-profit participants have demonstrated their commitment to New York City by executing 15 year leases with us. The tax abatements helped cut rent costs for these groups, thereby making it economically possible for them to stay in Manhattan," Silverstein explained. "If those organizations left the city, so would a lot of jobs they provided." The city's EDC estimates that there are more than 11,500 non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. employing 600,000 people in New York City, who pay about $1 billion annually in taxes. Silverstein Properties, Inc. owns and operates more the 10 million square feet of Class A office, retail and industrial space in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . |
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