Observer » Alliance for Downtown New York

Giants to Get Plaque in Canyon of Heroes

Tom Acitelli — Mon, 04 Feb 2008 15:55:21 -0400

The New York Giants will be honored soon with a new plaque in Lower Manhattan's Canyon of Heroes. The plaque, installed by the Alliance for Downtown New York, will join the 203 already embedded in the sidewalk along Broadway, from the Battery to City Hall. The plaques mark the ticker-tape parades that have traveled up (or, occassionally, down) the route.

The first ticker-tape parade was a spontaneous one marking the arrival of the Statue of Liberty in 1886. The last one, before tomorrow's scheduled parade for the Giants, was for the World Series-winning Yankees in October 2000.

Downtown Alliance to Merrill Lynch: Are You Crazy?

Tom Acitelli — Thu, 25 Oct 2007 20:37:16 -0400

The Alliance for Downtown New York, the city's biggest business improvement district, just put out a statement by its chairman, Robert Douglass, on Merrill Lynch's pending plans to move from downtown to midtown.

While understandably heavy on the pleading, the statement also leans on the practical:

Utilizing the many financial incentives available to the company if they choose to locate in the World Trade Center site or another site Downtown... will save Merrill Lynch $600 million, while constructing a new headquarters in Midtown Manhattan could cost in excess of $600 million more than constructing a new one in Lower Manhattan. These two factors alone bring the additional cost of moving to Midtown to more than $1B, a figure that is hard to justify.

Full statement below.

STATEMENT BY ROBERT R. DOUGLASS, CHAIRMAN OF

THE ALLIANCE FOR DOWNTOWN NEW YORK, ON REPORTS

THAT MERRILL LYNCH MAY RELOCATE HEADQUARTERS

New York, Oct. 25, 2007 — While the reports that Merrill Lynch is seriously considering relocating its headquarters from Lower Manhattan — the business district where it was founded and has flourished for the past 93 years — to Midtown Manhattan are disappointing, I am hopeful that further consideration will persuade top management that keeping its headquarters in Lower Manhattan is the most economically prudent and forward-thinking choice, and the one that is in the best interest of the company, its shareholders and its employees.

Utilizing the many financial incentives available to the company if they choose to locate in the World Trade Center site or another site Downtown — including a PILOT deal that reduces real estate taxes, low cost power, and waiver of sales tax on the building, and the entire tenant fit-out — will save Merrill Lynch $600 million, while constructing a new headquarters in Midtown Manhattan could cost in excess of $600 million more than constructing a new one in Lower Manhattan. These two factors alone bring the additional cost of moving to Midtown to more than $1B, a figure that is hard to justify.

Economics aside, a revitalized Lower Manhattan is the logical home for Merrill Lynch in the decades to come. Lower Manhattan is now home to one of the strongest commercial real estate markets in the nation and is a magnet for luxury retailers and up-scale residential and hotel projects. Plans for the World Trade Center site have been finalized and construction has begun in earnest on the 9/11 Memorial, bringing the promise of millions of square feet of state-of-the-art office and retail space to fruition.

Goldman Sachs’ rapid construction of its new Lower Manhattan headquarters and JP Morgan Chase’s commitment to take over development of Tower 5 at the World Trade Center site is further evidence that New York's Financial District is the premier location for banking and financial services companies, as well as the premier location for Merrill Lynch’s new headquarters.

It is my hope that Merrill Lynch’s top management and board of directors will take all these factors into consideration and wisely elect to keep its headquarters Downtown.

Average Salary: $115,000 (One of Many Fun Downtown Facts!)

Mark Wellborn — Thu, 16 Aug 2007 19:44:25 -0400

This stat might surprise you:

The average salary in lower Manhattan now is more than $115,000, and about $550 million is spent there annually by employees of businesses below Chambers Street.

These numbers come from business-booster group Alliance for Downtown New York’s recently released Lower Manhattan Retail Market Overview. The report looks at trends in the business, residential and visitor markets.

Other stats of note:

Six out of 10 – Number of employees in lower Manhattan who eat out at least three times a week. (Seems low.)
356,580 – Number of employees expected in lower Manhattan after WTC Towers, Goldman Sachs headquarters and Morgan Chase office tower are complete.
$2.6 billion – Total disposable income for residents of Lower Manhattan.

Ah, isn't it great to see "disposable" and "$2.6 billion" on the same line? Makes us feel good.