Space bank helps 120

Real Estate Weekly, Nov 7, 2001

Since the recent World Trade Center attacks, The Real Estate Board of New York's (REBNY) Space Bank, designed to match displaced firms with suitable new office space, has assisted 120 companies, mainly small space-users, in relocating.

REBNY is also in the process of finding new offices for approximately 150 small businesses from a cross-section of industries that ranges from law firms to recording companies.

"While the call volume is not nearly at the level we had seen in weeks prior, there are still many companies looking for 5,000 square feet of space or less," explained REBNY President Steven Spinola.

To run the Space Bank, REBNY has relied on some 120 volunteers from New York City's major real estate firms who have generously donated their time to answer phones, give free advice and share real estate listings.

One such firm is Grubb & Ellis, who temporarily donated a portion of its New York City offices to REBNY, including desks, computers and telephones. The telephone lines are currently being used to operate the Space Bank.

"We would like to thank the entire real estate community for its cooperation thus far in helping our city's displaced companies get back on their feet and in demonstrating the true spirit of New York," added Spinola.