REBNY measures successes in wake of sept. 11 tragedy

Real Estate Weekly, Nov 7, 2001

Since Sept. 11 the Real Estate Board of New York has been deeply involved in the campaign to rebound from the tragic assaults on the World Trade Center and the Pentagon. Working with Mayor Giuliani, Governor Pataki, Senators Schumer and Clinton, and the rest of our political and business establishment, REBNY is serving the city and the industry in many ways.

The following is a brief checklist of REBNY's accomplishments over the past few challenging months:

* We helped New York City obtain an immediate commitment of $17.5 billion from Congress for recovery efforts.

* We worked with Governor Pataki and Mayor Giuliani on long-range plans for Lower Manhattan's revival.

The elements of the plans include a proposed "Liberty Zone," with tax incentives and grants to attract and retain office tenants, as well as bolster residential property values in the vicinity; commuter rail access to the district; a new PATH station and rehabilitated subway terminals.

* We mobilized 120 volunteer brokers to operate a REBNY space bank that has responded to approximately 500 displaced business in search of temporary or permanent new operating quarters.

* We raised approximately $11.5 million for the Twin Towers Fund, the proceeds of which go to the victims of the attack and their families.

* We directed owners and brokers to hold prices at levels achieved the day before the attack.

* We had inaccurate reports of inflated rents retracted and corrected in print.

* We secured a three-year extension of cooperative condominium tax abatements.

* We won zoning changes that permit high-rise commercial development in part of Long Island City, a job expansion initiative that should strengthen nearby housing markets as well.

* We obtained an extension of the progress assessment's term from one to three year's; the measure shields properties from assessment increases based on improvements made during an office building's development.