A Q&A with Julie Menin

Real Estate Weekly, March 12, 2003 by Julie Menin

Julie Menin formed Wall Street Rising in October 2001, with crucial support from such prominent organizations as Prudential Securities; JPMorgan Chase; Goldman Sachs; Cleary, Gottlieb; Sullivan & Cromwell; and Fried, Frank. A not-for-profit coalition of businesses, residents and institutions of the Downtown community, the organization has launched a crusade to restore the vitality and vibrancy to lower Manhattan, and to make the neighborhood, once again, attractive to workers, residents, small businesses and tourists alike.

A former regulatory attorney and small business owner (VINE restaurant), Julie is married to developer Bruce Menin, president of Crescent Heights. Of course, she resides Downtown.

Real Estate Weekly: On March 20, the first "Leadership Awards" Dinner and Fundraiser will be held at The Regent Wall Street Hotel. What is the purpose of the event?

Julie Menin: Governor George Pataki and Kenneth I. Chenault, the chairman & CEO of the American Express Company, will be honored for their steadfast leadership efforts and ongoing commitment to Lower Manhattan. And the event will allow Wall Street Rising to continue initiatives that plant new seeds for Downtown's retail, residential and cultural growth.

REW: Why Wall Street Rising?

Menin: I felt strongly about rebuilding lower Manhattan. In the beginning, it was myself - trying to get the community interested in some programs that I felt were vital in terms of the rebuilding efforts. The small business community was devastated due to the attack. 100,000 jobs were lost

REW: How do you feel about the Lower Manhattan Development Corporation's choice of the Libeskind plan at the World Trade Center site?

Menin: It was a very important day for lower Manhattan when that design was chosen. We can now focus on the rebuilding effort, which is fundamental to getting this community back on its feet In terms of the plan itself, I'm interested in seeing the retail aspects. In particular, how much of the retail is contemplated to be underground and how much will be ground level. It's important to have as much retail on ground level. If we ever want to make lower Manhattan a 24/7 community, we can't have all of the retail in a subterranean mall; such was the layout at the World Trade Center.

REW: Is there a conflict with the West Side expansion plans of the city?

Menin: When the mayor spoke about the rebuilding of lower Manhattan, he made it very clear that the money required for his vision was not additional funds that he would have to seek from the city or the state. He would use existing funds that have already been allocated for lower Manhattan. In which case, that would mean the two projects are not mutually exclusive. On the contrary, both could be done. The expansion of the Javits Center is critical and if it brings visitors, it will obviously help lower Manhattan.

REW: Despite the loss of the World Trade Center, office vacancy rates remain high.

Menin: Obviously, the vacancy rate is an enormous issue. I believe what is intended is a staggered plan for the rebuilding of the vacant office space; not to glut the market all at once. But it is still difficult But as the rebuilding plans move forward, I believe we will see more positive news about Downtown. But a major priority is improving the transportations options. And that was true even before Sept 11. We need direct access to the airports. Housing is important and Mayor Bloomberg has promised 10,000 new residential units in the next 5-10 years. And we need cultural institutions.

REW: What programs has WSR initiated?

Menin: Wall Street Rising (WSR) has raised more than $3 million since October 2001 to develop programs to drive business to the devastated Downtown area. The group's first initiative, a dining discount initiative called "Wall Street Wednesdays," resulted in a 400% increase in business for local participating restaurants. In September 2002, WSR launched the Retail Attraction Program, an initiative that provides prospective retailers with an informative guide to locating Downtown including important in-depth statistical information on the Downtown market; a breakdown of available government grants and incentives; detailed information on vacant storefronts, square footage, and rents. Also just released in conjunction with the Downtown Alliance, is Living Downtown, a new program designed to attract new residential tenants to the Downtown area.

REW: And future WSR programs?

Menin: Later this spring WSR will open the Downtown Information Center, a central resource center -- a meeting place, a community focal point and a mini-chamber of commerce -- for residents, workers, businesses, and tourists that provides information important to their day-today lives. The center will serve as a one-stop-shopping information clearinghouse, and equally important, it will promote the community as a great place to live, work and visit The center will be located on ground level at 25 Broad St. (at Exchange Place) and is designed by the Rockwell Group & Fred Schwartz Architects.