Fashion Center Business Improvement District releases study

Real Estate Weekly, March 19, 2003

The Fashion Center Business Improvement District recently released a comprehensive study of its area entitled "Remodeling the Fashion District" which examines some of the issues hampering development in its area and suggests potential strategies for effecting positive change.

Over the past decade, the economic revitalization realized in midtown neighborhoods such as Times Square, Bryant Park, and 34th Street has not spread into the Fashion District, despite its centralized location, excellent access to transportation and high pedestrian volume. As the Bloomberg administration presses forward with its Hudson Yards initiative, the Fashion District's unrealized potential stands glaringly alone as missing piece of the Midtown puzzle.

The study, which included a door-to-door survey of uses, not only examines the real-estate related issues affecting economic growth, but also addresses the problems and concerns of fashion industry, and in particular the manufacturing segment.

Barbara Randall, executive director of the Fashion Center BID stated "This industry is historically and intrinsically tied to the fashion district, and any efforts to improve the area should, by necessity, include addressing the local problems facing the industry."

Among the strategies considered in the report are the introduction of new and converted residential usage in one section of the district, removal of the special garment district zoning overlay, and a call for the city administration to provide meaningful assistance to the fashion industry.

George S. Kaufman, chairman of the Fashion Center BID, said "We believe that a cooperative effort of the City, the property owners and the fashion industry can produce a plan which will provide benefits to all of the interested parties."

The full report, as prepared by the Appleseed consulting firm with Buckhurst, Fish & Jacquemart, Inc. and Real Estate Solutions, LLC, can be obtained by contacting the Offices of the Fashion Center BID. The report will also be available beginning March 10 in the new real estate section of the Fashion Center's website at www.fashioncenter.com/realestate.