Since 9/11, NYC has been toiling to rebuild Lower Manhattan to its former glory. Due to the hesitance of many businesses to lease space in the World Trade Center area, the Port Authority of New York and New Jersey, which owns the WTC redevelopment area, has created incentives in the form of significant rent reductions for businesses leasing space in the area. The Port Authority has allocated some $115 million to this project, and the incentives are quite attractive.
There are certain qualifications to obtain the lease reduction, of course.
The benefit to the lessee is a savings of between $3.80 and $5.00 per square foot.
For more information on this and other governmental incentive programs, call Norman Bobrow at (212) 682-4280.