Reduce your retail or office space lease price in Lower Manhattan

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.

• Commercial leases only; office, retail or industrial space.
• It is limited to designated areas in Lower Manhattan, more specifically within the first 750,000 square feet of commercial office space leased in the WTC.
• The lease must be for a minimum of five years and a maximum of 20.
• The company leasing the space must occupy the space – it cannot have a sublessee.

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.