Contact: Colleen Roche (212) 788-2958 orDeirdra L. Picou (212) 788-2971Russell A. Harding (212) 312-3525 (EDC) Carl Weisbrod (212) 566-6700 (Alliance for Downtown New York)
Mayor Rudolph W. Giuliani was joined today by members of the Alliance for Downtown New York and the owners of six downtown properties to launch a marketing campaign for the Plug 'n' Go program, an initiative that has added 120,000 square feet of Internet-ready space to New York City's thriving Information Technology District, known as "Silicon Alley."
The City of New York, the Alliance and property owners have formed a unique public-private partnership to market more than 120,000 square feet of newly renovated, affordable office space, specifically designed and equipped to meet the needs of smaller, growing information technology firms.
"New York City has always played an important role in shaping the future of the American economy, and as the world moves rapidly into the information age, this City is once again taking the lead," Mayor Giuliani said. "The dynamic partnership among the City, building owners and the Alliance for Downtown New York greatly strengthens our position as the information capital of the world. The City is committed to improving services in Downtown New York and to making it one of our most vibrant financial and residential communities."
The marketing program is designed to attract new information technology companies from around the world through special advertising, mailings and presentations at industry trade shows. The $460,000 comprehensive marketing campaign was created pro bono by the advertising firm of Stanton & Hawthorne. The City, through the New York City Economic Development Corporation (EDC) and the Industrial Development Agency (IDA), is contributing $200,000 toward the purchase of advertising, space and production costs for the campaign. This sum will be matched by $200,000 from the Alliance for Downtown New York, and by $10,000 per building from participating owners.
The six Plug 'n' Go buildings -- 11 Broadway, 32 Broadway, 55 John Street, 90 John Street, 111 John Street and 90 William Street -- are located in the original heart of Manhattan. Space in the Plug 'n' Go buildings will rent at no more than $15 per square foot for the first year. In return for marketing support from the City and the Alliance, participating property owners will ensure that their buildings are Internet-ready and pre-built.
Fran Reiter, Deputy Mayor for Economic Development and Planning, said, "With the implementation of the Mayor's Lower Manhattan Plan, developers are now turning vacant buildings into residential apartments and high-tech offices. This new campaign will help spread the news that there is Internet-ready space available in one of the most up-and-coming neighborhoods in the City."
"Downtown New York and the information technology district are natural partners," said Carl Weisbrod, President of the Alliance for Downtown New York. "For more than 370 years, this world famous neighborhood has been a golden door to opportunity and success. Today, as we announce our Plug 'n' Go program, we are helping to assure that Downtown Manhattan will continue to provide opportunities in the new world of information technology."
"This program creates an affordable and real opportunity for emerging, start-up, high-tech companies to open offices in New York City," said EDC President and IDA Chairman Charles Millard. "Mayor Giuliani has demonstrated his commitment to Lower Manhattan and the growth of Silicon Alley by supporting this partnership and new marketing effort."
Along with affordable, flexible, Internet-ready office spaces as small as 1,000 square feet, the Plug 'n' Go program will offer seminars, networking events and other programs to give businesses an edge in identifying strategic partners in the area. "Plug 'n' Go" will also establish a "Community Extranet" that will allow information technology companies to share information and beta-test products.
"Our space is designed to accommodate 21st Century tenants by offering a low-cost alternative for growing, information-reliant companies," said Joseph Moinian, owner of 90 John Street, one of the participating buildings. "These days developers have to recognize the growing need for this type of space and the importance of this industry to the economic growth of the City and the economic revitalization of Downtown."
These buildings in Lower Manhattan offers companies an extensive fiber optic infrastructure, proximity to the world's leading financial markets and rapidly growing numbers of other technology companies, and access to seven subway lines, bridges, tunnels and high speed ferries.
Scott Rigby, President of Thought Bubble Productions, formerly located outside the City and the first tenant to move into 90 John Street through the Plug 'n' Go program, said "We were attracted to the Downtown area because we were able to move very quickly into a built-out wired space in a building that is home to many other new media companies. We look forward to growing our own business and being a part of this growing community."
The participating buildings are owned by Bowling Green Associates, Moses Marx, principal (11 Broadway); 111 John Realty Corp., Moses Marx, principal (111 John St.); William Street Associates Limited Partnership, Leonard Litwin and Gary Jacob, principals (55 John St.); Mazal Group, Joseph Moinian, principal (90 John St. and 90 William Street) and Narkis Funding Company LLC, Rubin Schron and Ulo Barad, principals (32 Broadway).
EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.