Jennifer Chait (212) 788-8479
MAYOR GIULIANI RECEIVES "HERO OF DOWNTOWN" AWARD AT SECOND ANNUAL DOWNTOWN-LOWER MANHATTAN ASSOCIATION GALA
ATTRIBUTES DOWNTOWN'S RESURGENCE TO DROP IN CRIME, CLEANER STREETS AND PARKS, RECORD JOB GROWTH, #1 WORLDWIDE TOURIST DESTINATION
Mayor Rudolph W. Giuliani tonight received the "Hero of Downtown" award at the Second Annual "Heroes of Downtown" awards ceremony sponsored by the Downtown-Lower Manhattan Association (DLMA). The Mayor was honored for his work in creating the Lower Manhattan Revitalization Plan, which has helped to transform Downtown Manhattan into one of the City's most vibrant neighborhoods. The event, which was held at Windows on the World, brought together leaders who have successfully worked to revitalize the Lower Manhattan area.
The Mayor said, "I am very honored to accept this award on behalf of the efforts of the real heroes of Downtown -- each and every New Yorker who did not listen to the negative talk of cynics, but chose to work together and to be optimistic about the City. As a result, we have turned Lower Manhattan into the place of prosperity and growth that it is today.
"Just a few short years ago, many people were about to write off New York City as ungovernable, financially troubled and crime ridden. Today, however, New York City is being recognized by national magazines as an innovator, a leader and an agent for change. In fact, FORTUNE Magazine recently announced that the City is the most improved city for business in North America. And the Revitalization of Downtown Manhattan is now being heralded as one of our greatest success stories."
The Mayor continued, "So how did we do it? First we focused on improving the basic quality of life and we dramatically lowered overall crime in the area. Since 1993, overall crime in the 1st Precinct has decreased 36 percent, murder has decreased 100 percent and robbery is down 58 percent. This reduction in crime has helped spur the development of businesses and growth of jobs -- 173,500 of them citywide -- through a number of targeted tax reductions, tax credits, and smart new initiatives. The City is the #1 international tourist destination, our streets and parks are cleaner, and we are now investing in our future. Thanks to our innovative, intelligent choices and tough decisions, we have created a City that is thriving and prepared to grow and flourish as we make our way into the 21st Century."
The Mayor's plan, according to DLMA President Carl Weisbrod, has led to the most dramatic turnaround in Lower Manhattan's history. Weisbrod said, "In late 1994, Mayor Giuliani boldly initiated the Lower Manhattan Revitalization Plan to spur the recovery of Downtown New York. This program was one of the most successful tax incentive programs ever devised. It has not only succeeded magnificently in turning things around Downtown, it has done so far more quickly than anyone imaged -- except, perhaps, for the Mayor. We applaud his efforts and thank him for his solid commitment and support of Downtown."
The Downtown-Lower Manhattan area comprises the southernmost tip of Manhattan below Chambers Street. In October 1995, Mayor Giuliani signed into law the Lower Manhattan Revitalization Plan in an effort to turn this historic and important district into a 24-hour community. The plan has led to conversions of obsolete office space into residential apartments and retail developments. Since its inception more than 110 new businesses have opened Downtown, including Borders Books & Music, Wall Street Kitchen & Bar and Morton's of Chicago Steak House. Nearly 3,000 residential units have been completed or are under construction. Another 4,000 are expected to be added by the year 2002. Office vacancy rates, which exceeded 26 percent in early 1995, have been cut to just 13.8 percent as of October 1997. The plan encourages the continued renovation of property into modern, usable office space through property tax abatements, commercial rent tax reductions and energy benefits for office and retail tenants.
One of the first buildings to take advantage of the Lower Manhattan Revitalization Plan was the New York Information Technology Center (NYITC), located at 55 Broad Street. Anchoring the Downtown area now known as "Silicon Alley," the NYITC boasts more than 320,000 square-feet of Internet-ready space that can be used by companies involved in new media, information technology and software development. The Giuliani Administration has recognized the importance of the City's new media industry, a $2.8 billion industry that provides over 55,973 jobs -- a 105 percent increase over the last 18 months. In February 1997, the Administration, in conjunction with six Downtown property owners and the Alliance for Downtown New York, launched "Plug'n'Go," an innovative program that has marketed and created more than 150,000 square-feet of office space in Lower Manhattan for smaller, growing information technology firms. So far, 67 companies have leased space in portions of the six buildings used in this program.
Also honored at tonight's event were American International Group (AIG) Chairman and CEO Maurice R. Greenberg, who won the "Business Hero" Award for his 1995 decision to buy 175 Water Street, thereby keeping its headquarters and workforce Downtown. Smith Barney's Chairman and CEO James Dimon won the "Community Hero" award for his company's training/employment program with the Wildcat Service Corporation that provides permanent, well-playing jobs to individuals who have been viewed as difficult to employ.
The DLMA was founded by David Rockefeller in 1958 and has led efforts to revitalize Lower Manhattan. DLMA sponsored the creation of the Alliance for Downtown New York, Inc., which manages the Downtown-Lower Manhattan Business Improvement District. The Alliance provides supplemental sanitation and security, economic development, marketing, enhanced tourist services, and physical improvements for Downtown-Lower Manhattan district.
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