MAYOR GIULIANI CUTS 'DIAMOND', NOT RIBBON, TO OPEN THE 47TH STREET 'DIAMOND DISTRICT' BUSINESS IMPROVEMENT DISTRICT
City's 41st Business Improvement District Is One Block Long With 2600 Independent Businesses
Mayor Rudolph W. Giuliani today used a jeweler's "hammer" to cut a diamond and officially open the 47th Street "Diamond District" Business Improvement District (BID) in Manhattan. The City's 4lst Business Improvement District is also its smallest - one block long on 47th Street between the Avenue of the Americas and Fifth Avenue - but includes over 2,600 independent businesses, making it one of the largest in number of businesses.
"The 47th Street Business Improvement District is one block long, but it's fame reaches around the world," Mayor Giuliani said. "I have to admit my favorite kind of diamond is a baseball diamond. But I also know how critical the diamond district is to the lifeblood on New York City's economy. Over 2,600 businesses operate on the span of this one block, and at least three-quarters of all the diamonds that enter the United States -- about $4 billion worth - pass through this one block. That's why we're doing everything we can do to improve the quality of life for the businesses and the people working in the area."
Joining the Mayor at the launch of the BID were New York City Economic Development President Charles Millard, Department of Business Services Commissioner Earl Andrews, 47th Street BID President Howard Herman, BID Chairman Jeff Levin, BID Executive Director Terrence Clark and Diamond Dealers Club President Eli Haas.
BID President Howard Herman said, "Today's event signals the start of a great new era for 47th Street. Starting this Spring, several physical improvements will be made to the block, including the widening of sidewalks to relieve pedestrian crowding, new light fixtures, enhanced security, and the installation of 30-foot diamond-patterned pylons that will mark the entrance to Diamond and Jewelry Way."
The Jewelry industry is a vital part of the New York City economy with over 25,000 employees. The vast majority of diamonds that enter the United States enter through New York City dealers in the Diamond District.
The BID will be managed by the 47th Street District Management Association and will provide administration, security, marketing and promotion and special maintenance services. Its first year budget is $300,000.
BID Chairman Jeff Levin said, "We are delighted to have Mayor Giuliani here today. The Mayor has done a brilliant job in bringing New York City back and we hope to build on that success right here on 47th Street. His presence here today affirms the importance of these businesses to the City and the region."
The City Business Improvement District Program, which is managed by the Department of Business Services, is a vital part of the Giuliani Administration's neighborhood development program to bring jobs and improved quality of life to communities throughout the five boroughs.
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