New York Post
"This lease raises office occupancy at the building to over81%," says Steven Durels, EVP and director of leasing and realproperty for SL Green, in a release. "It's a tremendousaccomplishment given that the building was scheduled to be 100%vacant only five months ago."
According to the Post, SL Green structured the lease to help theMTA benefit from a state law that exempts governmental agenciesfrom real estate taxes under certain circumstances. "We created thebuilding into two condo units," Durels told the Post. "Theone dedicated to the MTA has its own tax lot, and it will save themabout $5.50 a foot on annual real estate taxes," approximately $6.2million over the course of the lease.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
