NEW YORK CITY—Riding high after REBNY announced it will honorits president, Steven Spinola, at its 119th annual banquet, theorganization's chief executive—who's held the top spot at theindustry's lobbying arm for three decades—addressed a room filledof CRE executives at a NAIOP NYC chapter meeting last week.

|

Held at CBRE's offices in Midtown, Spinola was joined by NAIOPCEO Tom Bisacquino and NAIOP VP of governmental affairs AquilesSuarez.

|

Spinola started his presentation with a provocative industryendorsement. "This is not a Wall Street town, it's a real estatetown." The industry is responsible for $15.4 billion in taxes and38% of the city's total taxes.

|

The morning included a great deal of positive data about thehealth of the CRE industry and its impact on the economy.Bisacquino notes that the commercial real estate industry is 16.5%of the GDP. He highlights NAIOP's national presence and itsimportant advocacy work for tax, environment and TRIA. Acquilesbriefed the crowed on the eye opening results from the recentelections and reminded the crowd that whether Republican orDemocrat, the issues for our industry have not changed.

|

However, he noted, REBNY is involved politically not to raisetaxes but to stimulate new development that will add to the taxbase. For example, SL Green's midtown east development of OneVanderbilt calls for a commitment of $210 million to mass transitand Grand Central Terminal improvements.

|

He praised Gary Barnett for being the only New Yorker forbreaking ground in June 2009. The developer's One 57 project willgenerate $998 million of taxes over 10 years. Spinola noted.

|

He also spoke of landmarking, reiterating his concerns about the practice. Of the city'sbuilding stock, 28% of buildings are landmarked. Don't landmarkaway the city's future.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.