Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A business improvement district for the Hudson Square area was signed into law Tuesday afternoon by Mayor Michael Bloomberg. In signing the measure, Bloomberg cited the area’s status as a “magnet” for media companies.

In a release, Laura Walker, chair of the newly created BID, says, “We hope to reinvent the role that BIDs play by extending beyond traditional services to focus on sustainability initiatives. Our top priorities are to alleviate the Holland Tunnel traffic that so often chokes this otherwise peaceful neighborhood, improve the physical environment and attract a diversified range of street level retail outlets to better serve this thriving community.”

Walker notes in the release that Hudson Square is “already swiftly becoming a hub for next generation media and information companies and the evolving creative class. As the neighborhood continues along that dynamic path, it is essential that the physical environment reflect that character with innovative approaches to sustainability.”

CEO of WNYC, Walker adds that the BID’s steering committee has identified many areas that businesses and residents have agreed would be “top priorities for the BID. We will work with the city, Port Authority of New York and New Jersey, community groups and elected officials to make sure these issues are addressed.” Members of the steering committee include representatives from Extell Development, Jack Resnick & Sons, Edison Properties, and Tishman Speyer.

Carl Weisbrod, president of Trinity Real Estate, who has reportedly advocated a Hudson Square BID in recent years, is also on the committee. Trinity’s real estate holdings in the area include 345 Hudson St., where MTV Networks leased 400,000 square feet in May 2007.

Comprised roughly of the area from Canal Street north to Houston Street and from Greenwich Street east to Varick Street, the new BID will start off with an annual operating budget of $2.5 million when services begin this July. It’s the 19th new BID established under the Bloomberg administration.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.