News
GOOD FUNDAMENTALS
January 15, 2009
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| If you had significant doubts about the city's future,don't, New York EDC COO Tokumbo Shobowale told us at the Associated Building and Owners of Greater New York's monthly luncheon yesterday, at the National Arts Club on Gramercy Park South. Richard Simmons would be proud: the Big Apple is in good shape. With the highest bond rating ever, 47M tourists in '08, and over 6,000 city blocks rezoned, tremendous development is in the works and we're in an even better position than post 9/11, Tokumbo says. Thank three initiatives the city has put forth: being prudent in expenditures by cutting costs; diversifying its economic base beyond the financial sector; and investing in infrastructure to avoid the mistakes of the '70s. Mayor Mike's rainy day fund helped weather the first storm, and he started cutting the budget before economic woes hit, Tokumbo said. |
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| Tokumbo with ABO board members: Douglaston Development's Jeff Levine, Delta Management's Elaine Sollar Eisen, investor/developer Alan Friedberg, ABO exec director Nicholas LaPorte, Delta's (and ABO chair) Arnold Sollar, Caran Development's Sherry Frankel, and ABO president Jerome Belson. Despite job losses in the financial sector, he says we're growing in other areas, namely TV/film, biotech, and green. Although the EDC may not move forward on all projects, it still has plans for continued investment and projects like Hudson Yards, Willets Point, Hunter's Point and Coney Island. |
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| Corporate Security Installation's Michael Gross, Epoch Times' May Song, and Douglaston Development's Leah Hirsch. The EDC is not the only busy bee in this down market: Michael says security business is doing well because landlords are trying to limit their liabilities (and, unfortunately, crime is up). Leah's firm is working on The Edge, a 1.7M-SF mixed-use waterfront development in Williamsburg, Brooklyn. |
