NYC 9/11 Public Portal Document
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The numbers tell the stor)'':
Companies large and small
can benefit from the plan.
T/ie fo/loiring is an example of horn Mayor Ginliani's Loavr Manhattan
fierila/ization Plan irould benefit a mulfimeclia company leasing 3,500 sq.ft.
Assumptions for a Multimedia Firm
Rentable Square Feet...................................................... ... 3,500
Base Rent (including Operating Expenses and Real Estate Taxes) .,.$22,00
Real Estate Taxes............................................................ ... $4.50
Electricity...................... ;................................................ ... $2.25
Rate of Growth............................................................... ...3.00%
Discount Rate................................................................. ....7,75%
Net Present Value of Lower Manhattan Revitalization Plan....... $39,000
Potential Savings
Years 1-5 1997 1998 1999 2000 2001
Real Estate Tax Credit $2,25 $2.25 $2,25 $1.49 $0.74
Commercial Rent Tax* $1,09 $1.09 $1.09 $0,72 $0.36
Total Benefits
Per Square Foot $3.34 $3.34 $3.34 $2.21 $1.10
Total Benefits
in Dollars $11,694 $11,694 $11,694 $7718 $3,859
Total Dollar Benefits $47,000
Net Present Value of Lower Manhattan Revitalization Plan. $39,000
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’Based on base rent and electricity costs
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NYC-WTC_000142062
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