NYC 9/11 Public Portal Document
The following illiixtrates how a publishing company wilh a long-term,
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■'J 13,000 sq.ft, lease could take adrantage of Mayor Giulianis Lower
Manhattan fleritalization Plan.
Assumptions for a Publishing Company
Rentable Square Feet...................................................... ... 15,000
Base Rent (including Operating Expenses and Real Estate Taxes) .....$22,50
Real Estate Taxes............................................................ ..... $4.50
Electricity............................... .-....................................... ..... $2.50
I Rate of Growth............................................................... ... 3.00%
Discount Rate................................................................. ....7.75%
Net Present Value of Lower Manhattan Revitalization Plan....... $253,000
Potential Savings
Years 1-6 1997 1998 1999 2000 2001 2002
Real Estate Tax Credit $2.25 $2.25 $2.25 ■ $1.49 $0.74
■I Lower Manhattan Energy Plan $0.75 $0.77 $0.80 $0.82 $0.84 $0.87 .
I Commercial Rent Tax* $1.13 $1.13 $1.13 $0.74 $0.37
a
Total Benefits
Per Square Foot $4.13 . $4.15 $4.17 $3.05 $1.96 $0.87
Total Benefits
in Dollars $61,875 $62,213 $62,560 $45,706 $29,368 $13,042
I Years 7-12 2003 2004 2005 2006 2007 2008
i
i Real Estate Tax Credit
1 Lower Manhattan Energy Plan $0.90 $0.92 $0.76 $0.59 $0.40 $0.21
Commercial Rent Tax
Total Benefits
L Per Square Foot $0.90 $0.92 $0.76 $0.59 $0.40 $0.21
1'
Total Benefits
i in Dollars $13,433 $13,836 $11,401 $8,807 $6,048 $3,115
Total Dollar Benefits................................................. $331,000
Net Present Value of Lower Manhattan Revitalization Plan .$253,000
'Based on base rent and electricity costs
A iril/i St’IHri -9-
NYC-WTC_000142063
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