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Testimony Of The Real Estate Board Of New York Before The New York City Industrial Development Agency In Support Of The One And Three Gotham Center
May 5, 2016
The Real Estate Board of New York is a trade association with 17,000 owners, brokers, managers, and other professionals active in the real estate industry in New York. We are here today to support the deferral of City and State mortgage recording taxes, and exemption from City and State sales and use taxes for Gotham Center, a neighborhood-shaping project that will continue to advance the planning goals for Long Island City and economic development benefits it will contribute to the neighborhood and the City.
One and Three Gotham Center (located at 28-10 Queens Plaza South, Queens, New York 11101) will consist of two 26-story towers, creating 1.1 million square feet of office space, 40,000 square feet of retail space along pedestrian corridors of Jackson Avenue and Queens Plaza South, and 388 parking spaces. The development of this project is consistent with City’s long-term goals for the growth and development of Long Island City.
New York City’s commitment to Long Island City dates back to the early 2000s, when Queens Plaza was the focus of its transformation into a lively and bustling center. Redesigning what was once a public parking garage into the focus for Class-A office and retail activity, Queens Plaza has attracted tenants and businesses from across the city. The City continued their reinvestment efforts by rezoning 37 underutilized, mass transit accessible and centrally located blocks in LIC, which became the core of the One and Three Gotham Center office development. Queens Plaza also underwent an extensive greening project, which provides open space, bike lane access and roadway improvements on Jackson Ave. Since the rezoning, residential development has been on the rise, transforming LIC into a dynamic live/work/play neighborhood.
Tishman Speyer has been committed to the LIC neighborhood for over a decade. Two Gotham Center, developed by Tishman Speyer and completed in 2011, offers approximately 700,000 square feet of office space, and has been home to New York City’s Department of Health and Mental Hygiene. Now, with One and Three Gotham Center, there will be an additional 1.1 million square feet of Class-A office space targeted at creative and dynamic tech tenants. One and Three Gotham Center will be the largest ground-up office project in LIC since the Citi tower. Tishman Speyer also has three residential towers across the street under construction now, another set of developments that resonates their commitment to the mixed-use concept and to Long Island City.
One and Three Gotham Center will not only deliver new Class-A office space, it will create a vibrant streetscape with new retail uses and an enhanced plaza along Queens Plaza South. Once built out, the development will become the heart of Queens Plaza, catalyzing further development and growth of Long Island City.
Tishman Speyer’s Gotham Center development is exactly the type of project our City and Long Island City needs. For these reasons we enthusiastically support this important next step in the realization of Long Island City.