Annual Report 2006

Economic Development

In a sign that New York’s economy has fully regained the momentum of the late 1990s, the Building Congress recently noted that eleven major office towers are planned for construction between 2006-2008, including Goldman Sachs and the Freedom Tower. In addition, construction spending by bedrock New York City institutions, including universities and hospitals, is strong and getting stronger.

Construction in the City not only is getting stronger, it is getting better as well. Both 7 World Trade Center and the Hearst Tower, for example, are being lauded for their life safety innovations, architectural quality and environmental sustainability. Both towers are being hailed as the first in New York City to attain a coveted ‘green’ rating from the U.S. Green Buildings Council. Not to be outdone, developers for the Bank of America, Goldman Sachs and New York Times towers, as well as Memorial-Sloan Kettering’s new research building, are constantly challenging their project teams to push the envelope in ensuring safer, healthier and more productive workplaces.

At the same time, the development community is responding positively to recent government investments, incentives and rezoning initiatives designed to spur commercial activity in areas such as Long Island City, the Bronx Terminal Market and Downtown Brooklyn.