Taconic pitches Meatpacking District-Chelsea BID marriage

Rents could rise, however, if a combined Business Improvement District is OK'd

New York /
Feb.February 19, 2014 02:55 PM

Taconic Investment Partners, which started local business organizations the Meatpacking District Improvement Association and the Chelsea Improvement Company, is leading a committee to push for a combined Business Improvement District linking the two nabes.

Taconic wants the adjacent districts to be declared the Meatpacking Area BID, according to a report from the New York Observer. The firm will merge the two and use a $1.6 million budget to provide all maintenance, development and promotional services for the area — bound by 17th Street to the north and the northern half of Horatio Street to the south, between Eight or Hudson avenue and 10th or 11th avenues.

Although a cohesive marketing campaign for the entire area could bring in bigger fish, commercial landlords in the BID would pay about 22 cents per square foot on their buildings, while residential tenants would pay a dollar per square foot, which is likely to translate to higher prices for tenants, the Observer reported.

“Twenty-two cents a foot isn’t dramatic,”said Richard Skulnik, the executive vice president and partner at Ripco Real Estate, to the Observer. “If you had 10,000 square feet, you’re at $2,200 a year. That’s $180 a month. For the tenants that can afford to be in Meatpacking, that should be a nominal charge.”

Community boards 2 and 4 will hear the proposal this month. [NYO]– Angela Hunt


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