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EDC and Executives: Silicon Alley Spilling Over to Long Island City, Queens

NEW YORK CITY-Ann Gardner Kayman, senior vice president of the New York City Economic Development Corp., said at AREW's luncheon yesterday (Feb. 13) the once almost strictly industrial area is a burgeoning host of technology space.

By Amy Vaughn | Updated on February 14, 2001

NEW YORK CITY-The Association of Real Estate Women hosted its February luncheon yesterday, Feb. 13, at the Grand Hyatt on 42nd Street and Lexington Avenue and featured three speakers addressing the future of Long Island City, Queens. Ann Gardener Kayman, senior vice president of the New York City Economic Development Corp., and players in the Long Island City scene, Irwin Cohen of ATC Management LLC and David Brause of Brause Realty, stated they see the area as an affordable alternative to Silicon Alley.

“This city is kind of like Madonna–it’s always reinventing itself,” declared Kayman. She said now Silicon Alley, which didn’t even exist a few years ago, now is “everything south of 41st Street.” With a low vacancy rate throughout Manhattan, particularly in Midtown, many companies are looking elsewhere to meet their space needs. New Jersey has been heralding its success in drawing some business to its shores, but Kayman argued Long Island City was more affordable and had more space to offer than New Haven, CT, Jersey City and Stamford, CT combined.

“We have five buildings with 2.2 million sf of space participating in our Digital NYC Program,” she said. “We’ve gotten a bunch of new tax incentives passed to grease the wheels. The kicker is that tax incentives for moving to C-4, C-5, C-6, M-1, M-2 and M-3 are up to $3,000 per employee per year, up from $1,000. Also, there’s a 20-30% energy discount and a $2.50 per sf abatement available.

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