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GlobeSt.com SPECIAL: Executives Say Schumer Plan a 'Must'

NEW YORK CITY-Barry Gosin and Douglas Durst see the additional 60 million sf called for by Sen. Charles Schumer a necessity if New York City wants to remain competitive with New Jersey.

By John Salustri | Updated on June 14, 2001

NEW YORK CITY- Local real estate executives are calling Sen. Charles Schumer’s recent call for an additional 60 million sf of commercial real estate space a necessity if the city wants to keep business from bailing into Jersey City. On Monday, Schumer unveiled his plan to catch an estimated 300,000 new workers by creating business districts in Brooklyn, Queens and Manhattan’s extreme West Side.

According to broadcast reports, tax incentives, zone changes and new rail links will all be part of the program, which was created by a special panel of executives from a variety of disciplines. Schumer and former Treasury secretary Robert Rubin co-chaired the panel, dubbed the Group of 35.

In an exclusive interview with GlobeSt.com following the announcement, panelist and Newmark chairman Barry Gosin said that the 60 million sf is probably a low number. “There were 196,000 jobs created in the past 10 years,” he says. “That projection is conservative.” He explains that the numbers stem from “certain economic models based on growth over the past few years and projected forward.”

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