The Alliance for Downtown New York, a non-profit organization managing a large portion of lower Manhattan, will expand its Storefront Improvement Program to include second-floor and subway-level retail establishments, in addition to first-floor fronts. The program was established in the fall of 1998 to design aesthetically appealing storefronts for businesses in Lower Manhattan.
The Storefront Improvement Program subsidizes 50 percent of architectural design services and 50 percent of construction costs, up to $3000 per storefront. Nearly 170 stores are currently participating in the program, while 72 enhancement projects have been completed.
“It's amazing what an attractive, new faade can do for your business,” says Jacques Bergier, manager of the Leonidas Hanover Square store in the Wall Street area. “Our storefront face-lift has made us more visible, and has helped us to attract and earn the respect of our downtown customers.”
Through the alliance, New York City offers aggressive tax incentives for downtown tenants and landlords who participate. Tenants receive property tax cut and virtually eliminate their rent tax. Electric costs are reduced by as much as 50 percent. And owners receive substantial benefits for converting their buildings to residential or mixed uses.