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Federal government must invest in New York’s transportation infrastructure, says REBNY president John Banks

 

New York City became the city that never sleeps in part because of its robust transportation system – and New Yorkers know better than anyone else the value of sound infrastructure. New York is a city of motion. Reliable subways, buses and commuter rail lines are the lifeblood of our economy.

The recent release of the White House’s infrastructure plan was an important first step that should now be followed by an increased focus on providing much-needed financing for our transportation networks, which are bursting at the seams.

In order for any federal infrastructure plan to fulfill its potential and propel continued economic growth, it should include funding specifically designated for essential regional projects. This also means that stakeholders across the Northeast Corridor must continue to make their voices heard in support of local and regional priorities.

Among these priorities, there is none more important for New Yorkers than the Gateway Project. REBNY is a strong and vocal supporter of this project which is crucial not only to New York, but the entire nation.

That is because New York’s importance to the national economy simply cannot be overstated: the city’s metro area created almost $1.7 trillion in economic activity during 2016, almost 10 percent of the national GDP, and by far the highest of any metro area. In large part, this economic engine is made possible thanks to the complex transportation ecosystem that helps people get to work each day throughout the five boroughs and from suburbs on all sides.

The Hudson Tunnel Project is currently in the environmental review process, and includes two components:
the construction of a new two-track Hudson River rail tunnel from New Jersey to Manhattan that will directly serve PSNY; and
the rehabilitation of the 106-year old, existing North River Tunnel, which incurred serious damage during Superstorm Sandy in 2012.

It is in this national context that the Gateway Project must be seen. The project has multiple components, but the most significant would burrow a new, two-track rail tunnel underneath the Hudson River to create an additional access point for New Jersey Transit and Amtrak trains to reach Manhattan.

This new tunnel would relieve stress on the existing tunnel while allowing for vital repairs. We must remember that these tunnels have been compromised since they were flooded with seawater during Superstorm Sandy and a full repair of the tunnels will require a shutdown.

Recent frustration with subway service across the city would pale in comparison to the economic shockwave that would be felt if such a shutdown were to take place without the addition of an alternative access point for trains between New York and New Jersey. Businesses would be crippled and commuters would be helpless – not to mention outraged.

This all explains why the Gateway Project has enjoyed bipartisan support at the federal, state, and local level for years. We all agree that this crucial initiative must advance.

REBNY will keep making its voice heard on this issue, and I strongly urge REBNY members to do the same at every opportunity.  The results of positive changes that benefit our transportation network and our economy will have an impact for generations to come.

I look forward to continuing the conversation around the Gateway Project and remain hopeful that we will one day see a light at the end of this particular tunnel.

In Other REBNY News

Join us at our bi-annual Members’ Luncheon on Monday, March 19th from 11:45 a.m.-2:00 p.m. at the New York Hilton Midtown. Led by Bruce Mosler, Cushman & Wakefield’s Chairman of Global Brokerage, our distinguished panel will explore the shifting forces, regulations, and costs of doing business that are impacting strategies to drive value in our market. “The New Path to Value: Mega Trends in NYC Real Estate” panel discussion will feature: Ric Clark, Senior Managing Partner and the Chairman, Brookfield Property Group and Brookfield Property Partners; Laurie Golub, Chief Operating Officer, Square Mile Capital Management LLC; Jeff Levine, Chairman, Douglaston Development; and Isaac Zion, Co-Chief Investment Officer, SL Green Realty Corp. Purchase your table/tickets online to attend this event sponsored by Eastern Consolidated, Jack Resnick & Sons, and Newmark Knight Frank. For more information and sponsorship opportunities, email Julian Speakes at [email protected].

REBNY will also announce the recipient of our 2017 Most Promising Commercial Salesperson Award at the Spring Members’ Luncheon. This year’s nominees are: Conor Sullivan, Associate Director, Colliers International; Chad Sinsheimer, Senior Director, Eastern Consolidated; Evan Fiddle, Senior Associate, CBRE; and Christine Colley, Director, Cushman & Wakefield.

 

On Wednesday, March 21, the residential management community will gather for our 20th Annual Residential Management Leadership Breakfast at the New York Hilton Midtown to celebrate the achievements of Adam Batista, of Rose Associates, Inc., who will be presented with the Residential Management Executive of the Year Award and Mitchell D. Barry, of Century Management Services, Inc., who will receive the Residential Management Community Service Award.  The event will feature keynote speaker John A. Catsimatidis of Red Apple Group. Register online and email Cindy Ramotar at [email protected] for more information and sponsorship opportunities.

This winter, New York City has experienced some of the coldest weather on record. Gaps, cracks, and other holes in our buildings are costing us money and making residents cold and uncomfortable. At the same time, inefficient heating systems have to work harder just to produce heat. Join the NYC Retrofit Accelerator and REBNY at the Leonard Litwin Classroom on Wednesday, March 28 from 9:00-10:30 a.m. for “Keeping Out the Cold, a seminar where you will learn how to boost tenant comfort and reduce energy costs by improving your buildings’ envelope and heating system. This seminar is open to both REBNY members and non-REBNY members, and is recommended for building and facility managers, superintendents, sustainability managers, as well as building owners. Register online and email Sunny Velez at [email protected] for more information.

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