The steering committee of the Hudson Sq. Business Improvement District has not yet convinced the required 51 percent of the property owners in the mixed industrial and residential district between Morton and Canal Sts. from West St. to Varick St. to take part in the proposed BID.
John Franqui, a Trinity Real Estate executive and head of the BID steering committee, said last week that only about 20 percent of the total owners listed on the city tax rolls had agreed by the end of last week to participate in the district.
BIDs, supervised by the city Department of Small Business Services, require the consent of at least 51 percent of the property owners with at least 51 percent of the assessed valuation.
While short of the total number of property owners required, the Hudson Sq. BID has much more than the required assessed valuation — about 70 percent. A few large property owners have most of the square footage and assessed valuation in the district. Trinity Real Estate, for example, owns a quarter of the total square footage in the district.
Other large property owners represented on the BID steering committee include Ponte Equities, Newmark, Williams, Tishman Speyer Realty, Jack Resnick & Sons, Edison Properties and United Parcel Service.
David Reck, a Community Board 2 member who owns a four-story building in the southern part of the district where he lives and conducts his architectural practice, is also on the BID steering committee and is a strong advocate of the BID.
Franqui pointed out that 60 percent of the 450 tax-lot owners in the district are residential condominium owners. He said last week that the 185 residential condo owners in the Printing House Apartments on Hudson St. between Leroy and Clarkson Sts. have not yet indicated whether they would join the BID. Franqui said he intended to meet soon with the Printing House condo board and expects the board to support the BID.
