Office Tenant Assistance

Services We Offer:

  • Preliminary search of office spaces (brokerage firms handle the actual search, leasing and transaction)
  • Neighborhood-based research beyond your office-space needs, such as retailers, hotels and other amenities that appeal to employees and visitors
  • Employee welcome kits with local maps and guides
  • Opportunities for employees to connect with other organizations in Lower Manhattan
  • Information on the latest incentives offered within our district (see below).

Contact Economic Development

Jarrod Grim
Director Research, Economic Development
(212) 835-2763
jgrim@downtownny.com

Incentives Available Within Lower Manhattan

April 2020 Update: The New York State legislature voted to adopt a budget which included the renewal of three Lower Manhattan leasing incentives with no changes for the next three years. The programs include:

LM-REAP was also extended for a period of five years with the addition of a new reporting requirement for companies receiving that specific benefit.

For an estimate of the value of these benefits, use our business calculator.

Use the link below to download summary of all available incentives.

Commercial Revitalization Program

The Commercial Revitalization Program (CRP) was developed with the goal of rehabilitating older building stock in Lower Manhattan. The New York City Department of Finance provides benefits under CRP through two tax incentives: $2.50 real estate tax abatement and a Commercial Rent Tax Special Reduction. These benefits apply to nonresidential or mixed use premises located in designated abatement zones. Applicants are also required to make certain minimum expenditures to improve the eligible premises.

For both portions of CRP, the following eligibility guidelines apply:

Real Estate Tax Abatement (CRP Part I)

Under CRP, the Department of Finance offers a $2.50 per square foot real estate tax abatement for up to 5 years for commercial tenants that locate in non-residential pre-1975 buildings in Lower Manhattan and make improvements to their space. Leases must commence prior to March 31, 2024.  The premises must be located south of Murray Street and the Brooklyn Bridge, west of South Street and east of West Street.

Eligibility:

For a list of buildings that qualify for the real estate tax abatement portion of CRP, click here and for a map, click here.

Commercial Rent Tax Special Reduction (CRP Part II)

The CRT portion of CRP offers an exemption on the commercial rent tax, a tax paid by retailers and commercial businesses with an annual rent of over $200,000 per year.  Non-profit companies are not eligible because they do not pay commercial rent tax. 

The tenant must be located in a non-residential building south of Canal Street, and leases must commence prior to June 30, 2023.  Qualifying businesses stand to receive an exemption for up to five years on the tax, which is 6% of the base rent.


Industrial & Commercial Abatement Program (ICAP)

ICAP, administered through the New York City Department of Finance, is a benefit for developers that provides a partial exemption from or abatement of property taxes for up to 25 years for eligible industrial and commercial buildings south of Murray Street that are built, modernized, rehabilitated, expanded, or otherwise physically improved. Eligibility for ICAP benefits may also allow a participant to receive reduced energy rates through the Lower Manhattan Energy Program (LMEP-see below for more information).

Eligibility:

To access the application for ICAP, click here.


Lower Manhattan Energy Program

The Lower Manhattan Energy Program (LMEP) is administered by the New York City Department of Small Business Services (SBS). The program provides qualified buildings energy at discounts of up to 45% off of standard rates. Benefits, which are available for 12 years, are provided to property owners, who may chose to pass along savings to their tenants (government agencies, personal service providers, public benefit corporations, and retailers are not eligible).

Eligibility:

The application deadline was extended from June 30, 2020 to June 30, 2023.

To view a list of participating buildings for the LMEP program, click here.

To find out more information about LMEP on the New York City Business Express website, click here.


Lower Manhattan Relocation Employment Assistance Program (LM-REAP)

The LM-REAP-EB and SEB programs, administered by the New York City Department of Finance, provides a $3,000 tax credit per employee, per year to businesses that relocate to Lower Manhattan from outside of the 5 boroughs. The credit may be taken against the NYC General Corporation Tax, the Banking Corporation Tax, the Unincorporated Business Tax, and / or the Utility Tax.

Companies must have been in business for at least 24 months before relocating or expanding to Lower Manhattan and must move at least one employee to the Lower Manhattan location from offices outside the city. If you are new to NYC, you qualify as an Eligible Business (EB). If you already have a Manhattan presence, but are moving employees from outside NYC to Lower Manhattan, you qualify as a Special Eligible Business (SEB).

Eligibility:

For information on the LM-REAP for Eligible Businesses (EB), please click here and for Special Eligible Businesses (SEB), please click here.


Sales Tax Exemption

This program, administered by the New York State Department of Taxation and Finance, provides an exemption from the sales tax on goods purchased for the build-out of office space in Lower Manhattan (south of Murray Street).

Eligibility:

Download a PDF with more information on the Sales Tax Exemption program here.