Grand Central Partnership
Encyclopedia
The Grand Central Partnershiphttp://www.grandcentralpartnership.org/ manages the Grand Central Business Improvement District
, one of the largest business improvement districts in the world, comprising 76000000 square feet (7,060,631 m²) of commercial space in a 70-block area of Midtown Manhattan
with irregular borders reaching from East 35th Street to East 54th Street and from Second Avenue to Fifth Avenue.
Midtown Manhattan property owners and businesses created the Grand Central Partnership in the mid-1980s during a period of marked physical and economic deterioration. Once in place, GCP developed a comprehensive plan to specifically revitalize the neighborhood surrounding Grand Central Terminal
, which included an ambitious capital improvement program, a privately managed sanitation, maintenance and public safety operation, business assistance initiatives, a broad tourism and visitor services program, and a social services component. Since its founding, GCP has made substantial contributions to the dramatic turnaround of Midtown Manhattan, and, together with the renowned restoration of Grand Central Terminal, GCP's programs are widely credited with playing a major role in transforming the neighborhood into one of the world's preeminent central business districts.
GCP's operations are managed by a board of directors and officers elected by the District Management Association, a voluntary organization made up of property owners, commercial and residential tenants in the district, as well as representatives of elected officials.
The Grand Central Partnership is a not-for-profit corporation funded principally through special assessments collected from commercial property owners located within its defined geographic area. Additional financial support is provided through corporate sponsorship of specific programs and special events and through in-kind services. Assessment proceeds and tax-exempt bonds have funded capital improvements.
Business improvement district
A business improvement district is a defined area within which businesses pay an additional tax or fee in order to fund improvements within the district's boundaries. Grant funds acquired by the city for special programs and/or incentives such as tax abatements can be made available to assist...
, one of the largest business improvement districts in the world, comprising 76000000 square feet (7,060,631 m²) of commercial space in a 70-block area of Midtown Manhattan
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...
with irregular borders reaching from East 35th Street to East 54th Street and from Second Avenue to Fifth Avenue.
Midtown Manhattan property owners and businesses created the Grand Central Partnership in the mid-1980s during a period of marked physical and economic deterioration. Once in place, GCP developed a comprehensive plan to specifically revitalize the neighborhood surrounding Grand Central Terminal
Grand Central Terminal
Grand Central Terminal —often incorrectly called Grand Central Station, or shortened to simply Grand Central—is a terminal station at 42nd Street and Park Avenue in Midtown Manhattan in New York City, United States...
, which included an ambitious capital improvement program, a privately managed sanitation, maintenance and public safety operation, business assistance initiatives, a broad tourism and visitor services program, and a social services component. Since its founding, GCP has made substantial contributions to the dramatic turnaround of Midtown Manhattan, and, together with the renowned restoration of Grand Central Terminal, GCP's programs are widely credited with playing a major role in transforming the neighborhood into one of the world's preeminent central business districts.
GCP's operations are managed by a board of directors and officers elected by the District Management Association, a voluntary organization made up of property owners, commercial and residential tenants in the district, as well as representatives of elected officials.
The Grand Central Partnership is a not-for-profit corporation funded principally through special assessments collected from commercial property owners located within its defined geographic area. Additional financial support is provided through corporate sponsorship of specific programs and special events and through in-kind services. Assessment proceeds and tax-exempt bonds have funded capital improvements.