Commercial Rent Tax Abatement
xTenants are exempt from Commercial Rent Tax for the entire term of the lease. Commercial office tenants in NYC pay a Commercial Rent Tax equal to 3.9% of gross rent. The benefit has no term limits, and is expected to save tenants $3.00 to $3.50 per RSF per annum.
Sales Tax Exemption
xTenants are exempt from sales tax on materials purchased in connection with their initial fit-out, including any fixtures, furniture and equipment. The sales tax savings is estimated to be $10.00 to $15.00 per RSF, which corresponds to a rental savings of approximately $1.00 to $1.50 per RSF per annum.
xThe building receives electricity from the New York Power Authority at discounted rates. This benefit has no term limit. Based on current utility rates, tenants at 3 WTC today would enjoy a savings of approximately 30% off of standard Con Edison rates (an annual benefit of $1.00 to $1.50 per RSF versus other buildings).
RE Taxes / PILOT
xThe efficiency of the floor plates at the World Trade Center buildings allows tenants to fit their office space program into 5% to 10% less space than would be required in other buildings. This reduction in square footage translates directly into a significant savings of 5% to 10% in both rent cost and fit-out cost.
Use of this Website is subject to the terms of this disclaimer and by using the Website, you agree to these terms. Silverstein Properties, Inc. ("Silverstein") publishes this Website solely for general informational purposes and nothing herein is intended to be an offer of property, or leasehold or goods or services or employment or a representation as to property, or leasehold or goods or services or employment that will be provided to any person. Silverstein obtains some of the information on the Website from third parties and makes reasonable efforts to provide accurate information on the website. However, it cannot guarantee its accuracy and under no circumstances will it be responsible for inaccuracies whether in material provided by Silverstein or obtained from third parties. The information contained herein may change without notice. The information contained herein will only be considered a representation of Silverstein if repeated in a final contract signed by an authorized Silverstein representative.
Silverstein Properties, Inc. grants to you a limited non-exclusive, non-transferable license to view, copy and print the material on this web site (other than the design or layout of this Website) for your non-commercial or personal use only. All copies that you make must retain all copyright and other notices that are on this Website. Otherwise, you may not use, distribute, sell, modify, transmit, revise, reverse engineer, republish, post or create derivative works of the material on this Website without Silverstein Properties, Inc.'s prior written permission in each instance.
© Silverstein Properties, Inc., all rights reserved except as expressly provided elsewhere on this Website.