Can The Commercial Structure Of Manhattan "Clothing Area" Promote The Economic Development Of Cities?

According to the world clothing shoes and hats net, in December 20th, New York city hall announced that it would re plan the commercial structure of Manhattan Garment District. In the future, it will promote the city's economic development by introducing more abundant industries.

Since 1987, to ensure that

With the development of Manhattan's clothing areas, landlords have been leasing the specific property area to the clothing industry.

This decision relaxed the requirements for landlords so that they could lease more property to other businesses.

Landlords who have signed long-term lease contracts with garment manufacturers and rent more than 25 thousand square feet (2323 square meters) will receive a tax reduction.

In recent years, because a large number of American clothing enterprises have pferred production to China, many previously reserved shops have been vacant, and only a few thousand garment workers are still engaged in clothing production in Manhattan garment area.

The Inn Boutique, senior restaurants and other enterprises have moved to the reserved area, but considering the government's clothing industry protection policy, they are not sure how long they can stay, only sign a short-term lease agreement.

New York City Economic Development Corp (Economic Development Corp) said that the policy of that year reserved 4 million square feet (371 thousand and 600 square meters) of office space for the rapidly developing garment industry.

But today, the clothing industry can only account for 700 thousand square feet (about 65 thousand square meters).

According to sources, although the government may allocate up to $25 million to support garment manufacturers in the next ten years, it may only leave 200 thousand square feet to 270 thousand square feet (185 million 800 thousand to 250 million 840 thousand square meters) of area for garment production.

Bill de Blasio, the mayor of the Democratic Party of New York, said that the area of the future times square (from west 35 street to West 40 Street) and Broadway to Ninth Avenue will continue to develop as a multi-functional community.

By 2021, the restructuring will bring 6000 jobs to the garment area, from the current 66 thousand to 72 thousand.

In order to continue to support the development of garment production, the government will introduce a public-private partnership mode to invest $20 million to buy a building, which is slightly lower than the market price to be used by garment producers.

In addition, the government will build about 200 thousand square feet (18580 square meters) clothing manufacturing center in Made in NY Campus, which opened in 2020.

The restructuring policy was also supported by New York economic development board and Garment District Alliance, a non-profit organization.

They believe that the opening of garment areas to more enterprises and commercial real estate will contribute to the overall economic development of the region and New York.

Barbara Blair, President of Garment District Alliance, thanked the landlords for their support.

She said that the reform ensured the development of garment production and urban economic growth, and landlords played an important role in decision-making.

Garment Center Steering Committee (clothing center steering committee) objected to the change. They were worried that the policy loosening would lead to large groups hoarding real estate, and the garment manufacturing industry had lost the government's protection and had no ability to pay the rising rent, to New York.

Development has an impact.

About Made in NY Campus

Made in NY Campus, located in New York Broolyn Sunset Park (Sunset Park), will be officially opened in 2020. It is a development park specially designed for garment manufacturing, film and media collaboration.

The park will provide a relatively low price to the entry enterprises to provide first-class facilities.

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