Brooklyn's Progress
August/September 2007

Northfield Bank Lands in Brooklyn
Northfield Bank announced the opening of a new full-service branch location in Bay Ridge in June – their first in the borough.

Located at 8512 Third Avenue, the grand opening ribbon-cutting ceremony was attended by local politicians, dignitaries, business owners, and residents.

Occupying 1,600 square feet, the Bay Ridge branch will offer an array of banking services that includes Really Free Checking, savings and certificate of deposit accounts, a 24-hour ATM, and free online banking & bill payment.  The branch will specialize in business services such as business checking, business money market, and non-profit checking. Additionally, an on-site commercial lending officer will be available.

Mayor Signs Unincorporated Business Tax Credit
Mayor Michael Bloomberg signed into a law a business tax credit that will be welcome to many Brooklyn businesses. Introductory Number 591 will increase the credit against the New York City personal income tax for owners of businesses subject to the Unincorporated Business Tax, which include businesses like S-Corporations and limited liability companies. The goal is to reduce the current standard of double taxation for business owners who end up socked with both personal and corporate taxes on the same income.

"This legislation updates the ten-year old credit, increasing it to a full 100% credit for owners with incomes of up to $42,000.  The credit will continue to decrease on a sliding scale, but the minimum credit will rise from 15% to 23% for owners with incomes greater than $142,000. Small businesses are the job-creation engines of our economy, and this law will save City taxpayers $28 million this year,” said Mayor Bloomberg, speaking at the bill signing.

The legislation was sponsored in conjunction with Speaker Quinn and Council Members Weprin, Felder, Liu, McMahon, Recchia, Reyna, Dickens, Comrie, Yassky, Fidler, Dilan, de Blasio, Gallagher and Oddo.

Chamber Members Chosen to Develop Historic Battery Maritime Building
The New York City Economic Development Corporation (NYCEDC) selected the Brooklyn Chamber of Commerce Members The Dermot Company and the Poulakakos family to develop the historic Battery Maritime Building, located next to the Whitehall Ferry Terminal at the southern tip of Lower Manhattan. The approximately $110 million project will feature a specialty foods marketplace and education center, a boutique hotel, and roof top restaurant and bar.

Under the terms of the agreement, the developer will lease the property for 49 years, with five 10-year renewals. The project will create approximately 560 construction jobs and more than 150 permanent jobs and result in over $75 million in revenue for the City over 30 years. In addition to The Dermot Company and the Poulakakos family, the development team consists of Rogers Marvel Architects, Jones Lang LaSalle Hotels (hotel advisory services), and Market Ventures Inc. (specialty foods marketplace consultants).

New York Enterprise Report Hosts Norm Brodsky
On June 19, the New York Enterprise Report hosted “An Evening with Norm Brodsky: An Entrepreneur's Success Story,” featuring legendary entrepreneur and Inc. magazine columnist Norm Brodsky, whose six companies have included an Inc. 100 company and a three-time Inc. 500 winner.

In a unique format, New York Enterprise Report’s editor Robert Levin went one-on-one with Mr. Brodsky, discussing taking his company public, going bankrupt and then going on to create his most successful business to date. For more information, or to read an interview with Mr. Brodsky, go to http://www.nyreport.com/.

Albany Agrees to Eliminate City Sales Tax on Clothing
Albany lawmakers could barely agree during their last session on Thursday, June 21, but they did manage to get a waiver on New York City sales tax on clothing and shoes.
Mayor Michael Bloomberg and City Council Speaker Christine Quinn were banking on the elimination of the tax as part of their agreed-upon New York City FY2008 $59 million budget’s $1.3 billion tax relief package.

It is estimated New York loses about $600 million in sales each year to New Jersey, Connecticut and Pennsylvania, where there is no sales tax on clothing. New York State will continue to charge a 4% sales tax for purchases above $110.

“The strength of New York City’s economy rests on our ability to remain business-friendly while at the same time convincing tourists and residents alike to shop in our stores, eat in our restaurants and stay at our hotels,” said the mayor in a statement. “Today's legislation to repeal the City sales tax on clothing and footwear over $110 accomplishes both of these goals and helps maintain our economic competitiveness in the region.”

Under the current law, only clothing and footwear costing less than $110 per article is exempt from the City's sales tax. The State senate estimated that this tax break will save New York City taxpayers an estimated $110 million in 2008, increasing annually to an estimated $122 million in 2011.

SIOSS’ VR Small Honored by NYSAE
On Apr. 18, VR Small, president and CEO, Small Industries' Organizational Success Strategies (SIOSS) was presented with the 2007 New Star Award by the New York Society of Association Executives (NYSAE). 

The NYSAE Awards is the highest recognition the organization gives to those of its members every year who demonstrate leadership, service and special achievements that benefit the association management profession and its related fields.  A vice chair for NYSAE’s professional development committee and a regular NYSAE presenter, Ms. Small earlier this year launched a professional development seminar series called “SIOSS Success Series,” in partnership with Long Island University’s School of Continuing Studies Corporate Education and Training Center.  To learn more, contact an SIOSS representative at 718-919-0300, or LIU at 718-488-1361.

Lutheran Gala Celebrates Health Care Heroes
Lutheran HealthCare’s (LHC) annual black tie event, held in June, was a smash success attended by 900 partygoers who helped raise nearly $1 million for health programs and services. The gala, at Chelsea Piers, celebrated the hospital’s 124th anniversary and honored two outstanding individuals who have made a significant difference in health care locally and across the nation: Ardath H. Rodale, chairman of Rodale Inc., and Issam F. Arnouk, M.D., vice chair of Obstetrics and Gynecology at LHC. The packed event drew some star power in the form of the Soprano’s Tony Sirico, who played Paulie Walnuts on the HBO show.

Cruise Fundraisers A Plus For Non-Profits
Did you know most cruise lines are offering fundraising cruises for qualified 501©3 non-profit organizations? Kenneth Chow, a cruise specialist with Cruise PlannersSM, wants to show you how. Plans start at $5 per day per first and second full-paying guests in a cabin, depending on the length of the cruise to $100 per cabin on an 8-night or longer cruise. The benefits to doing your fundraiser on a cruise are plentiful, according to Mr. Chow.

For example, the organization gets to mark up the cost of the cruise to maximize their fundraising potential, for every 15 cabins sold, the non-profits will earn a free cabin (excluding port charges and taxes), which the organization could use the free cabin to raise more money through charity auction, raffles, sponsorship, and use it an incentive for volunteers to help bring donors to support the cause, and also, the marketing collaterals of postcards, brochures, flyers, and letterheads will all be provided by the cruise line to promote the special event at no cost.

For more information on how to plan and start a successful cruise fundraiser, please contact Kenneth Chow at 1-800-839-7135 or kchow@cruiseplanners.com.  

New York Methodist Hospital Holds Annual Candlelight Gala
More than 600 guests, including trustees, staff and friends, recently attended the spring 2007 New York Methodist Hospital Candlelight Gala, which was held at Cipriani Wall Street. Thanks to charitable contributions, the event raised more than $600,000, which will benefit the renovation of the Hospital’s intensive care unit.

The evening’s three honorees, Kotresha Neelakantappa, M.D., chief of nephrology; Robert “Bo” Rodgers, a Hospital trustee since 2003; and James T. Giorgio, Sr., president of B&G Electrical Contractors, took center stage as they were honored for their long-standing service to NYM.