New York Financial Center & Business Travel Guide

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The City of New York consists of the Five Boroughs: the Bronx, Brooklyn, Manhattan, Queens and Staten Island (320 square miles). Manhattan is an island approximately 13.4 miles in length and 2.3 miles at its widest point (22.5 square miles). North of Greenwich Village, the streets are laid out in an easily navigable grid system (which was instituted in 1811) although some streets are One-Way. Below Greenwich Village the streets vary from the typical grid pattern of the city as this was the area of the earliest settlement in the history of the island of Manhattan.

Street System

Within Manhattan:

42nd Street is the North / South dividing line of the city.

Addresses north of 42nd Street are UPTOWN

When you travel south of 42nd Street you are headed DOWNTOWN

Fifth / 5th Avenue is the East / West dividing line of the city (5th Avenue is One Way southwards. The Avenue begins at 140th Street and terminates downtown at 4th Street / Washington Square Park; North of 59th Street / Central Park, 5th Avenue runs along the eastern edge of the park)

Addresses east of 5th Avenue are located on the EAST SIDE.

Addresses west of 5th Avenue are located on the WEST SIDE.

Please Note:

Avenues run north / south and increase in their numbering from east to west across Manhattan - 1st Avenue is on the East Side; 12th Avenue / West Side Highway is on the West Side.

Park Avenue is 2-way (north / south) traffic. The other major avenues are one way traffic.

Avenue of the Americas is the same as 6th Avenue.

There is no midtown 4th Avenue, the avenues east of Fifth Avenue are Madison Avenue, then Park Avenue, then Lexington Avenue, and then 3rd Avenue.

North of 59th Street where Fifth Avenue runs along east the border of Central Park, Fifth Avenue is also known as Central Park East.

8th Avenue terminates at Columbus Circle / southwest corner of Central Park at West 59th Street. The avenue that continues north along the west border of Central park is Central Park West.

10th Avenue terminates at West 57th / West 59th Streets. The avenue that continues north is Amsterdam Avenue.

11th Avenue terminates at West 57th / West 59th Streets. The avenue that continues north is West End Avenue.

Avenues A, B and C are located Downtown between 14th Street and south to Houston Street (pronounced HOW-stun locally in Manhattan).

Numbered streets run east to west. The street numbers increase as one heads north. Streets are one way traffic and flow in an alternate traffic direction from the street parallel to it (either the next street north or the next street south).

34th Street, 42nd Street and 57th Street are open to 2-way traffic (east / west).

Several blocks (north / south) of Broadway within the Time Square area have been closed to vehicular traffic and are now a pedestrian zone, which is a step in the right direction. However, they are not the tree-lined or cafe-lined or shopping arcade plazas one will find in other international cities. In addition, traffic is still permitted along the cross-town numbered streets (east / west) thus visitors really need to be aware of the potential safety issue as they approach the end of the pedestrian-only section.

Neighborhoods in Manhattan include ABC City, Beekman, Bowery, Chelsea (westside between 14th and 34th Street), Chinatown, Clinton, East Harlem, East Village, Flatiron District, Garment District, Gramercy Park, Greenwich Village, Harlem (110th to 145th Streets between Lexington and Amsterdam Avenues), Hell's Kitchen (westside between 34th and 42nd Streets), Inwood (northern tip), Kip's Bay, Lenox Hill, Lincoln Square, Little Italy (Mulberry and Grand Streets), Lower East Side, Meat Packing District, Midtown, Morningside Heights, Murray Hill, NoHo, SoHo, Sutton, Theater District, Tribeca, Tudor City, Turtle Bay, Upper East Side, Upper West Side, Wall Street (includes the New York Stock Exchange, Trinity Church and St. Paul's Chapel), Washington Heights, West Village, Yorkville.

Population

As of July 1, 2009, the U.S. Census Bureau estimate of the population of the City of New York was 8,391,881 persons. The estimate for Manhattan alone was 1,629,054 persons. The population of the City of New York has increased by 4.8% since April 2000.

The larger metropolitan area is defined by the U.S. Census Bureau as the New York-Northern New Jersey-Long Island, NY-NJ-PA Metropolitan Statistical Area (MSA), with an estimated population at 19,069,796 as of July 1, 2009. The 23-county metropolitan area includes ten counties in New York State, including the five boroughs of New York City (approximately 8.3 million persons), the two other counties of Long Island, and three in the lower Hudson Valley, twelve counties in Northern and Central New Jersey, and one county in northeastern Pennsylvania.

The U.S. Census Bureau also defines a wider region consisting of the New York metropolitan area and five adjacent metropolitan areas, the New York-Newark-Bridgeport, NY-NJ-CT-PA Combined Statistical Area (CSA), with an estimated population of 21,961,994 as of 2007 (also known as the Tri-State area). However, the Empire Center for New York State Policy indicates that "from 2000 to 2008, in both absolute and relative terms, New York (State) experienced the nation's largest loss of residents to other states—a net domestic migration outflow of over 1.5 million, or 8.0% of its population at the start of the decade." In addition, most of these persons "tracked by the IRS originated in the metropolitan New York City region." However, these migratory losses are being offset by the large influx of immigrants from foreign countries at a level that New York's total population actually increased during the period. The New York State Comptroller's Office released a report in February 2010 indicating that between 1970 and 2008 the foreign-born immigrant population of New York City increased by 3.0 million people.

Transportation System

New York has one of the most extensive, and comprehensive, transporation systems in the nation. New York City's public transportation system is first comprised of the Metropolitan Transportation Authority (MTA) subway and bus lines. This system consists of 26 separate subway lines covering 659 miles (468 subway stations), and 245 bus routes covering 2,070 miles. As of September 2010, the MTA Subway had carried 1,190,537,760 persons, and the MTA Bus had carried 79,595,721 persons. The MTA is in the process of constructing a new subway line: Second Avenue Subway. The line is being built in phases, and the first phase will provide service from 96th St. to 63rd St. as an extension of the Q train, and is expected to be completed in December 2016.

In addition, the Long Island Rail Road, Metro-North Railroad and Amtrak provide suburban commuter and inter-city rail service. The Long Island Rail Road is both the largest commuter railroad and the oldest railroad in America operating under its original name (chartered in 1834), and primarily serves the Manhattan-bound market into Pennsylvania Station. The LIRR system consists of 11 separate rail lines covering 594 miles (124 rail stations). The Metro-North Railroad is second largest commuter railroad in the nation, and its main lines, the Hudson, Harlem, and New Haven, serves the Manhattan-bound market into Grand Central Terminal(covering 765 miles with 120 rail stations).

The MTA Bridges and Tunnels serve more than 830,000 vehicles each weekday (approximately 300 million vehicles each year), and carries more traffic than any other bridge and tunnel authority in the nation. Manhattan is connected to Queens and Long Island via the 59th Street Bridge, the Triborough Bridge, and the Queens Midtown Tunnel; to Brooklyn via the Brooklyn Bridge, Manhattan Bridge, Williamsburg Bridge, and the Brooklyn Battery Tunnel; to Staten Island via the Verrazano-Narrows Bridge; to New Jersey via the George Washington Bridge, Lincoln Tunnel, and the Holland Tunnel; and to points north via the Major Deegan Expressway (I-87), Henry Hudson Parkway, Bronx River Parkway, and the New England Thruway (I-95) (includes bridges owned and operated by the Port Authority of New York and New Jersey).

The Port Authority of New York and New Jersey operates the three major airports in the metropolitan New York area: John F. Kennedy International (JFK), LaGuardia Airport (LGA), Newark Liberty International (EWR). The also operate the Port Authority Trans-Hudson Corporation (PATH) train system. The Port Authority indicates that the 3 major airports had 101,482,000 passengers (domestic and international combined) in 2009.

John F. Kennedy International Airport (JFK), the largest passenger volume, does have a rail connection with Manhattan but it is not exactly a direct trip. One may board the AirTrain JFK at the airport (operates 24 hours). However, the AirTrain terminates at the Long Island Rail Road (LIRR) station at Jamaica, Queens, where one must transfer to a manhattan-bound LIRR line. The AirTrain JFK also connects with the A subway line at Howard Beach, Queens, and with the E,J, and Z Subway lines at Suthphin Blvd. / Archer Ave., Queens, where one can transfer to a subway connection to Manhattan. All AirTrain trains and stations are ADA compliant, and are accessed by Pay-Per-Ride MetroCard. JFK via AirTrain is $5 as you enter or exit the system, and then the cost of the LIRR or MTA subway connection. There is station at each terminal at JFK for the AirTrain JFK.

Within Manhattan, Grand Central Station is located at 42nd Street and Lexington Avenue with entrances on 42nd Street (south), Vanderbilt (west), Lexington Avenue (east) and 45th Street (north). The station has connections for the Metro-North Rail Road and MTA Subway. The station is also serviced at street level by MTA bus line. Taxis are available on Vanderbilt, Lexington and 42nd Street.

Pennsylvania Station (Penn Station) is located at 34th Street between 7th Avenue and 8th Avenue with entrances on 34th Street (north), 7th Avenue (east) and 8th Avenue (west). The station has connections for the Long Island Rail Road, New Jersey Transit, Amtrak and MTA Subway. The entrances on 7th Avenue and 34th Street lead to the Long Island Rail Road. The entrance on 8th Avenue leads to Amtrak and New Jersey Transit (and one can continue to walk through ther terminal from the 7th Avenue entrance to eventually reach the Amtrak and NJ Transit side of the station). The station is also serviced at street level by MTA bus line. Taxis are available on 7th Avenue, 34th Street and 8th Avenue.

The City of New York has one of the most extensive subway systems in the world and one can travel the length of Manhattan, travel to the other boroughs and connect to Grand Central Station, Penn Station, the Long Island Rail Road, Metro North Railroad, New Jersey Transit and Amtrak. Anyone who wishes to ride the subway line, and buses must use a MetroCard to access the subway entrance turnstyles or the bus. The MetroCard can be purchased at most subway stations from a vending dispenser machine, which accept credit cards, debit cards or U.S. currency only. The MetroCard can also be used to access all PATH stations and the JFK-AirTrain. MTA subway and bus service operated 24 hours-a-day throughout the five boroughs.

New fares for subway, bus, and rail travel (Long Island Rail Road, Metro-North Railroad), and for bridge and tunnel crossings, went into effect on December 30, 2010

The base fare for NYC Transit subways and buses, MTA Bus, Long Island Bus, MTA Staten Island Railway base fare is $2.25. The cost of a SingleRide ticket is $2.50 (Sold at vending machines only and is good for a subway or bus trip only within two hours of purchase).

The minimum purchase for new MetroCard is $4.50 (2 trips; cards can be purchased in an amount up to $100).

If one purchases $10 or more on a card then one receives a 7% bonus. For example, a $20 purchase gives one $21.40 on the Metrocard, which amounts to 9 trips, with $1.15 balance (one would have to purchase/refill the card to use the balance).

Unlimited Ride MetroCards are available for unlimited subway and local bus rides as a 7-Day ($29, reduced fare $14.50), 30-Day ($104, reduced fare $52.00), 7-Day Express Bus Plus, 30-Day Unlimited Ride MetroCard accepted on JFK AirTrain only, or a JFK-AirTrain 10-Trip MetroCard. The 1-Day Fun Pass and the 14-Day Pass have been discontinued.

MTA Fares   www.mta.info/schedules/

The yellow taxi cab is somewhat synonomous with Manhattan. Sometimes they are efficient and sometimes they run into traffic and it would probably be faster for you to just get out and walk. In addition, the observation is quite true: just try and find an unoccupied taxi cab in a rain storm (there are 13,000 taxis registered in New York). In May 2007, the Taxi and Limousine Commission began trials of a touch screen monitor that displays information to passengers, installation of devices that will allow passengers to pay with a credit card, and a global positioning system that will track an individual taxi cab's location. The fee from Midtown Manhattan to JFK International Airport is a flat $45. New York Taxi & Limousine Commission - Rate of Fare   www.nyc.gov/html/tlc/html/passenger/taxicab_rate.shtml

If you are considering renting an automobile then there are rental agency desks at each one of the major airports. However, the traffic into Manhattan can be a real problem. During 2007, the Office of the Mayor of the City of New York proposed a new toll (congestion pricing) to be charged to automobiles and trucks entering the central business district between the hours of 6:00am and 6:00pm. Presently, the New York State Legislature has halted the implementation of such a plan by first creating a commission to study the proposal. The problem is that the plan does not differentiate between the various sources of automotive traffic coming into Manhattan on a daily basis (for instance, trucks owned by small businesses and those of major coroporations). However, conversely, all businesses have to quantify and consider the expense related to the loss of time employees and deliveries encounter while sitting in traffic (the Partnership for New York City estimates the loss in business revenues related to traffic stoppage adds up to $4.6 billion annually; Will the gain of improved productivity by quicker travel time offset the charge?). The real issue is that congestion pricing treats roadway access as a commodity (pricing increases with demand) while critics indicate that roadway access constructed with public revenues should be unrestricted.

Please note: the National Traffic Scorecard, a traffic study compiled by the Washington-based firm INRIX, indicates that metropolitan New York, had the second worst amount of road traffic congestion within the United States after Los Angeles. In addition, New York also has the worst traffic bottleneck in the U.S. at the "westbound stretch of the Cross Bronx Expressway/I-95 leading up to and including the Bronx River Parkway exit 4B interchange" (metropolitan New York actually has 6 of the top 10 congestion bottlenecks in the United States).
scorecard.inrix.com/scorecard/MetropolitanDetails.asp?ID=2

Please note: John F. Kennedy International Airport (JFK) has implemented a plan in order to handle the large capacity Airbus A380 aircraft. Initially, Terminal 1 (Gates 1, 2, 5, 7 and 8) and Terminal 4 (Gates 6 and 7) will handle A380 passenger traffic and aircraft servicing operations. In addition, as of March 1, 2010, Runway 13-31 (Bay Runway) will be closed for approximately 4 months in order to widenen the runway and add taxi ways. If you absolutely need to fly into New York, and there is a problem with the 3 major airports, the other local airports within the region include Islip Long Island MacArthur Airport (ISP), While Plains/Westchester County Airport (HPN), Teterboro Airport (TEB), Republic Airport Farmingdale (FRG), Trenton/Mercer County Airport (TTN), Atlantic City International Airport (ACY), Bridgeport/Igor I. Sikorsky Memorial Airport (BDR), Morristown Municipal Airport (MMU), Allentown/Lehigh Valley International Airport (ABE), Caldwell/Essex County Airport (CDW).

Metropolitan New York Economic Conditions 2011

New York's position as one of the pre-eminent financial centers in the world has been affected by the financial crisis of 2008 / 2009. The most prominent changes in the New York financial industry located in the city during the crisis was the acquisition of Bear Stearns by J.P. Morgan Chase in March 2008, the bankruptcy filing of Lehman Brothers, Inc., on September 15, 2008, and the acquisition of Merrill Lynch by the Bank of America on September 15, 2008. The loss of these firms resulted in a loss of employment opportunities not only at the companies themselves but at other financial institutions that serviced them (although some of operations and personnel of these companies have been absorbed and maintained by acquiring firms). The securities industry alone in Manhattan, while accounting for only 5.0% of total employment, accounted for over 20.0% of annual wage earnings in the city prior to the financial crisis (Source: NYC Office of Management & Budget).

The result of the crisis was a decline of employment in all areas of the financial sector during 2009. Job losses were not confined to just the financial sector. There have been employment losses in graphic arts, real estate services, publishing (both newspapers and magazines), non-profit, construction, retail, restaurant. There have been several news reports regarding how the large legal firms have reduced the number of employees and severely curtailed the number of new associate hirings.

It is not realistic to think that what the city has gone through is the permanent demise of the City's position. All of these firms in the financial industry, the bank holding companies, the commercial banks, the branches of foreign banks, the hedge funds, the insurance companies, many are located in Manhattan. The are registered here, they operate here, they have existing leases and their employees reside in the metropolitan New York region. They are not all going to move away and there is no other place in the United States for them to move to: all of these companies, and the legal, real estate, and service companies that support them are not going to relocate to another city. Similarly, many foreign and international companies need a presence within the United States, and many of these companies are also already located in Manhattan. The city's economy and employment outlook improved during 2010.

In January 2011, the U.S. Department of Labor (U.S. Bureau of Labor Statistics) indicated that the New York-Northern New Jersey-Long Island unemployment rate was 8.5% as of November 2010 compared to 9.1% in November 2009. The unemployment rate just for New York City was 9.0% at November 2010 compared to 10.2% in November 2009. The 9.0% unemployment rate translates into approximately 356,700 New Yorkers out of work.
www.bls.gov/news.release/metro.t01.htm

The New York State Department of Labor indicates in its Labor Statistics for the New York City Region that private sector employment in New York City increased by 51,200, or 1.6%, to 3,183,400 persons for the 12-month period ending November 2010. "Job growth occurred in professional and business services (+14,400), educational and health services (+13,000), other services (+7,400), leisure and hospitality (+6,600), trade, transportation and utilities (+6,300), and financial activities (+5,900). Job losses occurred in information (-1,800) and manufacturing (-1,000). Government employment fell by 14,100 persons." Total non-farm employment in New York City at November 2010 was 3.72 million persons, of which financial activities accounted for 434,200 persona, and particularly Credit Intermediation and Related Activities accounted for 85,000 persons and Commercial Banking accounted 37,200 persons. Securitiess, Commodity Contracts, Investment Banking, Securities Brokerage & Relatated Activities accounted for 162,200 persons. Persons employed in Real Estate and Real Estate Leasing amounted to 121,900 persons.
www.labor.ny.gov/stats/nyc/index.shtm

The U.S. Federal Reserve Beige Book, New York / Second District, released January 12, 2011, indicated that all non-auto retail contacts reported that 2010 holiday season sales were strong and on or ahead of plan, were stronger than a year ago and stronger than most retailers had expected. Manhattan hotels report that occupancy rates remained close to 9% during the months of November and December, while room rates continued to run nearly 10% ahead of comparable 2009 levels. Commercial real estate markets have been mixed, with scattered signs of improvement in the office market, but some softening evident in the industrial market. In New York City, office leasing activity rose to a four-year high, though much of the new leasing reportedly involved companies moving around (often to smaller quarters). Still, there was some net absorption of office space, and vacancy rates declined moderately. Asking rents were generally stable but rose in some prime areas of Manhattan. A major New York City employment agency that specializes in office jobs, reports that business was relatively good in December--typically a slow time of year. Legal sector hiring has rebounded a bit from exceptionally weak levels, while financial sector hiring has continued to improve gradually.
www.federalreserve.gov/fomc/beigebook/2011/20110112/2.htm

New York City Budget

  NYC Comptroller's Office Bureau of Budget - Economic Notes

  NYC Office of Management & Budget

The real property tax is the largest single source of City tax revenue, accounting for 33.8% of New York City tax revenue in 2008, or $13.1 billion (Source: NYC Office of Management & Budget). Every property has an assessed value (market value x assessment ratio) against which the tax rate applied. The market values of properties have declined in 2009 thus the amount of annual tax revenue collected has also declined. Similarly, personal income tax accounted for 22.1% of New York City tax revenue in 2008, or $8.6 billion. The numbers of persons actually employed has declined and the dollar amount of wages paid to those still employed has also declined thus income tax collection has declined in 2009. Due to the -33.8% decline of the Dow Jones Index and the -38.5% decline of the S&P 500 Index, capital gains as a source of income in 2008 for high net worth residents of the city resulted in lower tax revenue collection during fiscal 2009 (both indices increased by +18.82% and +23.45%, respectively, in 2009).

On January 28, 2010, the Office of the Mayor Bloomberg publicly indicated that the preliminary budget for 2011 results in a $4.9 billion deficit for the City of New York. In order to close the budget gap, the Mayor's office has ordered that every city agency must submit a revised budget plan that reduces spending. Other proposed cuts include reducing the city payroll by 4,286 employees, the teacher's union needs to agree to a 2.0% wage increase as opposed to the previously negotiated 4.0%, and a postponement of the next police academy class.

The New York City Office of Management and Budget indicates that a number of measures have been taken over the past months to increase revenue to the city:

The mid-2009 repeal of the real property tax rate reduction that had been effective January 1, 2009.

The repeal of the $400 real property tax homeowner rebate effective fiscal year 2010.

Increase in the City's sales tax rate from 4.0% to 4.5%.

Unfortunately, the Office of the Governor of the State of New York, which is facing its own budget deficit ($8.2 billion for fiscal 2010), announced in February 2010 that it was contemplating higher payroll taxes on businesses in New York City in order to increase revenue for the Metropolitan Transportation Authority (the mobility tax would increase from 0.34% to 0.54%; businesses located outside of the city would actually see their tax reduced to 0.17%). The Governor's office is also proposing the legalization of the sale of wine by grocery stores and then taxing those sales.

Metropolitan New York Commercial Real Estate

Both the residential and commercial real estate markets softened substantially in Manhattan during 2009 / 2010. Commerical real estate in the outer boroughs and the tri-state region has also seen problems develop during 2009. As anticipated, the the job loss and lower business activity of the Manhattan-based financial industry has had a negative impact on the office market as consolidation within the financial services industry results in previously leased space coming back onto the market. Overall, there is approximately 400 million square feet of various types of commercial real estate inventory within Manhattan, and the city's central business district (Midtown) is the largest office market in the United States.

In January 2010, real estate firm Massey Knakal Realty Services reported that the dollar value of commercial real estate sales within New York City (five boroughs) had declined 90% (6.3 billion) from the peak level in 2007. In addition, compared to 2008, the number of transactions during 2009 declined by 54%.

Similarly, Massey Knakal Realty Services reported that the turnover rate for buildings (the ratio of the number of buildings sold compared to the existing stock of buildings) declined to a 25-year low of 0.87% in 2009.

In 2009, the average sales price of a commercial building in New York City was $4.4 million, a decline of 45% from 2008, and a decline of 65% from the 2007 peak level. The largest decline in the average sales price was within Manhattan: the average sales price declined 75% from 2007 peal level to $12.9 million (source: Massey Knakal).

In January 2010, real estate firm C.B. Richard Ellis (CBRE) reported that net effective rents in the Manhattan office market had declined by 40% during 2009 from the 2007 peak level. Compared to 2008, average asking rents in 2009 for office space declined 27% to $49.01 per square foot (the high end Midtown market declined 29% to $56.02 per square foot). However, CBRE publicly indicated that the rate of decline had slowed during last quarter of 2009.

As of May 2010, CBRE indicated that over the past 12 months rents in the Midtown New York office market had increased 1.3% to $64.51 per sq. ft., while Downtown office reents were still down by 19% at $40.51 per sq. ft. CBRE indicated that out of the top 50 international office markets, Midtown New York's office space occupancy cost per square foot of $64.51 per sq. ft in the 1st Quarter 2010 was listed as the 26th most expensive office rent location.   www.cbre.com/EN/Research/Documents/gormay10.pdf

In January 2010, real estate firm Cushman Wakefield reported that leasing activity (for all property types) in Manhattan declined 15% from the level in 2008 to approximately 16.3 million square feet. The company indicates that asking rents declined 24% from the market peak of $72.97 per square foot in the third quarter of 2008 to $55.52 per square foot in the fourth quarter of 2009.

In January 2010, Cushman Wakefield reported that the overall vacancy rate in Manahattan increased to 11.1% at year-end 2009 compared to an 8% vacancy rate at year-end 2008.

Cushman Wakefield also indicates that their opinion of the dollar value decline of commercial real estate sales within New York City (five boroughs) from the 2007 peak level to 2009 at 93%, and the decline between 2008 and 2009 at 82%.

In January 2010, real estate firm Eastern Consolidated Real Estate Investment Services reported their opinion of the the dollar value decline of commercial real estate sales within New York City (five boroughs) between 2008 and 2009 as declining by 76.3% to $5.6 billion, from $23.6 billion in 2008.

The construction / re-development of the World Trade Center in lower Manhattan continues. In Summer 2009, the developer, Silverstein Properties, had sought arbitration with the Port Authority of New York & New Jersey, alledging that the Port Authority was in breach of an agreement. Silverstein had sought a rent rebate in the amount of $788 million, which would have assisted him in financing the construction of two of the three planned towers. In January 2010, an arbitration panel ruled in favor The Port Authority of New York & New Jersey but also modified Silverstein's completion schedule, which was originally 2014.

Metropolitan New York Residential Real Estate

The original 5-year New Housing Marketplace Plan proposed by the Office the Mayor of the City of New York in 2003 had specified a $3.0 billion commitment for the construction / preservation of 65,000 units within the City. In February 2006, the plan was revised to an 11-year, $7.5 billion commitment for the construction / preservation of 165,000 units of affordable housing within the City by 2014. As of March 2009, the NYC Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) had sponsored the construction / preservation of 85,089 affordable housing units.

From mid-2008 and into 2009, a number of cooperative and condominium developments (new construction and conversions) began to experience problems related to attracting buyers or having existing in-contract purchasers complete the sales transaction. Then in March 2009, The Federal National Mortgage Association (FNMA / Fannie Mae) indicated that it would cease to guarantee mortgages on individual units in condominium developments where less than 70% of the units had been sold (previously 51%) and or where 15% of owners were delinquent on condominium association dues, or where a single investor owned more than 10% of the total units. This decision made it even more difficult for prospective buyers to obtain a conventional mortgage. In February 2009, the City government proposed a plan for the City to purchase vacant, unsold condominium units in new developments for use as middle-income housing.

As part of the New York State Budget for fiscal 2010, the Office of the Governor of the State of New York is proposing that a mortgage recording tax be imposed on the sale and refinance of cooperative units (a transfer tax is already in effect). Presently, when a mortage is secured for the purpose of purchasing a cooperative unit, the purchaser does not pay a mortgage recording tax because the purchaser is essentially buying shares in a corporation that owns the building. The purchaser is pledging the shares in the corporation as collateral for the loan not a parcel of real property.

The condominium and cooperative market experienced problems in 2009 and early 2010 but saw improvements as the year progressed. In January 2011, the Prudential Douglas Elliman Quarterly Survey of Manhattan Coop and Condo Sales report for the 4th Quarter 2010, produced in in conjunction with Miller Samuel, Inc., indicated that the median sales price was $845,000, an increase of 4.3% from the $810,000 in the 4th Quarter of 2009, but a 7.5% decrease from $914,000 in the 3rd Quarter 2010. The number of Days on the Market declined substantially to 125 days in the 4th Quarter 2010 compared to the record 204 days in the 4th Quarter 2009, and is in-line with the average 126 market average over the past 15 years. 2008 represented the high point for Manhattan Coop and Condo sales with average prices at $1,251 sq. ft., which declined to $1,073 per sq. ft. in 2009, and ended the 4th Quarter 2010 at $2,058 per sq. ft.   www.millersamuel.com/reports/pdf-reports/MMO4Q10.pdf

Halstead Properties indicates in its 4th Quarter 2010 Manhattan Cooperatives and Condominiums Report that the per square foot sales price in new developments averaged $1,099 per sq. ft., 11% less than during the 4th Quarter 2009. Days on the Market averaged of 113 days, 14% less time than during the same period a year ago. Sellers received 95.5% of the last asking price, a slight increase from the 4th Quarter of 2009.   media.halstead.com/pdf/Halstead_QuarterlyReport_4Q10.pdf

The Crocoran Group indicates the 4th Quarter 2010 Corcoran Report that median sales price in Manhattan increased 3% to $825,000 compared to the same period in 2009, and the price per square foot remained flat at $1,030 per sq. ft. compared to the 3rd Quarter 2010 but was an improvement from $1,022 per sq. ft. in the 4th Quarter 2009. During the 4th Quarter there were 2,900 closed sales, a decline of 11% from the 3rd Quarter 2010, and 17% lower than closed sales in the 4th Quarter 2009.   www.corcoran.com/thecorcoranreport/CorcoranReportQ42010.pdf

Metropolitan New York Apartment Rental Market

The City of New York Rent Guidelines Board (RGB) indicates that "in contrast to the rest of the country, most New Yorkers do not own the homes in which they live. According to the 2008 Housing and Vacancy Survey (HVS), rental units comprised 67.2% of New York City’s available housing stock in 2008, twice as many rental units as the nation as a whole." In addition, and again in contrast to most other cities in the United States, approximately 64% of rental units within the City are regulated (rent stabilized or rent controlled). In 2008, the vacancy rate in rental apartments for all five boroughs combined was only 2.88%, indicating a very tight market (New York State law requires that the rental housing market remain regulated as long as the vacancy rate remains below 5.0%). The vacancy rate just within Manhattan was 2.70% in 2008). The tightest vacancy rate is in post World War 2, rent stabilized buildings, which had a vacancy rate of 1.64% in 2008.

In January 2010, the Manhattan Supreme Court ruled that the minimum increase for rent-stabilized apartments imposed in 2008 by the City of New York Rent Guidelines Board were incorrect. The RGB ruled that landlords could increase the rent on a tenant presently paying less than $1,000 per month by a fixed dollar amount rather than a percentage of the existing rent. However, the fixed dollar increase, as a percentage of the existing rent, would actually exceed the percentage increase imposed for similar leases. For instance, the two-year lease increase was 6.0% (over $1,000 rent) or $60.00 (below $1,000 rent). The renter presently paying over $1,000 per month has their rent increased by 6.0%. A renter who is paying $600.00 per month would have their rent increased to $660.00 or 10.0%.

The failure of the Peter Cooper Village and Stuyvesant Town investors comes after two additional similar investment failures: the Riverton Houses in Harlem, and the Ocelot portfolio of buildings in the Bronx. In February 2010, the foreclosure sale of the 1,232-unit Riverton Houses in Harlem was ordered by the judge overseeing the case. Whereas in the past several years there was a fear by NYC affordable housing tenants that many of the new building purchasers would force rent regulated tenants out of their aprtments or substantially increase their rent to a level that they would be forced to leave (referred to as predatory equity investments), the real concern now is that whether services and repairs will be maintained at buildings where the owners have ceased being able to provide active managment to the properties. The problem is that many of these property acquisitions in 2004 through 2006 were based on potential income, not actual income. After developers failed to increase rents in 10% of the units per year as was projected, the actual rental income generated at a number of rent regulated properties in New York City will not service the debt or the operating expenses of the building, and the owners either have no incentive or the actual funds to invest in the buildings to maintain the structure or provide the necessary services.

In January 2011, the Prudential Douglas Elliman Quarterly Survey of Manhattan Apartment Rental report for the 4th Quarter 2010, produced in in conjunction with Miller Samuel, Inc., indicated that the Manhatan apartment rental market tightened as evidenced by the number of New leases being signed in the 4th Quarter 2010 increased to 7,217 compatred to 2,456 signed a year earlier in the 4th Quarter 2009. Similarly during the quarter, the inventory of apartment listings declined by 26% to 3,862 apartments, and the length of time on market declined 42% to an average of 44 days on the market compared to 76 days in the 4th Quarter 2009 (and below the 60-day market average over the past 10 years). Concessions by landlords have also been reduced or eliminated (from 2 to 3 months free rent down to one month's free rent). Miller Samuel also reports that median rents increased 1.7% to $2,950 per month compared to the same period in 2009, and annual rent per square foot increased 4.5% to $49.13 per sq. ft.   www.millersamuel.com/reports/pdf-reports/MRMO4Q10.pdf

In January 2011, real estate broker Citi Habitats indicates in their 4th Quarter / Year-End 2010 Residential Rental Market Report that Manhattan apartment rents increased 5.9%, and rent concessions declined in the 4th Quarter due to an improvement in employment. The Manhattan rental vacancy rate at year-end 2010 was 1.34% (1.21% for the 4th Quarter), an increase from 0.88% at mid-year 2010, but a substantial decline from a peak of 2.49% in February 2009. The average monthly rent at year-end 2010 increased to $3,127 compared to $2,952 a year earlier. Landlord concessions (rent-free month or payment of broker fees) declined to 22% apartment lease transactions in December 2010, a substantial decline from 60% of transactions a year earlier.   www.citi-habitats.com/media/pdf/RMR-4Q-10.pdf

Metropolitan New York Hotel / Hospitality Industry

There are approximately 312 hotels in Manhattan. Hotel occupancy rates in Manhattan have been increasing since mid-2009 as the U.S. economy began to indicate some improvement and business and leisure travel to the city increased. In spite of the recession, the most recent Hogg Robinson Group corporate travel report lists New York as still having the third most expensive hotel room rates after Moscow and Abu Dhabi. Smith Travel Research Inc., indicates that New York City average hotel occupancy has increased by 7.1% to 77.6% in the first five months of 2010 compared to the same period in 2009. PKF Consulting indicates that New York City's occupancy rate for the first 5 months increased to 82%. During the same period, revenue per available room has increased by 13.4% to $158.68, and nightly rates have increased by 3.1% to $204.53 (compared to the entire U.S. where rates have declined by 2.7%).

On February 5, 2010, the 192-room Helmsley Middletowne Hotel (148 East 48th St., between Second and Park avenues), publicly indicated that the hotel would close due to the expiration of the existing lease.

In July 2010, Crain's New York reported that the Gramercy Park Hotel (Ian Schrager / RFR Holding) had defaulted on its $140 million loan (185 romms / $680,000 per room).

During 2009 / 2010, New York City will see 44 hotels / 7,561 rooms open and increase the city's available room supply by approximately 8.5%. New hotels scheduled to open during 2010 include:

Aloft Harlem, 2300 Frederick Douglass Blvd.

Chatwal New York, 88 rooms, 130 West 44th Street

Crosby Street Hotel, 86, rooms, 78 Crosby Street

Dream Downtown, 346 West 17th Street

Fairfield Inn New York, 92 rooms, 21 West 37th Street

Gansevoort Hotel, 249 rooms, corner of East 29th Street and Park Avenue South

Holiday Inn Express, 112 rooms, 126 Water Street

Hotel Indigo, 20 floors / 122 rooms, 128 West 28th Street

Hyatt Andaz Fifth Avenue, 41st Street at Fifth Avenue

Hyatt Andaz Wall Street, 253 rooms, 75 Wall Street

InterContinental New York Times Square Hotel, 36-stories / 607 rooms, at 44th Street

James New York, 114 rooms, at Grand and Thompson Streets

Kimpton Hotels Eventi, 292 rooms, 30th St. and Avenue of the Americas

Mondarin New York, 270 rooms, Soho

Nolitan, 55 rooms, 30 Kenmare Street at Elizabeth Street

Sheraton Brooklyn, 321 rooms, 228 Duffield Street

Sherton Tribeca, 369 rooms, 370 Canal Street

Trump Soho, 391 rooms, 246 Spring Street

W New York Downtown, 58 floors / 217 rooms, 123 Washington Street

World Center Hotel, 169 rooms, 144 Washington Street

Wyndham Hotels Fashion 280 rooms, 26, 152 West 26th Street

Conrad Hotels & Resorts is constructing a 463-room property in the financial district with a scheduled opening of Fall 2011.

New York City Information Resources

Independent Budget Office (IBO)   www.ibo.nyc.ny.us/

New York City Comptroller's Office   www.comptroller.nyc.gov/

New York City Department of Finance   www.nyc.gov/html/dof/html/home/home.shtml

New York City Economic Development Corp.   www.nycedc.com/

New York City Office of Management and Budget   www.nyc.gov/html/omb/html/home/home.shtml

New York City Rent Guidelines Board (RGB)   www.housingnyc.com/

After Hours

Metropolitan New York is the location for many cultural events, attractions and museums that will appeal to all interests:

Bank Addresses

1st Nationwide Bank, 1185 Avenue of the Americas, New York, NY 10036   · Map ·

Abacus Federal Savings Bank, 6 Bowery, New York, New York 10013   · Map ·

ABN AMRO, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055   · Map ·

Agricultural Bank of China, 375 Park Avenue, New York, NY 10152   · Map ·

Alfa Bank, 540 Madison Avenue, New York, NY 10022   · Map ·

Allied Bank International, 641 Lexington Avenue, 10th Floor, New York, NY 10022   · Map ·

Allied Irish Bank, 405 Park Avenue, 2nd Floor, New York, NY 10022   · Map ·

Alpine Capital Bank, 680 Fifth Avenue, 15th Floor, New York, NY 10019   · Map ·

Amalgamated Bank, 275 Seventh Avenue, New York, NY 10001   · Map ·

American Express Bank, Ltd., World Financial Center, American Express Tower C, 200 Vesey Street, 20-24th Floor, New York, NY 10285   · Map ·

Anglo Irish Bank, 222 East 41st Street, 24th Floor, New York, NY 10017   · Map ·

Antwerpse Diamantbank Nv, 1177 Avenue of the Americas, New York NY 10036   · Map ·

ANZ Bank (Australia & New Zealand Bank), 1177 Avenue of the Americas, 6th Floor, New York, NY 10036   · Map ·

Aozora Bank, 780 Third Avenue, 11th Floor, New York, NY 10017   · Map ·

Apple Bank for Savings, 277 Park Avenue, New York, NY 10172   · Map ·

Arab American Bank, 40 East 52nd Street, 22nd Floor, New York, NY 10022   · Map ·

Arab Bank, 520 Madison Avenue, New York, NY 10022   · Map ·

Arab Banking Corp., 600 Third Avenue, 27th Floor, New York, NY 10016   · Map ·

Asia Bank, NA, 23 Chatham Square, New York, NY 10038   · Map ·

Atlantic Bank of NY, 71 West 35th Street, New York, NY 10001   · Map ·

Australia New Zeland Bank, 1177 Avenue Of the Americas, New York, NY 10036   · Map ·

Banca Antoniana Poplare Veneta, 17 State Street, New York, NY 10004   · Map ·

Banca di Roma, 34 East 51st Street, New York, NY 10022   · Map ·

Banca d'Italia, 590 Madison Avenue, 37th Floor, New York, NY 10022   · Map ·

Banca Intesa Sanpaolo, One William Street, New York, NY 10004   · Map ·

Banca Monte Dei Paschi di Siena, S.p.A., 55 East 59th Street, 9th Floor, New York, NY 10022   · Map ·

Banca Nazionale Del Lavoro, 51 West 52nd Street, 36th Floor, New York, NY 10019   · Map ·

Banca Popolare di Milano, 375 Park Avenue, New York, NY 10152   · Map ·

Banco Bandeirantes SA, 280 Park Avenue, 38th Floor, New York, NY 10017   · Map ·

Banco Bradesco SA, 450 Park Avenue, 32nd and 33rd Floors, New York, NY 10022   · Map ·

Banco Ciudad de Buenos Aires, 225 Park Avenue, New York, NY 10169   · Map ·

Banco Commercial, 45 West End Avenue, New York, NY 10023   · Map ·

Banco de Bogota, 375 Park Avenue, New York, NY 10152   · Map ·

Banco de Chile, 535 Madison Avenue, 9th Floor, New York, NY 10022   · Map ·

Banco de la Nación Argentina, 225 Park Avenue, 3rd Floor, New York, NY 10169   · Map ·

Banco de la Provincia de Buenos Aires (Banco Provincia), 609 Fifth Avenue, New York, NY 10017   · Map ·

Banco del Estado de Chile, 400 Park Avenue, 2nd Floor, New York, NY 10022   · Map ·

Banco do Brasil, 600 Fifth Avenue, 3rd Floor, New York, NY 10036   · Map ·

Banco Espanol Credito, 730 Fifth Avenue, 7th Floor, New York, NY 10019   · Map ·

Banco Espirito Santo, 320 Park Avenue, New York, NY 10022   · Map ·

Banco Itau SA, 540 Madison Avenue, 24th Floor, New York, NY 10022   · Map ·

Banco Latinoamericao, 600 Lexington Avenue, New York, NY 10022   · Map ·

Banco Popular, 5 West 51st Street, New York, NY 10019   · Map ·

Banco Republica Oriental, 1700 Broadway, 31st Floor, New York, NY 10019   · Map ·

Banco Santander SA, 45 East 53rd Street, New York, NY 10022   · Map ·

Bangkok Bank, 29 Broadway, 20th Floor, New York, NY 10006   · Map ·

Bank Austria AG, 150 East 42nd Street, New York, NY 10017   · Map ·

Bank Hapoalim B M, 1177 Avenue of the Americas, 14th Floor, New York, NY 10036   · Map ·

Bank Julius Baer, 330 Madison Avenue, New York, NY 10017   · Map ·

Bank Leu, Park Avenue Tower, 65 East 55th Street, New York, NY 10022   · Map ·

Bank Leumi USA, 579 Fifth Avenue, New York, NY 10017   · Map ·

Bank Negara Indonesia, One Exchange Plaza / 55 Broadway, New York, NY 10006   · Map ·

Bank Negara Malaysia, 900 3rd Avenue, 18th Floor, New York, NY 10022   · Map ·

Bank of Baroda, One Park Avenue, New York, NY 10016   · Map ·

Bank of China, 410 Madison Avenue, New York, NY 10017   · Map ·

Bank of Communications, 55 Broadway, New York, NY 10006   · Map ·

Bank of East Asia, 202 Canal Street, 2nd Floor, New York, NY 10013   · Map ·

Bank of Fukuoka, 165 Broadway, 47th Floor, New York, NY 10006   · Map ·

Bank of India, 277 Park Avenue, New York, NY 10172   · Map ·

Bank of Indonesia, One Liberty Plaza, New York, NY 10006   · Map ·

Bank of Montreal, 3 Times Square, New York, NY 10036   · Map ·

Bank of New York Mellon, One Wall Street, New York, NY 10286   · Map ·

Bank of Scotland Plc, 565 Fifth Avenue, New York, NY 10017   · Map ·

Bank of Taiwan, 100 Wall Street, 11th Floor, New York, NY 10005   · Map ·

Bank of Tokyo-Mitsubishi UFJ Trust Company, 1251 Avenue of the Americas, New York, NY 10020   · Map ·

Bank Rakyat Indonesia, 14 Wall Street, 11th Floor, New York, NY 10005   · Map ·

Banque et Caisse d'Epargne de l'Etat Luxembourg, 712 5th Ave, New York, NY 10019   · Map ·

Banrisul (Banco de Estado do Rio Grande do Sul, S.A.), 500 Fifth Avenue, New York, NY 10110   · Map ·

Barclays Bank Plc, 200 Park Avenue, New York, NY 10166   · Map ·

BayLB (Bayerische Landesbank), 560 Lexington Avenue, 22nd Floor, New York, NY 10022   · Map ·

BBVA (Banco Bilbao Vizcaya Argentaria), 1345 Avenue of the Americas, New York, NY 10105   · Map ·

BNP Paribas, 919 Third Avenue, 4th Floor, New York, NY 10022   · Map ·

Caixa Geral de Depósitos, 280 Park Avenue, 28th floor, New York, NY 10017   · Map ·

Canadian Imperial Bank of Commerce (CIBC), 300 Madison Avenue, New York, NY 10017   · Map ·

Caylon Investment Bank, 1301 Avenue of the Americas, New York, NY 10019   · Map ·

Chang Hwa Commercial Bank, 685 Third Avenue, New York, NY 10017   · Map ·

Chiba Bank Ltd., 1133 Avenue of the Americas, 15th Floor, New York, NY 10036   · Map ·

Chinatrust Commercial Bank (USA), 366 Madison Avenue, 3rd Floor, New York, NY 10017   · Map ·

CIC (Crédit Industriel et Commercial), 520 Madison Avenue, New York, NY 10022   · Map ·

CITIC Ka Wah Bank, 410 Park Avenue, 18th Floor, New York, NY 10022   · Map ·

Citigroup, Inc., 399 Park Avenue, New York, NY 10043   · Map ·

Commercial Bank of Kuwait, 350 Park Avenue, 19th Floor, New York, NY 10022   · Map ·

Commerzbank AG, 2 World Financial Center, New York, NY 10281   · Map ·

Commonwealth Bank of Australia, 599 Lexington Avenue, New York, NY 10022   · Map ·

Credit Suisse, 11 Madison Avenue, New York, NY 10010   · Map ·

Depfa Bank plc, 623 Fifth Avenue, 22nd floor, New York, NY 10022   · Map ·

Deutsche Bank, 60 Wall Street, New York, NY 10005   · Map ·

Dexia Crédit Local, 445 Park Avenue, 7th Floor, New York, NY 10022   · Map ·

DnB NOR (Den Norske Bank), 200 Park Avenue, 31st Floor, New York, NY 10017   · Map ·

Doha Bank, 100 Wall Street, New York, NY 10005   · Map ·

Dresdner Bank AG, 1301 Avenue of the Americas, New York, NY 10019   · Map ·

DZ Bank (Deutsche Zentral-Genossenschaftsbank), 609 Fifth Avenue, New York, NY 10017   · Map ·

Eastbank N.A., 183 Centre Street, New York, NY 10013   · Map ·

Emigrant Savings Bank, 6 East 43rd Street, New York, NY 10017   · Map ·

Erste Bank, 280 Park Avenue, New York, NY 10017   · Map ·

EuroHypo AG, 1114 Avenue of the Americas, New York, NY 10036   · Map ·

First Commercial Bank, 750 3rd Avenue, 34th Floor, New York, NY 10017   · Map ·

Fortis Bank SA/NV, 520 Madison Avenue, New York, NY 10022   · Map ·

Glitnir Capital Corporation, 222 East 41st Street, Suite 2515, New York, NY 10017   · Map ·

Gulf International Bank, 330 Madison Ave., 37th Floor, New York, NY 10017   · Map ·

Gunma Bank, 780 Third Avenue, New York, NY 10017   · Map ·

Habib Bank, Ltd., 60 East 42 Street, Suite 535, New York, NY 10165   · Map ·

Habib American Bank, 99 Madison Avenue, New York, NY 10016   · Map ·

Hana Bank, 650 Fifth Avenue, 15th Floor, New York, NY 10019   · Map ·

HSBC Bank USA, 452 Fifth Avenue, New York NY 10018   · Map ·

HSH Nordbank, 230 Park Avenue, New York, NY 10169   · Map ·

Hua Nan Commercial Bank, 330 Madison Avenue, 38th Floor, New York, NY 10017   · Map ·

Industrial Bank of Korea, 1250 Broadway, 37th Floor, New York, NY 10001   · Map ·

Interaudi Bank, 19 East 54th Street, New York, NY 10022   · Map ·

Investec, 1 Battery Park Plaza, New York, NY 10004   · Map ·

JP Morgan Chase, 270 Park Avenue, New York, NY 10017   · Map ·

KBC Bank NV, 1177 Avenue of the Americas, New York, NY 10039   · Map ·

KBC Financial Products USA Inc., 140 East 45th Street, 2 Grand Central Tower, 42nd Floor, New York, NY 10017   · Map ·

Kookmin Bank, 565 Fifth Avenue, 24th Floor, New York, NY 10017   · Map ·

Korea Development Bank, 320 Park Avenue, 32nd Floor, New York, NY 10022   · Map ·

Landesbank Baden-Württemburg (LBBW), 280 Park Avenue, New York, NY 10017   · Map ·

Landesbank Hessen-Thüringen (Helaba), 420 Fifth Avenue, New York, NY 10018   · Map ·

Malayan Bank Berhard, 400 Park Avenue, 9th Floor, New York, NY 10022   · Map ·

Mashreqbank psc, 255 Fifth Avenue, New York, NY 10016   · Map ·

Mega International Commercial Bank, 65 Liberty Street, New York, NY 10005   · Map ·

Metropolitan Bank and Trust Company, 10 East 53rd Street, New York, NY 10022   · Map ·

Mitsubishi UFJ Trust and Banking Corporation, 520 Madison Avenue, 39th Floor, New York, NY 10022   · Map ·

Mizuho Corporate Bank, 1251 Avenue of the Americas, New York, NY 10020   · Map ·

National Australia Bank, 245 Park Avenue, 28th Floor, New York, NY 10167   · Map ·

National Bank of Canada, 65 East 55th Street, 31st Floor, New York, NY 10022   · Map ·

National Bank of Egypt, 40 East 52nd Street, New York, NY 10022   · Map ·

National Bank of Kuwait, 299 Park Avenue, New York, NY 10171   · Map ·

National Bank of Pakistan, 100 Wall Street, 21st Floor, New York, NY 10005   · Map ·

Natixis Bank, 1251 Avenue of the Americas, 34th Floor, New York, NY 10020   · Map ·

NBK (National Bank of Kuwait), 17 Park Avenue, New York, NY 10016   · Map ·

New York Private Bank & Trust Company, 5 East 42nd Street, New York, NY 10017   · Map ·

NIBC Credit Management (NIBC Bank NV), 527 Madison Ave., 8th Floor, New York, NY 10022   · Map ·

N.M Rothschild, 1251 Avenue of the Americas, 51st floor, New York, NY 10020

NORD LB (Norddeutsche Landesbank), 1114 Avenue of the Americas, New York, NY 10036   · Map ·

Nordea Bank Finland Plc / Nordea Bank Norge, 437 Madison Ave, 22nd Floor, New York, NY 10022   · Map ·

Norinchukin Bank, 245 Park Avenue, 29th Floor, New York, NY 10167   · Map ·

Oversea-Chinese Banking Corporation (OCBC Bank), 1700 Broadway, 18th Floor, New York, NY 10019   · Map ·

Philippine National Bank, 546 Fifth Avenue, 8th Floor, New York, NY 10036   · Map ·

Rabobank Nederland, 245 Park Avenue, New York, NY 10167   · Map ·

Royal Bank of Canada, 12 East 49th Street, New York, NY 10017   · Map ·

Royal Bank of Scotland, 101 Park Avenue, 10th & 11th Floors, New York, NY 10017   · Map ·

Shanghai Commercial Bank Ltd., 125 East 56th Street, New York, NY 10022   · Map ·

ShinHan Bank, 315 Fifth Avenue, New York, NY 10016   · Map ·

Shinkin Central Bank, 114 West 47th Street, New York, NY 10036   · Map ·

Shizuoka Bank, 101 East 52nd Street, New York, NY 10022   · Map ·

Shoko Chukin Bank, 666 Fifth Avenue, 9th Floor, New York, NY 10103   · Map ·

Societe Generale, 1221 Avenue of the Americas, New York, NY 10020   · Map ·

Standard Chartered Bank, One Madison Avenue, New York, NY 10010   · Map ·

State Bank of India, 460 Park Avenue, New York, NY 10022   · Map ·

Sumitomo Mitsui Banking Corp., 277 Park Avenue, 5th & 6th Floors, New York, NY 10017   · Map ·

Svenska Handelsbanken, 875 Third Avenue, 4th Floor, New York, NY 10022   · Map ·

Swedbank, One Penn Plaza, 15th floor, New York, NY 10001   · Map ·

T.C. Ziraat Bankasi, 475 Fifth Avenue, New York, NY 10017   · Map ·

Taipei Fubon Commercial Bank, 100 Wall Street, 14th Floor, New York, NY 10005   · Map ·

Taunus Corp., 60 Wall Street, New York, NY 10005   · Map ·

Toronto Dominion Bank, 31 West 52nd Street, New York, NY 10019   · Map ·

Turkiye Vakiflar Bank (VakifBank), 680 Fifth Avenue, New York, NY 10019   · Map ·

UBS AG (Union Bank of Switzerland), 101 Park Avenue, New York, NY 10017   · Map ·

UniCredit Bank / HVB Capital Markets, 150 East 42nd Street, New York, NY 10017   · Map ·

United Bank Ltd., 80 Broad Street, 24th Floor, New York, NY 10004   · Map ·

United Overseas Bank, 592 Fifth Avenue, New York, NY 10036   · Map ·

Wachovia, 12 East 49th Street, New York, NY 10017   · Map ·

WestLB (Westdeutsche Landesbank), 1211 Avenue of the Americas, 23rd & 24th Floor, New York, NY 10036   · Map ·

Westpac Bank, 575 Fifth Avenue, 39th Floor, New York, NY 10017   · Map ·

Woori Bank, 245 Park Avenue, 41st Floor, New York, NY 10167   · Map ·

Zurich Capital Markets Inc., 105 East 17th Street, New York, NY 10003   · Map ·