Grand Central Partnership

2013 Annual Report

highlighting an historic year CONTENTS

The Grand Central Partnership (GCP) manages one of the world’s oldest, busiest, and largest Business Improvement Districts (BIDs) on behalf of the Grand Central District Management Association. GCP serves approximately 70 square blocks in Midtown Manhattan surrounding Grand Central Terminal, the landmark transportation hub and destination. A nonprofit organization, GCP is now in its second quarter century of delivering supplemental public safety, sanitation, capital improvements, maintenance, horticultural displays, business support, and visitor services. Financed by special assessments on the area’s properties, the BID operations are provided under a renewable contract with the City of New York. 2 Message from the Chairman and President/CEO

4 Highlighting an Historic Year for the Grand Central Partnership

1 6 Key Statistics

1 7 Commemorating 100 Years of Grand Central Terminal

1 8 Financial Statements

2 0 Board of Directors and Management

GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 1 2013 ANNUAL REPORT MESSAGE FROM THE CHAIRMAN AND PRESIDENT/CEO welcome!

2013 was a landmark year for the Grand Central neighborhood – a year marked by two milestone anniversaries: The Grand Central Partnership’s (GCP’s) 25th Anniversary of providing important public safety and sanitation services to the Grand Central Business

Improvement District; and the 100th Anniversary of the opening of Wechsler Howard Photo: Grand Central Terminal.

This annual report provides a synopsis of GCP’s accomplishments in We would also like to thank all of our partners who have been a part 2013, while highlighting our efforts throughout our twenty-five-year of this renewal endeavor throughout these 25 years: merchants, history that have contributed to neighborhood renewal, particularly property owners, residents, institutions, government agency staff, through illumination. elected officials and all others who have provided support. Their help has been crucial throughout our development and throughout As one part of GCP’s contribution to the year-long Grand Central the ongoing rejuvenation of the area. Terminal Centennial Celebration, we worked with Historical Arts & Casting, Inc. to restore one of the original lampposts that lined As we contemplate our next quarter century, we look forward the Park Avenue Viaduct around the Terminal for much of the 20th to celebrating the long-awaited completion and opening of the century. The lamppost embodies aspects of both momentous permanent pedestrian plaza in Pershing Square that has been – in occasions we commemorated in 2013. Like the Terminal it was one form or another – a part of GCP’s vision for the neighborhood designed to complement, this lamppost provides light while since GCP was first formed. We also look forward to future embodying physical splendor and – a hundred years later – discussion on the rezoning of East Midtown, a subject of great focus historical significance. It also stands as a symbol of GCP’s role in the during this reporting year, as well as any discussion that supports transformation of our neighborhood over the past 25 years – a role the Grand Central neighborhood’s efforts to meet the needs of the of catalyzing renewal or, more broadly, shining light throughout 21st century, as it maintains its place among the world’s preeminent our Midtown neighborhood. central business districts.

This report also enables us to honor the commitment and actions With our ongoing commitment and passion, effective service of our founders – most still active members of our GCP family – delivery, and the continued partnership with all of our stakeholders, for their vision and foresight in establishing this great organization there is no doubt that the Grand Central Partnership District’s future and laying out its mission. We also salute our entire GCP team of will continue to be bright. public safety officers, sanitation workers, maintenance personnel, tourist greeters and business support professionals, past and present. Their hard work and tireless dedication have been integral

to our neighborhood securing its standing as one of the most Peter S. Kalikow Alfred C. Cerullo, III dynamic and influential business districts in the world. Chairman President/CEO

2 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 3 highlighting an historic year FOR THE grand central partnership shining a light on our nighttime

HAPPY 25TH GCP! past – the streets of the Grand Central While there’s no question great neighborhood were commonly almost change has occurred in the Grand deserted. Many are also taking advan- Central neighborhood in the one tage of our area’s other nighttime and streetscape hundred years that have passed since weekend opportunities, including our the opening of Grand Central Terminal food and drink establishments (350 in 1913, one could argue that the area in 2013), and our museums, libraries, has experienced a century’s worth of performing arts spaces and other change in just the past 25 years that cultural attractions. the Grand Central Partnership (GCP) LET THERE BE LIGHT! has been providing services! Just as Much of this new nighttime activ- the Terminal has seen a complete ity is affected by a fairly basic, yet transformation since those first days of hugely impactful initiative of GCP: the GCP’s existence, so too, has the neigh- illumination of the district at night. Our borhood surrounding it undergone lighting programs – from replacing all a sea change to a round-the-clock standard city light poles in the district community, serving as a place to wind with 486 of our own unique and down from the workday at area restau- historic design, to the rooftop lighting rants, bars and lounges, or to get in program that illuminates the Terminal’s a workout, massage or other beauty façade – have fundamentally improved treatment to relieve work-related the safety and attractiveness of stress. Area workers, visitors, stake- the GCP streetscape at night. This holders and residents also have the improvement in visual appeal has opportunity to indulge in retail therapy been a crucial element in fostering in the district by patronizing the the increased evening and weekend area’s plentiful and unique shopping activity we have experienced at retail outlets (232 in 2013) in the evenings businesses and food and drink estab- and on weekends; times when – in the lishments throughout the district.

We have further enriched the night- time illumination of the district by installing nearly 300 brightly self-lit, LED street signs whose colors and

GCP’s signature streetlights add a variety of visual improvements to our streets: first and foremost, light, but Our illuminated street also the burst of floral color or signs serve as navigational holiday lighting of our hanging beacons within our district baskets, as well as signage and for pedestrian and vehicular other infrastructural elements. traffic alike. 4 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 5 Our new, upgraded, energy- In 2013, GCP replaced the efficient LED stadium decades-old stadium light lights have reduced energy fixtures atop neighboring consumption by 83%. buildings that light the Terminal, creating a more modern, whiter, spotlight for illuminating our district’s crown jewel. a legendary landmark

lighting make the street names “pop” were successfully retrofitted with new more than the traditional ones. In state-of-the-art LED lighting fixtures 2013, we installed yet another group that achieve an 83% reduction in of these illuminated signs, bringing to energy consumption (total wattage) completion the replacement of street and a 75% reduction in energy supply signs in the district with our signature costs. The remaining light tower will be illuminated ones. Not only does the refitted with the energy-efficient light- blue and white glow of the signs add ing assemblage shortly. The resulting to the brightness of the streetscape in wash of light from these new stadium the district at night, they also greatly light fixtures floods the exterior of increase the ease of navigating the the Terminal with a whiter, more even, neighborhood’s streets for both and more luminous illumination of our pedestrians and vehicles alike. district’s centerpiece.

SPOTLIGHTING GRAND Plans for enhancements to the Park CENTRAL TERMINAL Avenue Viaduct that spans 42nd As our way of honoring the truly Street in front of the Terminal and astounding legacy of 100 years of carries vehicles around the Terminal Grand Central Terminal’s existence, and through 230 Park Avenue were GCP undertook a number of capital approved in 2013, as well. GCP will improvement projects impacting add lighting and backlit signage on the exterior of the Terminal in 2013. both sides of the viaduct, identify- In addition to restoring one of the ing Pershing Square to the south original bronze Park Avenue Viaduct and Grand Central to the north. lampposts, GCP also upgraded the Additionally, a lighting scheme for rooftop stadium lights that have the underside of the viaduct will be illuminated the façade and side of the installed, highlighting the entrance Terminal for more than twenty years. to the Terminal underneath Park Three of the four stadium light towers Avenue at 42nd Street. Together, these projects will create a colorfully engaging, visual destination in the heart of the district.

6 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 7 CORE SERVICES SUPPORT 24/7 past 11 pm during major portions of NEIGHBORHOOD ACTIVITY the year, our Public Safety Officers It’s impossible to talk about the Grand logged a total of nearly 75,000 patrol Central neighborhood as a round- hours for the year. In fact, these the-clock community and 24-hour extended patrol hours, which we destination for business, tourism, began nearly a decade ago, mark a brightening culture, dining, nightlife and entertain- significant programmatic change that 2013 saw four seasonal ment, without recognizing the role has coincided with more than two plantings of 21,024 assorted that our core Sanitation and Public decades of continued falling crime plants, splashing Safety programs have played in rates. According to statistics from floral color throughout creating this welcoming atmosphere. the NYPD CompStat Unit, crime in the neighborhood. up our bustling the NYPD’s Midtown South, 17th and In 2013, our Sanitation staff logged Midtown North precincts – each of over 135,000 hours of cleaning time which cover some portion of GCP’s and removed nearly 213,000 bags of geography, but also include much of trash from the neighborhood. Not only streets Midtown Manhattan between 29th and did this effort result in GCP receiving 59th Streets and the East and Hudson 100% ratings from the Mayor’s Office Rivers – changed by -1.14%, +0.39% of Operations for sidewalk and street and -1.82%, respectively in 2013. Since cleanliness for all four quarters of 1990, crime in these three precincts 2013, but it also helped set the stage has fallen by -87.47%, -83.22% and for a year in which New York City -85.24%, respectively. hosted a record 54.3 million visitors. Our neighborhood, in particular, As a safer, cleaner community, and played host to Major League Baseball with our neighborhood’s unparalleled All Star Game festivities, Grand Central options for dining, nightlife, culture Terminal Centennial programming and and entertainment, it’s no surprise numerous other high-profile events. that we saw 16.4% and 15% respective increases in Saturday and Sunday While patrolling the district daily pedestrian traffic in our Springboard from 7 am to 11 pm year-round, Public camera-monitored areas in May 2013, Safety staff responded to 1,368 as compared to May 2012. requests for assistance in 2013. With additional nighttime patrol hours

As part of our contributions to Grand Central Terminal’s Centennial Celebration, GCP worked with Metro-North to rebuild the signature taxi stand at Vanderbilt and 42nd Street, where our Public Safety team hails cabs for passengers, day and night.

8 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 9 (Right) In July 2013, the Grand Central neighborhood played gracious host to the world’s best baseball players as 42nd Street provided the backdrop for MLB’s The Grand Central annual All Star Red Carpet Show. neighborhood continues to shine during the holiday (Below right) GCP retired the #42 of Yankees season. Pedestrian counts closer Mariano Rivera with special illuminated East at Lexington Avenue and 42nd Street signs in front of the Terminal during 43rd Street in December Thanksgiving. Ben Wurzel, who came up with the 2013 increased 14.3% over tribute idea, presented Rivera with one of the signs at December 2012. a star for a Lord & Taylor event weeks later.

all seasons Photos Levinson/MLB Thomas Photo: greater operational efficiencies in our public safety, sanitation, tourism, and district-wide maintenance programs. While the review continues, it has already proven fruitful in providing data supporting the establishment of a unified supervisory team for all field operations divisions, streamlining staffing needs and making our opera- tions more cost-effective.

In our ongoing mission to assist those HIGH STAKEHOLDER SATISFACTION most in need around our area and to Our stakeholders appreciate our address this priority for our stakehold- commitment to these core services, ers, GCP engaged Common Ground too! The results of a customer service to provide homeless services in the survey of our district stakeholders, Grand Central neighborhood, begin- conducted for us by Global Strategy ning on July 1, 2013. The Common Group LLC, were released in 2013 and Ground team has since made 359 indicate a high level of satisfaction referrals to provide medical, hous- among our stakeholders with regard ing, food, clothing and mental health to our district’s safety, cleanliness services for homeless individuals in and beautification. The survey results the GCP area, helping to provide them also indicate public safety and cleanli- with a healthier, more stable life. ness continue to be our stakeholders’ highest priorities as areas of focus for CHANGES AHEAD? GCP’s attention and efforts – efforts While hyper-local efforts by our orga- they feel are providing good value on nization and the revitalization of Grand their investment in GCP. Central Terminal produced great change in the Grand Central neighbor- Despite nearly universal approval hood over the past 25 years, events among survey respondents of the job in 2013 at the city government level GCP does, we continue to strive to set the stage for additional changes improve our programmatic perfor- in the area, as the Department of City mance and cost-efficiency, however Planning’s East Midtown Rezoning and wherever we can. For this reason, Proposal made its way through the during 2013, the organization com- public review process. This pro- menced a strategic field operations posal, covering a geographic area review to assess the potential for that is essentially the Grand Central Partnership’s district, provided opportunities for redevelopment

10 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 11 in the area. While the proposal was PERSHING SQUARE DREAM eventually withdrawn at the close of NEARS REALIZATION the year, we will be monitoring the A part of the Grand Central City’s next steps. As we did through- Partnership’s master plan, commis- out 2013, the GCP team will monitor sioned soon after our establishment, all actions taken, hearings held, and the design approval and other final testimony given, while participating preparations for the construction of on behalf of the organization when the Pershing Square Pedestrian Plaza necessary, as well as keeping GCP took place in 2013. The final plaza stakeholders apprised of all relevant design was officially approved by the news. Public Design Commission in January 2013 and the project was bid out in DEVELOPING FOR THE FUTURE cooperation with the Department of Leasing and real estate development Design & Construction, which awarded in the Grand Central Partnership area the contract to Triumph Construction. continued apace throughout 2013. The construction contract award With new leases, lease renewals and was approved by the Office of lease expansions by major law firms Management & Budget in September and financial firms accounting for 2013 and was registered by the NYC just over three million square feet of Comptroller’s office early in 2014. office space in the district, the Grand Construction is expected to begin by Central area also saw the announce- Spring 2014. ment of three major development projects and the successful purchase GUIDING YOUR WAY of five major commercial buildings in 2013 also saw the beginning of GCP’s 2013. These and other buildings in the involvement in a new, citywide way- GCP neighborhood are reconfiguring finding initiative, known as WalkNYC. their structures with an eye toward This city government initiative is offering upgraded and increased retail intended to result in vertical, “heads- footage spanning the first two floors up” sign fixtures embedded in the of each building, as opposed to retail sidewalk at key junctures of NYC centered exclusively on the ground neighborhoods to provide assistance floor. This trend reflects the increased to pedestrians navigating the city. demand for retail and restaurant leas- GCP spent much of 2013 meeting with ing opportunities in the Grand Central representatives of the Department of neighborhood and the desire of many Transportation to discuss our potential businesses to join the over 900 retail role in this exciting program, which the warm glow of outlets already thriving in the district. would include curating content, key

Close to a hundred of our neighborhood’s food our unparalleled and drink establishments

were open until at least Eric Isaac Photo: 10:30 pm in 2013, a sign of our area’s changing dining options nightlife experience. Grand Gourmet – our annual food and drink showcase and benefit – has promoted dozens of the area’s finest establishments each year for over 14 years now.

12 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 13 enlightening the public with timely information

sites and other GCP neighborhood are kept apprised of all legislatively data for inclusion on the maps in our mandated regulations they are subject area and on the signage surrounding to, and the governmental resources them. The WalkNYC signs, when final- that are available to them. ized, can join the other streetscape EXPANDING OUR LOCAL AUDIENCE amenities GCP installs and maintains Another way we communicate with on the district’s sidewalks – like our our constituency is through digital nearly 900 signature planters, hang- communication. In 2013, we began ing baskets and tree pits, as well as the expansion of our social media our granite street corners, benches, presence in earnest with the launch bike racks, news racks and trash of our GCP Facebook and Instagram receptacles. accounts and the expansion of our In addition to providing navigational Twitter following. Our goal with our assistance to pedestrians in the social media channels is to attract a district via sidewalk wayfinding, GCP largely local, engaged audience of has extensive experience preparing followers – we now have nearly 3,000 maps. We produced a printed map combined followers on Facebook, of our district for distribution from Instagram and Twitter – to which our mobile Tourist Greeter kiosks and we can communicate the regulatory the GCP-staffed information and business assistance informa- window on the Main Concourse of tion mentioned above, as well as Grand Central Terminal. In 2013 alone, promote the neighborhood and all of we distributed nearly a half million its around-the-clock opportunities. maps. We have also undertaken an We also continue to make use of our extensive revamping of our website’s news@gcp newsletter to disseminate In 2013, GCP’s Tourist In 2013, we began the interactive map of the GCP district and information weekly, while employing Greeter program provided expansion of our social the accompanying business listings our Facebook and Twitter accounts to guidance and answered media presence on this year. communicate specific information to nearly half a million Facebook, Twitter and particular audiences. inquiries from mobile Instagram, attracting While our helpful maps make up the information kiosks, like an audience of nearly majority of the collateral materials Whether via our website, our social the one seen here, as well 3,000 people. we distribute, we also hand-deliver media channels, individual digital as from the pertinent regulatory and business communications via GCP email, or window on Grand Central assistance information to our retail via hand-delivered flyers of pertinent Terminal’s Main Concourse and restaurant businesses, as needed, regulatory and business assistance that GCP operates. in order to help ensure our businesses information, our ability to effectively spread our message continues to expand and become more effective.

14 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 15 Key Statistics COMMEMORATING 100 YEARS OF grand central TERMINAL

Public Safety Officers patrolled nearly planters, hanging baskets and tree pits GCP maintains nearly Grand Central Terminal celebrated its 100th birthday in HOURS 75,000 900 grand style, as is only fitting! Kicking off the year-long celebration on February 2, 2013 was a gala anniversary event, studded with NYC celebrities and power players who have all helped to preserve and rejuvenate Grand Central We have multi-news racks with publications distributed from them over the past two decades. The celebration continued with 83 37 events throughout the year, including a special exhibition highlighting the Terminal’s history and significance; a special series of performances commissioned in the Terminal’s honor and a series of related events in Vanderbilt Hall Sanitation cleaning and on the Terminal’s Main Concourse. Having shaped the staff hours neighborhood surrounding it from its beginning, Grand logged in Central Terminal will undoubtedly continue to multitask as approximately 2013 centerpiece, heart, and bustling engine of the Grand Central 135,000 neighborhood for the next hundred years and more!

bags of trash carted from the GCP district 16.4% increase in Saturday pedestrian traffic and

We have 287 illuminated street signs, 15% with newly installed in 2013 increase in Sunday 24 pedestrian traffic from May 2012 to May 2013 Grand Central Terminal began the celebration of its Centennial with a ceremonial gala on the 75% Main Concourse on February 2nd, 2013 (top and right). For reduction in energy supply costs, the Centennial, GCP found and refurbished one of the original retail outlets cast-iron lampposts (above left) in the formerly located on the Park Avenue Viaduct. 83% GCP district reduction in energy consumption for rooftop lighting of GCT façade OVER 900

16 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 17 Grand Central Partnership, Inc. Grand Central Partnership, Inc. Grand Central District Management Association, Inc. Grand Central District Management Association, Inc. Combined Statements of Financial Position Combined Statements of Activities

Years ended June 30, 2013 and 2012 Years ended June 30, 2013 and 2012

2013 2012 2013 2012

Assets Support and Revenues: Cash and cash equivalents $ 2,555,626 $ 2,015,517 Unrestricted Program revenue receivable 128,467 59,590 Assessment revenue $ 12,709,372 $ 12,697,426 Program service revenue Investments 3,164,475 2,812,555 377,252 309,999 Special event: Prepaid expenses 314,784 307,716 Special event revenue 182,845 166,417 Bond funds held by trustee 1,659,987 2,305,923 Less: Special event expense (182,845) (166,417) Property and equipment, net 12,981,813 13,824,842 Net special event income — — Capitalized bond issuance costs, net 426,057 476,182 Security deposits 115,481 115,481 Contributions 6,397 14,638 Pershing Square rental income, net 239,945 242,437 Total assets $ 21,346,690 $ 21,917,806 Investment income 172,098 189,771 Other income 71,178 700 Liabilities and Net Assets Total support and revenues 13,576,242 13,454,971 Liabilities: Accounts payable and accrued expenses $ 464,449 $ 380,961 Expenses: Deferred income 81,230 82,281 Program expenses: Deferred rent 265,741 200,405 Public Safety 2,693,363 2,688,088 Accrued bond interest 403,125 437,875 Sanitation 3,393,610 3,341,156 Bonds payable 16,526,668 18,026,382 External Affairs 1,001,348 900,353 Capital Improvements 2,220,341 2,370,430 Total liabilities $ 17,741,213 $ 19,127,904 District-wide Maintenance 1,132,060 1,197,517 Commitments and contingencies Horticulture 491,949 426,647 Social Services 147,931 145,211 Net Assets: Total program expenses 11,080,602 11,069,402 Unrestricted 3,605,477 2,789,902 Management and general 1,680,065 1,518,278 Temporarily restricted — — Total expenses 12,760,667 12,587,680 Permanently restricted — —

Total net assets 3,605,477 2,789,902 Increase/(Decrease) in Net Assets:

Total liabilities and net assets $ 21,346,690 $ 21,917,806 Unrestricted 815,575 867,291 Temporarily restricted — — Permanently restricted — — Increase/(Decrease) in net assets 815,575 867,291 Net assets, beginning of year 2,789,902 1,922,611 Net assets, end of year $ 3,605,477 $ 2,789,902

Audit provided by Skody Scot & Company, CPAs, P.C. Full statements and financial notes to be provided upon request.

18 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT 19 2014 BOARD OF DIRECTORS OFFICERS Peter S. Kalikow, Chairman Alfred C. Cerullo, III, President/CEO Steven Spinola, Secretary George P. Twill, Treasurer Peter J. Lempin, Executive Vice President Marc Wurzel, Assistant Secretary Robert Adinolfi, Assistant Treasurer

BOARD OF DIRECTORS John J. Gilbert, III Morris Moinian statutory directors Management FIELD OPERATIONS (Alternate Directors in italics) Rudin Management Company, Inc. Nicholas Moinian Hon. Bill de Blasio, Mayor of the Alfred C. Cerullo, III, President/CEO Lindsay Eason, Director Fortuna Realty Group Alan B. Abramson David R. Greenbaum City of New York Peter J. Lempin, Executive Vice Public Safety Adam F. Abramson Gaston Silva Bruce M. Nevins Hon. Maria Torres-Springer, President Abramson Brothers, Inc. Vornado Realty Trust Grande Harvest Wines Bright Kpeme, Supervisor Commissioner, NYC Department of Marc Wurzel, General Counsel Michelle Adams Mark C. Grossich Tracey Oliver Small Business Services Kenneth Lind, Supervisor David Wright Hospitality Holdings, Inc. Paul Stuart Rochelle Patricof, Senior Vice Hon. Scott Stringer, Comptroller of Wilbert Ray, Supervisor Tishman Speyer President & Deputy General Jennifer M. Hensley Mark Pardue the City of New York Counsel William H. Anderson Association for a Better New York Matthew Adams Harvey Rivers, Supervisor Hon. Gale Brewer, Manhattan Carly Miller Grand Hyatt New York Ann DeNivo, Executive Assistant Peter S. Kalikow Borough President Anthony Stuckey, Operations Prudential Real Estate Investors to the President & Benefits Richard T. Nasti David V. Politano Coordinator Hon. Daniel R. Garodnick, Member, Administrator Robert L. Billingsley HJ Kalikow & Co., LLC MetLife New York City Council Marie Bruny, Operations Dispatcher Whitnee Williams Mavelyn Wilson, Executive Office N. Richard Kalikow Thomas Prendergast Cassidy Turley Vikki Barbero, Chair, Manhattan Manager Sanitation Manchester Real Estate & Construction, Metropolitan Transportation Authority Community Board Five Dennis P. Brady LLC Trina Swinson, Administrative Assistant Ricardo Ferguson, District Coordinator Michael J. Regan Jack Resnick & Sons, Inc. Sandro Sherrod, Chair, Manhattan Andrew D. Levin JPMorgan Chase Accounting & Finance Wayde Ferguson, District Coordinator Community Board Six Louis Brause Boston Properties Aby Rosen Robert Adinolfi, Comptroller/CFO Earl Harden, District Coordinator Brause Realty, Inc. We thank all of our former Duncan McCuaig RFR Realty governmental partners who, along with William G. Cohen, III Brookfield Properties Steve Schwartz, Assistant Hector Lorenzo, District Coordinator their dedicated and talented staffs, Newmark Grubb Knight Frank David Rosenberg Comptroller Peter L. Malkin Kicking The Spectrum helped GCP accomplish its many goals Benito Madera, District Coordinator Peter S. Duncan Fred Posniak during 2013: Christopher Bautista, Bookkeeper Steven Spinola Bernard Williams, District Coordinator Matthew Coudert Malkin Holdings LLC Hon. Michael R. Bloomberg Capital Improvements George Comfort & Sons, Inc. Michael Slattery Tourism & Visitor Services John L. Mascialino Real Estate Board of New York & Maintenance Hon. John C. Liu Steven M. Durels Edward C. Wallace Paula Horowitz, Director of Tourism George P. Twill Janice Lohmann, Administrative Lawrence Swiger Greenberg Traurig, LLP Hon. Christine C. Quinn Assistant SL Green Realty Corp. Twill Realty LLC Susan Mendik and the Anthony Westreich EXTERNAL AFFAIRS Douglas D. Durst Kathleen Vallario Monday Properties Jordan Barowitz Bernard H. Mendik Company LLC Hon. Robert W. Walsh Duane Roggendorff, Director of The Durst Organization John J. Whalen External Affairs Howard P. Milstein Fisher Brothers David Ferdinand Georgette Bennett Ryan Pukos, External Affairs Fitzpatrick Hotel Group Milstein Properties Alan H. Wiener Associate Wells Fargo Multifamily Capital Marla Miller Eileen Buser Major League Baseball Properties

Design: Russell Design, NYC www.russelldesign.com Major Photography: BC Studio

The term Grand Central Terminal, GCT, images of the exterior and interior of Grand Central Terminal, Mercury 20 GRAND CENTRAL PARTNERSHIP 2013 ANNUAL REPORT and the Clock are trademarks of the Metropolitan Transportation Authority. Used with permission www.grandcentralpartnership.org @GCPBID www.facebook.com/GrandCentralPartnership