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Annual Report 2020

i CONTENTS

MESSAGE FROM THE CHAIR & PRESIDENT/CEO 1

A NEW YEAR BEGINS 3

COVID-19 & PAUSE 7

POST-PAUSE RESTART 15

FINANCIAL STATEMENTS 28

OFFICERS & BOARD OF DIRECTORS 30

MANAGEMENT 33 As we have every year before, we began 2020 filled with a sense of promise and excitement, and the knowledge that it would hold a few challenges we would inevitably face. Little did we know how quickly that sense of promise would turn to pain, our excitement would turn to anxiety, and the challenges ahead would become more overwhelming than could ever be imagined.

During our more than 30 years of dedicated service, our commu- nity and organization have weathered serious tests: the aftermath of September 11, 2001; electrical power loss in 2003, crippling most of the Eastern Seaboard; a steam pipe explosion at our doorstep that shuttered surrounding businesses and both our field operation and administrative offices for months in 2007; and an economic melt- down in 2008. WELCOME Still, 2020 presented unprecedented challenges, with significant im- pacts felt both across the globe and right here in our Midtown East neighborhood.

As in every instance prior, we continued to fulfill our mandate, deliv- ering core services without interruption. While life around us was on Founded in 1985, the Grand Central Partnership ( GCP ) manages one of the world’s largest Business PAUSE, the Grand Central Partnership ( GCP ) was not. We pressed on Improvement Districts ( BIDs ) on behalf of the Grand with a deep resolve and determination not only to make it through, Central District Management Association. but to improve and to flourish as well.

A nonprofit organization, GCP is now in its fourth de- It is in that spirit that we recount our 2020 in this report, the issues cade of delivering supplemental public safety, san- itation, capital improvements, maintenance, horticul- faced and the successes achieved, while being reminded of the tural displays, business support, and visitor services dedication of our field staff, who helped us get through this most within the Grand Central Business Improvement difficult year, and of the resilience of our stakeholders. District ( BID ). Created in 1988, the BID encompasses approximately 70 blocks of the Midtown East community in , with irregular boundar- If the past is any indication of how we will rebound from the im- ies between East 35th Street, , East 54th mense challenges of 2020, we are confident that, working together, Street, and Second Avenue. With the Beaux-Arts we will successfully reopen, rejuvenate, and rebuild, and thereby masterpiece as its geo- continue to solidify our neighborhood’s reputation as the world’s graphic anchor, the neighborhood offers the very central business district. best of City: it is a bustling center of com- mercial activity by day and a destination for fun and culture by night. We thank you for your continued support and wish you all contin- ued good health and prosperity. Financed by special assessments on the area’s roughly 73 million square feet of built space, the BID operations are provided under a renewable con- tract with the City of New York. Peter S. Kalikow Alfred C. Cerullo, III Chair President/CEO PHOTOGRAPHY BY GOOR STUDIO ( UNLESS OTHERWISE NOTED ) A NEW YEAR

BEGINS JANUARY– FEBRUARY

GRAND GOURMET, A VIBRANT EVENING WITH OVER A THOUSAND ATTENDEES GCP kicked off 2020 focused on the neigh- The event itself was only possible due to borhood dining scene as Midtown East the generosity of its sponsors: Citi, 250 Park neighborhood restaurants participated in Avenue, Bloomberg, Con Edison, The Durst NYC & Company’s annual Restaurant Week®, Organization, Fisher Brothers, Greenberg offering special prix fixe lunch and dinner Traurig, HJ Kalikow & Co., JPMorgan Chase, menus to encourage patrons to dine out. MetLife, the Real Estate Board of New York GCP helped to promote the event and ( REBNY ), Rudin Management Company, SL participating area restaurants in an effort to Green Realty, , and Vornado boost business in what is typically a slow Realty Trust. GCP thanks them for their ongo- period for the hospitality industry. ing support.

Soon after, GCP’s signature marketing and Just 25 days later, everything changed for fundraising event, Grand Gourmet–The 2020. Flavor of Midtown®, returned to Cipriani on Wednesday, February 26, with the 2020 edition marking the 20th an- niversary of Grand Gourmet’s creation and its inaugural event. Over a thousand guests and food and beverage professionals at- tended this gala tasting event highlight- ing the Midtown East neighborhood as a world-class destination for dining and night- life. Messaging promoting Grand Gourmet and Midtown East’s dining and nightlife scene was seen by more than a quarter of a million people through social media posts and e-mail marketing. The event was also featured on the accounts and in the sto- ries of five social media influencers, as well as in over 100 individual posts by attend- ees that helped to share the festivities with the world. Additionally, publications British Vogue, Resident, and Edible Manhattan were all present, covering the event.

4 5 COVID-19

& PAUSE MARCH –JUNE

A GLIMPSE, RARELY SEEN, OF AN EMPTY AT GRAND CENTRAL TERMINAL

Benito Madera for GCP 6 On March 22, “New York State on PAUSE” went into effect, mandating the closure of non-essential businesses in order to cur- tail the spread of the new coronavirus, Thank you to COVID-19. our sanitation GCP’S ESSENTIAL team WORK CONTINUES . . . AND SHINES

While the work of GCP’s Field Operations staff has always been essential to the suc- cess of the organization, the essential nature of the Public Safety, Sanitation, and Visitor Services staffs’ work took on new meaning when the State deemed business improve- ment districts’ field operations essential ser- vices. As a result, GCP staff were present throughout this time, working to ensure the district remained clean, safe, and beautiful.

The nearly 900 storefront businesses in Midtown East, “the world’s central business district,” rely on the large number of office workers who fill its 70-plus million square feet of office space. The closure of these of- fices, then, with most workers instead work- ing from home, has inevitably had a big im- pact on day-to-day life here in the district. In evidence of just how big a drop-off oc- curred, the Metropolitan Transit Authority ( MTA ) reported subway for cleaning and and Metro-North Railroad ridership figures during this time that showed a nearly 95% beautifying the district. drop in traffic coming in to the GCP district, compared to 2019.

8 5 Ave / 35 St 5th Ave / 38 St 5th Ave / 42 St Vanderbilt / 42 St Lex / 42 St 3 Ave / 42 St 5 Ave / 45 St Madison / 45 St Lexington / 51 St

PEDESTRIAN COUNTS: 2019 VS. 2020 GCP’s own pedestrian count data showed similar effects. In February 2020 ( the last 2019 2020 full month before PAUSE went into effect ), 1,676,681 people passed the northeast cor- Feb. ner of Fifth Avenue and 42nd Street, up 0.5% from the prior February. By comparison, in ,  , , , , , , , , , ,,  ,, ,, , , , ,  , , , , May 2020, just 193,237 people were tracked at that corner, down from 2,106,514 in May 2019 — a 90.8% drop in pedestrian traffic as July a direct result of the coronavirus pandemic.

,, ,   ,  , , ,  ,  , , , ,, ,  ,   ,  ,,   , , , , , GCP Field Operations personnel continued to patrol and clean the district, however, sanitizing and beautifying the neighbor- Nov. hood for the residential population both in

,,  , ,  , ,,  , ,,  , ,, , , ,  , ,  ,  ,  ,  , the district and just outside, and for essential workers who were still coming into the area to work.

Simultaneously, GCP’s External Affairs Department reached out to the area’s store- front businesses to monitor their status and provide whatever business assistance they could in the context of this new and daunt- ing reality. The GCP Field Operations team also provided crucial assistance in this en- Fifth Ave at deavor, conducting surveys of storefront E 45th St businesses weekly to assess how many, Fifth Ave at E 42nd St and which, were open or had closed temporarily. Madison Ave at Fifth Ave at E 45th St E 38th St Additionally, GCP’s executive staff — and Fifth Ave at in particular President/CEO Fred Cerullo — E 35th St joined numerous financial aid and business Vanderbilt Ave at Lexington Ave at E 42nd St E 51st St support calls and communications with New York City officials including Manhattan Borough President Gale Brewer; New York City Comptroller Scott Stringer; key representatives, specif- Lexington Ave at ically Speaker Corey Johnson and GCP’s E 42nd St own, Council Member Keith Powers; offi- cials at the New York City Police Department ( NYPD ), the New York City Economic Third Ave at E 42nd St 11 Development Corporation ( NYCEDC ), with NYC & Company’s Coalition for NYC and the NYC Department of Small Business Hospitality & Tourism Recovery, working on THE PAUSE Services ( SBS ); various representatives from GCP’s and Midtown East’s behalf on efforts City Hall and Mayor ’s office; and related to reopening and recovery. On a officials at many other agencies with over- more “behind the scenes” front, he regu- CONTINUES sight related to storefront/retail businesses larly participated in meetings with Jones such as the New York City Department of Lang LaSalle, REBNY, and other coalitions fo- New York City becomes the epicenter hood experienced scattered property Transportation ( DOT ), the NYC Department cused on recovery, offering data specific damage and some looting of businesses of Consumer and Worker Protection to Midtown East as a way to identify trends, In April, the effects of the COVID-19 pan- and buildings, prompting upwards of 90 ( DCWP ), the NYC Department of Buildings potential solutions, and successes. Lastly, demic became increasingly felt in New York businesses in the area to temporarily board ( DOB ), the NYC Department of Health and he was a guest on two Instagram Live seg- City, with the number of diagnosed cases, up their storefronts. During this period, GCP Mental Hygiene ( DOHMH ), and the NYC ments and three virtual real-estate indus- deaths as a result of the coronavirus, and kept in close communication with the NYPD, Department of Sanitation ( DSNY ). GCP also try/downtown revitalization panels, dis- hospital beds taken by patients suffering relaying crucial information from and to connected to New York State ( NYS ) officials cussing recovery challenges and efforts in from it the highest of any city or location in area stakeholders, including best practices at times and worked with all of the above Midtown East. the country at that time. for protecting personnel, businesses, and officials; with colleague business improve- buildings. At the NYPD’s and DSNY’s request, ment districts ( BIDs ); with real estate, bank- Throughout the PAUSE period — and Stakeholders respond GCP also removed all trash receptacles ing, tech, and other industry representatives; throughout the year — GCP supported nu- from district sidewalks, preventing their use and with lobbying and advocacy groups merous efforts to protect businesses large In response, GCP stakeholders stepped up to cause further damage or injury. like the New York City Hospitality Alliance and small, landlords and tenants, and, most to help alleviate what suffering they could. and REBNY, to do all they could to advo- of all, the city by joining these officials and For example, SL Green and Daniel Boulud Where there was damage, GCP staff quickly cate for and provide all assistance possi- colleagues in different moments to advo- teamed up to create a local nonprofit cleaned up any debris and graffiti left ble to GCP’s suffering small businesses and cate for ( and in some cases against ) policy that helps combat hunger and feed front- behind, while Field Operations Director landlords. changes and legislation that could be help- line workers. Berkeley College donated Lindsay Eason and GCP Field Supervisors ful ( or harmful ) to the successful return of a more than 50,000 medical supplies from its reached out to impacted building and busi- President/CEO Fred Cerullo also allied strong New York City economy. School of Health Studies. Zucker’s Bagels ness owners and managers to offer addi- & Smoked Fish raised over $20,000 to feed tional assistance. GCP staff provided all in- first responders and hungry New Yorkers. formation regarding damage or loss to SBS And Sweetcatch Poke donated 5,153 poke at their request, as they, too, worked to pro-

TYPES OF SITUATIONS REPORTED BY GCP PUBLIC SAFETY OFFICERS bowls to hospital workers, as well as part- vide assistance and support. nered with The Smith to donate even more. Homeless assistance Protests and societal unrest Vending-Related Damaged Asset Medical Assistance With pedestrian traffic and office worker While still, tragically, the epicenter of the presence vastly reduced due to PAUSE, 38% coronavirus outbreak in the U.S., New York many of the individuals who loitered on Homelessness/ 27% 11% City — and many other across the na- the street during more populated times, Traic Accident/Condition < 6% tion and globe alike — also saw intensely such as panhandlers, disappeared from Panhandling emotional protests and heightened ten- the neighborhood. The population of in- Protest Emotionally Disturbed Person Other sions in late May and early June. dividuals who actually make their home on FDNY/NYPD Activity the street and need significant social ser- Like central business districts in many other vices seemed more prevalent, by con- cities across the U.S., the GCP neighbor- trast, in some instances taking advantage of

12 13 reduced pedestrian traffic to create side- walk encampments for themselves. Though Breaking Ground, GCP’s homeless services provider, paused its contract with GCP while PAUSE was in effect, GCP continued to work with them as the NYC-contracted POST-PAUSE homeless services provider covering the GCP catchment area and was able to obtain help for many of these individuals, includ- ing placement in shelters or housing. GCP also led coordinated efforts to remove and clean up these encampments.

District-wide plantings add life and color

GCP’s Capital Maintenance team provided a literal bright spot during the PAUSE pe- riod, maintaining GCP’s horticultural program planting schedule with beautiful flowers and plants in GCP sidewalk planters, tree pits, and hanging baskets, as well as on the two malls it maintains.

In addition to its regular plantings, the Capital Maintenance team showed thanks to front- line healthcare workers, who were put- ting their lives on the line to provide care to those suffering from COVID-19, by planting two hearts, formed by flowers, at either end of the two Park Avenue malls GCP maintains.

Kent Grzeczka for GCP RESTART Top: Courtesy of @mollyrunsnyc JULY– DECEMBER

PEDESTRIANS ENJOYING THE PUBLIC ART AROUND THE DISTRICT

14 Thank you to our essential workers. 16 17 Portraits by Anthony Stuckey for GCP On June 22, New York entered Phase Two of the State’s reopening plan, and the small corps of GCP executive and administrative staff who had been able to work from home during the PAUSE period returned to the of- fice, protected by safety guidelines laid out by the Centers for Disease Control and rants were taking advantage of the Open Prevention ( CDC ) and NYS authorities, includ- Restaurants program, and provided oppor- END-OF-YEAR ing capacity limitations, extra sanitizing pro- tunities for GCP staff to connect to the busi- RETAIL SPACE SNAPSHOT tocols, mask wearing, and social distancing nesses that had reopened, offering what- at all times. ever support possible. TOTAL STOREFRONTS 957 951

Thanks to these efforts, GCP was able to bet- 19 IN BUILD-OUT 22 ter understand where more activity was beginning to blossom in the neighbor- 97 VACANT 166 hood, anticipate the needs of such areas, and glean the most up-to-date information to help support and promote businesses as 841 OCCUPIED 763 they returned. not operating 182 By the end of June, GCP staff found 352 busi- operating nesses, or 42%, open in some capacity, out 581 of the 830 total ground-floor, second-floor, Courtesy of the Capital Grille NYC– Center and arcade businesses that were open and operating within the GCP district boundar- ies prior to the PAUSE order. Retail/storefront businesses As a point of reference, the most recent anal- Also in Phase Two, food and beverage busi- ysis of storefront space occupancy in the nesses were allowed to take over spe- GCP district prior to the PAUSE executive or- cific sidewalk and curbside space in front der found the total number of ground-level, of their business to create outdoor dining second-floor, and arcade retail spaces to spaces through the Open Restaurants pro- be 957, with 830 occupied, 27 in build-out, Dec. 2019 Dec. 2020 gram, a program for which GCP, its BID col- and an even 100 spaces vacant. leagues, and the NYC restaurant industry ad- vocated. Other storefront businesses in the The survey at that time also showed that district remain closed, however. During this food and drink establishments made up time, members of the GCP Field Operations 409 ( or very nearly 50% ) of the 830 total oc- and External Affairs teams increased the fre- cupied retail spaces in the GCP district. The quency of walking surveys of the district, survey in June showed that nearly 40% of the making them weekly. These surveys tracked 352 total open storefront businesses were new openings or other changes to store- food and drink businesses. And of those, 54 front businesses, ascertained which restau- had registered to offer outdoor dining.

18 19 Monitoring crime in the district

President/CEO Fred Cerullo worked with As shown in the accompanying illustration, Thank you to our NYPD precinct leadership at the 14th ( a.k.a. of the total number of crimes reported in ), 17th, and 18th ( or Midtown the seven major felony categories in all North ) Precincts to obtain crime data spe- three precincts, only 15% occurred within public safety officers cific to the GCP district, in contrast to crimes GCP boundaries. reported within these precincts but out- side of GCP boundaries. Each of these three precincts covers some portion of the GCP district but also additional territory, so pre- cinct-wide statistics, while providing a mea- sure of thumb for crime within the district, may also be inaccurate in their detail.

REPORTED CRIMES FROM THE 14TH, 17TH, AND 18TH PRECINCTS THAT OCCURRED WITHIN AND OUTSIDE OF GCP BOUNDARIES JUNE TO DECEMBER 2020

14TH, 17TH, AND 18TH PRECINCTS

E

H

T

F

O

A

E

R

A

D

E

N

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B

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O C for keeping GCP DISTRICT a watchful FELONY CATEGORY OCCURRENCES

Burglary = 10 eye on the Felony assault = 10 Grand larceny = 40 Grand larceny, auto = 10 Murder = 1 neighborhood. Petit larceny = 40 Rape = 1 Robbery = 10 Shooting incidents = 1

ANNUAL REPORT 2020 21 NO PAUSING MIDTOWN EAST’S FUTURE

Virtual Summer Solstice Music Festival ribbon cutting Project continued as well, with the com- pletion of improvements to the 42nd Street After growing in size and success over its One of the biggest highlights of the year Shuttle and the 42nd Street–Grand Central first two years of existence, the Summer was One Vanderbilt’s ribbon-cutting cere- subway station, as part of SL Green’s $220 Solstice Music Festival ( SSMF ) went virtual in mony, on September 14, opening the build- million infrastructure and public-realm im- 2020, with online performances from many ing to tenants as the fourth-tallest building in provement contribution related to devel- of the great performers who participated in New York City and the tallest commercial of- oping One Vanderbilt. the live version the previous year. Kicked off fice building in Midtown. with virtual introductions by President/CEO Relatedly, President/CEO Fred Cerullo Fred Cerullo and stakeholder champion of joined a panel as part of the International SSMF, Bill Rudin, the 2020 festival was a three- Downtown Association’s ( IDA’s ) Annual day event, with the performances posted Conference in October, sharing how GCP to social media over the weekend that in- has worked with stakeholders to fund vari- cluded the summer solstice ( June 20 ). ous important public-realm improvements like these throughout its history. Centerline Initiative Pershing Square Plaza updates Where many of SSMF’s performances nor- mally take place, work continued on Grand The bronze drains at Pershing Square West Central’s train shed renovation and the re- were installed, formally completing the con- lated, GCP-led Centerline Initiative to re- Courtesy of Michael Appleton/Mayoral Photography Office struction of this side of the plaza. The NYC imagine and reshape the Park Avenue Malls Department of Design and Construction between 46th Street and . Access enters its final stretch ( DDC ) anticipates completing the initial proj- ect design for Pershing Square East in the In December, DOT sought public input on ’s very near future. how the malls should return once the train work also continued, with access points and shed work is complete, feedback that will its waiting hall in One Vanderbilt completed 43rd Street shared street permanent help influence the future design of these and ready for use once the entire project is design update iconic public spaces. completed, which is still expected to hap- pen on schedule in late 2022. After working with GCP to collect stake- A coalition of community partners, includ- holder feedback, DOT is firming up perma- ing GCP, have requested that DOT engage 42nd Street Connection Project nent design options for 43rd Street’s shared a world-class landscape design architect street. Next they will share these design op- to develop a truly visionary design for the Work on the MTA’s 42nd Street Connection tions with GCP and affected stakeholders. project and are awaiting DOT’s reply.

22 23 Leasing, more development Also in 2020, exterior work was completed announcements, and other real estate at the Hilton Grand Vacations hotel site at transaction news 12 East 48th Street, and a Hyatt Centric hotel at 16 East 39th Street completed construc- Thank you to our Despite the pandemic and its nearly un- tion. The development team behind the precedented impact on the commercial condo renovations at the Towers of the tourist greeters office sector, 2020 held bright spots in real Waldorf Astoria has launched its interna- estate transactions completed, develop- tional website as it prepares to begin sales. ment project announcements, and leasing news. Leasing activity included Raymond James Financial signing a big lease at 320 Park In addition to the opening of One Avenue, CBRE expanding its presence at Vanderbilt, another highlight of the year was 200 Park Avenue ( commonly known as the Amazon closing on the purchase of the Lord MetLife Building ), and Helmsley Spear and & Taylor building and announcing its plans Falcon Pacific Construction relocating to to bring 2,000 employees to Midtown East 444 from 599 Lexington starting in 2023. According to Crain’s New Avenue. York Business, Amazon’s acquisition was the largest commercial transaction in New York Other recent notable leases and renewals City in the first half of 2020, and Munich Re include BBR Partners ( 55 East ), Group’s acquisition of 330 Madison Avenue Hebrew Free Loan Society ( 675 Third was the second largest. Avenue ), Keller Williams ( 99 Park Avenue ), Mitsubishi Chemical America ( 655 Third In other acquisition news, JPMorgan Chase Avenue ), Tempus Labs ( 230 Park Avenue ), closed on 410 Madison Avenue, and RFR and the Permanent Mission of Belize to the Holding LLC closed on 522 Fifth Avenue. United Nations ( 675 ).

On the development front, JPMorgan Chase’s demolition of is nearing completion as the new global headquarters superstructure that replaces it begins to rise. City and state officials reached an agreement that allows the re- development of the former MTA headquar- ters at 347 Madison Avenue to move for- ward. TF Cornerstone, RXR Realty, and MSD for providing critical Capital are also moving forward with the re- development of the operations support into a mixed-use office tower and hotel. The project entered the environmental review process near the end of December. And during the pandemic. Silverstein Properties unveiled its plans for upgrades at 529 Fifth Avenue.

ANNUAL REPORT 2020 25 The unprecedented circumstances of 2020 also led to some less welcome an- 444 Madison Avenue RELOCATION OF HELMSLEY nouncements, including the closure of SPEAR AND FALCON PACIFIC CONSTRUCTION the Roosevelt Hotel and the nearby hotel. Following the an- Waldorf Astoria nouncement, inconclusive reports of a de- INTERNATIONAL SALES WEBSITE velopment at the Roosevelt site circulated LAUNCHED briefly, as they have occasionally over Vanderbilt past few years. 280 Park Avenue NOW OPEN; OBSERVATORY ART INSTALLATION CONSTRUCTION IN PROGRESS Looking at the bright side again, 299 Park Hilton Grand Vacations completed renovations to its lobby and EXTERIOR WORK COMPLETED amenities spaces in November and, to mark the occasion, hosted a special, socially dis- tanced performance piece inspired by the 410 Madison new, interactive art installation in the lobby. Avenue Building 330 Madison JPMORGAN CHASE ART INSTALLATION New art installations by world-renowned Avenue CLOSED ON artist KAWS were also placed in the lobby ACQUISITION BY PURCHASE MUNICH RE GROUP 320 Park Avenue of 280 Park Avenue and on the plaza in front RAYMOND JAMES The Roosevelt FINANCIAL SIGNS of the . Finally, work on the Hotel LEASE PERMANENTLY new and restaurant space CLOSED at the began, while work 522 Fifth 270 Park Avenue E 5 continued on Summit One Vanderbilt, the DEMOLITION NEARS 5TH Avenue COMPLETION ST E 5 multi-story observatory at One Vanderbilt, RFR HOLDING LLC 4TH CLOSED ON ST which is scheduled to open in the fall of 2021. E 5 PURCHASE 3RD 347 Madison ST E Avenue 52 ND REDEVELOPMENT LOBBY UPGRADE ST Looking forward in time and imagining what E 51S AGREEMENT COMPLETEDT S unparalleled sights will be observed from REACHED T E 5 0TH both observatories, whether literally, in the ST E 4 9TH form of the glittering, growing, ever-improv- ST 529 Fifth Avenue E 48 ing cityscape of Midtown East, or figura- TH UPGRADES PLANNED MetLife ST E E 46 V tively, looking into the bright future ahead, TH Building A S K T R CBRE EXPANDS A E P GCP thanks all of its partners, stakeholders, 45 TH LEASE ST E 47 friends, and colleagues for their ongoing Hyatt Centric TH E ST 44 CONSTRUCTION TH Chrysler Building support, participation, and contributions. S COMPLETED T OBSERVATION DECK E 43 AND RESTAURANT RD ST CONSTRUCTION IN PROGRESS Lord & Taylor E 42 AMAZON CLOSED ON ND ST PURCHASE E V GRAND Grand Hyatt A H E 4 REDEVELOPMENT T 1S CENTRAL IF T F ST PROCEEDS E TERMINAL V A E 40 N TH O S IS T D A M E 39 TH E V ST A K R E A E 38 P V TH A

ST N O E T V G A E 26 37 IN D 27 TH X R E I ST L H T

E 36 TH

ST

E 35 TH

ST 2020 2019 2020 2019 ASSETS SUPPORT AND REVENUES

Cash and cash equivalents $ 2,522,151 387,019 Unrestricted: Program revenue receivable 129,125 150,434 Assessment revenue $ 12,709,372 12,709,372 Investments 3,063,496 4,936,083 Program service income 438,960 461,511 Prepaid expenses 443,112 431,420 Contributions 1,554,870 435,000 Bond funds held by trustee 1,027,095 1,025,900 Pershing Square rental income, net 167,658 269,804 Property and equipment, net 6,338,099 7,439,645 Special events: Bond issuance costs, net 36,245 60,405 Event income 212,414 229,115 Security deposits 116,286 116,286 Less: related direct costs (176,444) (176,994)

TOTAL ASSETS $ 13,675,609 14,547,192 Net special event income 35,970 52,121 Investment income 277,614 373,045 LIABILITIES AND NET ASSETS Net assets released from restriction: Satisfaction of purpose restrictions — — Liabilities: TOTAL SUPPORT AND REVENUES $ 15,184,444 14,300,853 Accounts payable and accrued expenses $ 375,486 664,082 Deferred income 89,248 87,993 Deferred rent 218,782 234,820 EXPENSES Accrued bond interest 94,500 138,500 Program Expenses: Bonds payable 3,861,029 5,726,639 Public safety $ 3,036,574 2,844,230

I AL STATEMENTS F I NANC TOTAL LIABILITIES $ 4,639,045 6,852,034 Sanitation 4,003,546 3,816,747 External affairs 1,070,202 1,698,741 Commitments and contingencies* District-wide maintenance 2,768,018 2,942,487 Horticulture 468,912 493,934 Net Assets: Social services 236,374 282,405 Without donor restrictions $ 8,869,717 7,383,051 Tourist greeters 429,934 389,172 With donor restrictions 166,847 312,107 TOTAL PROGRAM EXPENSES $ 12,013,560 12,467,716 TOTAL NET ASSETS $ 9,036,564 7,695,158 Supporting Services: TOTAL LIABILITIES AND NET ASSETS $ 13,675,609 14,547,192 Management and general $ 1,829,478 1,744,249 TOTAL EXPENSES $ 13,843,038 14,211,965

INCREASE/(DECREASE) IN NET ASSETS $ 1,341,406 88,888 *These Combined Statements of Financial Position and Activities of the Grand Central Partnership, Inc. and the Grand Central District Management Association, Inc. are provided NET ASSETS, BEGINNING OF YEAR $ 7,695,158 7,606,270 by Skody Scot & Company, CPAs, P.C. and are for years ended June 30, 2019 and 2020. Full audit available at www.grandcentralpartnership.nyc/about/reports-and-data. NET ASSETS, END OF YEAR $ 9,036,564 7,695,158

28 29 Officers Board of Directors David R. Greenbaum Howard P. Milstein Statutory Directors Gaston Silva* Stephen Rossi* Peter S. Kalikow Adam F. Abramson Hon. Bill de Blasio Vornado Realty Trust Milstein Properties Chair Alan B. Abramson* Mayor of the City of New York Abramson Brothers, Inc. Mark C. Grossich Dimitris Nakos Jonnel Doris* Michelle Adams Kenneth McClure* Ammos Estiatorio Commissioner, Vice Chair Michelle Adams Hospitality Holdings, Inc. NYC Department of Small Tishman Speyer David V. Politano Alfred C. Cerullo, III Business Services N. Richard Kalikow MetLife Investments President/CEO Robert L. Billingsley Jonathan Kalikow* Hon. Scott M. Stringer Whitnee Williams* Michael J. Regan Rochelle Patricof Gamma Real Estate Comptroller of the Cushman & Wakefield Ramon Martinez* Vice President City of New York Peter S. Kalikow JPMorgan Chase & Co. Louis Brause George Twill Richard T. Nasti* Hon. Gale Brewer David Brause* Second Vice President H.J. Kalikow & Co., LLC Manhattan Borough President Brause Realty, Inc. RFR Holding LLC James Whelan Brad Katz Hon. Keith Powers Courtney Chan John Schafer Secretary Fisher Brothers Member, New York City The Moinian Group Grand Hyatt New York Council, District 4 Marc Wurzel Andrew D. Levin William G. Cohen Norman Sturner Assistant Secretary Richard T. Monopoli* Newmark MHP Real Estate Services Boston Properties Community Boards John L. Mascialino Frances A. Delgorio James Whelan Kyle Athayde Treasurer Patrick Leyden Brett S. Greenberg* Paimaan Lodhi* Manhattan Community Manuel Carbajal* Robert Adinolfi Jack Resnick & Sons, Inc. Real Estate Board of New York Board Six Fitzpatrick Hotel Group Assistant Treasurer Peter S. Duncan Alan H. Wiener Vikki Barbero Peter L. Malkin Matthew Coudert* Multifamily Capital Manhattan Community Fred C. Posniak* George Comfort & Sons, Inc. Board Five Malkin Holdings Steven M. Durels John L. Mascialino Lawrence A. Swiger* Edward C. Wallace* SL Green Realty Corp. Greenberg Traurig, LLP Douglas D. Durst Duncan McCuaig Jordan Barowitz* Jeremiah Larkin* The Durst Organization Brookfield Properties Patrick J. Foye Susan Mendik Metropolitan Transportation Bernard H. Mendik Authority Company LLC CERS & BOARD OF D I RECTORS & BOARD OFF I CERS 2020 John J. Gilbert, III Carly Miller Nicholas Martin* Kent Tarrach* Rudin Management Company, PGIM Real Estate Inc.

*ALTERNATE DIRECTORS 30 31 Alfred C. Cerullo, III, President/CEO Marc Wurzel, General Counsel George Twill, Vice President for Project Planning Special thanks to Peter S. Kalikow on the occasion of his 20th year Robert Adinolfi, Comptroller/CFO serving GCP and its Midtown East Christopher Bautista, Bookkeeper neighborhood as Chair of the Board Rochelle Patricof, Vice President for Administration & Operations of Directors. Asia Gray, Payroll & Benefits Officer Duane Roggendorff, Director of External Affairs Paula Horowitz, Director of Hospitality & Special Events

MANAGEMENT Ryan Pukos, Senior Project Manager Special thanks to Steve Schwartz, Kent Grzeczka, Director of Capital Maintenance Assistant Comptroller for 20 years, Janice Lohmann, Administrative Assistant who retired in February, and to longtime Manhattan Community Lindsay Eason, Director of Field Operations Board Five District Manager and Alberta Ancrum, Deputy Director of Field Operations GCP friend Wally Rubin, who retired Barry Newman, Dispatcher/EEO Counselor at the end of July. Anthony Stuckey, Operations Coordinator field supervisors Blerina Blojaj Ricardo Ferguson Julian Herrera We deeply mourn the untimely Frank T. Johnson passing, in November, of Inginio Bright Kpeme Valentin, Jr., who worked as Kenneth Lind Dispatcher for our Field Operations Benito Madera division. Wilbert Ray Mavelyn Wilson, Office Manager Trina Swinson, Executive Assistant Ronald De La Cruz, Administrative Assistant

32 33 NEIGHBORHOOD MAP GRAND CENTRAL BUSINESS IMPROVEMENT DISTRICT Thank you to our N supervisors and all of E 54TH ST

MUSEUM OF 601 LEXINGTON MODERN ART  our field staff E 53RD ST

SEAGRAM BUILDING E 52ND ST

E 51ST ST

ST. PATRICK’S ST. BARTHOLOMEW'S CATHEDRAL CHURCH E 50TH ST

ROCKEFELLER CENTER E 49TH ST

E 48TH ST

E 47TH ST PARK AVE PARK

E 46TH ST

E 45TH ST Times METLIFE Square BUILDING UNITED E 44TH ST NATIONS GRAND LEXINGTON AVE LEXINGTON THIRD AVE AVE FIRST MADISON AVE MADISON AVE VANDERBILT FDR DR SECOND AVE SECOND FIFTH AVE CENTRAL E 43RD ST TERMINAL 43RD ST SHARED STREET ONE CHRYSLER FORD FOUNDATION VANDERBILT BUILDING CENTER FOR E 42ND ST Pershing SOCIAL JUSTICE PERSHING Square Plaza Tudor SQUARE PLAZA Bryant West East City Park LIBRARY WAY E 41ST ST NEW YORK PUBLIC LIBRARY

E 40TH ST PARK AVE VIADUCT AVE PARK

E 39TH ST

E 38TH ST TUNNEL EXIT ST E 37TH ST THE MORGAN R LIBRARY & MUSEUM E E 36TH ST V I

R

T for maintaining our services S

E 35TH ST A E in the midst of a pandemic.

35 www.grandcentralpartnership.nyc

fb.com/GrandCentralPartnership @ grandcentralpartnership @ gcpbid

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