2024 Annual Meeting of the Membership
Jun 13 8:30 am - Jun 13 10:00 am
The Board of Directors of the Madison Avenue Business Improvement District invites you to attend our 2024 Annual Meeting of the Membership
Thursday, June 13, 2024 at 8:30 AM
Roosevelt House Public Policy Institute at Hunter College
47-49 East 65th Street (between Madison and Park Avenues)
Kindly click here to RSVP.
We shall discuss past accomplishments, future programming, review our financial statements and budget, and hold an election for membership on our Board of Directors.
Special Note: At its May 9, 2024 meeting, the Board of Directors of the Madison Avenue B.I.D. voted to raise the maximum assessment collected from properties within our District from $2,100,000 to $2,520,000. This increase would go into effect incrementally as of July 1, 2025. The last time that an assessment cap increase went into effect was on July 1, 2017. The Board also voted to amend the BID’s assessment formula in the district plan, including a modest assessment for residential square footage and an assessment for vacant lots. We shall discuss these changes at our meeting, and be available to answer any questions guest may have. Please scroll down for further information about these changes.
If you have any questions, please contact the BID at 212-861-2055 or at information@madisonavenuebid.org.
2024 Slate of Nominees for Election to the Madison Avenue BID Board of Directors
Class A (Property Owners)
Peter Armstrong: 924 Realty Associates, LP
Andrea D’Alessandro (Michele Kulka, Alternate): GEF Development Corporation
David J. Koeppel: 35 East 76 Street Corporation
Abigail La Valle & Sarah Lynn Sandal: Max Mara | Marina Rinaldi
Sonya Ruddy: SL Green Realty Corp.
Sharon Sternheim: Zitomer
Anja Vacca: Graff
Class B (Commercial Tenants)
Kathryn MacGovern: Tanya Taylor
Peter Malachi & Diane Kruger: Hermès of Paris
Pradeep Raman (as alternate to Alex Chazkel): The Surrey, A Corinthia Hotel
Marianne Rosenberg (Kadie Ross, Alternate): Rosenberg & Co.
Emilie Rubinfeld (Jodie Chan, Alternate): Carolina Herrera
Please note that while the Madison Avenue BID serves all property owners and commercial & residential tenants located within the District, the Corporation’s bylaws state that only those who register their membership at the BID office can vote at the Annual Meeting. Please click here to complete a Membership Registration Form. There is no registration fee. The year-end fiscal report of the BID is currently available at our offices and shall be available at our Annual Meeting.
Assessment & District Plan Amendment
At its May 9, 2024 meeting, the Board of Directors of the Madison Avenue B.I.D. voted to raise the maximum assessment collected from properties within our District from $2,100,000 to $2,520,000. This increase would go into effect incrementally as of July 1, 2025. The last time that an assessment cap increase went into effect was on July 1, 2017. The Board also voted to amend the BID’s assessment formula in the district plan, including a modest assessment for residential square footage and an assessment for vacant lots.
For assessment purposes, our District Plan currently assigns all properties located within the boundaries of the Madison Avenue BID into one of six classes. We also plan to create a seventh class, for vacant lots.
What this means for your property
Class A properties include all tax lots located between 57th and 72nd Streets and containing less than 65,000 square feet of commercial space. Currently, the BID assesses these properties at $0.72 per commercial square foot. Under the new assessment formula, the BID will assess these properties at approximately $0.654 per commercial square foot and approximately $0.098 per residential square foot.
Class B properties include all tax lots located between 57th and 72nd Streets and containing from 65,000 to 400,000 square feet of commercial space. Currently, the BID assesses these properties at $0.27 per commercial square foot. Under the new assessment formula, the BID will assess these properties at approximately $0.249 per commercial square foot and approximately $0.098 per residential square foot.
Class C properties include all tax lots located between 72nd and 86th Streets and containing less than 65,000 square feet of commercial space. Currently, the BID assesses these properties at $0.566 per commercial square foot. Under the new assessment formula, the BID will assess these properties at approximately $0.517 per commercial square foot and approximately $0.098 per residential square foot.
Class D properties include all tax lots located between 72nd and 86th Streets and containing from 65,000 to 400,000 square feet of commercial space. Currently, the BID assesses these properties at $0.226 per commercial square foot. Under the new assessment formula, the BID will assess these properties at approximately $0.203 per commercial square foot and approximately $0.098 per residential square foot.
Class E properties include all tax lots located between 57th and 86th Streets and containing greater than 400,000 square feet of commercial space. Currently, the BID assesses these properties at $0.174 per commercial square foot. Under the new assessment formula, the BID will assess these properties at approximately $0.157 per commercial square foot and approximately $0.098 per residential square foot.
Class G properties include all tax lots located between 57th and 86th Streets that do not contain any square feet of commercial space (residential). Currently, the BID assesses these properties at $1 per year. Under the new assessment formula, the BID will assess these properties at approximately $0.098 per residential square foot. Using this formula, the maximum annual assessment for a 2,000 square foot apartment will be approximately $196.
Class V properties, a new classification, shall include all tax lots located between 57th and 86th Streets in which no taxable building is present (a vacant lot). Under the new assessment formula, the BID will assess these properties by multiplying the lot area by the Class B rate by 10 (lot area x Class B rate x 10).
You are welcome to ask questions or comment on this proposed change to our District Plan at our Annual Meeting of the Membership, taking place on Thursday, June 13 at 8:30am at the Roosevelt House Public Policy Institute at Hunter College, 47-49 East 65 Street. You may also direct any questions or comments to Matthew Bauer, President of the Madison Avenue B.I.D. at 212-861-2055, or via email at mbauer@madisonavenuebid.org.