Latest news with #Relo
New York Post
7 hours ago
- Business
- New York Post
Controversial tax credit to save Downtown Manhattan on verge of getting renewed: sources
The push by real estate dealmakers for Albany to renew a controversial tax-credit critical to saving Downtown Manhattan turned into a real 'cliffhanger' – but appears poised for approval, The Post has learned. The citywide Relocation Employment Assistance Program and a similar one specifically for Lower Manhattan, known as LM-REAP, provide tax credits of up to $3,000 per employee to companies that relocate from out of the city or from parts of Manhattan to designated areas in the outer boroughs or to Downtown Manhattan. Tens of thousands of jobs and the future of scores of Lower Manhattan office buildings would be at risk if the little-known REAP programs were not renewed when they expire on June 30, according to landlords and business advocates. 3 Tens of thousands of jobs and the future of scores of Lower Manhattan office buildings would be at risk if the little-known REAP programs were not renewed when they expire on June 30, according to landlords and business advocates. Christopher Sadowski The measures were left out of the state's budget plan announced in April and appeared doomed as lawmakers in the state Senate and Assembly were set to escape for their summer break. But there was movement on an extension over the weekend, a knowledgeable Albany source told The Post on Monday. 'It finally got key approvals in the Assembly, and it's looking good tomorrow in the Senate, which was where the hangup was,' the source said. Michael Gianaris, the State Senate Deputy Majority Leader from Queens, among others, had argued that REAP cost the city too much in foregone taxes — up to $33 million by 2033, according to the Department of Finance — to justify the economic benefits the additional jobs would bring. 3 Michael Gianaris, the State Senate Deputy Majority Leader from Queens, had argued that REAP cost the city too much in foregone taxes to justify the economic benefits the additional jobs would bring. Hans Pennink But renewing the program 'is critical to COVID recovery, preserving affordable office space and promoting job growth in small and medium-size businesses,' argued a rep for the Alliance for Downtown. Supporters say LM-REAP costs the city a negligible $5 million a year — a pittance weighed against the tax benefits it helps generate in property and incomes taxes, although those figures are harder to quantify. REAP began in 1987 to stem an exodus of tenants to New Jersey. The Lower Manhattan plan, launched in 2003, is credited with supporting 16,000 city jobs and helping to lease hundreds of thousands of square feet of office space in a market that's had more downs than ups since 9/11. One source predicted a fresh wave of flight to New Jersey if REAP is allowed to die. 'They're actively recruiting New York businesses with programs offering up to $8,000 per job and $250,000 relocation grants. It's clear that if New York steps back, New Jersey will step in,' the source said. The REAP renewals, as well as creation of a new program called the Relocation Assistance Credit for Employees (RACE), are backed by Gov. Kathy Hochul. But fearing that the measures would be allowed to die, local congressional representatives threw their voices into the fray. 3 The REAP renewals are backed by Gov. Kathy Hochul. Lev Radin/Shutterstock Gregory Meeks, Grace Meng, Ritchie Torres, Thomas Suozzi and Adriano Espaillat wrote to State Senate Majority Leader Andrea Stweart-Cousins and Assembly Speaker Carl Heastie that with 'record high office vacancies downtown, 'Now is not the time to end LM-REAP.' The REAP programs have also brought jobs to Dumbo, MetroTech and the Navy Yard in Brooklyn and to Long Island City in Queens. But the heat's mostly on Lower Manhattan, where more than 20% of nearly 90 million square feet of offices in the nation's second-largest commercial district stand vacant — and it might get worse. 'I believe the numbers being cited for current and future vacancies are too low, especially on Water Street,' said one Downtown executive who asked for anonymity told The Post. 'The REAP program is essential to keeping downtown competitive.'
Yahoo
27-03-2025
- Automotive
- Yahoo
Relo Metrics Expands Census Product into Formula One and Advances Sponsorship Valuation for the Global Motorsports Industry
Using Computer-Vision Powered Scene Detection, Relo Adds Sponsorship Valuation of all F1 Races, Teams, Brands as Sponsorship Spend Looks to Reach $2.9 Billion Revenue in 2025 SANTA MONICA, Calif., March 27, 2025--(BUSINESS WIRE)--(GumGum Sports Inc.) Relo Metrics, a leading AI-driven sponsorship, data, and analytics platform for real-time data-driven decisions, today announced that its Relo Census product now includes Formula One (F1), bringing a first-of-its-kind, census-level data set to one of the world's most prestigious and fastest-growing sports. This expansion enables F1 brands, teams, and agencies to benchmark sponsorship performance, track brand exposure, and optimize investments, with unprecedented speed and accuracy. The official launch of Relo Census for F1 coincided with the 2025 season opener at the Australian Grand Prix on March 15. Additionally, BlackBook Motorsport Forum, taking place on March 27, 2025 in London will be the launchpad for Relo's latest innovation in motorsports sponsorship measurement — bringing, AI-powered analytics to high-speed racing environments. As part of the launch, CEO Jay Prasad will be on site to share insights on how these advancements are redefining brand valuation in motorsports. Relo Census: A Game-Changer for F1 Sponsorship Measurement The F1 series' sponsorship revenue is projected to hit $798 million this year. According to the SportsPro 'Formula One 2024 Business Report,' F1 is experiencing explosive commercial growth and attracting 100+ million weekly viewers, a global audience comparable to the Super Bowl. Sponsorship spend across F1 and its teams for the 2025 season is projected to reach more than $2.9 billion, an increase of ten percent year-over-year (YoY), according to a study by Ampere Analysis. Sponsorship deals have reached record-breaking levels, with LVMH signing a $1 billion, 10-year sponsorship deal starting in 2025, further proving that brands see F1 as a premium-tier global marketing platform. As more brands invest in the sport, they need faster, more accurate ways to measure their sponsorship impact. Yet, F1 sponsorship data and measurement have long been fragmented and slow, with teams and brands relying on delayed post-race reports that take weeks to be published, challenging teams and brands to make data-driven decisions between races, mid-season. Relo Census changes this by providing fast AI-driven insights and analytics, allowing brands to react quickly and optimize their strategies and investments throughout the season. "With its global reach and increasing brand investment, F1 sponsorship measurement needs are exploding along with its popularity. We're delivering innovation in the form of advanced computer vision models built specifically for the dynamics of race day," said Jay Prasad, CEO of Relo Metrics. "Expanding Relo Census into F1 is about more than just tracking sponsorship exposure; it's about bringing motorsports into a larger ecosystem of sponsorship valuation." Census enables brands to compare and optimize sponsorship performance across sports, ensuring they can capture opportunities to integrate into the sport and fan experience. This marks the 8th sport (MLB, NBA, NFL, NHL, MLS, WNBA, College Football) with census-level data, and our first truly global data asset for both brand exposures and audience viewership around the world. AI-Powered Precision By partnering with NVIDIA and its NV-CLIP NIMS multi-modal AI model, Relo Census is redefining how sponsorship visibility is tracked and measured in F1. Traditional methods struggle to accurately capture fast-moving brand placements on cars traveling at over 200+ MPH, often relying on manual annotation or delayed post-race analysis. Relo Census eliminates these limitations using advanced AI-driven automation to detect, categorize, and quantify brand exposure. Brands can now compare F1 sponsorship performance analysis and comparison across multiple sports leagues and media environments. Seamless API integration ensures brands, teams, and agencies can easily access and incorporate data into custom sponsorship models and marketing analytics. "The speed of insights is crucial in motorsports sponsorships," said Liane Morgese, Vice President & Co-Head of Insights and Analytics, Brand Consulting at Creative Artists Agency. "With Relo Census, we can now measure brand exposure with real-time accuracy and adjust strategies mid-season, which was previously challenging. This platform is truly revolutionizing how brands engage with F1 sponsorships." Expanding Beyond F1 Relo Metrics' expansion into Formula 1 is just the first step in a broader transformation of motorsport sponsorship measurement. As Formula E, WEC, MotoGP, and other emerging racing leagues continue to attract global attention, Relo Census is poised to bring AI-powered analytics across the entire motorsport landscape, ensuring brands and teams have access to real-time, comparative insights across multiple racing series. Join Us at the BlackBook Motorsport Forum Jay Prasad and the Relo European Team will be having conversations around F1's sponsorship evolution and the future of motorsport analytics at the BlackBook Motorsport Forum in London on March 27, 2025. The event brings together global decision-makers to explore innovation, sustainability, and commercial success in motorsports. For more details, visit the BlackBook Motorsport Forum. For those attending the BlackBook Motorsport Forum, Jay Prasad will be available for one-on-one meetings to discuss how Relo Census can elevate sponsorship measurement in motorsports. To schedule a meeting, please contact marketing@ About Relo Metrics Relo Metrics is an AI-powered sponsorship analytics company transforming how brands, teams, and agencies measure sponsorship effectiveness across live sports and entertainment. By combining computer vision, machine learning, and real-time analytics, Relo Metrics delivers precise, automated insights that drive higher ROI and better decision-making in sports sponsorships. For more information, visit View source version on Contacts Hannah Shain, VP Marketing, Relo Metrics, Season Skuro (US) / Shawn Belluigi (EMEA), Bubble Agency, relo@
