Speaker 1:
From the library of the New York Stock Exchange at the corner of Wall and Broad streets in New York City, your Inside the ICE House, our podcast from Intercontinental Exchange on markets, leadership, and vision in global business, the dream drivers that have made the NYSE an indispensable institution for global growth for more than 225 years. Each week, we feature stories of those who hatch plans, create jobs, and harness the engine of capitalism. Right here, right now at the NYSE, and at ICE's 12 exchanges and seven clearing houses around the world. Now, here's your host, Josh King, Head of Communications at Intercontinental Exchange.
Josh King:
What does the very heart of the world's financial center mean to you? That's the question we're tackling this week. From our very first episode, our conversations have touched on the importance of the corner of Wall and Broad streets. This corner that was the birthplace of the US capital markets at the very start of the American experiment. Today, the Stock Exchange District is home to hundreds of businesses, the work site for hundreds of thousands of employees, and the destination for tens of millions of visitors from across the globe. It's actually a very small area, but it serves many, many needs. In many ways, it's a living, breathing advertisement for our uniquely American form of capitalism. But here's a little secret, if you haven't walked this far south of Manhattan in a while to take a look for yourself, that old intersection doesn't look that good. It could look so much better.
Josh King:
Good news is on the way, maybe. A big press conference just wrapped up in front of the House of Morgan, that iconic building at 23 Wall Street across the street from the New York Stock Exchange. At the microphone were representatives from a committee of area residents, property owners, commercial tenants, government officials, and leaders of cultural institutions. Among those speaking was New York Stock Exchange president, Tom Farley, who served as the committee's co-chair. This August group was convened by today's guest, Jessica Lappin, on behalf of the Alliance for Downtown New York. Their purpose announced the release of A More Welcoming Wall & Broad: A Vision for Improving the Stock Exchange District. The report is the culmination of the committee's work to envision, as it said, a dynamic urban space that works for all its users while celebrating the four centuries of history that have defined the heart of lower Manhattan. America's government started here. America's businesses grow here. America's future is tied to here. In a minute, we take a walk down Wall and Broad with the Downtown Alliance's president, Jessica Lappin, right after this.
Speaker 3:
Intercontinental Exchange is proud to be part of a network of companies that are dedicated to advancing the world through corporate social responsibility initiatives, Voya Financial, NYSE ticker VOYA, which just celebrated its fifth anniversary of listing is an example of a company doing great things for its communities. More on Voya social responsibility efforts later in the show.
Josh King:
Our guest today, Jess Lappin, President of the Alliance for Downtown New York and a former two term member of the New York City Council. While in government service, Jessica led initiatives to increase the number of schools on the east side, expand the city's recycling efforts, and as co-chair of the women's caucus, she authored a nationally recognized landmark bill to protect women's health and reproductive rights. She took on her current role with the Downtown Alliance in 2014, and is also the president of the Downtown Lower Manhattan Association. Welcome, Jess, to the ICE House.
Jessica Lappin:
Well, happy to be here.
Josh King:
What is your view of how New York City is doing today, generally?
Jessica Lappin:
Well, in general, we're on an upswing. We've had a couple of really great years just in terms of our economy, our growth, and I think what really continues to draw people to of the city is arts, culture, history, and it's been a good... We've had a good run.
Josh King:
For those that are considering a visit here, let's just tick through some of those things that always sort of are either just in the verge of being fixed or need a lot of help. And someone from your perspective, both in government and now at the Downtown Alliance, you probably have a view and you can help sort of shed light on where things are. Subways, tough summer last year. Have we solved problems? Are we in any better place?
Jessica Lappin:
No. I can tell you I commute by subway every day, and it's... We're not performing the way that we should in terms of the MTA, and it's a complicated problem that was built up over decades. And I think what's exciting is at least a commitment now, and a recognition from the governor, from the mayor that this is a problem that has to be tackled, and we don't work if the subways don't work. So, I do hope that the mayor and the governor who tend to fight quite a bit. They don't always see eye to eye, can at least come together over this, and that's important for the long term economic vitality of the city.
Josh King:
My wife and I pay a lot of attention to what goes in the landfill bag, what goes into the recycling bag does seem like much more of the stuff that leaves this island is headed toward recycling.
Jessica Lappin:
Well, we would hope, and there has been, Mayor Bloomberg was good about focusing increasingly on recycling and Mayor de Blasio continues to have goals to get to zero waste. And I think there's the educational component of teaching people how to dispose of their waste, and how you create habits is very important. Studies have shown that you're more likely to recycle at home if you're recycling in the office and recycling on the street. We at the Downtown Alliance put out public recycling receptacles. So, we're collecting paper metal, glass, and plastic. We've now diverted about 1,000 tons out of landfills over the last few years just through our efforts downtown alone.
Jessica Lappin:
So, I think you're starting to see people become more aware, despite some denial on the federal level of global warming and the importance of protecting the planet, or maybe because of that individual citizens in New York and cities across the country feel more of a responsibility to do what they can. My seven year old son yesterday out of the blue said, "Mom, we shouldn't use plastic straws anymore. They're really bad for the oceans." And he went through a whole explanation of what happens in the chain of the plastic straws, which I was very impressed by. My 11 year old then piped in, and was like, "Oh, the paper straws, they just disintegrate more easily," to which my seven year old said, "Exactly. That's why they're better for the environment."
Josh King:
I have another idea because we're having the same debate at our household, aluminum metal straws. You them and you put them in the dishwasher and the kids use them over and over again.
Jessica Lappin:
That is a great idea. Like they do, I've seen in South America.
Josh King:
Exactly. One more law and order, Commissioner O'Neill, Mayor de Blasio touting last month a 4% drop in violent crime for the safest month of April that we've ever seen in New York City, at least according to them.
Jessica Lappin:
We are the safest large city in America, according to them and the statistics. It is remarkable to me. I grew up in New York city. I was born in the '70s, which was really dark time in the city. And as a teenager in the '90s, you didn't take the subway after dark, let alone at 2:00 AM, which people think nothing of doing today. And if you were in the subway, you didn't wear any jewelry, you turned it around, you never pulled your wallet out in public. These things that when I meet millennials and younger people who are recent transplants, it seems like a crazy thing for them to think about. And that's all very positive. I think you see some of the negative sides of that too, in gentrification and increased cost of living here. When it's not a safe place to live, nobody wants to live here and it's a much cheaper place to live. The other side of this coin is that it is... Everybody wants to live here. Everyone wants to be here. And how you accommodate that is a tough challenge.
Josh King:
The announcement last month that Alliance Bernstein is going to move 1,000 jobs from New York to Nashville to establish a new capital there. The things that New York needs to do to continue to attract and retain some of these great corporate names that have been part of New York forever.
Jessica Lappin:
Well, it is a trend that you're starting to see more of where there are companies that keep some foothold here in the city, but then ship jobs elsewhere. Be it Tennessee or Florida or Texas, because those are states where taxes are cheaper. There is an inexplicable draw of New York. And so, I like to think of it as really focusing on the big picture because it is hard to live here, and it's always going to be hard to live here. It's noisy, it's crowded, it's more expensive. There have to be reasons that outweigh those factors. And so, being able to see amazing theater in Central Park for free during summer, or taking your kids to a free concert, or being able to eat at any hour of the day almost, Vietnamese food, or Indian food, or whatever other kind of food that you love. That diversity is really part of our DNA and what makes us special. And so, I think big picture, our policy makers have to be thinking about how do we preserve the unique elements that make this city a draw, and in doing that, you're also going to be tackling on the periphery, some of these other quality of life issues.
Josh King:
There's the perpetual debate about when and how Penn Station can and get redeveloped. Even the President of the United States and New Yorker talks about the infrastructure of New York. Some of the things that you are seeing from your position at the Alliance for Downtown New York about where major movement is happening on these capital infrastructure projects.
Jessica Lappin:
Well, there is movement. I had been a long supporter, for example, of the second avenue subway, which people laughed at me when I first ran for office, and the first leg has opened, and it's fantastic. And it's taking millions of people off of the other over congested lines. So, these things can happen, but they take time. Governor Cuomo has really staked a claim on infrastructure and the airports being something very near and dear to his heart. Gateway is a project that needs critical support, revamping Penn Station. Some of these facilities, they've just reached the end of their life cycle, and this is a very dense place.
Jessica Lappin:
So, these are facilities that it's not like hundreds of people go through, millions of people are going through every day. So, it's expensive to take them on, but I do think it's time and we have fallen behind when you go abroad to other cities. And so, I think it's important for us to pony up. I mean, it means tax dollars that are being either diverted from something else, or at some point you're going to pay more somehow. Whether it's when you're swiping your Metro card or in some other fashion. But I think you have broad support from New Yorkers that we need to tackle these infrastructure projects to move forward.
Josh King:
Just to set the stage for listeners, since 9/11 has seen the redevelopment of Brookfield place, the versioning of Battery Park, the opening of the 9/11 Memorial and Museum, the plans for the performing arts center on that piece of property as well. Help our listeners understand this specialness of the geography that comes under your domain and the Alliance for Downtown New York.
Jessica Lappin:
I often say to people, even if you're a New Yorker, and you haven't been here in six months or a year, you would hardly recognize the neighborhood. But certainly if you are somebody who hasn't been here in a number of years, and if you're a tourist thinking about coming, this neighborhood is now on your must see list, which was not really the case in the past. People have always come to see the stock exchange, to go visit the Statue of Liberty, perhaps, but now be between the 9/11 Museum, and all the other things you just mentioned. There's a real draw that brings people to the neighborhood. Michelin stared restaurants, the world's best bar on Water Street called The Dead Rabbit. These are all really bringing people to the neighborhood and when they come, they're experiencing something very different. And it's remarkable if you think that there are three times as many people living here today as there were on 9/11.
Jessica Lappin:
So, you have residents, that of course then means schools. Then they're looking for different kinds of shops and retails. They're eating brunch on the weekend or after work. So, that brings a different vitality of the neighborhood. So it's this brand new ecosystem. I think what we keep coming back to in this neighborhood is it's one that's had its ups and downs dating back hundreds of years. And there's an authenticity to it because that's part of New York and the New York experience. We're constantly evolving and growing, tearing down, building over, but here, because so much of the neighborhood was landmarked. We've protected a lot of that rich history. And yet we still have the Gary Building that went up on Spruce Street. We still have very innovative architecture happening, and I think as we've rebuilt The World Trade Center, for example, you've had world class architects who have made their mark there.
Jessica Lappin:
So, we have this combination of old and new. Even anecdotally, I live in East Midtown and my friends who would've never come down, especially on a weekend before say, "Oh, we're, we're going to go to Brookfield place to go shopping. Or there's the new carousel on in the park. I have little kids. We want to go check out the carousel. We want to go to Governors Island, which is an amazing jewel." And you take the ferry from lower Manhattan to get there. That's something that New Yorkers are doing, not tourists. They're not going to Governors Island. So, there's a lot to offer.
Josh King:
I remember the architectural reviews for the Calatrava Oculus. You go through there happily, and it does serve as this interstitial tissue between the tough subway lines and the burgeoning New York that's above
Jessica Lappin:
That to me was critics being critics. I have not been able to find somebody who walks through there and says, "Ugh, I hate it." Except maybe the Daily News editorial board. They don't like it. They're consistent. But other than that, the people I know who commute through there every day love it. And the people I've brought to see it love it. It is a beautiful space. And this notion that going back to this question of infrastructure, that we shouldn't spend money on beautiful transit hubs. Why? Nobody thinks that Grand Central was a waste of money. People love Grand Central.
Jessica Lappin:
I understand that when you are using taxpayer money, you have to be a good steward of that. And that doesn't mean you have cart blanche, but I do think, especially when you're talking about The World Trade Center site and the importance symbolically, and more than that, the importance in terms of moving people throughout the region that that station represents that it was appropriate to have something so beautiful that will forever be a testament to... I mean, it's design of a bird, of a Phoenix rising from the ashes, and that's what we have done on that site and in the neighborhood.
Josh King:
We've been talking so far about the physical manifestations of the rebirth of downtown. The human image of that is often the red coated representatives of the Alliance for Downtown that are deployed all over this neighborhood. How does what you do and your organization does fit into the physical changes that have happened here in the last 15 years?
Jessica Lappin:
Well, thank you for this shout out. So, the Downtown Alliance is a Business Improvement District. We're a BID. There are 70 of them all over the city. They're all over the country. In fact, they're all over the world, and we have 120 men and women who wear these red coats and they're out there every day removing graffiti, getting gum off the sidewalk, emptying those recycling bins, shoveling snow, directing tourists, or helping people in need. We work very closely with the NYPD as well to try and help keep the neighborhood safe as best we can. Over time, we've done different things based on the needs in the neighborhood, and it's nice because it is a safe community these days that are, for example, our public safety officers can spend more time telling tourists where they can get a great bite to eat.
Jessica Lappin:
Gone are the days where they would literally walk people to the subways at 05:30 at night when it was dark in the winter because people were afraid to leave their offices and walk to the subway. It's things that you may not notice that are not so obvious, but that you internalize and the city doesn't really maintain parks the way people expect that they do. We do, and we've spent tens of thousands of dollars in the last year in Bowling Green Park alone. On some level, you notice it, especially if you're sitting there and having lunch or strolling on the promenade, and I will say the opposite. When there's graffiti, when there's garbage, when there are no flowers in the park, you definitely notice it.
Josh King:
So, this specific neighborhood or intersection that we were talking about today, Wall & Broad, the title of your report, A More Welcoming Wall & Broad: A Vision for Improving the Stock Exchange District. We think of the stock exchange district as just this building that we are in today, where we're sitting in the library, the New York Stock Exchange built in 1903, but what is the Stock Exchange District and why is it in such rough shape right now?
Jessica Lappin:
Well, the district which really grew up after 9/11 at, as we describe it because it's within the security zone today is bounded on the north by Pine Street, on the south by Beaver Street, to the west by Broadway, and the east by William Street. And so, really what happened after 9/11 almost overnight was the PD came in to secure the neighborhood, and they put up barriers to keep people and cars, mainly cars from coming in without being screened. It was important to do, obviously, and still important to secure this neighborhood.
Jessica Lappin:
It's hard probably for people to picture, especially if you're not a New Yorker, but it was right in the middle of this historic area. And it has been by putting up these security devices, we've created this zone that we call this the Stock Exchange District because that's really what it is. And Wall Street, Broad Street, those are the famous corridors that everybody knows. And when you watch the opening credits of SNL, you see this corner and it's really an iconic location for the city, but we have these other streets, New Street, Exchange Place, for example, that are also important to the people who live there or work there that have been sort of forgotten somewhat because of this. And so, part of our goal was to take this world class jewel of a corner, bring it to the standard of what it could be and what it should be, but also to keep in mind the neighboring streets that are largely pedestrianized as well, still function as commercial corridors and could be vastly improved.
Josh King:
Talk about the people you had arrayed and the steps behind you at the House of Morgan today because these are not people who naturally have a lot of coffee during the day.
Jessica Lappin:
Well, so one of the things I enjoy having been an elected official for eight years and now being on the other side is I do often do a lot of translating between the two, between public and private, because there's distrust sometimes that is not necessary, but they're not groups that sit around and have coffee and talk about problems together. So, really, that's where the Alliance was the perfect entity to be a convener because we work on a day to day basis with both sides, we're an independent, neutral, trusted party who could get everybody around one big table to hash it out. And in fact, that's something I love to do. I love to be able to make partnerships and bring people together to solve problems.
Josh King:
Describe for me the range of people who are with you today.
Jessica Lappin:
So, the deputy mayor's office, we had actually two deputy mayors who were working with us and then a host of agencies that report to them, Department of Transportation, city planning, the Landmarks Agency, the Economic Development corporation, and of course the NYPD. Then on the private side, there were major owners from the neighborhood, cultural institutions like federal hall or the lower Manhattan Cultural Council, which works with local artists. One of the schools that's right there on Broad Street and residents, of course. At the end of the day, we need to do something. Our goal is to do something that works for everybody. And the south side of Wall Street now is pretty much entirely residential. So, which is also kind of crazy.
Josh King:
And more construction cranes all the time. I'm looking at 01 Wall Street right across our window right here, the former home of the Bank of New York. In a couple years, it's going to be these gleaming condos.
Jessica Lappin:
Right. this has become a very attractive place for people to live. And so, for me, I wanted to make sure that the residents were at the table and involved in the discussion. And we had half a dozen or so who were very involved, and that was great. This is New York. Everybody has an opinion, and this was a process where people could bring those opinions to light. And I think we incorporated as much of it as we could.
Josh King:
Details of the big picture, gateways to clearly define the space, new lighting systems, removal of curbs, and improved access to pedestrians. I could go on and on. But when you go to the Alliance for Downtown website and you read the report, what are the top things that it says?
Jessica Lappin:
If you have curbless shared streets, that enables us to redesign the way the security has been put in to place and really open it up for pedestrians to get rid of some of the clutter that we don't need. We'd like to have more seating. We'd like to have more green space. More, as you said, lighting, especially on New and Exchange. We have this idea to pilot a consolidation delivery service, which in European cities, they do where you'd have one place deliveries went and then final delivery within the zone could happen by hand, by car truck, maybe by bike. We'll see. There are a number of strategies that we have laid out, and really that was the goal to come up with a framework that we can work off of, and it's all achievable. We wanted something that was grand, but practical. At the end of the day, I want to do something, and I wanted to make sure we had a plan we could put into place.
Josh King:
You want to do something. What happens economically to the surrounding buildings in the neighborhood?
Jessica Lappin:
Well, the value goes up. I mean, that's the bottom line. It becomes a better place for the residents, becomes a better investment. I think what you have seen time and time again in these neighborhoods across the country is some smart planning and investment can have a big impact.
Josh King:
The report lays out some substantial changes to the area. What has to happen for jackhammers to get into those curbs?
Jessica Lappin:
One of the reasons we wanted to do this now is that there are jackhammers already in the curb, and you mentioned one wall, but there are a number of buildings in this area that are either under construction or undergoing conversion as we speak. And so, they're going to be spending money putting the sidewalks back together, so to speak. We'd rather put that money towards a good use. And I do... I haven't had concrete discussions with ownership along the corridor, but I'm pretty confident that there is an appetite and an interest just from the participation we saw of people on the private side to contribute to this effort. But the city has to step up. There's just no two ways about it. This would be a city capital project. They have to be willing to do it. They have to put some real money behind it. And it will take time to sort of sort that out. But again, this is something that we don't envision happening overnight. We envision this taking some time and it should to do it properly. It'll take a few years, but I think we're on the path.
Josh King:
You mentioned $30 million as a potential price tag. Does that all come from New York City? Where does that come from?
Jessica Lappin:
My vision would be we'd have some partnership between public and private and figure out how to move it forward.
Josh King:
The next phase starts tomorrow. After the break, Jessica and I will dive into some of the larger missions of the Downtown Alliance and her path from Stuyvesant High School to today after this.
Speaker 3:
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Josh King:
We're continuing our conversation with Jessica Lappin, President of the Downtown Alliance, fresh off of today's release of the Alliance's report on the Stock Exchange District. Now, Jess, steps from where you gave a press conference this morning will soon be home to Fearless Girl, the statue, which has been over on Broadway since State Street Global Advisors put it there on International Women's Day in 2017 has been part of a larger conversation about the role of women in senior leadership on company boards. Your mother, Joan Lappin, founded Gramercy Capital Management and served in several C-level positions. Growing up, were you aware of how unique it was for a woman to start a financial company in the 1980s?
Jessica Lappin:
I was. My mother definitely was a trailblazer. And in fact, she was friends with Mickey Seabert, who is a neighbor of mine.
Josh King:
First female member of the New York Stock Exchange.
Jessica Lappin:
Absolutely, and there's a room here now in her honor.
Josh King:
Seabert Hall.
Jessica Lappin:
Yeah, she was quite a dynamo. So, yes. I mean, I had heard stories, my mother growing up being a young analyst working right here, by the way, at 55 Broad. It was a hard time for women in finance. There just weren't very many of them and she was tenacious and found her way and eventually started her own company. And she was very good about bringing me to take your daughter to work day and other things like that. I definitely had an appreciation for how tough it was for a woman starting out.
Jessica Lappin:
She would often say that when she went to college at the University of Wisconsin you really... Basically, women did three things. You were a banker, you were a secretary, you were a teacher, if you were going to work. And in fact, her father, as she was about to graduate, not with a teaching degree, teaching certificate said he wouldn't pay for her to finish college unless she got a teaching certificate because otherwise, what else was she going to do with her life? So, yeah, it was a very different time. I have been incredibly fortunate not just to have a powerful mother, but to having gone into politics have had a few mentors and women who had been successful in running for office who were very encouraging to me.
Josh King:
You mentioned her time in which she was about to be, or started her career as a teacher. In a 2013 article in Forbes, she wrote about a defining lunch she had with Margaret Thatcher in the 1980s. She mentioned that she and the iron ladies both started out as school teachers. Have you ever talked to her about that?
Jessica Lappin:
She loved... Yes, I mean, she talks about having that experience of seeing Margaret Thatcher speak. It definitely was mesmerizing, and incredibly, had a very strong impact on her. And I think she participated in this Financial Women's Association, which she still does to some extent, and they went on these trips around the world where they have the opportunity to meet these world leaders. And then, and now they're not that many female male world leaders, frankly. So, meeting somebody of that stature who spent the time with them and spoke so passionately, really, it definitely had an impact on her.
Josh King:
That same article mentions that she said that you not her are the sort of political leader of the family. Was politics always a topic of the dinner table conversation?
Jessica Lappin:
Yes, my mother has often said she could never get elected to anything. Yes and no. My parents were not particularly politically active when I was growing up. They were involved civically with the local neighborhood association, for example, and we would talk about current affairs and issues at the dinner table, not necessarily through the prism of politics. And my mother was a Republican until Anita Hill and the hearing for Clarence Thomas' confirmation, and then everything that happened in the last year of the woman in '92 was when she changed her registration, and that's when she got much more politically actively involved. And my father would probably say he's a libertarian. So, I was the one who... And probably because of what happened in '92, I went down to Washington to March on women's rights on a planned parenthood train. I was in high school at Stuyvesant and it was a very form of experience.
Jessica Lappin:
One, I had never done anything like that. That was my first political action. Two, it was a very powerful one having all these women descend on Washington. And three, we made a difference and we certainly felt like we made a difference, and really doubled if not more than doubled the number of women serving in Congress that year. And so, it felt like, "Oh, wow, I can do this, and I actually can change the world." And that sort of gave me the Genesis. I did go to Georgetown. I interned, spent a summer in the press office of Senator Daniel Patrick Moynihan, which was an incredible experience. And so, I had this in the back of my mind as something that I might want to pursue, but I wanted to come back to New York City when I graduated because this is the place.
Josh King:
You were part of the first graduating class of Stuyvesant in its current location in Battery Park City. What was the neighborhood like when you were just sort of opening up those doors for the first time, and that was the newest school in town?
Jessica Lappin:
Well, it was a very different place. That's for sure. It felt remote. It felt a little bit off the map. There weren't that many people living here. Even something like going out to eat for lunch. There weren't that many places to grab lunch. It felt like more of an outpost, which is not how it feels today at all. It was also harder to cut class. So, that was kind of a bit of a drag. I learned as much from the other kids I went to school with as I did from my teachers. I had some good teachers. I had some terrible teachers like any school, but it was inspiring that the people who they come from all over the city who are coming from Staten Island, from Forest Hills, from the Bronx, sometimes making two hour trips in each direction to be there from every socioeconomic background, people who are really the first generation either in terms of being immigrants here, or certainly first generation who are planning to go off to college. And so, for me, being around kids like that who were so driven, it was very inspiring. And some of my best friends are the people who I met there, and we studied together. We pushed each other together. We laughed together. It's a tough place. There's no question. I mean, it's a very competitive place, but it's a special place.
Josh King:
You mentioned your time in the Moynihan press office. It's the mid late '90s, the height of the Clinton years, Al Gore running for president. You could have stayed in Washington, really made an impact, or at least began a foray into national politics. What did bring you back to New York City?
Jessica Lappin:
I loved going away for college. I lived abroad when I was in college. I enjoyed traveling. I travel all the time, but this to me, it's like, this is the anchor, the beacon. I can't imagine really living anywhere else. And the truth is you can do anything here. And so, I worked on Al Gore's campaign in 2000. I did some advance work when he was vice president and he would come to the city. I gathered the most signatures for him when he was running for president of anybody in the state of New York. It was pretty cool. They brought me out to the tarmac. I was in my twenties. I got to meet Air Force 2 and shake his hand, and the whole thing. It was pretty cool. So, the thing about New York versus DC, which is really a one industry town is that people do everything. And so, when you go out, the people you meet are from every different industry. And so, if you want to work in politics, you can do it here. And local politics in New York are as rough and tumble as national politics in most other places.
Josh King:
Your time in city government, and then on the city council itself, tremendous challenge, tremendous change, the height of the Bloomberg years. A sense of mission both from what you saw at city hall and what was happening in the council chamber?
Jessica Lappin:
Well, sure. Bloomberg was a great leader. And Chris Quinn, who was our speaker, I thought also was a great leader. It was, and I was chief of staff to the speaker of the city council before I ran. And he was elected speaker in 2002 right when Bloomberg came in and those were the dark times right after 9/11 trying to kind of pick ourselves up and dust ourselves off both economically, emotionally, and move forward. But my time in office, it's a very challenging and rewarding job. And the nice thing about working in local government is you really see and feel your work on the ground in your neighborhood where you live, where your kids go to school, and that's rewarding. You can't pass legislation with the same impact or breath as you could in Washington, or even in Albany, but you can feel much more tangibly the outcome of your work.
Jessica Lappin:
You also can't escape your neighbors, which can make it... I've had people who are standing outside of my apartment or cornering me in the laundry room to discuss their pet issue. To me, I think we really benefited in the Bloomberg years of having somebody who had a clear vision. I didn't always agree with him. There were times we vehemently disagreed, but there were a lot of things that we worked on together, and I was actually very proud of. I voted against his effort to extend terminal myths, which ended up passing, but I was one of the votes against, and he chose me to do his press conference the next day on public space recycling just to demonstrate that people can disagree, but that he and I would still continue to work together on things that were important to the city. And that is a lesson in this era of partisanship and fighting that I wish more people headed of you can disagree and you can disagree vehemently, but the next day you should get up and figure out how you're going to help New York, and help the world.
Josh King:
And now at the Alliance for Downtown, you recently created the lower Manhattan HQ, which is described as an innovation hub and a collaboration center. That has a title and description that sounds more like it should have a home in Silicon Valley rather than New York. In the age of WeWork, what are we talking about here?
Jessica Lappin:
So, it's not your work. It's not meant to be your primary office, but it is meant to be a draw for the companies that are choosing New York over Silicon valley, or are in both places, honestly. It's a community hub where you can take a break from your normal office space and either have a brainstorming session, an offsite meeting. It can be in a conference room. It can be in our public event space. We have companies that take it over for two days or people who use it for a few hours, but in the modern way that people work, they don't want to be tied to their desk. They don't want to be in the same physical space all the time. And having a change of scenery can have an impact, and that's what we heard from the tech and the creative companies that were here.
Jessica Lappin:
We were responding to that need, and it's been a successful experiment. We subsidize it. It is affordable. You're not going to find any more affordable space in lower Manhattan. And we do that on purpose, too, because we don't want cost to be the barrier. We also have a lot of not-for-profits here that are doing great work for the city, and they need space like this and have been taking advantage. We have a couple of universities running graduate programs out of the space. Again, it's what I love about New York, people coming together, whether it's the New York City Housing Authority, and Amex, and Major League Soccer, and an advertising firm pitching business all under one roof. That's the magic of the city. And then you hope that there are some connections or collaborations that come from those interactions.
Josh King:
Finishing up where we started, A More Welcoming Wall & Broad: A Vision for Improving the Stock Exchange District. It's now out. It's currently being reviewed by the press. You'll see more articles coming out about it in current days. Residents will be looking over the document itself, local government officials, and other parties that have a stake in what's going to happen at this neighborhood. What needs to be the next step?
Jessica Lappin:
Well, we're going to continue to work with our friends in the private and the public sectors to push this forward. It's great that we've started with such broad support, and now we have to figure out how we're going to fund it, how we're going to phase it, and make sure that we get it done because really New York deserves it.
Josh King:
Where can listeners find out more about the report itself and about the other work that's happening now at the Alliance for Downtown?
Jessica Lappin:
At downtownny.com.
Josh King:
Jessica Lappin, thank you so much for joining us inside the ICE House.
Jessica Lappin:
My pleasure. Thank you.
Josh King:
That's our conversation for this week. Our guest was Jessica Lappin, President of the Alliance for Downtown New York. If you like what you heard, please rate us on iTunes so other folks know where to find us. And if you've got a comment or a question you'd like one of our experts to tackle on a future show, email us at [email protected] or tweet at us @NYSE. Our show is produced by Pete Ash and Ian Wolf with production assistance from Ken Abel and Steven Portner. I'm John King, your host signing off from the library of the New York Stock Exchange at the intersection of Wall and Broad street. Thanks for listening. See you next time.
Josh King:
(silence).
Speaker 1:
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