Society Readies for Move to New Offices

Society Readies for Move to New Offices

With landlord permission granted and permits being cleared, the New York State Society of CPAs approaches the early stages of construction for its new offices at 3 Park Avenue. Because the Society’s current lease ends Oct. 31 and the real estate market seemed responsive, the NYSSCPA’s Board of Directors unanimously approved on July 15, 2003, the decision to relocate the Society’s offices.

“Looking at the economy as the Society neared the end of its lease at 530 Fifth Avenue, a decision was reached to proactively find a new location early, as space was getting more difficult and more expensive to rent in the city,” Steve Baum, chair of the NYSSCPA Real Estate Task Force, said.

The board of directors, Executive Committee, Foundation for Accounting Education Trustees and the Real Estate Task Force have all been integral to the selection and moving process.

Out of 11 potential properties between 26th and 45th streets, the location at the intersection of Park Avenue and 34th Street offered the most tangible benefits based on an analysis of current and future office space needs.

Because a similarly operated professional society previously occupied the Park Avenue location, the interior requires minimal construction, making the Society’s move particularly cost effective.

Spread over two floors, instead of just one, the new interior also offers the Society increased options in event planning. Conveniently located wall columns allow for conferences accommodating up to 150 people. By holding conferences in-house, the Society gains an opportunity to control its budget by avoiding escalating hotel costs.

The new FAE Conference Center will hold approximately 15 conferences this year that would otherwise be held at hotels.

In addition to these cost and quality advantages, the Society also considered the geographic benefits of relocating to Park Avenue and 34th Street.

The new location is within walking distance of two of New York City’s major terminals—Grand Central Station and Pennsylvania Station—which should ease commuting for members coming from Long Island, New Jersey, Connecticut and points north of Manhattan. The new offices are one block away from the 33rd Street stop on the subway’s 6 line. And commuters coming to Manhattan by car will find less expensive parking garages around the new location than are available in mid-town off Fifth Avenue.

Society staff expects to move in late spring or early summer. FAE conferences, however, at the new office on Park Avenue have been scheduled definitively for as early as June 9; approximately 100 seminars have already been scheduled for 3 Park Avenue this summer.

The new lease is for a term ending in 2013, at which point the Society will have the option to renew at below market rates.