Harlem News Group SUNSHINE SUITES OPENS IN THE BRONX

HARLEM . QUEENS . BROOKLYN . BRONX

BRONX

By Howard Giske

unshine Suites recently opened up a new large block of shared offices in Hunts Point, in the Bank Note Building at 890 Garrison Avenue, Bronx. Already, about 100 people are using the facility, comprising over 45 companies. Professions represented include: healthcare, social media, "augmented reality," accountants and lawyers, said Cheni Yerushalmi. He and his collaborators have been in the office space business for the last 11 years, after finding out that many small entrepreneurs need shared space. The Banknote Building has a certain charm, with high ceilings and big windows that let in plenty of light, this being formerly a factory producing banknotes. Other tenants in the building range from the office of Congressman Serrano, to the Bronx Academy of Arts and Dance (BAAD). The benefit of shared space is to allow small companies to succeed in a difficult economic environment. Sunshine Suites can function as an incubator for small companies. An individual can set up shop at Sunshine Suites for as little as $195-a-month for shared workspace, or what Cheni calls

"co-working" with coffee brewing stations and all. There are private conference rooms, and all those who join Sunshine Suites get an allocation of conference time of at least 4 hours a month, with the option of buying extra time. For many professions, especially for lawyers and legal matters in general, private conference space is a critical need. Sunshine Suites uses the economies of scale in this shared common space. Reserved lockers and desks are also available. The desk units and shared space have Internet connections, and power unit connections built in, with the added benefit of letting entrepreneurs set up shop on short notice, and deciding whether to continue each month. I asked Cheni what was it like going from his shared office suites in NOHO, Downtown NY City, to opening in Hunt's Point, Bronx. He and his partners had this move to open in Hunts Point in the making for a while. Sunshine Suites-Bronx is actually a partnership with the New York City Economic Development Corporation (NYCEDC), several colleges, and corporations. Www.aroundsunshine.com

has posted other local and citywide resources. For example, at the NYC Business Solutions, Bronx, 400 Fordham Road you see a seminar on business financing strategies. At the Baruch College Small Business Center, downtown at 55 Lexington Avenue, by E. 24th Street, business developers can learn about ethnic marketing and social media strategy. Some of these events are free and open to the public, while detailed mentoring services are also available. Some marketing strategy sessions are

only open to members of the Sunshine business incubator. Sunshine also partners with the Levin Institute of the State Univ. of NY (SUNY) and the private group, the Maestro Project. Sunshine Suites- Bronx turns out to be a magnet, with the nearby #6 train going to Harlem and Downtown Manhattan, and draws in entrepreneurs from not only the Bronx, but also from Brooklyn, New Jersey and elsewhere. For more information see http://sunshineny.com/bronx-officespace or call 212-624-5856.

What Taxpayers Need to Know About Government Pensions

here has been a lot of talk lately about the costs of public employee pensions and whether governments have set aside enough money to make good on their promises. Concerns are real -- and growing -- about these retirement benefits and what must be done to honor the obligations if enough money is not available to cover the benefits public employees have been promised. When local and state governments have not set enough money aside to adequately fund pension obligations, the conversation very quickly turns to whether making up for the shortfall could mean tax increases, service reductions, or cuts in retirement benefits. To best understand the

size and impact of your government's pension liability, you should find out what type of pension plan your government offers and its current pension obligations and funded status. In an effort to equip interested parties with the tools they need to evaluate government pension benefits, new pension standards issued by the Governmental Accounting Standards Board (GASB)-which are set to take effect in 2014- will require state and local governments to plainly show their net liability for pension benefits on the face of the financial statements, alongside other liabilities. The GASB is the independent group that sets accounting and financial reporting standards for U.S. state and local governments.

Under the new standards, anyone interested in pension information will be better able to assess a government's overall financial picture as it relates to pensions by helping them evaluate such questions as: What pension promises has my government made? How much is it obligated to pay? How is my government doing compared to other communities? While governments are becoming familiar with and preparing for the new financial reporting standards, there are steps that taxpayers and public employees can take to better understand their governments' financial obligations: o Contact your government officials: Ask how your elected officials are preparing

for the changes and how they will address funding pension benefits. o Get talking: Talk to friends, neighbors, and colleagues and share what you know. Find out how pension funding issues may affect the future of your community. o Stay Informed: As a citizen, you can access pension information on your own through Internet searches or government websites that provide access to local financial reports. Whether local and state governments are prepared to pay promised pension obligations now and in the future are issues that will affect every taxpayer.

Harlem News Group January 24, 2013

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