7/29/2019 Sunshine Suites Opens in the Bronx

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Harlem News Group B R O N XHARLEM . QUEENS . BROOKLYN . BRONX

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Sunshine Suites recently openedup a new large block of sharedoffices in Hunts Point, in the

Bank Note Building at 890 GarrisonAvenue, Bronx. Already, about 100people are using the facility, compris-ing over 45 companies. Professionsrepresented include: healthcare, socialmedia, "augmented reality," accoun-tants and lawyers, said CheniYerushalmi. He and his collaboratorshave been in the office space businessfor the last 11 years, after finding out

that many small entrepreneurs needshared space.

The Banknote Building has acertain charm, with high ceilings andbig windows that let in plenty of light,this being formerly a factory produc-ing banknotes. Other tenants in thebuilding range from the office of Con-gressman Serrano, to the Bronx Acad-emy of Arts and Dance (BAAD).

The benefit of shared space isto allow small companies to succeedin a difficult economic environment.Sunshine Suites can function as anincubator for small companies. An

individual can set up shop at SunshineSuites for as little as $195-a-month forshared workspace, or what Cheni calls

"co-working" with coffee brewing sta-tions and all. There are private con-ference rooms, and all those who joinSunshine Suites get an allocation ofconference time of at least 4 hours amonth, with the option of buying extratime. For many professions, especial-ly for lawyers and legal matters ingeneral, private conference space is acritical need.

Sunshine Suites uses theeconomies of scale in this shared com-mon space. Reserved lockers and

desks are also available. The deskunits and shared space have Internetconnections, and power unit connec-tions built in, with the added benefitof letting entrepreneurs set up shop onshort notice, and deciding whether tocontinue each month.

I asked Cheni what was it likegoing from his shared office suites inNOHO, Downtown NY City, to open-ing in Hunt's Point, Bronx. He and hispartners had this move to open inHunts Point in the making for a while.Sunshine Suites-Bronx is actually apartnership with the New York City

Economic Development Corporation(NYCEDC), several colleges, and cor-porations. Www.aroundsunshine.com

has posted other local and citywideresources. For example, at the NY CBusiness Solutions, Bronx, 400 Ford-ham Road you see a seminar on busi-ness financing strategies. At theBaruch College Small Business Cen-ter, downtown at 55 LexingtonAvenue, by E. 24th Street, businessdevelopers can learn about ethnicmarketing and social media strategy.Some of these events are free and

open to the public, while detailedmentoring services are also available.Some marketing strategy sessions are

only open to members of the Sunshinebusiness incubator. Sunshine alsopartners with the Levin Institute of theState Univ. of NY (SUNY ) and theprivate group, the Maestro Project.

Sunshine Suites- Bronx turnsout to be a magnet, with the nearby #6train going to Harlem and DowntownManhattan, and draws in entrepre-neurs from not only the Bronx, butalso from Brooklyn, New Jersey and

elsewhere. For more information seehttp://sunshineny.com/bronx-office-space or call 212-624-5856.

SUNSHINE SUITES OPENS IN THE BRONXBy Howard Giske

What Taxpayers Need to Know AboutGovernment Pensions

There has been a lot of talklately about the costs ofpublic employee pensions

and whether governments have

set aside enough money to makegood on their promises.

Concerns are real -- andgrowing -- about these retire-ment benefits and what must bedone to honor the obligations ifenough money is not availableto cover the benefits publicemployees have been promised.

When local and state gov-ernments have not set enoughmoney aside to adequately fundpension obligations, the conver-

sation very quickly turns towhether making up for theshortfall could mean tax increas-es, service reductions, or cuts inretirement benefits.

To best understand the

size and impact of your govern-ment's pension liability, youshould find out what type ofpension plan your government

offers and its current pensionobligations and funded status.

In an effort to equip inter-ested parties with the tools theyneed to evaluate governmentpension benefits, new pensionstandards issued by the Govern-mental Accounting StandardsBoard (GASB)-which are set totake effect in 2014- will requirestate and local governments toplainly show their net liabilityfor pension benefits on the face

of the financial statements,alongside other liabilities. TheGASB is the independent groupthat sets accounting and finan-cial reporting standards for U.S.state and local governments.

Under the new standards,anyone interested in pensioninformation will be better ableto assess a government's overall

financial picture as it relates topensions by helping them evalu-ate such questions as: What pen-sion promises has mygovernment made? How muchis it obligated to pay? How ismy government doing comparedto other communities?

While governments arebecoming familiar with andpreparing for the new financialreporting standards, there aresteps that taxpayers and public

employees can take to betterunderstand their governments'financial obligations:

o Contact your govern-ment officials: Ask how yourelected officials are preparing

for the changes and how theywill address funding pensionbenefits.

o Get talking: Talk to

friends, neighbors, and col-leagues and share what youknow. Find out how pensionfunding issues may affect thefuture of your community.

o Stay Informed: As a cit-izen, you can access pensioninformation on your ownthrough Internet searches orgovernment websites that pro-vide access to local financialreports.

Whether local and state

governments are prepared to paypromised pension obligationsnow and in the future are issuesthat will affect every taxpayer.