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Instead, managers of operating corporations that own real estate and activist investors who seek to compel managers to spin off real estate into REITs have the most at stake in this change.
Although the general purpose of extender bills is to renew expiring provisions of the tax law, this particular bill unexpectedly includes an amendment that would put an end to tax-free spinoffs of real estate investment trusts (REITs) from operating corporations.
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"Can you imagine what would happen if we had some opposition?" said Robert Boyle, chairman of the Javits operating corporation, in offering his sardonic reaction to the impasse.
And Robert Boyle, chairman of the Javits operating corporation, has long wanted to put a large convention hotel at 42nd Street and 11th Avenue.
Henry Silverman, a businessman whom Mr. Cuomo appointed chairman of the Javits operating corporation a month ago, issued a letter saying the boat show was at risk of cancellation after the havoc wreaked by Hurricane Sandy.
On Nov. 19, the board of the Javits operating corporation passed a resolution stating that the city's and state's current plans for the Javits center were "unacceptable," because they would result in a long delay.
Robert E. Boyle, chairman of the Javits operating corporation, has expressed doubts about how much the stadium could really be used for conventions, and the agency's Web site does not even mention the plans to the stadium.
But officials at the operating corporation are not concerned.
The State Labor Department certified the two-car tramway as safe yesterday, said the Roosevelt Island Operating Corporation, which operates the tram.
The rubberized surface plays fast, but the Roosevelt Island Operating Corporation is studying how to slow things down.
And there are always surprises, like the lone machine at the Midtown Operating Corporation, a taxi depot in Long Island City, Queens.
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