With the help of NYCEDC and NYCIDA, GMDC opened their sixth building in 2009, a 72,000 square foot industrial building in Brooklyn.
Overview
The Greenpoint Manufacturing and Design Center (GMDC) is a not-for-profit real estate development organization dedicated to the preservation and creation of permanent affordable manufacturing space for small and medium-sized industrial firms. GMDC purchases and redevelops industrial properties into multi-tenant manufacturing centers that provide flexible and affordable space.
Details
NYCEDC recently partnered with GMDC for their sixth rehabilitation project, an $11 million, 72,000-square-foot redevelopment at 221 McKibbin Street in Brooklyn.
NYCEDC facilitated a city capital investment of $4 million through a funding agreement, helped secure additional funding with New Market and Historic Tax Credits and issued a partial waiver of the City’s real estate tax through the NYCIDA.
In its new facility, GMDC will offer below-market leases to approximately 20 small industrial businesses, which is estimated to employ 80-100 people.
