Upcoming Project Information

In an effort to provide more transparency, NYCEDC is making detailed information available for Build NYC projects. Information for projects to be covered at the June 7, 2018, Build NYC Public Hearing to be held at 110 William Street, New York, NY, 10038, will be listed below:

1005 Intervale Avenue LLC

Blue School

Fencers Club, Inc.

Friends of The American Dream Charter School, Inc. 

New Dawn Charter High School

Xaverian High School

1005 Intervale Avenue LLC

Organization Name: 1005 Intervale Avenue LLC (“1005 Intervale”), a New York limited liability company and Bronx Lighthouse Charter School (the “School”), a New York not-for-profit education corporation authorized as a charter school by the Board of Regents of the University of the State of New York for and on behalf of the New York State Education Department and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), currently operating a public charter school.
Project Description: Proceeds of the bonds will be used to finance or refinance: (i) the acquisition, renovation, improvement and equipping of an approximately 30,000 square foot building on an approximately 9,300 square foot parcel of land located at 1005 Intervale Avenue, Bronx, New York (the “Facility”); (ii) certain ancillary costs related thereto; and (iii) costs related to the issuance of the bonds. 1005 Intervale will own the Facility, and the School will operate the Facility as a public charter school to provide educational services for students in grades 9 through 12.
Address: 1005 Intervale Avenue, Bronx, New York 10459
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City: $296,665
Projected City Tax Revenues: $5,633,886
Total Project Cost: $13,000,000
Current and Projected Jobs:  74 full time equivalent jobs retained. 
Hourly Wage Average and Range: $44.81/hour, estimated range of $14.42/hour to $68.94/hour.

Blue School 

Organization Name: Blue School, a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, (the “School”), and Blue School Real Estate, LLC, a New York limited liability company; the sole member of which is the School (the “LLC” and, together with the School, the “Applicant”), as borrower.
Project Description: Proceeds of the bonds will be used to fund: (i) costs of the construction, renovation and equipping of two commercial condominium units encompassing approximately 29,000 square feet of space (the “Acquired Facility”) in an approximately 191,000 square foot building located at 156 William Street, New York, New York (the ”Building”), as well as 12,000 square feet of the ground floor of such Building which is leased by the LLC (the “Leased Facility”; and, together with the Acquired Facility, the “Facility”); (ii) projected capital improvements including upgrades to fire safety systems, purchasing of additional furniture and equipment, and other capital improvements for the Facility; (iii) the Applicant’s share of capital improvements to the Building, including façade and roof repairs, replacement of the Building’s chiller and electrical systems, elevator modernization, fire safety systems, and hook-ups for water and sewer services (iv) a debt service reserve fund; and (v) certain costs associated with the issuance of the bonds.
Address: 156 William Street, New York, New York 10038
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City:  $126,911
Projected City Tax Revenues: $3,242,355
Total Project Cost: $4,200,000
Current and Projected Jobs:  31 full time equivalent jobs retained, 11.5 full time equivalent jobs projected
Hourly Wage Average and Range: $43.52/hour, estimated range of $16.00/hour to $94.65/hour

Fencers Club, Inc. 

Organization Name: Fencers Club, Inc. (the “Institution”), a New York not-for-profit corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, dedicated to teaching and promoting the sport of fencing.
Project Description: Proceeds of the bonds, together with other funds contributed by the Institution, will be used to: (1) finance the acquisition, renovation, furnishing and equipping of an approximately 13,998 square foot commercial condominium (unit # 2002) located on the second floor of an approximately 176,000 square foot building located on an approximately 14,812 square foot parcel of land.
Address: 20 West 33rd Street, #2002, New York, New York 10001
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City: $228,843
Projected City Tax Revenues: $474,318
Total Project Cost: $13,850,000
Current and Projected Jobs:  4 full time equivalent jobs retained.
Hourly Wage Average and Range: $27.00/hour, estimated range of $17.00/hour to $42.21/hour.

Friends of The American Dream Charter School Inc. 

Organization Name: Friends of The American Dream Charter School Inc. (“FOADS”), a New York not-for-profit corporation, and its affiliate, The American Dream School (“ADS”) a New York not-for-profit education corporation exempt from federal taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, as amended, currently operating a public charter school.
Project Description: Proceeds of the Bonds will be used, as part of a plan of financing, to finance and refinance the costs of: (1) the acquisition of an approximately 8,497 square-foot parcel of land located at 700 Gerard Avenue, Bronx, New York; (2) the demolition of a parking lot located thereon; (3) the design, construction, furnishing and equipping of an approximately 33,173 square-foot, five-story building located thereon for general classroom and administrative use, together with related site improvements (the “Facility”); (4) any required debt service reserve fund; (5) any required capitalized interest during the construction period; and (6) issuance of the Bonds.
Address: 700 Gerard Avenue, Bronx, New York 10451
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City: $772,001
Projected City Tax Revenues: $7,517,972
Total Project Cost: $27,000,000
Current and Projected Jobs: 59 full-time-equivalent jobs retained, 19 full-time-equivalent jobs created.
Hourly Wage Average and Range: $40.00/hour, estimated range of $15.00/hour to $55.00/hour

New Dawn Charter High School 

Organization Name: New Dawn Charter High School (the “School”), a New York not-for-profit education corporation authorized as a charter school by the Board of Regents of the University of the State of New York for and on behalf of the New York State Education Department and exempt from federal taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, as amended.
Project Description: Proceeds of the Bonds, together with funds of the School, will be used, as part of a plan of financing, to finance and refinance the costs of (1) the acquisition, construction, renovation, and equipping of an approximately 24,000 square-foot building (and approximately 36,000 square feet anticipated after construction/renovation) on an approximately 7,500 square-foot parcel of land located at 238-242 Hoyt Street, Brooklyn, New York (the “Facility”), (2) funding a required debt service reserve fund, and (3) issuance of the Bonds.
Address: 238-242 Hoyt Street, Brooklyn, New York 11217
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City: $410,619
Projected City Tax Revenues: $3,412,521
Total Project Cost: $23,020,000
Current and Projected Jobs:  37 full-time-equivalent jobs retained, 2 additional full-time-equivalent jobs projected.
Hourly Wage Average and Range: $31.07/hour, estimated range of $17.46/hour to $41.76/hour.

Xaverian High School

Organization Name: Xaverian High School, a New York not-for-profit education corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “School”) and The Ryken Educational Center, a not-for-profit corporation exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Organization”), as borrower.
Project Description: Proceeds of the bonds will be used to: (i) finance or refinance the construction, renovation, equipping and furnishing of improvements to a 125,250 square foot building on an approximately 94,919 square foot parcel of land located at 7100 Shore Road, Brooklyn, New York (the “Facility”); (ii) finance capitalized interest; and (iii) pay for certain costs related to issuance of the bonds.
Address: 7100 Shore Road, Brooklyn, NY 11209.
Type of Benefits: Tax-exempt bond financing and exemption from City and State mortgage recording taxes. 
Cost of Benefits to City: $138,603
Projected City Tax Revenues: $14,253,733
Total Project Cost: $13,000,000
Current and Projected Jobs: 154 full-time-equivalent jobs currently, 21 additional full-time-equivalent jobs projected.
Hourly Wage Average and Range: $36.08/hour, estimated range $13.25/hour to $117.91/hour.