Upcoming Project Information

In an effort to provide more transparency, NYCEDC is making detailed information available for upcoming Build NYC projects. Detailed information for projects that will be covered at the next Build NYC Public Hearing and Board of Directors meeting is below:

Build NYC Public Hearing Notice - April 2017

Build NYC Board of Directors Meeting Minutes - February 2017 - DRAFT

 ARK Development LLC

Name:  

ARK Development LLC, a single-purpose, Delaware limited liability company and an affiliate of Racebook Capital Partners LLC, also a Delaware limited liability company. 

Project Description:

The Organization is seeking tax-exempt bond financing for the construction, renovation, furnishing or equipping of a 178,000-square-foot animal handling and air cargo support facility at Cargo Building 78 at John F. Kennedy International Airport.

Addresses:

154-48 Brookville Blvd, Rosedale, NY 11422

Type of Benefits:

Tax-exempt bond financing and exemption from City and State mortgage recording taxes.

Bond Financing Amount:Approximately $35,000,000 in tax-exempt revenue bonds.
Cost of Benefits to City:$523,722
Projected City Tax Revenues:$37,953,096
Total Project Cost:Approximately $61,000,000
Projected Jobs:

165 new full-time equivalent jobs projected.

Hourly Wage Average and Range:$21.30/hour, estimated range of $13.50/hour to $82.41/hour.
 Living WageExempt.

Friends of Seamen's Society

Name:  

Friends of Seamen's Society, a not-for-profit corporation and its affiliate, Seamen's Society for Children and Families. 

Project Description:

Friends of Seamen's Society, is seeking tax-exempt bond financing for the refinancing of existing New York City Industrial Development Agency Variable Rate Demand Civic Facility Revenue Bonds which were issued in 2004 (NYCIDA Series 2004 Bonds). The proceeds from the NYCIDA Series 2004 Bonds were used for the acquisition and renovation of an approximately 24,500-square-foot office building. The organization will use the facility to provide aid to children and families in need through foster care, a family day care program, family support, and youth programs.

Addresses:

50 Bay Street, Staten Island 10301

Type of Benefits:

Tax-exempt bond financing and exemption from City and State mortgage recording taxes.

Bond Financing Amount:Approximately $4,650,000 in tax-exempt revenue bonds.
Cost of Benefits to City:TBD
Projected City Tax Revenues:TBD
Total Project Cost:Approximately $39,990,000
Current Jobs:

110.5 full-time equivalent jobs.

Hourly Wage Average and Range:$24.83/hour, estimated range of $13.74/hour to $76.92/hour.
 Living WageExempt.

Manhattan College

Name:  

Manhattan College, a New York not-for-profit education corporation chartered under the laws of the State of New York, and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986

Project Description:

Manhattan College, is seeking tax-exempt bond financing for the (1) construction, furnishing, and equipping of a new 30,000-square-foot Engineering and Science Innovation Center to be located attached or adjacent to Leo Hall (2) renovation of Leo Hall, an approximately 161,880 square foot existing academic building (3) refinancing of existing bonds issued by the Dormitory Authority of the State of New York and the Build NYC Resource Corporation. 

Addresses:

3825 and 3840 Corlear Avenue, 4455, 4485, and 4531 Manhattan College Parkway, 5935 Broadway, 4381 Post Road, 3900 Waldo Avenue, Bronx New York

Type of Benefits:

Tax-exempt bond financing and exemption from City and State mortgage recording taxes.

Bond Financing Amount:Approximately $103,000,000 in tax-exempt revenue bonds.
Cost of Benefits to City:TBD
Projected City Tax Revenues:TBD
Total Project Cost:Approximately $145,200,000
Current and Projected Jobs:

693.5 full-time equivalent jobs currently and 727.5 full-time equivalent projected.

Hourly Wage Average and Range:$39.99/hour, estimated range of $16.00/hour to $77.00/hour.
 Living WageExempt.