Upcoming Project Information

In an effort to provide more transparency, NYCEDC is making detailed information available for NYCIDA projects. Information for projects that will be covered at the December 6, 2018, NYCIDA Public Hearing, to be held at 110 William Street, New York, NY, 10038, at 10 am, will be listed below:

45-18 Court Square West LLC

AB Capstone LLC

Company, LLC


45-18 Court Square West LLC

Organization Name: 45-18 Court Square West LLC, a New York limited liability company (the “Company”), a joint venture of King Street Properties and GFP Real Estate, owners and managers of commercial real estate.
Project Description: The Company seeks financial assistance in connection with the construction, furnishing and equipping of a 263,000 rentable square foot office building on a 32,500 square foot parcel of land located at 45-18 Court Square, Long Island City, New York (the “Facility”). The Facility will be leased by the Company and is owned by 45-18 LLC and 45-18 Riverside LLC. The Company intends to lease the Facility to various tenants for lab, lab support, office space and other uses applicable to the life sciences industries.
Address: 45-18 Court Square, Long Island City, New York 11101.
Type of Benefits: Payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes, and exemption from City and State sales and use taxes.
Cost of Benefits to City: $55,690,505
Projected City Tax Revenues: $88,727,624
Total Project Cost: $240,000,000
Current and Projected Jobs: 503 full time equivalent jobs projected.
Hourly Wage Average and Range: Estimated average of $47.00/hour, estimated range of $25.00/hour to $53.00/hour.

AB Capstone LLC

Organization Name: AB Capstone LLC, a New York limited liability company and owner, operator and developer of commercial and residential real estate, and an existing affiliated real estate holding company, Bronx Hub Development LLC (together, the “Companies”).
Project Description: The Companies seek financial assistance in connection with the construction, furnishing and equipping of an 8-story, approximately 125,000 square foot commercial building on two contiguous parcels of land totaling approximately 18,525 square feet (the “Facility”) located at 601 Bergen Avenue, Bronx, New York and 423-425 Westchester Avenue, Bronx, New York. The Facility will be owned by one of the Companies and leased to an affiliated to-be-formed real estate holding company, all to be used by commercial tenants and not-for-profit organizations.
Addresses: 601 Bergen Avenue, Bronx, New York 10455 and 423-425 Westchester Avenue, Bronx, New York 10455.
Type of Benefits: Exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.
Cost of Benefits to City: $2,404,058
Projected City Tax Revenues: $5,412,462
Total Project Cost: $70,900,000
Current and Projected Jobs: 150 full time equivalent jobs projected.
Hourly Wage Average and Range: $20.50/hour, estimated range of $15.00/hour to $26.00/hour.

Company, LLC

Organization Name: Company, LLC, a Delaware limited liability company specializing in real estate management and technology company incubation (the “Company”), and its affiliated real estate holding company, 6 East 43rd Street Corp.
Project Description: The Company seeks financial assistance in connection with the leasehold renovation, furnishing and equipping of approximately 162,000 square feet on floors 11-28 and related building mechanical systems within an approximately 341,000 square foot commercial office building located on an approximately 17,975 square foot parcel of land (the “Facility”). The Facility is owned by 6 East 43rd Street Corp. and a portion thereof will be leased to the Company and subleased to various tenants for lab, lab support, office space and other uses applicable to the life sciences industries.
Address: 6 East 43rd Street, New York, New York 10017.
Type of Benefits: Payments in lieu of City real property taxes and exemption from City and State sales and use taxes.
Cost of Benefits to City: $66,732,641
Projected City Tax Revenues: $40,764,710
Total Project Cost: $60,000,000
Current and Projected Jobs: 364.5 full time equivalent jobs projected.
Hourly Wage Average and Range: $48.38/hour, estimated range of $15.00/hour to $120.00/hour.