Upcoming Project Information

In an effort to provide more transparency, NYCEDC is making detailed information available for upcoming NYCIDA projects. Detailed information for projects that will be covered in the next NYCIDA Public Hearing on September 14, 2017, can be found below.

Aetna Life Insurance Company  

Company Names: 

Aetna Life Insurance Company and Aetna Corporate Services LLC

Project Description:

The companies are seeking financial assistance in connection with the renovation, furnishing, and/or equipping of approximately 145,741 square feet of office space.

Address:

61 9th Avenue, New York, NY 10011

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:

TBD

Projected City Tax Revenues:

TBD

Total Project Cost:Approximately $84,900,000
Projected Jobs:250 full-time equivalent jobs projected.
Hourly Wage Average and Range:

$60.31/hour

Hugh O'Kane Electrical Co., Inc.

Company Name: 

Hugh O'Kane Electrical Co., Inc. and a to-be-formed real estate holding company.

Project Description:

The companies are seeking financial assistance in connection with the acquisition and equipping of an existing 10,800 square foot building.

Addresses:

104 Lombardy Street, Brooklyn, NY 11222

Type of Benefits:

Payments in lieu of City real property taxes, deferral of City and State mortgage recording taxes, and exemption from City and State sales and use taxes.

Cost of Benefits to City:

TBD

Projected City Tax Revenues:

TBD

Total Project Cost:Approximately $7,350,000
Current and Projected Jobs:8 full-time equivalent jobs currently, 20 full-time equivalent jobs projected.
Hourly Wage Average and Range:

$40.00/hour, estimated range of $20.00/hour to $71.00/hour.

SDCL Progress Co-gen LLC

Company Name: 

SDCL Progress Co-gen LLC, an affiliate of Sustainable Development Capital, LLC

Project Description:

The Company seeks financial assistance in connection with the acquisition, installation, and operation of a 6.6-megawatt cogeneration facility and associated equipment and the associated renovation and improvement of an approximately 15,000-square-foot portion of a commercial office building.

Addresses:

350 5th Avenue, New York, NY 10118

Type of Benefits:

Payments in lieu of City real property taxes, deferral of City and State mortgage recording taxes, and exemption from City and State sales and use taxes.

Cost of Benefits to City:

TBD

Projected City Tax Revenues:

TBD

Total Project Cost:Approximately $39,980,715
Projected Jobs:5 full-time equivalent jobs projected.
Hourly Wage Average and Range:

$53.11/hour, estimated range of $43.96/hour to $54.95/hour.