Build NYC Approves Tax-Exempt Financing For Four New York City Non-Profit Educational Institutions
NYCIDA also Approves Assistance for Two Industrial Projects
Build NYC Resource Corporation (Build NYC) today approved approximately $37 million in tax-exempt financing to assist with expansion projects and cost reductions for four New York City non-profits. Wagner College, a private college located in the Grymes Hill section of Staten Island, was approved for up to approximately $15 million in tax-exempt financing which will be used to finance the renovation, repair of, and improvements to two of Wagner's buildings, the Main Hall building and the Harborview Residence Hall building. The three other approved projects were Corlears School, Metropolitan Montessori School, and Yeshiva Har Torah which will each use the tax-exempt financing to refinance their existing debt.
“The assistance provided to these institutions is further proof of Build NYC’s growing importance to the City’s non-profit sector,” said Build NYC Chairman Seth W. Pinsky. “By reducing costs, Build NYC will better equip these four leading New York City educational establishments to cultivate the next generation of talented students, and make certain the City remains the home of the best and brightest minds on the planet.”
"Wagner College’s Main Hall is one of the great architectural icons on Staten Island and I am enthusiastically looking forward to its renovation," said Borough President James Molinaro. "The work will benefit thousands of students and allow the Main Hall to continue to stand as a symbol to the tradition and excellence of Wagner College for generations to come.”
“For years, Main Hall has served as Wagner’s signature building, a splendid example of collegiate architecture, has served generations of our students well. But over the years, the list of needed repairs has grown,” said President of Wagner College Richard Guarasci. “I am pleased, then, that we have been able to undertake this project, which included re-pointing of the building’s extensive brickwork, the replacement of the roof, which is more than 80 years old, repair and replacement of the ornamental figures and sculptures on the exterior, and the replacement of windows. Once work is completed, this wonderful building will be safe, sound and restored to its former glory.”
Corlears School, a not-for-profit independent private school in Chelsea serving children between the ages of 3 and 10 was approved for $10 million in tax-exempt financing. The proceeds from the bonds will be used by the School to refinance an existing mortgage loan.
Metropolitan Montessori School, a not-for-profit co-educational, independent school on the Upper West Side of Manhattan, serving approximately 200 children between the ages of 3 and 12, was approved for approximately $9 million in tax-exempt financing to refinance an existing mortgage loan.
Yeshiva Har Torah, a not-for-profit co-educational school serving students from nursery school through 8th grade, was approved for approximately $3 million in tax-exempt financing to refund outstanding bonds issued by the City’s Industrial Development Agency in 2006.
“I thank Build NYC for providing assistance to Yeshiva Har Torah, allowing the school to invest in our community and in the education of our students,” said Council Member Mark Weprin.
NYCIDA also today approved assistance for two industrial businesses to grow and expand in New York City. Idlewild 228th Street LLC, plans to construct an approximately 132,000-square-foot freight-forwarding facility on a vacant industrial property located at 145-68 228th Street, Queens. Idlewild plans to invest nearly $20 million to construct the facility with the assistance of approximately $5.1 million in real-estate and sales-tax exemptions.
"New York continues to insulate itself from the pressures of the national economy by pushing smart, self-sustaining development projects like this on in the outer boroughs," said Councilman James Sanders. "I'm glad to have Idlewild coming to our community, and look forward to the community investment and job creation that will come with it."
Soho Studio Corp a distributor and wholesaler of glass and tile mosaics, plans to invest—with the assistance of approximately $1.5 million in real-estate and sales-tax exemptions—approximately $4.3 million to purchase and renovate an approximately 48,000 square foot building at 800 Snediker Avenue in Brooklyn, thereby retaining 20 jobs and creating 6 new jobs.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
About Build NYC
The Build NYC Resource Corporation (Build NYC) is a conduit bond issuer administered by NYCEDC and assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing. To request information on Build NYC, call (212) 312-3600 or e-mail [email protected].
The New York City Industrial Development Agency (NYCIDA) is administered by NYCEDC and provides financing assistance to businesses, including small industrial and manufacturing companies. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, and other qualified entities to finance expansion opportunities. NYCIDA also offers qualified companies abatements on sales, real estate and mortgage taxes. To request information and details on NYCIDA programs, call (212) 312-3600 or e-mail [email protected].