New York City Industrial Development Agency Assists Hindustan Granites to Expand in Brooklyn
$6.7 Million Project Will Retain and Create 22 Permanent Jobs
The New York City Industrial Development Agency (NYCIDA) approved an incentive package that will help Hindustan Granites Inc. acquire and renovate a 31,000-square-foot industrial facility in the Greenpoint section of Brooklyn. The NYCIDA Board approved approximately $2.3 in real estate and sales tax benefits for the fabricator and distributor of marble and stone products. In addition, the new facility is located in both an Industrial Business Zone (IBZ) and an Empire Zone, making it eligible for about $10,000 in IBZ Relocation Tax Credits and $132,000 in Empire Zone Wage Tax Credits. The company currently has 10 full time employees and expects to increase its workforce to 22 as a result of the $6.7 million expansion project.
“Supporting the City’s small manufacturers is a vital part of the Industrial Development Agency’s mission,” said NYCIDA Chairman Seth W. Pinsky. “I am pleased that with the help of NYCIDA, Hindustan Granites will be able to remain in New York City, improve its operations and add important industrial jobs.”
Hindustan Granites currently leases 28,000 square feet in Greenpoint and is operating at full capacity. The company plans to acquire a modern, 31,000-square-foot warehouse facility at 280 Johnson Avenue to accommodate expanded production and increase operating efficiency. The company had identified comparable locations in New Jersey that would cost less and have lower operating expenses, but it prefers to remain in New York City.
Hindustan Granites is an importer, wholesaler and distributor of natural stone slabs and tiles for uses such as flooring, countertops and wall coverings in construction projects. Some of Hindustan Granites projects include the new Yankee Stadium, Lincoln Center and the New Millennium Hilton Hotel.
The company began in India in 1986 under the name HMG. The U.S. company was established in 1992 as its domestic and international export market expanded and its fabrication and finishing technology was upgraded. Its India- affiliate operates its own quarries and processing facilities in India, but Hindustan Granites also imports many varieties of granites from around the world.
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 to learn more about NYCEDC projects and initiatives.
The New York City Industrial Development Agency (NYCIDA) is administered by the New York City Economic Development Corporation and provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit 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].
About the Five Borough Economic Opportunity Plan
The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city's economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.