NYCIDA Approved Financing Assistance to Four Companies in Brooklyn, Queens and Manhattan
New York City Industrial Development Agency (NYCIDA) approved financing assistance to four companies in Brooklyn, Queens and Manhattan. The NYCIDA board also approved assistance to Harlem Park for the development of the first new Class A commercial tower in Upper Manhattan. The office and retail tower will help to catalyze continued private investment in the 125th Street corridor of Harlem and will house Major League Baseball’s new cable broadcasting system, the MLB Network. The financing assistance approved at the meeting will create or retain 3,170 jobs in the City.
“Harlem Park will become home to an estimated 2,390 permanent jobs including those associated with the newly created MLB Network, and catalyzing private investment in the revitalization of Harlem’s entertainment, arts and commercial corridor,” said newly appointed NYCIDA Chairman Seth W. Pinsky. “Providing new office space for companies, which NYCIDA is helping make happen, is an important part of turning Upper Manhattan into an active mixed-use district; this project will play a key role in the growing vibrancy of the entire area.”
CV Harlem Park LLC received approval for City and State mortgage recording tax benefits of approximately $8,526,000 and City and State sales tax exemptions totaling about $7,646,000 for the development and construction of an approximately 592,000 gross square foot office tower to be named Harlem Park along the 125th Street Corridor in between Madison and Park Avenues. In addition to 513,000 square feet of office space, the building will include 58,000 square feet of retail space and an accompanying underground parking facility. The development will help to establish Harlem as a cost-effective alternative to other, more expensive, central business districts in New York City. Moreover, the project will enhance and support further growth along the 125th Street arts and entertainment corridor. The building is projected to house up to 2,390 tenant employees.
Major League Baseball’s start up cable broadcasting network, The MLB Network, LLC, received approval for $5,000,000 in City and State sales tax exemptions for the occupancy, tenant improvement and equipping of an approximately 132,000 square foot office and studio space at Harlem Park. The space will be fit out to include cable television studio facilities, related technical operation space, and office space. The MLB Network will serve as an anchor tenant catalyzing the development of Harlem Park, and further private investment in Upper Manhattan. The project will create 250 new jobs at Harlem Park. Elsewhere in New York City, the company and its affiliates are committed to create 75 new jobs in addition to the 300 jobs already located in the City.
NYCIDA approved approximately $4.8 million in triple tax-exempt manufacturing facilities bond financing, about $134,960 in City and State mortgage recording tax benefits, and approximately $77,929 in City and State sales tax exemptions for Remains Lighting to acquire renovate and equip an 18,500 square foot facility in the Bushwick section of Brooklyn. The facility will serve both as a factory and warehouse for the company. Remains Lighting is a manufacturer and seller of high-end traditional lighting fixtures to the architecture and interior design trades. Additionally, the company restores and sells antique lighting. The project will allow the company to create 55 jobs in addition to the 13 they already employ.
NYCIDA also approved about $14.5 million in industrial incentives for Artex, Inc. a fine art crafting, transporting, storing and handling company serving museums, galleries and auction houses. Also approved were about $420,000 in City and State mortgage recording benefits and about $104,688 in City and state sales tax exemptions. Incorporated in 1990, Artex has experienced significant growth, and is seeking to acquire and renovate an approximately 75,000 square foot facility in Long Island City in Queens. Currently leasing various spaces throughout New York City, Artex will consolidate its operations at the Long Island City facility and equip it with private viewing rooms, full climate and humidity control, large capacity freight elevators, convenient truck access and a state of the art security system. The project will create and retain 47 jobs.
The NYCIDA board approved approximately $4.4 million in triple tax exempt manufacturing facilities bonds for Tri-State Biodiesel LLC, a manufacturer of biodiesel fuel from recycled cooking oil for the construction and equipping of a 17,250 square foot facility located in Brooklyn. Also approved were about $123,200 in City and State mortgage recording tax benefits and approximately $155,492 in City and State sales tax exemptions. The company collects restaurant oil waste and currently sells it to other biodiesel companies for processing. At the completion of this project, Tri State will have a production capacity of 3 million gallons of biodiesel annually. Tri-State Biodiesel will also construct a tank farm for the warehousing and distribution of the fuel created from the recycled cooking oil. As a result of the project, the company will create 23, and retain 17 jobs in the City.
New York City Industrial Development Agency (NYCIDA) provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. IDA 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. IDA 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].