NYCIDA to Assist 12 Companies, Retaining and Creating about 1,300 Jobs
IDA Names Steven M. Berzin Executive Director
New York City Industrial Development Agency (IDA) approved financing assistance for seven not-for-profit organizations and five industrial companies in Queens, Brooklyn, Manhattan and Staten Island. The projects will retain close to 1,200 jobs, create about 120 new positions and encourage $134 million in private investment. The Board also approved the appointment of Steven M. Berzin as IDA Executive Director.
“These 12 projects showcase the wide array of companies and organizations IDA can help grow and create new jobs in New York City. The projects will create and retain about 450 industrial jobs and more than 800 not-for-profit jobs, and promote upwards of $130 million in private investment in four of the five boroughs,” said IDA Chairman Andrew M. Alper. “I am also pleased that Steven Berzin has joined IDA. His experience and knowledge, particularly in financial services and municipal bond insurance, will be terrific assets.”
Berzin comes to IDA with a broad background in financial services, international mergers and acquisitions, and law. Previously, he served as Chief Financial Officer and Chief Legal Officer of W. P. Carey & Co., a real estate investment and management company, and as Vice President, Business Development for General Electric’s financial services division, where he focused on strategic planning and negotiating acquisitions and post-acquisition integrations of foreign companies. He also served as a Managing Director of Financial Guaranty Insurance Company (FGIC), one of the leading municipal bond insurers. Berzin holds a B.A. and an M.A. from Harvard University, and law degrees from Harvard and Oxford University. Additionally, he is a graduate of the Financial Management Program of Stanford University’s Business School. Berzin has also been appointed Executive Vice President, Client Services Division of the New York City Economic Development Corporation, which administers the IDA.
“I’m pleased to be joining both the Economic Development Corporation and the Industrial Development Agency,” said Berzin. “The Bloomberg Administration is committed to helping companies expand or locate in New York City, whether by making companies aware of targeted incentive programs, helping them find appropriate space or simply communicating the many advantages of doing business here. Under the leadership of Mayor Bloomberg, I am confident we will continue to create jobs for all New Yorkers.”
Among the Board’s actions, the American National Red Cross, which provides relief to victims of disaster and emergency preparation aid, was approved for $30 million in tax-exempt bond financing to buy and renovate a 4-story building on West 49th Street in Manhattan. The $64 million project is expected to create 76 new jobs. The Jewish Community Center (JCC) of Staten Island will receive $15 million in tax-exempt bond financing and a mortgage recording tax waiver of $420,000 to build a new $36 million facility on Manor Road to serve as its primary location. The expansion will allow JCC to increase its programs and services and will help retain 295 jobs and create 10 new ones.
The five other not-for-profit organizations were approved for financing assistance as part of the IDA’s Special Needs Facilities Pooled Program, designed to pool the needs of qualified not-for-profits to achieve economies of scale. The five service providers in the offering are all members of the Manhattan-based InterAgency Council of Mental Retardation and Developmental Disabilities Agencies. The organizations will receive a total of up to about $10.3 million in tax-exempt bond financing and mortgage recording tax waivers of about $290,000. Together, the projects will cost more than $12 million and are expected to retain 308 jobs and add four more. The five organizations are:
- Life’s WORC (Queens)
- Queens Parent Resource Center (Queens)
- Services for the Underserved (Manhattan)
- Women’s League Community Residences (Brooklyn)
- Young Adult Institute (Manhattan)
Five industrial companies will receive real estate and sales tax benefits of $6.3 million and mortgage recording tax waivers of about $440,000. They may qualify for a total of up to about $1.4 million in discounted energy under the City’s Business Incentive Rate program (BIR) and the Energy Cost Savings Program (ECSP).
- Canada Dry Bottling Company of New York and Pepsi-Cola Bottling Company of New York, two jointly-owned beverage bottlers and distributors, plan to buy, renovate and equip a 120,000 square-foot facility near the building it currently leases in Maspeth, Queens. The project, which is expected to cost about $13 million, will help retain 154 jobs and create four more.
- BP Air Conditioning Corp., a distributor of air conditioning and heating systems, will buy and renovate two connected buildings on 73rd Avenue in the Glendale section of Queens, and move its operations there from the Greenpoint section of Brooklyn. BP expects to keep 110 employees and add seven more as a result of the $5.6 million project.
- Coronet Parts Manufacturing Company, which makes brass fittings, and its affiliate companies, will buy and renovate a building it currently leases on Stanley Avenue and expand it to adjacent property it owns. The project will cost $1.1 million and allow the companies to add 8 employees to its workforce of 73.
- Acme Metal Cap Co., a manufacturer of steel and aluminum components for the cosmetic, food and drug industries, plans to upgrade its electrical power system to lower operating costs. The $450,000 upgrade will allow Acme to stay in its current location in Woodside, Queens, where it will keep 40 employees and add two additional ones.
- J & J Farms Creamery and Fisher Foods of Queens Corp., two jointly-owned distributors of dairy products, will renovate and equip space currently leased out by the companies on 49th Street in Maspeth, Queens. The project is expected to cost $730,000, and will allow the companies to add eight employees to its workforce of 47.
The New York City Industrial Development Agency 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 IDA programs, call (212) 312-3600 or e-mail [email protected].