NYCIDA Assists Manufacturer to Establish Headquarters in Jamaica, Queens
Best Mounting Corporation will invest $3.6 million and create 15 jobs
Helping industrial companies grow is a vital part of the City’s Five Borough Economic Opportunity Plan
The Board of the New York City Industrial Development Agency (NYCIDA) today approved a sales, real estate, and mortgage recording tax incentive package to assist Best Mounting Corporation, a new company and an affiliate of AFC Industries, to locate their headquarters in Jamaica, Queens. Best Mounting will make a $3.65 million private investment to acquire and renovate a 55,000-square-foot facility in Jamaica to manufacture workstation fixtures primarily for the media, healthcare and security industries, creating 15 new jobs over the next three years. The project is expected to return about $3 million in new net tax revenues to the City over 25 years.
“Industrial and manufacturing companies such as Best Mounting are vital to the continued growth and diversification of the City. They provide specialized services that are critical to City’s industries, create new jobs, and are a central component of Mayor Bloomberg’s Five Borough Economic Opportunity Plan,” said NYCIDA Chairman Seth W. Pinsky. “I am pleased that NYCIDA is able to help Best Mounting Corporation establish its new operation in New York City.”
The NYCIDA Board voted to approve approximately $85,480 in mortgage recording tax benefits and sales tax exemptions totaling $5,160. In addition, Best Mounting will receive real estate tax exemptions worth up to $1,246,782 over 25 years.
Because the customers for the new company will be located throughout the United States and abroad, the company researched comparable properties outside of the five boroughs. Best Mounting determined that the IDA benefits will offset the higher real estate costs and taxes and make it economically possible for the company to establish their new headquarters in Queens.
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].
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.
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.