NYCIDA to Help Company Expand in New York City
New York City Industrial Development Agency (NYCIDA) today approved financing assistance to Technical Library Service Inc. (Talas). The financing assistance will help the company expand and relocate from Manhattan to a new facility in the East Williamsburg Empire Zone in Brooklyn. The company will invest $4,875,000 to acquire a building on Morgan Avenue to handle its current business and allow it to expand into new product lines in the future. The project will create and retain 18 jobs.
“We are proud to be able to make New York City a long term choice for a business like Talas,” said Seth W. Pinsky, Chairman of the NYCIDA. “With assistance from the IDA, Talas will continue to play a key role in the conservation and storage of important books and manuscripts. The project will also contribute to the effort to revitalize the City’s industrial zones.”
Talas received approval for City and State mortgage recording tax benefits of approximately $120,960 and City and State sales tax exemptions totaling about $3,769 for the acquisition and renovation of the site in Brooklyn. Also approved were a City Land Tax Abatement of about $179,514 and a City Building Tax Stabilization of about $1,485,532. Talas will purchase and renovate an approximately 24,000 square-foot facility in Brooklyn. Currently employing 15 workers, the company will expand its services and create three additional jobs over three years.
Talas was established in 1963 as the sole U.S. supplier for conservation and archival materials for the storage of books and manuscripts in the United States. The company expanded its product line and began importing new lines including the distribution of fine leather from England and France for the bookbinding industry as well as importing fine cloth and high end art conservation papers from Italy, Japan, and Germany. Its customers include museums, the bookbinding industry and professional art and photography collectors.
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].