NYCIDA to Help Four Industrial Companies Expand in Brooklyn and Queens
New York City Industrial Development Agency (NYCIDA) approved financing assistance for four industrial companies in Brooklyn and Queens. The projects will retain approximately 65 jobs, create about 91 new positions and encourage $21 million in private investment. The Board also approved the appointment of Maureen Babis as NYCIDA Executive Director.
“The Bloomberg Administration is constantly exploring innovative ways to help industrial companies locate and expand in New York City. The four projects approved today will create and retain about 156 industrial jobs and promote upwards of $20 million in private investment in Brooklyn and Queens,” said Robert C. Lieber, President of New York City Economic Development Corporation, which administers NYCIDA. “I am also pleased to announce that Maureen Babis is stepping into the Executive Director role. I am confident that her extensive experience in the financial services field will be invaluable to NYCIDA’s continued work.”
NYCIDA approved about $1.9 million in mortgage recording tax and real estate tax benefits, and about $50,000 in sales tax exemptions, to help DCD Marketing LLC, a distributor and designer of direct marketing materials. DCD Marketing plans to acquire, renovate and equip a 31,243-square-foot facility in the East New York section of Brooklyn. The new facility will allow the company to grow while consolidating operations for increased efficiency and creating in-house printing capabilities. The company explored several locations outside New York City, but NYCIDA benefits will allow them to remain in the City. The company currently has17 jobs and will create 34 new positions as a result of the $5.6 million project. The company may also qualify for about $46,700 in discounted energy from the Business Incentive Rate program (BIR) and about $86,000 from the City’s Energy Cost Savings Program (ECSP).
Approximately $689,000 in mortgage recording tax and real estate tax benefits were approved to help Excellent Poly Inc. acquire an approximately 30,000-square-foot facility in the Sunset Park section of Brooklyn. A manufacturer of custom printed plastic bags, Excellent Poly will use the benefits to help acquire its current facility ensuring the company’s long-term viability in New York City. The company will retain 17 jobs and create about 12 new positions as a result of the $1.9 million project. The company may also qualify for about $55,000 from the BIR program and about $101,000 from ECSP.
Safe Art SAT, Inc., a fine art shipping and storage company, will receive real estate tax benefits of about $3.7 million and sales tax exemptions worth $11,000 to acquire and renovate a 78,000-square-foot facility on Hazen Street in Elmhurst, Queens. Safe Art’s business has expanded considerably over the past several years and requires increased space to accommodate additional demand. The new facility will provide needed expansion room for additional services and enable the company to remain in New York City while growing its customer base. As a result of the $11.1 million project, Safe Art expects to add 15 employees to its existing staff of 30. In addition to tax benefits, the company may also qualify for about $105,000 in BIR benefits and about $193,000 in ESCP benefits.
NYCIDA approved about $877,000 in mortgage recording tax and real estate tax benefits and about $9,400 in sales tax exemptions to help Mind, Hand and Company, J.V. Woodworking and OH-Show Woodworking Studio acquire and renovate a 14,900-square-foot industrial facility in the Ridgewood neighborhood of Queens. The three architectural woodworking firms are seeking to purchase space they have recently rented to accommodate growth. The companies will retain about 16 jobs and create 15 new ones as a result of the $2.5 million project. In addition, the companies may also qualify for about $30,000 from the BIR program and about $55,000 from ECSP.
NYCIDA Board of Directors appointed Maureen Babis as NYCIDA Executive Director. Babis is a Vice President in the Financial Services group at New York City Economic Development Corporation (NYCEDC) and has been NYCIDA Deputy Executive Director since September 2006. A graduate of the University of Notre Dame and New York University Law School, Babis was as an investment banker and financial advisor in the aviation industry at Fieldstone, Inc. and a Vice President and Senior Analyst at Moody’s Investor’s Service. She has also served as a tax associate in the New York office of Milbank, Tweed, Hadley and McCloy.
The New York City Industrial Development Agency (NYCIDA) 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].