NYCIDA Will Assist in Expansion of Brooklyn Business
At its September Board Meeting, New York City Industrial Development Agency (NYCIDA) approved financial assistance for Best Choice Trading Corp., a wholesale frozen seafood distributor located in East Williamsburg, Brooklyn. With NYCIDA’s help, Best Choice will acquire, renovate, and equip an 8,750-square-foot facility adjacent to its current 19,840-square-foot facility to accommodate the company’s growth and storage needs. The total project cost is estimated to be $2.6 million. The expansion will enable Best Choice to double its workforce by adding 20 workers to the 20 it currently employs.
The NYCIDA Board approved approximately $1,148,635 in real estate and sales tax benefits for Best Choice Trading Corp. for the acquisition and renovation of a facility on Stewart Avenue in the East Williamsburg Empire Zone. The facility will also likely be eligible for energy benefits including electric service discounts under the Business Incentive Rate program (estimated value $23,600 NPV, over 5 years) and energy cost rebates through the City’s Energy Cost Savings Program (estimated value $43,275 NPV, over 12 years).
“This is a real New York small business success story,” said NYCIDA Chairman Seth W. Pinsky. “Best Choice Trading Corp. has expanded from a small company operating out of a basement to a thriving business that continues to grow. I am pleased that IDA is able to help them continue to grow in Brooklyn.” This expansion will allow Best Choice to not only expand, but also to operate more cost-effectively. The renovations will include the installation of an 8,000-square-foot freezer that will increase storage capacity and enable the company to make larger purchases and reduce costs. The greater storage capacity will also allow the company to discontinue the practice of storing products in a storage facility in New Jersey, and that cost-savings will be passed to customers. In addition, the company plans to expand its line of products to include additional frozen foods and dry goods.
Best Choice Trading Corp. was started 18 years ago by Lee Fong, a Chinese immigrant who still owns and runs the business. The company began with just one freezer in the basement of Mr. Lee’s brother’s restaurant. It has gradually expanded to serve industry users throughout the tri-state area.
New York City Industrial Development Agency (NYCIDA) is administered by New York City Economic Development Corporation. The Agency 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 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].