Financing & Incentives

NYC Industrial Developer Fund

The NYC Industrial Developer Fund is a $150 million public/private fund to provide project financing for industrial real estate development projects in New York City.  The Fund is designed to catalyze investment in 400,000 sf of new or renovated industrial real estate workspace across New York City, supporting the creation of as many as 1,200 quality and accessible industrial jobs by 2020.


The Industrial Developer Fund supports industrial job-creation in New York City by providing public/private financing for industrial real estate development projects.  Total size of the Fund is $150 million, which includes approximately $60 million in public funds leveraging $90 million in private financing.

The Industrial Developer Fund provides qualified real estate developers with partial public gap-financing assistance in the form of grants, low-interest subordinate loans, and guarantees on senior private loans.  These public funds are intended to leverage owner equity so that the transaction merits traditional bank/senior lender financing provided under the Fund structure. 

Qualified projects seeking fund support will be considered when high impact projects are unable to move forward due to funding gaps.  The Fund will consider both non-profit and for-profit entities.

Mayoral Priority

The Industrial Developer Fund is a key component of Mayor Bill de Blasio’s initiative to support industrial jobs in New York City.  

In November, 2015, Mayor de Blasio and City Council Speaker Melissa Mark-Viverito announced a ten point Industrial Action Plan to modernize the City’s industrial policy and support the City’s industrial labor force.  Together, these efforts will ensure that both longstanding businesses and new firms have the ability to retain and create quality and accessible industrial jobs in New York City.  The Industrial Developers Fund, the fifth point in the action plan, is designed to stimulate the creation of 400,000 sf of new or renovated industrial and manufacturing space and as many as 1,200 jobs by 2020.


New York City’s industrial and manufacturing sector employs 530,000 people, or 15.4 percent of the city’s private sector workforce.  The sector is a vital pathway to the middle class for many families, with median wages of $50,400 a year. In addition, more than 328,000 jobs in the sector (61.5 percent) are located outside Manhattan, 62 percent of the workforce comes from culturally diverse backgrounds, and nearly half are foreign-born. Finally, approximately 63 percent of jobs are available to individuals who do not have a college degree.


The industrial and manufacturing sector has faced serious challenges in recent decades.  These include global macroeconomic trends that have shifted US manufacturing jobs overseas, as well as heightened local competition within NYC for real estate for residential and commercial uses.  These local factors have disproportionately hurt industrial businesses by reducing the supply of industrial real estate while increasing rents and building ownership costs. 

The $150 million NYC Industrial Developer Fund supports the City's industrial businesses and workforce by catalyzing new supply of industrial real estate that directly supports industrial jobs.

Eligible Projects

  • Land/Building Acquisition, Construction and/or Renovation
  • Project Size: Minimum of 25,000 square feet
  • Geography: New York City’s 5 boroughs
  • Use/Purpose: Projects must create long-term industrial real estate property and demonstrate creation of quality, permanent industrial jobs

Public Financing Components & Terms

  • Grants, which are subject to NYC Capital eligibility requirements and available only to non-profit entities
  • Low interest subordinate loans, which are generally fixed amount term loans with flexible structure and repayment
  • Loan guarantees on senior loans, which are provided to senior lenders on a percentage of senior loans

Selection Process

Developers and Projects will be selected through an open and competitive bid process with quarterly submission deadlines following the release of a Request for Proposals (RFP) in Q1 2016. Sign up for NYCEDC's Development & Procurement Alerts and/or NYCEDC's Vendor List to receive a notification when the RFP is released.

Additional Information

For additional information, please contact the NYCEDC Strategic Investments Group at 212.618.5737 or [email protected], with “Industrial Developer Fund Inquiry” in the subject line.  Prospective applicants are encouraged to contact NYCEDC to determine eligibility and review in-depth financing criteria prior to submitting materials.

News & Updates

Contact Info

Contact the Strategic Investments Group at 212.618.5737 or [email protected] to determine eligibility and review in-depth financing criteria prior to submitting materials.