Showman is a fabricator of scenery for Broadway and Off Broadway productions, network and cable television studios, museums and other spaces and special functions. The firm will consolidate its six locations in a 77,000-sf building at 47-22 Pearson Place in Long Island City with the help of $1.9 million in IDA-approved real estate tax benefits and sales tax exemptions over 25 years.
The company was established in 1986 with only two employees. Today, the firm has 126 employees and will add six more within three years. Showman has served television shows on CNN, CNBC, MSNBC and MTV. Its Broadway customers have included "42nd Street," "Miss Saigon," "Contact," "Blue Man Group," "The Crucible" and "The Sweet Smell of Success."
Abigal Press, a manufacturer and distributor of printing and engraving for the funeral industry, will purchase and renovate the 82,000-sf multi-level building and 12,000-sf parking lot it currently leases at 68-92 Third St. in Brooklyn. Abigal will receive roughly $3.5 million in IDA-approved real estate and sales tax exemptions and a mortgage recording tax waiver for approximately $127,000.
Established in 1936, Abigal has more than 5,000 customers in the US. The company has 145 employees and will add nine more within three years. Clients include major religious organizations and institutions and numerous financial and law firms throughout New York City.
Specialty door and metal frame manufacturer Built-Rite Door Co. will acquire 18 city-owned parcels and construct a 30,000-sf facility at 3315-3321 Third Ave in the Morrisania section of the Bronx. The IDA has agreed to provide the company with $2.45 million in real estate and sales tax exemptions and a mortgage recording tax waiver of roughly $67,000. The company will employ 55 people within the next three years.
The IDA is the City's primary vehicle for providing financing assistance to business, including small industrial and manufacturing companies and not-for-profit organizations. It issues tax-exempt industrial revenue bonds to assist eligible entities to finance expansion opportunities and offers qualified companies abatements on sales, real estate and mortgage taxes.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
