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500,000-SF First Phase of JFK Corporate Square Gets Fed Tax Credit

JAMAICA, NY-Some $21 million in federal tax credits has pushed the class A office project one step closer to reality. Developer LCOR is already talking with anchor tenants.

By John Salustri | Updated on March 27, 2003

JAMAICA, NY-This stopover town on the way to someplace else just moved one step closer to being a destination location. The 500,000-sf first phase of JFK Corporate Square has just received federal tax credits to the tune of $21 million. The project, billed as the first privately developed class A office in Queens in a decade, is a public/private venture being developed by LCOR and the Greater Jamaica Development Corp. When it is completed, JFK Corporate Square will offer some 4.5 million sf of mixed use space.

The incentives were competitively awarded through the US Treasury’s New Markets Tax Credit initiative, a federal program allowing community development organizations to raise equity capital from investors and to pass tax credits on to these investors over a seven-year period.

With the tax credits to start with, “we hope to break ground by the end of the year,” LCOR senior VP David A. Sigman tells GlobeSt.com. Anchor tenants are already at the table, he says, including an unspecified aviation firm and a state agency.

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