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LONG ISLAND CITY, NY-A number of tax incentives were key in forging a 66,000-sf deal here, GlobeSt.com has learned. New York Display & Die Cutting Corp., an industrial die-cutter, has taken the deal at the Falchi Building here.
Acquired by Kalmon Dolgin Affiliates in 2005, the five-story, 640,000-sf Falchi Building is located at 31-00 47th Avenue. It is within one of the city's historical industrial and manufacturing districts.
Josh M. Dolgin, vice president of Kalmon Dolgin, says the area is near to major roadways as well as public transportation. He notes that the area has been revitalized by recent rezoning and an influx of residential development.
"The Falchi Building is prequalified by the state for relocating businesses to receive tax incentives, enabling New York Display to bring their effective net rent to the low single-digits." says Unger. The firm was able to secure a site with heavy floor loads, substantial power supply, and large freight elevator the property offers due in part to the available incentives, he notes. "Qualified tenants can receive up to $3,000 per employee every year for up to 12 years, and as additional employees join the firm after the relocation, they are qualified as well," adds Dolgin. "This is one of the major reasons that New York Display and other expanding firms relocate here."
Current tenants include office users, showrooms, jewelry makers, printing and other manufacturing operations. The site features high-capacity loading docks, eight freight elevators, two large passenger elevators, high ceilings, 24-hour access and security, indoor parking among other amenities.
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