(Read more on the industrial market.)
BROOKLYN, NY-New York City Industrial Development Agency approved financing assistance for four industrial companies in Brooklyn and Queens. The project will retain 65 jobs, create 91 new positions and encourage $21 million in private investment.
"The Bloomberg administration is constantly exploring innovative ways to help industrial companies locate and expand in New York City. The four projects approved will create and retain about 156 industrial jobs and promote upwards of $20 million in private investment in Brooklyn and Queens," says Robert Lieber, president of New York City Economic Development Corp., which administers NYCIDA.
NYCIDA approved about $1.9 million in mortgage recording tax and real estate tax benefits and about $50,000 in sales tax exemptions, to help DCD Marketing LLC, a distributor and designer of direct marketing materials. DCD Marketing plans to acquire, renovate and equip a 31,243-sf facility in the East New York section of Brooklyn, which will allow the company to grow while consolidating operations for increased efficiency and creating in-house printing capabilities.
The company explored several locations outside New York City, but NYCIDA benefits will allow them to remain in the city. The company currently has 17 jobs and will create 34 new positions as a result of the $5.6-million project. The company may also qualify for about $46,700 in discounted energy from the Business Incentive Rate program and about $86,000 from the City's Energy Cost Savings Program.
Approximately $689,000 in mortgage recording tax and real estate tax benefits were approved to help Excellent Poly Inc. acquire an approximately 30,000-sf facility in the Sunset Park section of Brooklyn. A manufacturer of custom printed plastic bags, Excellent Poly will use the benefits to help acquire its current facility ensuring the company's long-term viability in New York City. The company will retain 17 jobs and create about 12 new positions as a result of the $1.9-million project. The company may also qualify for about $55,000 from the BIR program and about $101,000 from ECSP.
Safe Art SAT Inc., a fine art shipping and storage company, will receive real estate tax benefits of about $3.7 million and sales tax exemptions worth $11,000 to acquire and renovate a 78,000-sf facility on Hazen Street in Elmhurst, Queens. Safe Art's business has expanded considerably over the past several years and requires increased space to accommodate additional demand. The new facility will provide needed expansion room for additional services and enable the company to remain in New York City while growing its customer base. As a result of the $11.1-million project, Safe Art expects to add 15 employees to its existing staff of 30. In addition to tax benefits, the company may also qualify for about $105,000 in BIR benefits and about $193,000 in ESCP benefits.
NYCIDA approved about $877,000 in mortgage recording tax and real estate tax benefits and about $9,400 in sales tax exemptions to help Mind, Hand and Co., J.V. Woodworking and OH-Show Woodworking Studio acquire and renovate a 14,900-sf industrial facility in the Ridgewood neighborhood of Queens. The three architectural woodworking firms are seeking to purchase space they have recently rented to accommodate growth. The companies will retain about 16 jobs and create 15 new ones as a result of the $2.5-million project. In addition, the companies may also qualify for about $30,000 from the BIR program and about $55,000 from ECSP.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
