DUMBO's Eyebeam Atelier secures rent abatement from City.

Eyebeam Atelier, a new tenant in the Brooklyn waterfront neighborhood of DUMBO (Down Under the Manhattan Bridge Overpass), has been approved to receive an annual rent abatement as part of the New York City Economic Development Corporation's (EDC) new Commercial Expansion Program (CEP) designed to encourage businesses to expand or relocate to the outer-boroughs of New York City. Eyebeam is the first company to receive money as part of CEP. Michael Carey, president of EDC, David Walentas, president and CEO of Two Trees Management, owners of the 45 Main Street property in DUMBO that Eyebeam now calls home, and John S. Johnson, executive director of Eyebeam Atelier, made this announcement.

Two Trees Management is a participant in EDC's Digital NYC: Wired to the World program, partnering with the Brooklyn Chamber of Commerce to provide and promote quality, affordable office space in the outer-boroughs for high-tech and new media companies such as Eyebeam Atelier. The CEP incentives, coupled with Digital NYC, have been two of the driving forces behind the recent conversion of under-utilized warehouse space in DUMBO to bustling office space.

Eyebeam Atelier will receive money through the Commercial Rent Abatement program, one facet of CEP. The program works as a property tax abatement of up to $2.50 per SF to landlords when money is spent by an owner or tenant improving a tenant's space. The landlord is then required to pass the abatement through to the tenant. Through the program, Eyebeam Atelier will receive a sum of $11,275 for each of the next three years, with a phase-out in the fourth and fifth years of the program. On July 19, Walentas and Carey presented Johnson of Eyebeam Atelier with a check for $5,637, the first half of their annual abatement.

Eyebeam Atelier signed a 13,000 SF lease at 45 Main Street last year, and will be moving from their former headquarters on Mercer Street in SoHo. The new space in DUMBO will serve as the administrative offices for the group.

Tenants in DUMBO are eligible to save up to $15 per SF per year through the Commercial Expansion Program. In the past year, Two Trees and the Brooklyn Chamber of Commerce have partnered to sign over 225,000 SF of new office leases in DUMBO, much of it to tenants who take advantage of Commercial Expansion Program.