IDA assistance will help spur $103m in private investment.

New York City Industrial Development Agency (IDA) approved financing assistance for the office component of a mixed-use development in Downtown Brooklyn that will serve as the City's first major commercial project constructed in the area since its 2004 rezoning.

The $60.4 million office component of the project is expected to create more than 470 construction jobs over three years and provide office space for about 500 permanent jobs. IDA Board also approved financing assistance to four industrial companies and one not-for-profit organization in Brooklyn, Queens and the Bronx. IDA is administered by the New York City Economic Development Corporation.

"The Center at Albee Square will create more than 1,500 permanent jobs, including 500 office jobs, and provide a mix of uses, including office space, affordable and market-rate housing and new retail amenities," said IDA Executive Director Kei Hayashi. '

"Providing new office space for companies to locate, which IDA is helping make happen, is an important part of making Downtown Brooklyn an even more active mixed-use district, and, together with the retail and residential uses, the project will play a key role in the growing vibrancy of the entire area."

IDA approved about $1.2 million in mortgage recording tax benefits and about $2 million in sales tax exemptions for Albee Office Development LLC. Financing assistance will allow for the development of 125,000 s/f of office space at The Center at Albee Square, a mixed-use office, residential and retail development with below-grade parking. The office space will be located on floors 5, 6 and 7, above the four-story retail space.

B.S. & F. Auto Parts Inc, an auto parts manufacturer and wholesale distributor, will receive mortgage recording and real estate tax benefits of about $982,000 and a sales tax exemption of about $2,700 to acquire and equip its 25,436-square-foot Bronx facility. In addition to tax benefits, the company may also qualify for about $16,000 in discounted energy from the Business Incentive Rate (BIR) program and about $29,000 from the City's Energy Cost Savings Program (ESCP).

Grand Meridian Printing Inc will receive mortgage recording and real estate tax benefits of about $1.5 million to purchase, renovate and expand a 10,000 s/f building in Long Island City. The company explored several locations in New Jersey, but IDA benefits will allow them to remain in New York City. Grand Meridian will create and retain 28 jobs as a result of the $3.3 million project.

Royal Food International Corp. will receive mortgage recording and real estate tax benefits of about $6.6 million and a sales tax exemption of about $53,000 to acquire, renovate and equip a facility in Long Island City. In addition to tax benefits, the company may also qualify for BIR benefits of about $53,000 and ESCP benefits of about $96,000.

IDA also approved approximately $7 million in tax-exempt bond financing, about $3.6 million in mortgage recording and real estate tax benefits and about $44,000 in sales tax exemption for Stallion Inc's new Long Island City location. The wholesale manufacturer and distributor of fur apparel, accessories and related products will use bond proceeds to acquire and renovate a 30,000 s/f building.

IDA also approved approximately $12 million in tax-exempt bond financing and $336,000 in mortgage recording tax benefits for Ateret Torah Center's Brooklyn location. The not-for-profit, independent private school, which serves students from nursery through high school in multiple locations throughout Brooklyn, will use bond proceeds to refinance taxable debt used to acquire and equip its 65,000 s/f facility.