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City's Economic Development Corporation approves financing.

New York City Industrial Development Agency chairman and president of the New York City Economic Development Corporation Andrew M. Alper announced that the IDA has approved financing assistance for the Bank of New York, as well as several manufacturers and not-for-profit organizations.

The Bank of New York is New York City's oldest commercial bank. It is headquartered in Lower Manhattan and was displaced from two of its four downtown locations after Sept. 11. The company is seeking assistance in connection with its lease of 316,000 SF in a proposed office building to be built at the Atlantic Terminal in Brooklyn. BNY will serve as the anchor tenant of this new building which will total approximately 360,000 SF. The bank will relocate approximately 1,400 employees to Brooklyn in order to diversify its geographic locations and will also keep an additional 6,160 employees in Lower Manhattan. BNY has been awarded a WTC Job Creation and Retention Progrant grant of approximately $37.5 million and also sales tax exemptions of $2 million.

In addition, FC Hanson Office Associates LLC - an affiliate of Forest City Ratner Companies, is the developer for the proposed Atlantic Terminal complex, and will receive approximately $2.5 million in a mortgage recording tax waiver to induce construction of the building. The building will be constructed over the Atlantic Terminal retail project, already under construction. The office development will consist of 10 stories, have its own lobby entrance and an internal connection to transportation outlets and the retail mall.

"The Bank of New York is a very important member of New York City's banking community as well as a key employer in the City," said Andrew M. Alper, IDA chairman. "I am pleased that the IDA will be able to help the bank expand their operations to Brooklyn, as well as add to the development of the area as a central business district. I commend the commitment of the Bank of New York to help rebuild and revitalize the city they call home."

West 127 Street LLC is a joint partnership between not-for-profit social service provider, Harlem Dowling-West Side Center for Children and Family Services, and a developer, Uptown Initiative Corp.. The partnership will receive approximately $12 million in tax-exempt bonds to construct a 9-story, 63,500-SF office building, the Harlem Dowling Gateway Office Building, at 2135 Adam Clayton Powell Jr. Boulevard. The project will also receive sales tax exemptions of approximately $887,000. West 127 Street has 160 employees and will add 60 more within three years.

Harlem Dowling will occupy 50% of the building and the rest of the space will be occupied by other not-for-profit tenants and retail. Harlem Dowling was selected to develop the city-owned site as a result of a request for proposals issued by EDC on behalf of the city.

The Convent of the Sacred Heart of New York is a not-for-profit educational institution serving primary and secondary school girls. The school has two adjacent buildings adjacent at 1 East and 7 East 9lst St. in Manhattan. The convent has been approved for approximately $14.7 million in tax-exempt bonds to refinance a construction loan to build a glass tower to link the two buildings and provide additional classrooms. The school will also receive a $37,000 mortgage recording tax waiver. The New York school currently employs 156 people and will add two more within three years.

The Convent of the Sacred Heart of New York is New York's oldest independent school for girls. The school was founded in 1800 and came to New York City in 1841. It has 22 locations in the United States and 44 internationally.

The American Society for Technion is a not-for-profit private educational foundation dedicated to charitable, educational and scientific activities to promote technological and industrial research in Israel and for the Technion--Israel Institute of Technology, an educational institution in Haifa, Israel. The society also engages in educational and charitable activities with various institutions in the United State and other countries.

The society is scheduled to receive $14.6 million in tax-exempt bonds to refinance the acquisition and renovation of its two floors, totaling 22,860-SF, at 55 East 59th St. in Manhattan. The society will also receive a mortgage recording tax Waiver of approximately $400,000. Currently located at 810 Seventh Ave., the Society will move to this new location when renovations are completed in January 2003.

The organization has 49 employees and plans to add four more over three years.

The Technion-Israel Institute of Technology was founded in 1924 as Israel's first institution of higher learning. The Institute is known as "Israel's MIT" and has earned a global reputation for its pioneering work in electronics, information technology, water management, biotechnology, material engineering and aerospace. It is one of just 10 universities in the world that builds and launches satellites.

Great Wall Corp. is a manufacturer of women and children's sportswear. The company is scheduled to receive approximately $1.6 million NPV (net present value) in real estate tax benefits and sales tax exemptions over 25 years. Great Wall plans to expand its current facility at 47-21--47-39 36th St. in Long Island City, Queens by adding 22,000 SF to its location. Great Wall which started its operations in 1994, sells its merchandise to major discount stores. Great Wall has 26 employees and plans to add 20 more over three years.

Established in 1989, Twin Marquis Inc. is a manufacturer and distributor of noodles and dumplings. The company has been approved to receive $656,000 NPV in real estate tax benefits and sales tax exemptions over 25 years. Twin Marquis plans to expand its operations by purchasing a 75,000-SF building at 1/7 Bushwick Place in Brooklyn. The company currently has 60 employees and will add 10 more within three years.

16 Tons Inc., founded in 1997, is a manufacturer of custom retail displays and cabinetry. The company is scheduled to receive $343,000 NPV in real estate tax benefits and sales tax exemptions over 25 years. 16 Tons plans to expand its operations by purchasing and renovating a 12,050-SF facility at 27 Knickerbocker Ave. in Brooklyn. The company has 14 employees and plans to add 3 more over three years.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Aug 21, 2002
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