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Nine city properties available for development.

Mayor Rudolph W. Giuliani issued Requests for Proposals (RFP) on June 24th for the development of 1.5 million square-feet of City-owned properties.

The New York City Economic Development Corporation (EDC) is offering nine groups of properties, each suitable for a variety of commercial, industrial, retail and residential purposes, for development. The nine properties, located throughout the City, include a former courthouse in Far Rockaway, Queens.

"By issuing these RFP's, the City is taking another step to encourage private development of City-owned property, which will generate jobs for New Yorkers and put under-used City-owned property back on the tax rolls," said Mayor Giuliani. "Last year, EDC's real estate development group sold or leased 16 City-owned properties valued at $70 million. These projects are expected to generate $1.9 billion in private investment and more than 4,500 new jobs."

Many of these properties are eligible for the Industrial and Commercial Incentive Program (ICIP), a tax exemption/abatement program based on the value of improvements to the land. Some of the properties are also within New York State Economic Development Zones, making them eligible for business wage, sales and investment tax credits.

Individuals interested in submitting proposals can attend an informational meeting on Wednesday, July 21st at 9:30 a.m. at Pace University's Downtown Theater located on Spruce Street between Park Row and Gold Street in Lower Manhattan. Completed proposals must be submitted to EDC, 110 William Street, New York, NY 10038, by 2 p.m. on September 27, 1999. Individuals who plan to attend the informational meeting or who need additional information on the properties should call EDC at (212) 312-3969 or e-mail info@newyorkbiz.com.

Following is a description of the available properties:

Chambers and West Streets, Manhattan: Located at the corner of Chambers and West streets, this 32,000 square-foot parcel is suitable for development of a commercial and/or residential building up to a total of 300,000 square-feet and 135 feet in height. The site is situated directly across Route 9A from Battery Park City and south of the Borough of Manhattan Community College. The parcels range in size from half an acre to nine acres.

11th Avenue and West 44th Street, Manhattan: This 90,000 square-foot parcel of land on the edge of Midtown offers a rare development opportunity in Manhattan. A portion of the air rights from the neighboring school and sub-surface railroad easement may be available to be incorporated into a proposed development project.

Upper West Side, Manhattan: Approximately 2,285 square-feet of commercial or retail space is available for long-term lease at 2724 Broadway on the ground floor of the former Regent Hotel. The upper floors and adjacent space are being used by the New York City Department of Homeless Services for administration and program development.

Central Harlem, Manhattan: This approximately 7,500 square-foot parcel of land is located on the northwest corner of Lenox Avenue (Malcolm X Boulevard) and 129th Street. Situated in the Federal Upper Manhattan Empowerment Zone, this property is eligible for business wage, sales and investment tax credits. The site is well served by public transportation, with a station stop for the 2, 3, A, B, C and D subway lines and a number of bus routes.

Upper Park Avenue, East Harlem: The RFP includes three parcels of vacant land on contiguous blocks on Park Avenue between East 119th and East 122nd streets. The approximately 7,200, 13,880 and 18,700 square-foot parcels are zoned M1-4, which allows for light manufacturing uses. The lots are conveniently located, with direct access to Third Avenue and to the FDR Drive. They are also well served by buses and by the nearby IRT subway.

Zerega Industrial Park, The Bronx: Four parcels of vacant land in the Zerega Industrial Park in the southeast section of The Bronx are ideal for industrial and commercial development. The sites have vehicular access to Westchester County, Connecticut and Upstate New York via the Hutchinson River and the Bronx River Parkways. Development on these sites may qualify for a 25-year tax exemption on the value of improvements and 12-year tax abatement on the value of the land.

East New York In-Place Industrial Park, Brooklyn: There are six smaller industrial sites available in the East New York In-Place Industrial Park, ranging from 1,900 to 3,750 square feet. There are also eight larger sites included in this offering. They vary in size from 1,000 to 22,400 square-feet. The Park is home to more than 70 light manufacturers and attracts a large and diversified labor pool. All the sites are located in a New York State Economic Development Zone and are eligible for business wage, sales and investment tax credits.

Hammel Section, Rockaway, Queens: The former Rockaway Courthouse, located at 90-01 Beach Channel Drive, is a three-story, 16,000 square-foot building situated on a plot with a 200-foot frontage, approximately 100-feet-deep. The building is located in the Rockaway Economic Development Zone and is eligible for business wage, sales and investment tax credits.

Rockaway Boulevard, Queens: Approximately 17 acres of vacant land are available between the north property line of JFK International Airport and the southern line of Rockaway Boulevard. The site extends approximately from Springfield Boulevard on the west to 228th Street on tho east. The site is ideal for big-box retail or air cargo development. Development may qualify for a 25-year tax exemption on the value of improvements, and 12-year tax abatement on the value of the land.
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Publication:Real Estate Weekly
Date:Jul 14, 1999
Words:915
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