NYC Industrial Development Agency to aid four NYC companies

New York City Industrial Development Agency (NYCIDA) approved financing assistance to four companies in Brooklyn, Queens and Manhattan. The NYCIDA board also approved assistance to Harlem Park for the development of one of the first new class A commercial towers in Upper Manhattan. The office and retail tower will help to catalyze continued private investment in the 125th St. corridor of Harlem and will house Major League Baseball's new cable broadcasting system, the MLB Network. The financing assistance approved at the meeting will create or retail 3,170 jobs in the city. "Harlem Park will become home to an estimated 2,390 permanent jobs including those associated with the newly created MLB Network, and catalyzing private investment in the revitalization of Harlem's entertainment, arts and commercial corridor," said newly appointed NYCIDA chairman Seth Pinsky. CV Harlem Park LLC received approval for city and state mortgage recording tax benefits of $8.526 million and city and state sales tax exemptions totaling $7.646 million for the development and construction of a 592,000 gross s/f office tower to be named Harlem Park along the 125th St. corridor in between Madison and Park Aves. In addition to 513,000 s/f of office space, the building will include 58,000 s/f of retail space and an accompanying underground parking facility. The development will help to establish Harlem as a cost-effective alternative to other, more expensive, central business districts in the city. Moreover, the project will enhance and support further growth along the 125th St. arts and entertainment corridor. The building is projected to house up to 2,390 tenant employees. Major League Baseball's start up cable broadcasting network, The MLB Network, LLC, received approval for $5 million in city and state sales tax exemptions for the occupancy, tenant improvement and equipping of a 132,000 s/f office and studio space at Harlem Park. NYCIDA approved $4.8 million in triple tax-exempt manufacturing facilities bond financing, $134,960 in city and state mortgage recording tax benefits, and $77,929 in city and state sales tax exemptions for Remains Lighting to acquire, renovate and equip an 18,500 s/f facility in the Bushwick section of Brooklyn. The facility will serve both as a factory and warehouse for the company. NYCIDA also approved $14.5 million in industrial incentives for Artex, Inc. Also approved were $420,000 in city and state mortgage recording benefits and $104,688 in city and state sales tax exemptions. The NYCIDA board approved $4.4 million in triple tax exempt manufacturing facilities bonds for Tri-State Biodiesel LLC for the construction and equipping of a 17,250 s/f facility located in Brooklyn. Also approved were $123,200 in city and state mortgage recording tax benefits and $155,492 in city and state sales exemptions. Tri-State Biodiesel will also construct a tank farm for the warehousing and distribution of the fuel created from the recycled cooking oil.