NYCIDA approves financing assistance to four companies and the development of Harlem Park

The 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 the first new class A commercial tower 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 retain 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 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 about $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 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. 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. The MLB Network, LLC, received approval for $5 million in city and state sales tax exemptions for the occupancy, tenant improvement and equipping of 132,000 s/f office and studio space at Harlem Park. The space will be fit out to include cable television studio facilities, related technical operation space, and office space. The MLB Network will serve as an anchor tenant catalyzing the development of Harlem Park, and further private investment in upper Manhattan. The project will create 250 new jobs at Harlem Park. NYCIDA approved $4.8 million in triple tax-exempt manufacturing facilities bond financing, about $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 project will allow the company to create 55 jobs in addition to the 13 they already employ. NYCIDA also approved about $14.5 million in industrial incentives for Artex, Inc. Also approved were about $420,000 in city and state mortgage recording benefits and about $104,688 in city and state sales tax exemptions. Artex is seeking to acquire and renovate a 75,000 s/f facility in Long Island City in Queens. Artex will consolidate its operations at the Long Island City facility and equip it with private viewing rooms, full climate and humidity control, large capacity freight elevators, convenient truck access and a state of the art security system. The project will create and retain 47 jobs. The NYCIDA board approved $4.4 million in triple tax exempt manufacturing facilities bonds for Tri-State Biodiesel LLC to construct and equip a 17,250 s/f facility in Brooklyn. Also approved were about $123,200 in city and state mortgage recording tax benefits and $155,492 in city and state sales tax exemptions. At the completion of this project, Tri State will have a production capacity of 3 million gallons of biodiesel annually. Tri-State Biodiesel will also construct a tank farm for the warehousing and distribution of the fuel created from the recycled cooking oil. As a result of the project, the company will create 23, and retain 17 jobs in the city.