Fresh Direct granted generous tax exemption package

IDA approved $81 million in incentives to assist Fresh Direct relocation to the Bronx. On February 14, 2012, the City’s Industrial Development Agency approved financial incentives of approximately $81 million to assist Fresh Direct in relocating its headquarters and operations center from Long Island City to the Mott Haven section of the Bronx. Fresh Direct, an Internet grocery delivery service, sought assistance to build a 500,000 sq.ft. distribution facility and separate parking and maintenance facilities. … <Read More>


Two new Bronx grocery stores win tax exemptions

IDA approved $8.6 million in real estate and tax benefits for the first two supermarkets under the recently-created FRESH program. On February 9, 2010, the New York City Industrial Development Agency, a component of the City’s Economic Development Corporation, approved tax incentive packages to assist in the development of two new Bronx supermarkets. The financial incentives are the first awarded under the City’s Fresh Retail Expansion to Support Health (FRESH) program approved by … <Read More>


IDA approves financing for Hunts Point business

Gourmet Guru to invest $4.9 million. On May 13, 2008, the New York City Industrial Development Agency awarded public subsidies to Gourmet Guru, a ten-year-old food-related company located at 660 Casanova Street, between Spofford and Randall Avenues, in the Hunts Point section of the Bronx.

Gourmet Guru specializes in the wholesale distribution of organic and specialty foods, development and manufacturing of branded food products, and marketing and brokerage services. The company began its operations … <Read More>


IDA approves $46M in tax and other benefits

Proposed office tower for 125th St. Image: Swanke Hayden Connell Architects.

Major League Baseball project in Harlem is among the beneficiaries. On March 6, 2008, the New York City Industrial Development Agency held a public hearing on proposed public subsidies to private entities, including a joint venture between Vornado Realty Trust and California Urban Investment Partners. The joint venture was established to build a 21-story office tower on 125th Street and Park Avenue, directly southwest … <Read More>


IDA approves up to $105 million in public benefits

The Diamond District and the Tennis Center are among the beneficiaries. On November 13, 2007 the New York City Industrial Development Agency voted to provide over $105 million in financial assistance to four entities.

IDA awarded up to $51 million in tax benefits to Extell Diamond Tower LLC, an affiliate of Extell Development Company, which will build an integrated diamond and jewelry industry facility in Manhattan’s Diamond District. IDA will extend a mortgage recording … <Read More>


IDA’s June Calendar

$85 million in bond offerings on the calendar for IDA’s June public hearing. The New York City Industrial Development Agency, a component of the Economic Development Corporation, held its monthly public hearing on June 7, 2007. Eighteen projects were on the notice of public hearing, including bond offerings totaling $85 million and seven straight-leases.

Among the 18 projects on the calendar was a straight-lease to News America Publishing Inc., a wholly owned subsidiary of Rupert … <Read More>