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>


City Council Approves Inwood Neighborhood Rezoning Despite Residents Disapproval

On August 8, 2018, the City Council approved the Inwood Neighborhood Rezoning amidst resident concerns and disapproval. Mayor Bill de Blasio and Council Member Ydanis Rodriguez celebrated the rezoning approval. The rezoning was developed over the course of three years and affects 59 city blocks in the northern Manhattan neighborhood. The Economic Development Corporation, together with the Department of Housing Preservation and Development, the Department of Citywide Administrative Services, and the Department of Small Business … <Read More>


Developer sought for Phase 1 of Willets Point District

 

City targeting 12.75-acre site adjacent to Citi Field for first phase of construction. On May 9, 2011, The City’s Economic Development Corporation issued a request for proposals seeking a developer for Phase 1 of the Willets Point District redevelopment plan in Queens. The triangle-shaped Willets Point District comprises 61.4 acres generally bounded by Northern Boulevard, the Van Wyck Expressway, and 126th Street. The contentious redevelopment plan was approved by the City Council in November … <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>