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NYCCRC Approves $19.7 Million in Recovery Zone Bond Assistance for Construction of Harlem Hotel

New York City, NY – June 8, 2010 – (RealEstateRama) — The Board of the New York City Capital Resource Corporation (NYCCRC) today gave preliminary approval for ESmith Legacy Harlem LLC to receive an allocation of up to $19.7 million in Recovery Zone Facility Bonds to assist in the development and construction of an approximately 100,000-square-foot hotel on a 32,500-square-foot vacant parcel of land located at 100 West 125th Street in Harlem. The New York City Industrial Development Agency Board also met and approved a $1 million tax incentive package for Rolling Steel Industries Inc. Together the two projects will create approximately 89 permanent jobs and 129 construction jobs.

“The proposed development in Harlem would transform a vacant site into a vibrant mixed-use building that would serve both residents and visitors alike,” said NYCCRC Chairman Seth W. Pinsky. “When completed, the project benefits would far outweigh its modest costs, creating scores of unionized permanent and construction jobs and fulfilling the goals of the critical Recovery Zone Bond program created last year by Congress and the President to spur economic activity in neighborhoods hit by the economic downturn.”

The ESmith legacy project is expected to create 129 construction jobs and 81 new permanent jobs. The hotel is also part of a larger development project that costs approximately $80.6 million and will include approximately 70,000 square feet of retail space and 50,000 square feet of community amenities.

The allocation of ARRA bonds will enable the project to get underway in September of 2010 and be completed in late 2012.

Congress passed the American Reinvestment and Recovery Act (ARRA) in February 2009. The allocation of ARRA Bonds is intended to promote economic development and diversification, job growth, environmental sustainability, and other activity in areas of New York City faced with significant poverty, home foreclosure rates, and general distress stemming from the economic downturn.

Rolling Steel Industries is a fabricator, manufacturer and distributor of metal doors and parts. The approved incentive package will assist Rolling Steel in the acquisition of an approximately 20,000-square-foot vacant parcel of land at 1145 Rockaway Avenue in the East New York section of Brooklyn, as well as the construction and equipping of a new 20,000-square-foot industrial facility. The new facility will allow Rolling Steel to create 8 new permanent jobs.

New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook to learn more about NYCEDC projects and initiatives.

The New York City Capital Resource Corporation (NYCCRC) is a local development corporation administered by New York City Economic Development Corporation. The mission of NYCCRC is to encourage community and economic development and job creation and retention throughout New York City by providing lower-cost financing programs to qualified not-for-profit institutions and manufacturing, industrial, and other businesses for their eligible capital projects.
The New York City Industrial Development Agency (NYCIDA) is administered by the New York City Economic Development Corporation and provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit and other qualified entities to finance expansion opportunities. NYCIDA also offers qualified companies abatements on sales, real estate and mortgage taxes.



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