The Real Deal New York

EDC to fund $150M in manufacturing development

NYC Industrial Developer Fund aimed at creating or renovating 400K sf of space
March 03, 2016 09:00AM

From left: Maria Torres-Springer and Bill de Blasio

From left: Maria Torres-Springer and Bill de Blasio

The city will dole out $150 million to developers looking to build industrial space, part of Mayor Bill de Blasio’s push to bring more manufacturers to New York.

The Economic Development Corporation is set the launch its NYC Industrial Developer Fund, which will use $60 million in taxpayer money and $90 million in private cash to finance the creation or renovation of an expected 400,000 square feet of space.

The de Blasio administration will focus its efforts on nonprofit developers working in the outer boroughs, Politico reported.

The city will announce that it’s seeking bids from developers for the program on Thursday.

The mayor has previously said he hopes to create 20,000 new manufacturing jobs in the city during his administration. This new fund, city officials hope, will account for about 1,200 of those.

City officials also recently allocated $7.2 million for two new tech centers at the new Brooklyn Navy Yard, totaling about 50,000 square feet.

Jamestown Properties and Angelo, Gordon & Co. – the investors behind Industry City in Sunset Park, one of the city’s most ambitious privately-developed industrial complexes – recently increased their loan from the Bank of China and SL Green Realty to $403 million, from $220 million. [Politico]Ariel Stulberg