EDC offers $8M to aid subdivision of industrial space

The New York City Economic Development Corporation has issued a Request for Proposals seeking to award up to $8 million from the City Council Small Manufacturing Investment Fund to subsidize capital improvement costs for the subdivision and modernization of existing underutilized industrial spaces, EDC announced today.

“The city’s industrial sector, which, like the industrial sector nationally, has faced serious challenges in recent decades, now offers real opportunities for growth and development,” said EDC President Seth Pinsky.

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The RFP, announced as part of three broader initiatives designed to support and strengthen the city’s industrial sector, is anticipated to help create modernized space for small industrial businesses, including manufacturers.

“Small businesses with approximately one to 10 employees, which occupy less than 5,000 square feet of space, continue to drive the city’s industrial sector,” EDC said. “though much of the available industrial space is too large for these users.”

Awards will range from $1 million to $2 million per project, the agency said, with the potential for up to eight eligible projects to receive funding. Winners will be selected based on various factors, including the amount of city subsidy needed per square foot of improved space, how quickly the space can be modernized and subdivided and the amount of private investment that the respondent will put into the project, EDC said. — Katherine Clarke