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Subsidy Alert for July 2012

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Over $100 million proposed to developers at Hudson Yards

This month, the Industrial Development Agency will be reviewing an application from ERY Tenant, LLC. ERY Tenant is the designated developer of the Eastern Rail Yard at the Hudson Yards commercial development site on Manhattan's Far West Side. ERY Tenant, LLC, as cited in its application, is a joint venture of Related Companies, one of the most powerful real-estate development companies in the U.S., and Oxford Properties Group. In 2006, the IDA approved the Hudson Yards Uniform Tax Exemption Policy (UTEP) Area. The current application, for $106 million in tax benefits, represents the first development in the UTEP area. (Uniform Tax Exemption Policy as amended in 2010 is here.)


We have provided links to project materials for this and all companies expected to be presented at the public hearing on Thursday, July 19 at 10am at 110 William Street, 4th Floor. Presentations may be pulled from the docket at the last moment, so call the IDA at (212) 312-3598 to confirm that the company you are interested in will be presented.  


In subsidy related news, last week, just prior to the July 4 holiday, the New York State Attorney General announced that it had reached a settlement with the New York City Economic Development Corporation after finding it had violated the Not-for-Profit Corporations Law by illegally lobbying the City Council on behalf of development projects at Coney Island and Willets Point. The announcement was first reported in The Wall Street Journal. The settlement includes the creation of a new entity, the New York City Economic Growth Corporation. For more information, read the hearing notice with links to the agenda and previous meeting minutes.


As part of our ongoing efforts of supporting transparency and accountability, Good Jobs New York will be watching developments of this new entity and tracking our findings on our website. 



  • GMDC, LLC (aka Greenpoint Manufacturing and Design Center) is seeking tax subsides to acquire and renovate an industrial building located at 1102 Atlantic Avenue in Crown Heights. The project aims to transform the building into an affordable industrial center for small food manufacturers. 
  • M. Fried Store Fixtures, Inc. and Sturdy Store Displays, Inc., together are importers/resellers, manufacturers and installers of retail displays and fixtures, including garment racks, glass display cases, shelving and custom carpentry, in connection with a facility located at 101 Varick Avenue, Brooklyn, New York 11237.


  • ERY Tenant LLC, a real estate development company, is seeking subsidies in connection with the Hudson Yards Commercial Construction Project for the construction of an approximately 1,840,000 square foot, LEED certified, class-A office facility, which will include approximately 41,000 gross square feet of ground-level retail space. The project is located at the southeast corner of the Eastern Rail Yard at 501-551 West 30th Street.
In addition to the above projects being presented by the Industrial Development Agency, the public hearing will also include five projects presented by BuildNYC Resource Corporation:
  • Approximately $150,000,000 taxable bond or note transaction for the benefit of Hutch Tower Two LLC ("Hutch"), a for-profit entity, on behalf of Montefiore Medical Center ("Montefiore"), for a facility (as proposed, "Tower Two"), to be located directly west of 1200 Waters Place, in the Bronx, New York, known as "Hutchinson Metro Center." Tower Two will be used for the purpose of providing hospital and/or other health-care services including but not limited to ambulatory care services. 
  • An approximately $11,000,000 tax-exempt refunding transaction for the benefit of All Stars Project, Inc., a New York not-for-profit corporation that provides out-of-school educational and performing arts activities to underserved youth. Proceeds from the tax-exempt refunding transaction will be loaned to All Stars, which will use the proceeds to (i) currently refund outstanding 2007 NYCIDA Bonds; and (ii) pay certain costs of issuance and other similar costs. The 2007 NYCIDA Bonds were used to (i) refund the outstanding 2002 NYCIDA Bonds, which were used to finance the acquisition, renovation and equipping of an approximately 30,209 square foot facility that is owned and operated by All Stars and serves as its headquarters, educational training and theater production facility located at 543 West 42nd Street, New York, NY 10036 (Block 1071, Lot 1402); and (ii) finance additional renovations and improvements to the facility. [Further information on the 2007 IDA Bonds for All Stars Project, Inc. can be found in Good Jobs New York's Database of Deals.]
  • Approximately $17,000,000 tax-exempt revenue bond transaction for the benefit of The Browning School, a not-for-profit, college preparatory independent private school for boys located at the following properties: (i) 48-52 East 62nd Street (a/k/a 52 East 62nd Street), New York, New York 10065 and two condominium units located within a building at 40 East 62nd Street, New York, New York, 10065.
  • Approximately $20,000,000 tax-exempt revenue bond transaction for the benefit of HealthCare Chaplaincy, Inc. and/or HCC Network, Inc. (the "Organizations"). Proceeds of the bonds, together with other funds of the Organizations, will be used by the Organizations to finance the construction, renovation of office space and parking facilities located at 261 South Street, New York, New York 10002. The Facilities will be owned by the Organizations and operated for the purpose of providing integrated comprehensive palliative care with persons with serious progressive illnesses, education, research and clinical practice services associated with palliative care, non-profit office space and parking facilities, and incidental administration and support services.
  • Approximately $36,000,000 tax-exempt revenue bond transaction for the benefit of Seaview Senior Living Housing Development Fund Corporation. Proceeds of the bonds will be used by Seaview to finance or refinance the costs of developing a senior assisted living community to be located on an approximately 10.4 acre parcel of land of an approximately 15.42 acre site located on the east side of Brielle Avenue, approximately 1,000 feet south of the intersection of Walcott Avenue and Brielle Avenue, Staten Island, New York 10314
In This Issue
Get Involved!

Interested in participating in the upcoming public hearing? Please do!  However, companies are often pulled from the docket at the last moment, so call to confirm that the company you are interested in will be presented. 


 Can't make it to the meeting? Written testimony can be sent to:
 Ms. Frances Tufano 
New York City Industrial Development Agency, 
110 William Street, 5th Floor, New York , NY 10038.  
If you plan to speak on any of these projects, please let GJNY know: 212.721.7996 
gjny (at)


Also, a reminder that public hearings and board meetings are now available as streaming audiocasts for three days following each meeting. Audiocasts are found on the IDA Public Hearing page of the EDC website. 


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