NEW YORK CITY-Warehouse space on Pier 36 in Lower Manhattan willbe converted into a recreational sports and special events facilitythanks to $13 million in New Market Tax Credits financing. A summer2011 opening is expected for the 63,000-sqare-foot facility beingdeveloped by Basketball City USA.

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Closing on the NMTC financing marks the 10th such collaborationbetween the New York City Economic Development Corp. and UnitedFund Advisors LLC since 2008. Additionally, EDC executed a nearly$2.7-million funding agreement with Basketball City USA to furtherthe project's development. In all, the EDC/UFA partnership hasarranged more than $500 million in development costs using $89million in NMTC allocation from National Community Fund I LLC, anaffiliate of UFA.

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“Working with United Fund Advisors to provide NMTC financing for10 projects has enabled us to facilitate much-needed development inunderserved communities across New York City,” says EDC presidentSeth Pinsky in a release. “By leveraging unique financing streamssuch as this, we are building a foundation for a more livable andstronger city.”

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According to the EDC, the NMTC financing will allow BasketballCity to build a more energy-efficient, high-tech facility thatincludes solar panels, “Green Play” composite wooden floors, andenergy-efficient lighting and insulation. The project will be a keycomponent of the city’s East River Waterfront EsplanadeProject.

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Prior to the Basketball City project, EDC and UFA had providedfinancing for nine other projects across the city. They includedGreenpoint Manufacturing and Design Center, the International AIDSVaccine Initiative Design and Development Laboratory atBioBAT, National Heritage Academies, Bedford Stuyvesant RestorationCorp. and L+M Development Partners’ 11 Broadway, all in Brooklyn;Morris Heights Health Center in the Bronx; and the Museum forAfrican Art, DiMenna Center for Classical Music and GatewaySchool of New York, all in Manhattan.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.