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.

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.

“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.”