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The recently completed property was acquired by Hudson Capital Properties, a New York-based company headed by the family that runs Hudson Media, the leading magazine distributor in the Northeastern U.S., as well as the nation's largest airport news and concessionaire.
The projected construction cost of the project is $75 million. The operating costs of the facility for the first 10 years (2019-2029) is estimated at $184.8 million.
"According to data by Climate Central, a quarter of Boston could be underwater by 2045. Additionally, catastrophic flooding in New York City may become more common over the next few decades, as pointed out in a 2017 study by Rutgers."
The $800-million will be spent over the next seven years to expand its laboratory space, manufacturing capacity and warehouse facilities at the company's Rensselaer County campus.
JPMorgan Chase issued a request for proposals today for cities to apply for possible funding that closes on Nov. 30, 2018. Winners will be announced in the spring of 2019.