NEW YORK CITY-New York City’s Industrial Development Agency approved financial incentives for two not-for-profit organizations and two industrial firms that are expected to spur close to $60 million in private investment. Putting the incentives in place also retains 723 jobs and creates as many as 130 new ones.

Manhattan-based Tana Seybert LLC, which offers commercial and digital printing, advertising prepress services, and bindery and mailing services, plans to lease and renovate seven condominium units comprising about 140,000 sf at a cost of approximately $26.2 million. The seven units will serve as one facility to house the company’s operations that are currently located in two facilities. According to the IDA, the new site will be the largest graphic arts complex in the metropolitan area and New York State based on sales and economic activity. The firm considered moving to New Jersey because of higher costs in Manhattan but will be able to stay in New York with IDA assistance. Tana Seybert will receive a mortgage recording tax waiver of $453,750 and approximately $8.3 million in sales and real estate tax benefits. In addition, the company may qualify for up to $417,700 in discounted energy from the Business Incentive Rate program and $345,200 from the city’s Energy Cost Savings Program.

The IDA Board agreed to provide Prompt Apparel Inc., a distributor of knitwear apparel in Brooklyn, with a mortgage recording tax benefit of $33,000 and $930,418 in sales and real estate tax benefits. The company plans to acquire the ground lease of 315,000 sf of city-owned property on Foster Avenue in Brooklyn. Prompt currently leases 115,000 sf in the building. After assuming the ground lease, it will expand its occupancy to 188,000 sf and will lease the remaining space to other industrial companies. The project is estimated to cost $7.5 million.

The Birch Wathen Lenox School, an independent K-12 school, plans to renovate its building on East 77th Street in Manhattan, adding about 10,000 sf to its current 39,000 sf at a cost of approximately $16.3 million. The IDA Board agreed to provide the school with up to $15.8 million in civic facility bonds and a mortgage recording tax waiver of $433,125 toward the renovation.

Family Support Systems Unlimited Inc. will receive up to $8.5 million in civic facility bonds and a mortgage recording tax waiver of $231,000 to purchase and renovate an existing 10-story, 50,000-sf building on Grand Concourse in the Bronx where it currently occupies the sixth floor. The foster-care and adoption-services agency plans to expand its program to the rest of the building as space becomes available. The total cost of the project is about $9.5 million.

“These four projects are an example of the wide range of organizations for which the IDA provides financial assistance,” says IDA chairman Andrew M. Alper. “These companies are taking advantage of IDA programs to expand their businesses.”

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