X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BROOKLYN, NY-In a $40-million project, Axis Group Inc. agreed to lease and develop a modern automobile-processing facility at the South Brooklyn Marine Terminal in Sunset Park here. The project, which will create 165 auto-processing jobs and more than 140 jobs related to stevedoring, warehousing and associated activities, is part of an effort to reinvigorate the city’s maritime transportation. Axis plans to lease about 74 of the terminal’s 88 acres for 20 years, with two five-year extensions.

“This agreement with Axis will help revitalize the Brooklyn waterfront by creating jobs, attracting new industries and increasing waterborne transport to relieve truck traffic and improve our environment,” says New York City Economic Development Corp. president Andrew M. Alper.

In September, scrap metal processors Hugo Neu Schnitzer East, said it planned to build a $25-million modern recycling facility at SBMT. That facility will create 160 construction jobs and 100 permanent jobs. Over the next 20 years, the city will give the firm all of the metal, glass, plastic and a portion of the mixed paper collected through recycling.

The marine terminal is located between 29th and 39th streets, and between the Bay Ridge Channel and Second Avenue. The EDC recently completed a $21-million project to stabilize the bulkhead on the piers at 33rd, 35th and 39th streets.

In an office transaction that will keep and add jobs here, the New York City Industrial Development Agency approved financing assistance for Independence Community Bank. The bank, which is based in Brooklyn, plans to occupy 177,000 sf at 12 MetroTech Center. The $33.3-million effort is expected to create approximately 510 new jobs and retain 614 others. The company may also qualify for up to $424,000 in discounted energy from the Business Incentive Rate program for the retention of its existing jobs.

The bank considered moving to a facility in Newark, NJ, but with IDA assistance, Independence will be able to remain in Brooklyn. The IDA approved up to approximately $3.4 million in sales- and use-tax exemptions. “By consolidating its main operations facilities at the MetroTech Center in Downtown Brooklyn, Independence will not only be able to keep jobs in the city that were at risk of moving to New Jersey, but it will also create more than 500 new jobs,” says Alper, who also serves as IDA president.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.