The New York City Economic Development Corp. said Thursday that it has selected Greenpoint Manufacturing and Design Center, a nonprofit developer of industrial space in the city, as the first recipient of the city’s Industrial Developer Fund.
NYCEDC is awarding a $10 million grant through the IDF and providing a $3.7 million loan for the $37 million project. GMDC will develop 90,000-square-foot industrial space in Ozone Park, Queens, with capacity for 24 businesses and 80 living wage jobs.
Selected through a competitive bidding process, GMDC will redevelop a property in Ozone Park to create a multitenant space for small- and medium-sized industrial and light manufacturing businesses. The workspace will be LEED-certified, partially solar-powered and equipped with new freight elevators and new electrical infrastructure, among other features.
Similar sites in Brooklyn are being utilized for apparel and textile incubators and manufacturing, as well as smart technology development. Queens has also seen activity in the sector as City Hall’s Made in New York initiative has helped spur a revival in local manufacturing.
A spokesman for the NYCEDC said apparel and textile manufacturers are seen as potential tenants for the site. Similar GMDC project tenants have included home goods manufacturers, custom woodworkers, set builders and metal workers.
The Ozone Park space will support about 80 workers making an estimated average salary of $51,500 a year, consistent with tenants in other GMDC-developed sites, the NYCEDC said. GMDC has a goal of paying 20 percent of total construction costs and 5 percent of soft costs to certified and non-certified Women-Owned, and Disadvantaged Business Enterprises as consultants, contractors, subcontractors and suppliers.
“Now more than ever, we must ensure that our economy is diverse, equitable and provides opportunity for all New Yorkers. Supporting the industrial sector is critical to that effort,” said Maria Torres-Springer, president of the NYCEDC, the city’s primary vehicle for promoting economic growth in each of the five boroughs. “Today, I’m proud to announce the first award of the city’s Industrial Developer Fund, which will help create affordable space for small industrial businesses so that they can create good paying jobs in neighborhoods across the city.”
The IDF, a $150 million public-private fund to provide project financing for industrial real estate development projects in the city, was launched in March by Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito. The fund is designed to spark investment in 400,000 square feet of new or renovated industrial real estate workspace across the city, supporting the creation of as many as 1,200 industrial jobs by 2020.
Since 1992, GMDC has rehabilitated seven industrial buildings in New York to provide affordable, flexible production space for small- and medium-sized manufacturers.
As part of the citywide effort, NYCEDC recently selected TechShop to operate an advanced manufacturing center in the Brooklyn Army Terminal, which is expected to support more than 200 businesses and create 500-plus jobs. TechShop Brooklyn is expected to have textiles and apparel manufacturing capabilities.