Ongoing Investments in Advanced Manufacturing Plant
Boyce Technologies Pearson Place Headquarters

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Boyce Technologies’ continued successis dependent on continuous investment in its advanced manufacturingcapabilities, despite having experienced exceptional growth generating morethan $50M in annual revenue. In addition, the company is committed to remainingin its LIC neighborhood. ‍

Expanding operations locally was understood to be integralto Boyce’s ongoing commitment to New York City.‍

This was not your average capital improvements project, for it involved merging the structural systems of several adjoining, yet technically separate, buildings, and a series of complicated modifications: façade redesign, additions, and extensive internal renovations.Financing the complex expansion necessitated approaching the effort on multiple levels, such as reducing upfront project costs while addressing operational inefficiencies.

• $17.35M bank + SBA financing
• $2.6M NYS tax incentives and grants
• $2.0M NYC Industrial Development incentives‍

We leveraged our relationships within government agencies, commercial banks, and the SBA—further augmenting the pool of potential funding sources: tax incentive programs, cash grants, tax credits, and cost-effective financing.

1. We reduced upfront project costs and streamlined operating costs by securing tax incentives.
2. Capital improvements were further made possible through a $1M cash grant, plus $1.6M in tax credits from Empire State Development.
3. Ultimately, we secured more than $17M in cost-effective financing through a commercial bank and the Small Business Administration’s 504 program.

The 100,000-square-foot gut renovation and new addition to Boyce’s existing industrial campus resulted in one integrated manufacturing facility and corporate headquarters.