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The redevelopment of a mixed-use building for manufacturing and light industrial uses will be realized in part through approximately $3M in incentives over 25 years. For a $14.2M renovation, this number represents approximately 25% of the total project costs.
The redevelopment of a mixed-use building for manufacturing and light industrial uses will be realized in part through approximately $3M in incentives over 25 years. For a $14.2M renovation, this number represents approximately 25% of the total project costs.
The project involves the renovation and equipping of a vacant historic (c. 1930) industrial building—a 45,000-square-foot, four-story structure, on a 9,000-square-foot parcel of land, located in the heart of the Industrial Business Zone. Our clients The VOREA Group and Mega Group Development (VM 4401 LLC) hope to transform the vacant building into a mixed-use building for manufacturing and light industrial uses.
Due to its rich history and impressive structure, the building holds great potential but faces significant challenges due to neglect and the absence of crucial building systems, essential for its functionality.
The redevelopment of a mixed-use building for manufacturing and light industrial uses will be realized in part through approximately $3M in incentives over 25 years. For a $14.2M renovation, this number represents approximately 25% of the total project costs.
This initiative is part of a larger development effort focusing on adaptive reuse projects in the submarket of Long Island City, Queens. The project is consistent with other significant investments in the area. Our client is very cognizant of the needs of the Long Island City “Live, Work, Play” community and share a strong commitment to improving the neighborhood.
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The redevelopment of a mixed-use building for manufacturing and light industrial uses will be realized in part through approximately $3M in incentives over 25 years. For a $14.2M renovation, this number represents approximately 25% of the total project costs.
ThinkForward secured economic development assistance, improving the overall financial viability of the project. The NYC Industrial DevelopmentAgency (NYCIDA) will make a sizeable contribution to the capital stack: approximately $3M in incentives, over 25 years.
We emphasized market demand for move-in ready, smaller suites to house small-scale production companies, tech incubators, fashion ateliers, and small studio users, including artists.
The redevelopment of a mixed-use building for manufacturing and light industrial uses will be realized in part through approximately $3M in incentives over 25 years. For a $14.2M renovation, this number represents approximately 25% of the total project costs.
When complete, The Metropolitan Building will attractmanufacturing jobs to the area and serve as a home for the creative class ataffordable rental rates. Specifically, the project is projected to create 37full-time construction jobs and ultimately employ 36 workers when the buildingis fully occupied
The VOREA Group and Mega Development are leaders in urban redevelopment, known for their commitment to sustainable growth and community enhancement. The companies’ combined expertise spans decades, with successful projects that transform urban landscapes and support local economies
The redevelopment of a mixed-use building for manufacturing and light industrial uses will be realized in part through approximately $3M in incentives over 25 years. For a $14.2M renovation, this number represents approximately 25% of the total project costs.
The project involves the renovation and equipping of a vacant historic (c. 1930) industrial building—a 45,000-square-foot, four-story structure, on a 9,000-square-foot parcel of land, located in the heart of the Industrial Business Zone. Our clients The VOREA Group and Mega Group Development (VM 4401 LLC) hope to transform the vacant building into a mixed-use building for manufacturing and light industrial uses.
Due to its rich history and impressive structure, the building holds great potential but faces significant challenges due to neglect and the absence of crucial building systems, essential for its functionality.
This initiative is part of a larger development effort focusing on adaptive reuse projects in the submarket of Long Island City, Queens. The project is consistent with other significant investments in the area. Our client is very cognizant of the needs of the Long Island City “Live, Work, Play” community and share a strong commitment to improving the neighborhood.
ThinkForward secured economic development assistance, improving the overall financial viability of the project. The NYC Industrial DevelopmentAgency (NYCIDA) will make a sizeable contribution to the capital stack: approximately $3M in incentives, over 25 years.
We emphasized market demand for move-in ready, smaller suites to house small-scale production companies, tech incubators, fashion ateliers, and small studio users, including artists.
When complete, The Metropolitan Building will attractmanufacturing jobs to the area and serve as a home for the creative class ataffordable rental rates. Specifically, the project is projected to create 37full-time construction jobs and ultimately employ 36 workers when the buildingis fully occupied
Mixed-use, Light Industrial
$14,200,000
“The renovation of Long Island City’s Metropolitan Building offers a unique opportunity to transform under-utilized space into a mixed-use hub for both industrial and creative work.”
Andrew Kimball, NYCEDC President & CEO
The project involves the renovation and equipping of a vacant historic (c. 1930) industrial building—a 45,000-square-foot, four-story structure, on a 9,000-square-foot parcel of land, located in the heart of the Industrial Business Zone. Our clients The VOREA Group and Mega Group Development (VM 4401 LLC) hope to transform the vacant building into a mixed-use building for manufacturing and light industrial uses.
Due to its rich history and impressive structure, the building holds great potential but faces significant challenges due to neglect and the absence of crucial building systems, essential for its functionality.
This initiative is part of a larger development effort focusing on adaptive reuse projects in the submarket of Long Island City, Queens. The project is consistent with other significant investments in the area. Our client is very cognizant of the needs of the Long Island City “Live, Work, Play” community and share a strong commitment to improving the neighborhood.
ThinkForward secured economic development assistance, improving the overall financial viability of the project. The NYC Industrial DevelopmentAgency (NYCIDA) will make a sizeable contribution to the capital stack: approximately $3M in incentives, over 25 years.
We emphasized market demand for move-in ready, smaller suites to house small-scale production companies, tech incubators, fashion ateliers, and small studio users, including artists.
ThinkForward secured economic development assistance, improving the overall financial viability of the project. The NYC Industrial DevelopmentAgency (NYCIDA) will make a sizeable contribution to the capital stack: approximately $3M in incentives, over 25 years.
We emphasized market demand for move-in ready, smaller suites to house small-scale production companies, tech incubators, fashion ateliers, and small studio users, including artists.
When complete, The Metropolitan Building will attractmanufacturing jobs to the area and serve as a home for the creative class ataffordable rental rates. Specifically, the project is projected to create 37full-time construction jobs and ultimately employ 36 workers when the buildingis fully occupied
The VOREA Group and Mega Development are leaders in urban redevelopment, known for their commitment to sustainable growth and community enhancement. The companies’ combined expertise spans decades, with successful projects that transform urban landscapes and support local economies
