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Our NYC agency partners at the IDA and at the Department of Small Business Services have contacted me with details about a new incentives program. Manhattan Commercial Revitalization (M-CORE) is an opportunity to receive up to 25-year tax abatement and up to 100% on project improvements.
This is a chance to modernize your building to attract tenants in high-growth industries, like tech, bio sciences, and green economy.
M-CORE is integral to the EDC’s efforts to revitalize Midtown and Downtown commercial districts by targeting “innovation leaders.” By leasing M-CORE buildings, desirable tenants work with developers to create amenity-rich office space to their specifications.
My team and l have decades-long, high-level relationships with participating agencies: NYCEDC, NYCIDA, SBS. We can help you with the pre-application process and application.
• Compliant Properties: 250,000+ SF (capped at 10M GSF), located south of 59tth Street
• Schedule: imminent construction
• Class A: new layouts/building systems (optimized energy, comfort, air quality)
• Amenities: common areas, health/wellness measures, ground floor activation uses
• Property Tax Abatement: 20 years with four-year phaseout.
• Property Taxes stabilized at pre-improvement value.
• Building & Land Tax Abatement: 100% on project improvements
• Additional Advantages: inflation protection, sales and use tax exemption, mortgage recording tax exemption on financing and energy discounts.
• Investment Minimum: 75% of building and land AV
• Property Profile: built prior to 2000, with demonstrably high vacancy rates.
• Area Exclusions: Hudson Yards Financing, Penn Station General Project
• Compliance: LL97, Living Wage, Prevailing Wage, MWBE Goals
Most buildings over 25,000 SF will be required to meet new energy efficiency and greenhouse gas emissions limits by 2024. Taking advantage of M-CORE may be an ideal option when investing to meet Local Law 97 requirements. This program can be part of a comprehensive strategy to fund capital improvement projects. For example, you may also qualify for financing options and additional tax incentives and programs targeting energy efficiency, like C-PACE and LMEP.
Our NYC agency partners at the IDA and at the Department of Small Business Services have contacted me with details about a new incentives program. Manhattan Commercial Revitalization (M-CORE) is an opportunity to receive up to 25-year tax abatement and up to 100% on project improvements.
This is a chance to modernize your building to attract tenants in high-growth industries, like tech, bio sciences, and green economy.
M-CORE is integral to the EDC’s efforts to revitalize Midtown and Downtown commercial districts by targeting “innovation leaders.” By leasing M-CORE buildings, desirable tenants work with developers to create amenity-rich office space to their specifications.
My team and l have decades-long, high-level relationships with participating agencies: NYCEDC, NYCIDA, SBS. We can help you with the pre-application process and application.
• Compliant Properties: 250,000+ SF (capped at 10M GSF), located south of 59tth Street
• Schedule: imminent construction
• Class A: new layouts/building systems (optimized energy, comfort, air quality)
• Amenities: common areas, health/wellness measures, ground floor activation uses
• Property Tax Abatement: 20 years with four-year phaseout.
• Property Taxes stabilized at pre-improvement value.
• Building & Land Tax Abatement: 100% on project improvements
• Additional Advantages: inflation protection, sales and use tax exemption, mortgage recording tax exemption on financing and energy discounts.
• Investment Minimum: 75% of building and land AV
• Property Profile: built prior to 2000, with demonstrably high vacancy rates.
• Area Exclusions: Hudson Yards Financing, Penn Station General Project
• Compliance: LL97, Living Wage, Prevailing Wage, MWBE Goals
Most buildings over 25,000 SF will be required to meet new energy efficiency and greenhouse gas emissions limits by 2024. Taking advantage of M-CORE may be an ideal option when investing to meet Local Law 97 requirements. This program can be part of a comprehensive strategy to fund capital improvement projects. For example, you may also qualify for financing options and additional tax incentives and programs targeting energy efficiency, like C-PACE and LMEP.
NYC agencies are encouraging investments in IndustrialBusiness Zones (IBZ).This is good news for real estate developers and building owners hoping to attract manufacturing and light industrial tenants through redevelopment of their properties. Financial assistance through the NYCIndustrial Development Agency (NYCIDA) can make a sizeable contribution to most capital stacks.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the life line that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
The private, nonprofit agency Consortium for Worker Education (CWE) provides a wide array of workforce preparation, industry-specific training, and employment services for 70,000+ NYC workers every year. Union members, new Americans, and dislocated workers number among the populations served by this essential service provider.
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