New Markets Tax Credit Coalition

Search

50 PENN

Investment

  • NMTC Amount: $10,500,000
  • Total Project Cost: $10,373,755

IMPACT

  • 75 FTE jobs
  • 200 construction jobs
  • 34,000 sq. ft. of real estate

Investor

Project Description

NMTC funding will provide funds for a new “FRESH” supermarket, plus operating expenses during lease-up and working capital during rent-abatement period.

This project’s financing is part of a $10.5 million capital stack needed for the build-out of the 34M sq. ft. commercial retail component of a $107 million mixed-use 100% affordable housing (LIHTC) project in East Brooklyn.

MAP

Address: 50 Pennsylavania Avenue, Brooklyn, NY 11207

Other New York Projects

NYCNCC is providing financial assistance for the construction of a 16-bed, 12,000 sq. ft. alternative to incarceration facility in the East Tremont neighborhood of the Bronx. Launched with significant community

The purchase of equipment and working capital related expenses related to the expansion of a woman-owned local brewery.

Financing for the owner of a Fine Fare Supermarkets in Brooklyn to purchase the building she had leased for 13 years. The purchase will stabilize occupancy costs, secure a long-term

This transaction supports for the new home for the Erie County Child Advocacy Center and headquarters for BestSelf. BestSelf Behavioral Health is the largest community-based additional program locations. BestSelf is