New Markets Tax Credit Coalition

GMDC Brownsville Industrial Center

Continued revitalization of an abandoned industrial complex creates additional jobs and urban manufacturing opportunities

Investment

  • NMTC Amount: $11,000,000
  • Total Project Cost: $11,140,000

IMPACT

  • 36 FTE jobs
  • 59 construction jobs
  • 39,000 sq. ft. of real estate

Investor

Project Description

The $118 million development is a partnership with local affordable and supportive housing developer The Bridge, who built 174 affordable and supportive housing units and 2,300 square feet of community facility space. GMDC developed the 39,000 square foot multi-tenanted manufacturing space located on the ground floor of the building. The GMDC project was funded by a $1.6 million grant from the Empire State Development, a $3.1 million New Markets Tax Credit equity, and a $2.5 million Congressional Appropriations grant through the U.S. Small Business Administration. The GMDC Brownsville Industrial Center will provide long-term affordable leases to approximately ten small manufacturing businesses, providing 35 new or retained jobs.

MAP

Address: 805 Rockaway Avenue, Brooklyn, NY 11212

Other New York Projects

This project will finance the redevelopment of the historic and iconic “History Channel Building,”previously vacant for more than 20 years, into a 188,181 sq. ft. educational facility in the Mott

NMTC financing for the renovation of a vacant 19,000-sq. ft. building to house a brand new Fine Fare supermarket
Financing for the construction and renovation of five ALDI food stores in various regions of New York State; purchase equipment for a new stores; and pay related costs.
A catalyst for economic development will supply 992 units of much needed affordable housing, community-serving retail space and community facility space to a low-income neighborhood.