Manufacturer to move back to Queens with city funding

Real Estate Weekly, Dec 18, 2002

New York City Industrial Development Agency (IDA) chairman and president of the New York City Economic Development Corporation (EDC) Andrew M. Alper announced financing assistance to Gelmart Industries, a manufacturer and distributor of intimate apparel, that will allow the company to move back to College Point, Queens from Lyndhurst, New Jersey. The IDA will also help the non-profit Trey Whitfield School in Brooklyn and distributor of Italian food products Musco Food Corporation in Queens.

"Manufacturers play a key role in New York City's economy," said Alper. "I am glad the IDA was able to assist Gelmart Industries in returning to its roots in College Point, Queens. The city is committed to helping the entire manufacturing industry expand its presence in all five boroughs."

Gelmart Industries is scheduled to be approved for approximately $1.2 million NPV (net present value) in real estate and sales tax exemptions over 25 years for extensive renovations and improvements to a 110,000-SF facility. The company is relocating to its original facility at 20-07 127th St. in College Point, Queens from New Jersey. Gelmart Industries employs 110 and plans to add 30 more jobs over the next seven years.

The Trey Whitfield School provides education to more than 500 boys and girls in the East New York section of Brooklyn, from nursery through eighth grade. The school is scheduled to receive approximately $6 million in triple tax-exempt bonds for the acquisition and renovation of a five-story, 58,000-SF building at 48-60 Williams St. The upgrades to the facility will create new science, math, performing arts, and student and faculty spaces. In addition, the School will receive a $165,000 mortgage recording tax waiver. The school has 42 employees and will add six more within seven years.

Musco Food is scheduled to receive approximately $937,000 NPV in real estate and sales tax exemptions over 25 years for the acquisition of a 72,000-SF facility at 57-01 49th Place in Maspeth, Queens for expansion. In addition, the company will receive a $151,000 mortgage recording tax waiver. The company, founded in 1926, has a product line of Italian specialty foods that includes pasta, Italian meats, olives and balsamic vinegars. Musco Food currently employs 32 people and will add eight jobs over the next seven years.