City's Industrial Development Agency aids 5 firms

Real Estate Weekly, Feb 19, 2003

The New York City Industrial Development Agency (IDA) chairman Andrew M. Alper announced financing assistance for five companies to expand and improve their operations in New York City.

"The Bloomberg Administration is committed to creating a more business-friendly environment in New York City that allows all types of companies to succeed," said Alper, who is also the president of the New York City Economic Development Corporation (EDC).

The five transactions are for AM&G Waterproofing and its affiliate, Park Avenue Building & Roofing Supplies, Arrow Linen Supply and Jetro Cash & Carry Enterprises, all in Brooklyn; and Sel's Swift Service in Queens. These agreements will keep 540 jobs and create 71 new ones.

AM&G Waterproofing, a restoration company at 81 Spencer St., and Park Avenue Building & Roofing Supplies, a wholesaler and retailer of building supplies at 525 Park Ave., both in Brooklyn, are scheduled to receive about $5.3 million NPV (net present value) in real estate and sales tax exemptions over 25 years.

AM&G and Park Avenue have 225 employees and plan to add 40 more within three years. The companies will also receive about $110,000 NPV in electricity discounts under the Business Incentive Rate (BIR) program administered jointly by Con Edison and EDC, and will likely qualify for $200,000 NPV in energy rebates through the city's Energy Cost Savings Program (ECSP).

Arrow Linen Supply, a commercial laundry company that serves restaurants, is scheduled to receive about $1.2 million NPV in real estate and sales tax exemptions over 25 years for the renovation and upgrade of its 50,000-SF building at 461 and 467 Prospect Ave. in the Windsor Terrace section of Brooklyn.

Jetro Cash & Carry Enterprises is a wholesaler of food and food-related products headquartered in the College Point Corporate Park in Queens.

Sel's Swift Service, a container station and air freight handler, is scheduled to receive about $256,000 NPV in real estate and sales tax exemptions over 25 years to purchase, renovate and equip a 12,370-square-foot warehouse it currently leases at 145-54 156th St. in Jamaica, Queens, near JFK International Airport.