City's Industrial Development Agency to assist four companies

Real Estate Weekly, April 24, 2002

New York City Industrial Development Agency (IDA) Chairman Andrew M. Alper announced that the IDA has agreed at its April 2002 board meeting to assist four companies in expanding and upgrading their facilities in New York City. The agreements will lead to the retention of 4,775 jobs and the creation of 178 jobs in Staten Island, the Bronx, and Manhattan.

"These transactions illustrate the opportunities in which the City, through the IDA, can help businesses grow in all boroughs of New York City," said Alper. "From large healthcare providers to small wholesale distributors, the IDA helps all types of businesses improve and expand their facilities. The diversity of industries in this city, make New York an attractive place to do business."

The Staten Island University Hospital, a not-for-profit acute care teaching hospital, is scheduled to be approved for $17.8 million in tax-exempt bonds to finance the build-out and equipping of an Image-Guided Surgery Center and the relocation of angiography services at 475 Seaview Avenue in Staten Island. The Center will occupy 17,100 SF on the first floor of a newly constructed 92,000-SF, six-story tower. The hospital expects to serve 1,500 individuals on an inpatient basis and approximately 2,000 on an outpatient basis within three years of the completed facility. The hospital employs 4,363 workers and expects to create 27 additional jobs over the next three years.

Planned Parenthood Federation of America, Inc., a not-for-profit that provides educational research, health and administrative services, is scheduled to be approved for $15 million in tax-exempt bonds to finance improvements to its new national administrative headquarters. Planned Parenthood is the world's largest voluntary reproductive health care organization with additional national offices in San Francisco, Chicago and the District of Columbia. Planned Parenthood currently occupies 70,000 SF at 810 Seventh Ave. and plans to acquire an additional 104,000 SF at 424-438 West 33rd Street, both located in Manhattan. The organization employs 209 people and plans to add 50 more within three years.

Citywide Mobile Response Corporation, an ambulance and ambulette dispatch center, has been approved to receive $707,087 NPV (net present value) in real estate benefits and sales tax exemptions over 25 years to relocate its operations to a larger facility consisting of 19,500 SF at 1624 Stillwell Ave. in the Bronx. The company plans to vacate its smaller, 6,000-SF facility at 2460 Rowe St. and purchase state-of-the-art equipment to upgrade its new operations. Citywide Mobile has 187 employees and will add 93 more over three years.

Glass-Form Production, Inc., a wholesale distributor of bedroom and dining room furniture, is scheduled to receive $663,946 NPV in real estate and sales tax exemptions over 25 years to relocate its operations to a larger, 44,000-SF warehouse facility at 310 Tiffany St. in the Bronx. Glass-Form serves more than 500 retailers throughout the New York City metropolitan area, New England, Florida and California. The company employs 16 people and plans to add eight more within three years.