2 private schools to receive financing assistance from city

Real Estate Weekly, May 21, 2003

New York City Industrial Development Agency Chairman Andrew M. Alper announced that two private schools have been approved for NYCIDA financing assistance to help them renovate and expand their facilities. At its May meeting, the NYCIDA Board also approved assistance for Park View Realty Associates LLC, a partnership of 14 independent owners and operators of horse-drawn carriages that operate in Central Park, and ML Design Inc., a printer currently located in Lower Manhattan seeking to acquire a new facility in Woodside, Queens.

"The projects approved at today's meeting demonstrate the diversity of New York City and the variety of ways the City, through NYCIDA, supports that diversity," said Alper. "From operators of the horse-drawn carriages that delight tourists in Central Park, to very talented school children, to the small entrepreneur in Lower Manhattan, the NYCIDA has programs that benefit a vast array of businesses and organizations, many of which are unique to our city. The considerable capital investments these project represent are also indicative of renewed confidence in the future of the city."

The Professional Children's School Inc. was approved to receive Civic Facility Bond financing for up to $9 million for the construction of a new eight-story tower and renovations to its current building, both located at 132 West 60th St. The renovations and new construction will include a two-level auditorium, new entrance and lobby area, gymnasium, additional classrooms and expanded library, kitchen and dining areas. The renovations will enable the school to expand its programs and accommodate larger class sizes.

The Professional Children's School was founded in 1914 to serve children performing on Broadway arid in vaudeville. Notable alumni include Milton Berle, Beverly Sills, Donald O'Connor, Christopher Walkin, Sarah Jessica Parker and Yo-Yo Ma. Today, the student body reflects the diversity of the arts and entertainment industry. Students come from all over the world to study and perform in New York City and pursue their academic training at the school.

The Calhoun School Inc., founded in 1896 and located on the Upper West Side, will receive up to $28.5 million in triple tax-exempt Civic Facility Bonds for renovating a building at 433 West End Avenue, refinancing an acquisition loan for its facility at 304 West 81st Street, and refinancing a 1990 NYCIDA bond financing. The renovation will include the construction of two additional floors to accommodate performing arts, athletic, visual arts and science centers.

A co-educational, progressive college preparatory school for students from pre-school to 12th grade, the Calhoun School has 640 students and is accredited by the New York State Association of Independent Schools and the New York State Education Department. The school's core curriculum conveys a traditional body of knowledge based on timely themes and age-appropriate subjects. The school also emphasizes the importance of community service. Students at all levels volunteer at senior citizens residences, day care centers, food pantries, or for work in nearby parks.

Both schools meet NYCIDA's Private School Compliance Criteria concerning student residency, anti-discrimination policies, academic accreditation, and tuition and financial aid programs.

Park View Realty Associates LLC is scheduled to receive approximately $722,000 in tax incentives in connection with the acquisition and renovation of a 30,000 square-foot building at 612-618 West 52nd St. Park View will also acquire a vacant lot at 622 West 52nd St. for parking. The total cost of the project is estimated at $4.3 million. The renovated building will initially accommodate 30 box stalls for horses and 20 to 30 carriages for use by owners and tenants. Park View plans to construct additional stalls and carriage storage space on the second floor of the building in the future.

ML Design is a commercial printer offering printing, preprinting, design and direct mail services to customers located throughout the tri-state area. The company needs to improve production efficiency to expand its business and has identified an 18,000-SF facility in Woodside, Queens that would serve its needs. With the help of NYCIDA, the company plans to invest $2.1 million to acquire and renovate the facility to house its printing business. The company will retain its property in Lower Manhattan for its rental income. NYCIDA has agreed to provide ML Design with a tax incentive package of about $650,000 in return for the company remaining in the city for the next 25 years. ML has 19 employees and expects to add an additional six workers as a result of the expansion.

At the meeting, the NYCIDA Board" also approved an incentive package for Pfizer Inc., announced by Mayor Bloomberg and Governor Pataki last week, in return for Pfizer retaining its headquarters and 5,500 employees in the City, purchasing a building at 685 Third Avenue, and bringing 2,000 new jobs to the City over the next five years.