Subsidy Alert: May 2012

In the public notices for May 2012: Eli Equities LLC on behalf of Soho Studio Corp.; Idlewild 228th Street LLC; 1635 Lex Realty Corp. on behalf of ReyCo Supermarkets LLC; Royalton Realty Associates, LLC; Wolfsgleek, LLC; Hudson Yards Commercial Construction Project for the benefit of ERY Tenant LLC

Industrial Development Agency projects (public hearing notice):

• Straight lease (Industrial Incentive Program) transaction for the benefit of Eli Equities LLC on behalf of Soho Studio Corp., a distributor and wholesaler of glass and tile mosaics in connection with the acquisition, renovation, equipping and/or furnishing of an approximately 48,000 square foot facility on an approximately 40,825 square foot parcel of land located at 800 Snediker Avenue (also known as 835 Van Sinderen Avenue), Brooklyn, New York 11207. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes, and exemption from City and State sales and use taxes.   
• Straight lease (Industrial Incentive Program) transaction for the benefit of Idlewild 228th Street LLC, a real estate development company, in connection with the acquisition, demolition, construction, equipping and/or furnishing of an approximately 132,365 square foot facility on an approximately 106,000 square foot parcel of land located at 145-68 228th Street, Queens, New York. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.   
• Straight lease (Industrial Incentive Program) transaction for the benefit of 1635 Lex Realty Corp. on behalf of ReyCo Supermarkets LLC, a retail supermarket, in connection with the acquisition, construction, equipping and/or furnishing of an approximately 12,500 square foot facility within a 58,000 square foot building on an approximately 9,500 square foot parcel of land located at 1635 Lexington Avenue, New York, New York 10029. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption of City and State mortgage recording taxes and exemption from City and State sales and use taxes.
• Straight lease (Industrial Incentive Program) transaction for the benefit of Royalton Realty Associates, LLC, a real estate holding company that owns, manages and rents for various commercial purposes, an approximately 75,000 square foot facility located on an approximately 7,500 square foot parcel of land located at 110-114 Leroy Street, New York, NY 10014, all in connection with the renovation, equipping and/or furnishing of such facility. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes and exemption from City and State sales and use taxes.
• Straight lease (Industrial Incentive Program) transaction for Wolfsgleek, LLC, a real estate holding company for the benefit of Lobonav Corp., a New York corporation (d/b/a Pro Audio Star), a wholesale distributor of professional audio equipment, in connection with the acquisition, renovation, and equipping and/or furnishing of an approximately 22,000 square foot building located on an approximately 27,000 square foot parcel of land located at 217 Russell Street (also known as 225 Russell Street) and 758 Humboldt Street, Brooklyn, NY 11222. The financial assistance proposed to be conferred by the Agency will consist of payments in lieu of City real property taxes, exemption from City and State mortgage recording taxes, and exemption from City and State sales and use taxes.
• A Hudson Yards Commercial Construction Project for the benefit of ERY Tenant LLC or its affiliate, a real estate development company, in connection with the construction of an approximately 2,111,243 gross square foot, LEED certified, class-A office tower, which will also consist of approximately 35,000 square feet of ground-level retail (the “Facility”). The Facility will be located on an approximately 112,500 square foot parcel of land constituting part of existing Block 702, Lots 1 and 50 (such lots subject to future revision), located between 501 and 551 West 30th Street, New York, New York 10001. The financial assistance proposed to be conferred by the Agency will consist of exemption from City real property taxes, exemption from City and State mortgage recording taxes and exemption from City and State sales and use taxes.

BuildNYC (public hearing notice): 

• Approximately $12,000,000 tax-exempt bond transaction for the benefit of Corlears School (the “School”), a not-for-profit education corporation chartered under the laws of the State of New York and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Proceeds from the bonds, together with other funds of the School, will be used by the School to: (i) refinance a portion of a taxable loan previously incurred by the School, the proceeds of which were loaned to, and used by, the School to finance the acquisition, construction of a new top (fifth) floor, renovation, furnishing and equipping of an approximately 6,300 square foot building on an approximately 2,125 square foot parcel of land, located at 322 West 15th Street, New York, New York; (ii) refinance a portion of a separate taxable loan previously incurred by the School, the proceeds of which were used by the School to finance the renovation, furnishing and equipping of the School’s five story, approximately 15,100 square foot main building on an approximately 5,020 square foot parcel of land, located at 324 West 15th Street, New York, New York; and (iii) pay certain costs related to the issuance of the bonds. The properties described in this notice, which as a result of the renovations have been combined into a single 5-story facility of approximately 21,400 square feet, are owned and operated by the School for the purpose of providing educational services and programs. The financial assistance proposed to be conferred by the Corporation will be such tax-exempt bond financing and an exemption from City and State mortgage recording taxes.   
• Approximately $9,000,000 tax-exempt bond transaction for the benefit of Metropolitan Montessori School (the “School”), a not-for-profit education corporation chartered under the laws of the State of New York and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Proceeds from the bonds, together with other funds of the School, will be used by the School to (i) refinance a taxable loan previously incurred by the School, the proceeds of which were loaned to, and used by, the School to finance the acquisition of an approximately 11,520 square foot building on an approximately 5,000 square foot parcel of land, located at 325 West 85th Street, New York, New York (the “Facility”) and (ii) pay certain costs related to the issuance of the bonds. The Facility is owned and operated by the School as a co-educational independent private school serving children between the ages of three and 12. The financial assistance proposed to be conferred by the Corporation will be such tax-exempt bond financing and an exemption from City and State mortgage recording taxes.    
• Approximately $15,000,000 tax-exempt revenue bond transaction for the benefit of Wagner College (the “College”), a not-for-profit, education corporation chartered under the laws of the State of New York, and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Proceeds of the bonds, together with other funds of the College, will be used by the borrower to provide for a plan of finance to finance the following project components: (i) the renovation, repair of, and improvements to the approximately 58,840 square foot Main Hall building located at 631 Howard Avenue, Staten Island, New York; (ii) the renovation, repair of, and improvements to the approximately 139,045 square foot Harborview Residence Hall Building located at One Campus Road, Staten Island, New York; and (iii) miscellaneous capital improvements or equipment, and to establish a debt service reserve fund for the bonds and pay certain costs related to the issuance of the bonds. All of the facilities described in this notice, which are located within the campus of the College, are owned and operated by the College. The financial assistance proposed to be conferred by the Corporation will be such tax-exempt bond financing, and an exemption from the City and State mortgage recording taxes.    
• Approximately $5,300,000 tax-exempt refunding bond transaction for the benefit of  Yeshiva Har Torah (the “School”), a not-for-profit education corporation chartered under the laws of the State of New York and exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as borrower. Proceeds from the bonds, together with other funds of the School, will be used by the School to: (i) currently refund the outstanding New York City Industrial Development Agency Adjustable Fixed Rate Civic Facility Revenue Bonds (Yeshiva Har Torah Project), Series 2006A and 2006B, in the aggregate principal amount of approximately $5,250,000, the proceeds of which, together with other funds of the School, were used to finance the costs of acquiring, constructing, furnishing and equipping an approximately 55,000 square foot, four-story building located at 250-10 Grand Central Parkway, Little Neck, New York, that is owned and operated by the School as a co-educational, non-residential, private school serving students from nursery school through grade eight; and (ii) pay certain costs of issuance of the bonds. The financial assistance proposed to be conferred by the Corporation will be such tax-exempt bond financing and an exemption from City and State mortgage recording taxes.