Blank Rome Represents New York City Economic Development Corporation in $44M New Markets Tax Credit Transaction
A Blank Rome team served as counsel to the New York City Economic Development Corporation (“NYCEDC”) on the closing of a $44M new markets tax credit (“NMTC”)/historic tax credit transaction with the Brooklyn Navy Yard Development Corporation through the NYC Neighborhood Capital Corporation, on the renovation of an historic three-story, 100,000-square-foot building on the Navy Yard campus. The transaction closed on September 24, 2018.
The NYCEDC facilitates the use of the NMTC program for the financing of projects in low-income communities through the NYC Neighborhood Capital Corporation. This project will renovate the Navy Yard building into space for small industrial tenants (creating approximately 200 jobs) and creative office space (creating approximately 100–150 jobs), and also restore the building to National Park Service historic standards and incorporate sustainable LEED building features. Through their nationally recognized Employment Center, the Navy Yard will also work closely with project tenants to provide job opportunities for residents of the surrounding communities.