Blank Rome Represents NYC Neighborhood Capital Corporation in $6.5 Million New Markets Tax Credit Transaction
A Blank Rome team represented NYC Neighborhood Capital Corporation (“NYCNCC”) in closing a $6.5 million New Markets Tax Credit (“NMTC”) transaction with Bogopa Service Corp. (“Bogopa”) on the development of a Food Bazaar supermarket in the Bronx Terminal Market. The deal closed on December 19, 2019.
Bogopa was founded in 1988, and has grown steadily to now operate 16 Food Bazaar supermarkets in New York City. Bogopa/Food Bazaar supermarkets specialize in offering international food products in ethnically diverse low-income communities in New York City, and Bogopa has locations across Brooklyn, Queens, and the Bronx. The project is the $15.5 million fit out of an 80,000-square-foot supermarket in the Bronx Terminal Market at 610 Exterior Street, Lower Concourse, Bronx. The project will create approximately 100 full-time equivalent jobs and will be Bogopa’s third Bronx location.
The Blank Rome team included Michael Sanders, Cynthia Paine, Ross Coe, and Kendra Merchant.