NYCEDC and the New York City Council today announced the first awardee of funding to subsidize the modernization and subdivision of existing industrial space in New York City, an initiative first announced by Speaker Christine C. Quinn and Council Member Diana Reyna in the Speaker’s 2010 State of the City address.
Acumen Capital Partners LLC, which owns an approximately 600,000 square foot industrial building at 630 Flushing Ave in Brooklyn (the former headquarters of Pfizer), was awarded $2 million from the City Council Small Manufacturing Investment Fund to subdivide and modernize existing underutilized industrial space at the building. The funding was offered through an RFP issued by NYCEDC in December 2011, which intended to incentivize needed capital improvements and create appropriately-sized and modernized space for small manufacturing and industrial businesses.
Small businesses with approximately one to ten employees, which occupy less than 5,000 square feet of space, continue to drive the City’s industrial sector growth, though much of the available industrial space is too large for these users. Read more in The Wall Street Journal.