New Report Shows NYCEDC’s Tax Incentives Portfolio Continues to Drive Private Investment, Job Creation Across Key Sectors

Second Annual Report Outlines the Impact of NYCEDC’s Three Tax Incentives Programs: NYC Industrial Development Agency, Build NYC Resource Corporation, and NYC Neighborhood Capital Corporation

Offshore Wind, Battery Storage, Film Studios, Cultural Institutions Among Projects Supported by over $40 Billion in Private Investment, Retaining and Creating More Than 100,000 Jobs

NEW YORK, NY—New York City Economic Development Corporation (NYCEDC) today announced the release of its “Incentives Portfolio 2025 Annual Report,” detailing the accomplishments of its three tax incentives programs which have driven significant inclusive economic development in New York City. The incentives programs managed by NYCEDC—the NYC Industrial Development Agency (NYCIDA), BUILD NYC Resource Corporation (Build NYC), and NYC Neighborhood Capital Corporation (NYCNCC)—have leveraged more than $40 billion in private investment and supported hundreds of projects, benefiting neighborhoods and communities across the five boroughs. Collectively, these projects have helped New York City create and retain more than 127,000 jobs since 2011, contributing to the record levels of employment and labor force participation that New York City and thriving innovation sectors.

NYCEDC manages the activities and operations of the three tax incentives programs, which support a range of projects. The report highlights each program’s impact on building a robust and inclusive economy that benefits all New Yorkers.

• New York City Industrial Development Agency (NYCIDA) offers tax incentives to commercial real estate developers and building owners in order to attract and retain businesses, promote job creation and strengthen the city's industrial and commercial sectors. NYCIDA has leveraged more than $34.4 billion in private sector investment across 267 projects since 2011.
• BUILD NYC Resource Corporation (Build NYC) supports nonprofits and other exempt facilities to issue tax-exempt bonds for capital projects and refinancings. For its active portfolio of 149 projects, Build NYC has leveraged $6.8 billion in private sector investment.
• New York City Neighborhood Capital Corporation (NYCNCC) utilizes the federal New Markets Tax Credit program to help finance community development projects in underserved neighborhoods, including manufacturing facilities, supermarkets, community health centers and charter schools. NYCNCC has allocated $255 million in tax credits that have leveraged $487.5 million in private sector investment across 21 projects in qualified low-income areas of New York City.

“New York City is strongest when its government and private sector work together,” said NYCEDC President & CEO Andrew Kimball. “From financing new green infrastructure and life sciences lab space, to modernizing iconic cultural institutions, NYCEDC’s discretionary tax incentives portfolio mobilizes private capital for the public good, creating jobs and thriving communities for all New Yorkers.”

In addition to providing a long-term impact analysis of these NYCEDC managed programs, the 2025 annual report also highlights key projects from the past year, including:

• NYCIDA’s support for two Bungalow Projects film studios, transforming separate sites in Red Hook and Bushwick into 600,000 square feet of modern, high-end facilities, catalyzing $552 million in investment and creating 2,400 construction and permanent operational jobs.
• Build NYC’s support for 92NY’s $91.8 million comprehensive renovation of its iconic, 266,000+ square foot cultural and community center in the Upper East Side of Manhattan.
• NYCNCC’s deployment of $23 million in tax credits to support the Apollo Theater’s first-ever restoration, renovation, and modernization in its 91-year history as a Harlem institution and epicenter of Black culture.

“By unlocking private investment and supporting projects that create good jobs, NYCEDC is strengthening the foundations of a more equitable and dynamic New York City. This shows what’s possible when we invest in innovation, affordability, and community development across all five boroughs. ABNY applauds the NYCEDC for their strategic public—private collaboration that drives real results for New Yorkers,” said the Association for a Better New York CEO Emma Pfohman.

“Today’s annual report highlights the important role the New York City Economic Development Corporation (NYCEDC) plays in advancing the city’s economy,” said New York State Economic Development Council (NYSEDC) Executive Director Ryan M Silva. “From Offshore Wind, to World Clas Cultural Institutions, to the life sciences industry, and revitalizing vacant office space, the NYCEDC leveraged over $34 Billion in private sector investment through strategic public private partnerships. This annual report not only highlights their broad economic impact, it serves as a template for other EDOs to effectively communicate the important role they play in creating economic opportunity in the five boroughs. The NYSEDC congratulates and thanks the entire team at the NYCEDC for the great work they continue to do.”

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, X, LinkedIn, and Instagram.

About NYCIDA
The mission of the New York City Industrial Development Agency (NYCIDA) is to drive economic development across the five boroughs by catalyzing capital investment and encouraging private sector partnership. Our goals are to support industry, create and retain jobs, diversify and strengthen the tax base, and foster sustainable infrastructure development, ensuring a vibrant and resilient economy for all New Yorkers. To learn more, visit us at edc.nyc/nycida.

About Build NYC
Build NYC Resource Corporation (Build NYC) helps 501(c)(3) organizations and other exempt facilities make real estate capital investments by accessing low-cost debt through tax-exempt bond financing. To learn more, visit us at edc.nyc/build-nyc.

About NYCNCC
NYC Neighborhood Capital Corporation (NYCNCC) is a federally certified Community Development Entity (CDE) that utilizes the New Markets Tax Credit (NMTC) program to make low-interest and forgivable loans to community development projects in low-income communities in New York City. To learn more, visit us at edc.nyc/nycncc.