NYCEDC Allocates $23 Million to Support Renovation of Harlem’s Historic Apollo Theater

Completed Project will Deliver Expanded Education and Art Programming as well as New Amenities for the Community

Renovation will Support 196 Private Sector Jobs, 184 Full-Time Construction Jobs, and Increased Commercial Activity in the Neighborhood

HARLEM, NY—New York City Economic Development Corporation (NYCEDC) and its subsidiary, NYC Neighborhood Capital Corporation (NYCNCC), closed a deal to allocate $23 million in New Markets Tax Credits (NMTC) to finance the large-scale renovation of the historic Apollo Theater, a project that will bring significant benefits to the community, boost the local economy, and further cement the theater’s ability to provide vibrant and artistic programming that builds on the cultural heritage of Harlem. This allocation is part of a larger financing that will support the Apollo Theater’s first full-scale renovation in its 91-year history. By financing the renovations through the NMTC transaction, the Apollo Theater will be able to allocate more of its capital towards expanded programming for low-income individuals. The project will support 196 private sector jobs and 184 full-time construction jobs. Last night, the Apollo Theater celebrated this historic renovation at a groundbreaking ceremony that featured elected officials, community leaders, and performers.

“The Apollo Theater is one of New York City’s great cultural institutions, a global brand and the pride of Harlem,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrión, Jr. “Today’s announcement is another wonderful example of the city’s continued investments in cultural organizations and the physical spaces that house world-class art and performance—congratulations to the EDC and the Apollo, and I look forward to my next concert in the fully renovated space.”

“NYCEDC, via our NYC Neighborhood Capital Corporation, is proud to support the renovation of Harlem’s historic Apollo Theater – a project that will sustain hundreds of jobs while creating a host of community benefits,” said NYCEDC President & CEO Andrew Kimball. “From expanded public space and new commercial offerings to enhanced programming, the Apollo Theater is poised to play an even larger role as an epicenter to the Harlem community. Financing community development with an eye to equity is the exact type of project NYCNCC aims to support, and we look forward to all that this renovation will bring to Harlem and New York City.”

“The Apollo is one of the most iconic stages not just in New York, but in the world,” said NYC Cultural Affairs Commissioner Laurie Cumbo. “This historic renovation will make sure that this performing arts landmark—where generations of Black artists have honed their craft and electrified audiences—remains a vital creative hub for generations to come. From the heart of Harlem, to neighborhoods across the five borough—the Adams administration is committed to investing in and uplifting the arts organizations that strengthen our communities, drive our economy, and give New York City an energy like nowhere else in the world. The city has so far contributed more than $20 million to this exciting renovation, and thanks to this partnership with NYCEDC, the project can move full steam ahead.”

“On behalf of The Apollo Theater Foundation, Inc. Board of Directors and leadership, I express deep gratitude to Historic Theater lenders and capital campaign contributors for their generosity in support of The Apollo and the community of Harlem,” said Michelle Ebanks, President and Chief Executive Officer of The Apollo Theater Foundation, Inc. “Yesterday’s groundbreaking marks the beginning of a new chapter in The Apollo’s journey—a curtain drop in every sense of the word – taking us from a place of reverence to a place of relevance. As we prepare to renovate and reimagine this legacy space, we do so not to erase its history, but to elevate it. To honor the shoulders we stand on, while building a more modernized foundation for those who will come after us.”

“The Apollo Theater is a beacon of cultural innovation and community enrichment,” said Olivia Pipitone, Executive Director at J.P. Morgan Community Development Banking. “At J.P. Morgan, we are immensely proud to support its historic renovation, ensuring it continues to inspire and launch legendary talent for generations to come.”

The comprehensive renovation will include:

• New public amenities including the addition of a new café, bar, and retail space;
• Repairs to the exterior façade and iconic marquee;
• An expansion of the lobby with new finishes;
• Upgrades to the stages and theater production technology as well as the HVAC and elevator systems;
• Modernization of restrooms; and
• Expanded publicly accessible space at the Theater.

Additional City and State support for the project came from the New York City Department of Cultural Affairs, which provided $20.7 million through multiple grant commitments between 2020 and 2024, and from Empire State Development, which provided a $10 million grant through the New York Works Economic Development Fund. J.P. Morgan Chase served as the tax credit equity investor for the transaction.

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.

Since NYCNCC was founded in 2014, projects supported by NYCNCC have leveraged $508.3 million in private sector investment to qualified low-income areas of New York City. With this closing, NYCNCC has now allocated all of its $255 million in credits awarded from the U.S. Treasury Department to date, including $115 million allocated across nine projects since the start of 2023.

In addition to the renovation at the Apollo Theater, recent NYCNCC closings include:

• Greenpoint Manufacturing Design Center (GMDC), March 2025 – GMDC’s mission is to purchase underutilized warehouse buildings, renovate and subdivide them into small workspaces, then lease those spaces at below market rents to small-scale, light-industrial businesses. NYCNCC’s $10 million New Market Tax Credit allocation will support the maintenance and rehabilitation of GMDC’s 1155 Manhattan Avenue facility, which houses 70 small businesses, supporting 335 manufacturing jobs.
• Brooklyn Plaza Medical Center (BPMC), March 2024 – BPMC, a federally qualified health center, plays a vital role in providing care to traditionally underserved populations and low-income individuals in North Central Brooklyn. NYCNCC’s $16.7 million New Market Tax Credit allocation supported the construction of a new 24,000 square foot health care facility in Crown Heights for BPMC’s relocation, allowing them to serve an additional 10,000 patients annually.

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.