NYCIDA Industrial Program

Lowering the costs of constructing, renovating, and owning industrial facilities.

Planning to purchase, build, or renovate industrial property in New York City? The NYCIDA Industrial Program can help you lower your project costs.

Benefits

• Building taxes may be stabilized at pre-improvement real estate tax amounts for up to 25 years (with benefits phasing out at not more than 20 percent per year, starting in year 21
• Land taxes may be fully abated if your project is in an Industrial Business Zone (IBZ), with benefits phasing out at not more than 20 percent per year, starting in year 21
• City and State sales tax (8.875%) may be waived on purchases such as construction materials and equipment
• Mortgage Recording Tax may be lowered from 2.8% to 0.3%

For projects outside of IBZs, land tax abatements are stabilized at the pre-improvement real estate tax amount for up to 25 years and may be further abated based on the amount of investment, with benefits phasing out at not more than 20 percent per year, starting in year 21:

Application Considerations

All NYCIDA benefits are discretionary. NYCIDA will assess the need for financial assistance and the economic impact of the proposed project.

Factors considered by NYCIDA include (without limitation):

• Size of capital investment (minimum of $1 million, exclusive of acquisition cost)
• Jobs created and average wages paid
• Nature of business
• Neighborhood
• Financial performance
• For developer projects, tenanting strategy and timeframe
• Environmental review