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We now service clients on a full array of
benefits citywide. The following is a sampling of some of the
more active incentives in New York City.
> For Tenants
>
For Landlords and Developers
Real Estate Incentives and Other Services
for Tenants
Relocation Employment
Assistance Program (REAP)
City tax credit of $3,000 per qualified employee per year over
12 years. Credits are paid in cash for up to 5 years if they
exceed company’s tax liability. Applicants must be:
(1) in business at least 2 years;
(2) from outside of NYC (outside the 5 boroughs);
(3) opening an office in NYC south of Houston St.;
(4) without any substantial operations in NYC between 1/1/02
and 7/1/03;
(5) investing at least $25 per square foot in build-outs OR
in a qualified building;
(6) signing a lease with a term of 3 or more years.
Additional rules apply. We can handle all technical requirements
and applications.
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Commercial Revitalization Program (CRP)
Companies and not-for-profits below Murray and Frankfort Streets
may receive: (1) rent abatements (i.e., subsidies) of up
to $10 per square foot payable over 5 years for qualified
tenants whose space is improved by $5 or more per square foot;
(2) commercial rent tax exemptions and reductions; and (4)
energy discounts. Program renewed through March 2010. MUST
FILE WITHIN 180 DAYS OF LEASE COMMENCEMENT. We handle all
filings with the City.
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Commercial Expansion Program (CEP)
Provides real estate tax abatement in designated zones throughout New York City valued at up to $10 per square foot over five years.
Commercial Rent Tax Special Reduction
Exempts Commercial Rent Tax obligation of firms in Lower Manhattan for up to five years, at the value of base annual rent in the base year. Permanent exemption available in certain zones, as well as to retailers south of Murray Street.
Sales Tax Exemptions
Eliminates 8.375% sales tax on build-out costs in lower Manhattan, and on all build-out and furniture, fixtures, & equipment for new sites at Ground Zero.
Compliance
We can handle all of the compliance work and filings for economic
development benefits. Employment reports, sales tax exemption
claims, certifications, energy credits, spreadsheets and
other paperwork—all can be done through our office.
There is no need to spend valuable in-house staff time, or
money on expensive attorneys or accountants. doing this highly
specialized, technical, time-consuming work. Our team is
uniquely able to handle the administrative process at a fraction
of the time and cost.
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Government Consulting
As the bridge between small business owner and many government
agencies operating in New York City, we help clients resolve
pending issues with government agencies, advise them on government
matters and help with contract procurement.
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Real Estate Incentives and Other Services for
Landlords
and Developers
Industrial and Commercial Incentive Program (ICIP)
Property owners who make substantial investments in upgrading
and renovating buildings downtown may obtain real estate tax
freezes or exemptions for up to 12 years. We help owners save
multimillions in property taxes by shepherding all applications
and proof through the system.
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Lower Manhattan Energy Program and Energy-Related Grants
Owners may qualify for electricity discounts of approximately
15% for up to 12 years, as well as cash grants for labor
and equipment using energy-efficient systems. Our energy
expert is an engineer with more than 15 years’ experience
and can negotiate these benefits for you with the State and
City.
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Compliance
We can handle all compliance with government agencies for continuation
of benefits under City and State programs. Affidavits with
proof of expenditures, employment reports, certifications
for continuation of benefits, and other filings—all
can be handled by our office. There is no need to spend valuable
staff time or pay expensive attorneys or accountants for
this highly specialized detail work. Our team is uniquely
qualified to handle the back end administration of all your
benefits so that your firm may continue to receive maximum
awards.
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