For Immediate Release Tuesday, October 13, 2004 Contact: Michael Sherman / Janel Patterson (212) 312-3523
New Harlem Hotel and Office Complex To Create 1,500 Jobs With Aid
From NYC Industrial Development Agency (10/13/2004)
Project to Create First New Hotel in Harlem in 40 Years New York City Industrial Development Agency (IDA) approved financing assistance for a developer to build Harlem Park, a 549,000-square-foot building at 125th Street and Park Avenue in Harlem. Half of the project will be a Marriott Courtyard Hotel, with the remainder to be office and retail space as well as a catering facility and underground garage. IDA will also assist St. Francis College in Brooklyn Heights to build a new academic center.
"Harlem Park will include the first new hotel to open in Harlem in 40 years," said IDA Chairman Andrew M. Alper. "The $200 million project will create 1,500 new jobs and offers much needed office space in an area that continues to grow as one of New York's emerging business districts. The Bloomberg Administration is committed to helping transform the 125th Street corridor into a mixed-use, 24-hour destination. The Harlem Park project is further proof that the area is undergoing tremendous economic development, and I am very pleased IDA will help make this project a reality."
The developer, 1800 Park Avenue LLC, is led by real estate developer Michael Caridi, Chairman of Majic Development Group, and Raymond P. Caldiero, Chairman of the Sequoia Group. The partnership is working with the Marriott Corporation for the hotel portion of the project. The IDA board agreed to provide 1800 Park Avenue with sales and real estate tax benefits totaling $8.5 million. The project is also eligible for Industrial and Commercial Incentive Program (ICIP) and Empire Zone assistance.
The building will be constructed on a 53,000 square-foot parcel of vacant land, which will be leased form the current owner, the New York College of Podiatric Medicine. The total office space will be about 167,000 square feet, and the retail space will be about 62,000 square feet. Plans for the hotel include 230 rooms, with conference space and a health club.
The IDA Board also agreed to provide St. Francis College, a co-educational, liberal arts college in Brooklyn Heights, with up to $25 million in Civic Facility Bonds to build and equip an eight-story academic center next to an existing facility on its campus. The new building, located at 180 Remsen Street in Brooklyn, will have about 35,000 square feet and will house a modern library, 14 technologically equipped classrooms, a performing arts facility and new meeting rooms. The $32 million project is expected to create 21 new jobs and retain 291 current ones.
"St. Francis College has a long and honored tradition of serving this City's immigrant population and we are proud that we can play a role in the necessary improvements to its academic center," said Chairman Alper. "The college serves all of New York City as more than 97% of its students come from the five boroughs and over 85% of its alumni reside in the New York metropolitan area."
About IDA Administered by EDC, New York City Industrial Development Agency provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. IDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit and other qualified entities to finance expansion opportunities. IDA also offers qualified companies abatements on sales, real estate and mortgage taxes.
About EDC New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. EDC's mission is to stimulate job growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. EDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities.