Keeping Businesses in New York – Industrial Business Solutions Provider, Queens BOC
The printing and binding business was once New York's second biggest industry behind garment production. The base of the industry was downtown, below Houston street and on the West side. At its peak, the garment industry employed hundreds of thousands of people all magnified in this huge district. Today that story has changed. All the large scale printers and binders have left lower Manhattan forced out mostly by higher rents.
Unable to continue doing business in their location on Houston street due to rising costs, Peter Garber, owner of Millennium Bindery had found a space in New Jersey for a fraction of their Manhattan rent. This theoretically would have saved their business, but greatly and negatively impacted their labor pool, making it impossible for some of their thirty employees to continue working for the firm by being outside of the subway commute. They contacted Queens BOC Industrial Business Solution Provider (IBSP) and the New York Industrial Retention Network looking to see what incentive or programs were available to them to continue their business in the City of New York.
BOC IBSP's main objective is to retain and promote industrial and manufacturing firms in Queens. Our services range from identifying grant and loan opportunities, finding real estate to emergency response and graffiti removal. Peter Garber worked closely with Anthony Denaro, Director of Industrial Business Services, and since then they have found a suitable and affordable space in Long Island City, Queens. Millennium Bindery also learned they were eligible for three New York City Government incentive programs: $90,000 in property tax reductions from the Relocation and Employment Assistance Program (REAP), $9,000 through the Energy Costs Savings Program and $27,000 property tax abatements through the Commercial Expansion Program (CEP). Furthermore, Queen's BOC connected them with EnerNOC, the leading developer and provider of clean and intelligent energy solutions, through which they will receive $5,000 a year through a Peak Load Reduction Program.
The combinations of these tax incentives and private partner programs greatly tipped the scale in New York's favor in keeping Millennium Bindery in the five Boroughs of New York City. Peter said "If it wasn't for this incentive package I would have closed up shop and moved out of New York".
For more information about the BOC Industrial Business Solutions Provider please contact Anthony Denaro at (718) 205-3773 or visit our website at www.bocnet.org.
