McKibben Street Industrial Center Will House 20 Small Mfrs. and Artisans
Compiled by Linda Collins
Brooklyn Daily Eagle
EAST WILLIAMSBURG — Financing has been obtained for the rehabilitation of an historic circa-1931 East Williamsburg furniture factory to provide space for 20 small and mid-sized light manufacturing and artisanal businesses.
The McKibbin Street Industrial Center at 221 McKibbin St., corner of Bushwick Avenue, is a project of the Greenpoint Manufacturing and Design Center (GMDC), a nonprofit developer of industrial space, which reports that financing came from New Markets Tax Credits, Historic Rehabilitation Tax Credits, market-rate senior debt and capital grants from the National Community Fund I, Citi Community Capital, Empowerment Reinvestment Fund, NYC Economic Development Corp. and NYC Investment Fund (CIF).
“Constructing an industrial center serving small and family-owned businesses in the neighborhood would have been impossible without New Markets,†said Brian Coleman, CEO of GMDC. “Without flexible lease terms and below-market rents, our tenants would be forced to flee the inner city or go out of business.â€
According to Coleman, the three-story 72,000-square-foot facility will be gutted and repurposed to provide “built-to-suit†new units for the 20 future businesses that are expected to employ more than 100 workers in living wage jobs.
The McKibbin project fills a growing need for smaller industrial units in North Brooklyn, he said.
Other sources of financing for the $17.8 million project included the Industrial Development Agency’s Straight Lease Program, the Industrial and Commercial Incentive Program, the Energy Costs Saving Program, and NYS Empire Zone and NYC Industrial Business Zone benefits.
Richard Vitto of Oaklander, Coogan & Vitto Architects, a Manhattan-based firm, is designing the rehab project, including the installation of new partitions and new plumbing, according to the Department of Buildings.
© Brooklyn Daily Eagle 2008
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