NYCIDA Assists Manufacturer Establish Headquarters
The Board of the New York City Industrial Development Agency will assist new industrial and manufacturing company, Best Mounting, acquire and renovate a 55,000-sq-ft facility located on 130-11 Atlantic Avenue in Jamaica, Queens by approving a sales, real estate, and mortgage recording tax incentive package.
Best Mounting will make a $3.65 million private investment in the headquarters in order to manufacture workstation fixtures primarily for the media, healthcare and security industries by installing machinery and equipment and rehabbing the currently vacant 3rd floor. This project is expected to create 15 new jobs over the next three years and return approximately $3 million in new net tax revenues to the city over 25 years.
“Companies such as Best Mounting are vital to the continued growth and diversification of the city,” stated NYCIDA Chairman Seth W. Pinsky. “They provide specialized services that are critical to the city’s industries, create new jobs, and are a central component of Mayor Bloomberg’s Five Borough Economic Plan.”
Other potential properties for the headquarters outside of the five boroughs were researched by Best Mounting because many of the customers will be located throughout the United States and abroad but the company determined that the benefits provided by the NYCIDA will offset the higher real estate costs and taxes, making it possible for the company to establish their new headquarters in Queens.
Construction is scheduled to begin in the fourth quarter of 2009 and is expected to be completed by 2011.