Business Incentives
In this economy, emerging and existing companies need to strategize about where they do business. Now more than ever is the time to evaluate your bottom line.Downtown Brooklyn offers your business an array of valuable as-of-right tax benefits and energy savings. In total, these incentives can save your company up to $16 per square foot on new office space.
Tax Benefits:
- Relocation and Employment Assistance Program (REAP): A 12-year tax credit against New
York City business taxes equal to $3,000 per employee relocated to Downtown Brooklyn.
For the first five years, a company can receive a cash grant if the benefit is higher than
their city business taxes.
- Commercial Real Estate Tax (CRT) Abatement: Downtown Brooklyn does not have
commercial rent tax, which will provide your business with significant tax savings.
Property Improvements:
- Industrial and Commercial Abatement Program (ICAP): A 25-year tax abatement on
property improvements passed through the landlord.
- Commercial Expansion Program (CEP): A 5-year tax abatement on property improvements
passed through the landlord. To qualify. the tenant must occupy space in a building built
before 1999 and occupy at least 25,000 sf.
Energy Savings:
- Energy Cost Savings Program (ECSP): A 12-year program offered by NYC Department of
Small Business Services that grants a 45% reduction in energy costs to companies
relocating to Downtown Brooklyn. The program runs for 12 years; 8 years of full benefit
with a 4 year phase-out.
- New York State Energy Research and Development Authority (NYSERDA) Existing and New
Facilities Programs: Receive up to $30,000 in rebates on pre-qualified energy-efficient
equipment.
To find out how your company can take advantage of these Downtown Brooklyn incentives, contact:
Thomas Conoscenti
Director of Real Estate
Downtown Brooklyn Partnership
Phone: 718-403-1647
Email:
tconoscenti@dbpartnership.org
In order to view this page correctly you need Flash Player 9+ support, as well as javascript turned on.
Download the player for free by clicking on the image to the left.