Accessibility questions: Accessibility@edc.nyc, by Wednesday, November 12, 2025 5:00 PM
NOTICE OF PUBLIC HEARING
The New York City Industrial Development Agency (the “Agency”) is empowered under the New York State Industrial Development Agency Act (constituting Title 1 of Article 18-A of the General Municipal Law), and Chapter 1082 of the 1974 Laws of New York, as amended, to enter into straight-lease transactions for the benefit of qualified projects, and thereby advance the job opportunities, general prosperity and economic welfare of the people of the State of New York (the “State”) and to improve their prosperity and standard of living. The Agency has been requested to participate in straight-lease transactions and to issue bonds for the purposes and at the addresses also identified below. As used herein, the “City” shall mean The City of New York. All dollar amounts (including bond issuance amounts), square footage amounts and wage information shown below are approximate numbers. As used herein, “bonds” are the bonds of the Agency, the interest on which may be exempt from local and/or state and/or federal income taxes. The references to the bond amounts or project cost amounts provided herein below are approximate and shall be deemed to mean up to such stated amount or a greater principal amount not to exceed 10% of such stated amount. All other amounts (including square footage amounts) and wage information shown below are approximate numbers.
Company Name: Clinton PB Associates LLC, a Delaware limited liability company (the “Company”), the members of which are affiliates of (i) Extell Development Company, a Delaware limited liability company and real estate developer, and (ii) Princeton Real Estate Partners, LLC, a Delaware partnership and real estate investment firm. Project Description: The Company is seeking financial assistance in connection with the acquisition and development of an assemblage of land with existing vacant buildings located thereon at the location set forth below, the demolition of the existing buildings, and the construction, furnishing and equipping of a 174,842 square foot facility (including a 28,101 square foot below-grade parking garage) to be located on a 60,250 square foot parcel of land in Midtown West, Manhattan (Tax Block 1093 and Lots 21, 28, 31, 33, 36, 42, and 129), currently known by the street addresses (1) 609 Eleventh Avenue, (2) 613 Eleventh Avenue, (3) 617 Eleventh Avenue, (4) 623 Eleventh Avenue, (5) 605 West 45th Street, (6) 610 West 46th Street, and (7) 616 West 46th Street, New York, New York (the “Facility”). The Facility will be owned by the Company and leased to Isagel LLC, a New York limited liability company, to operate a technology-driven, theater/concert venue along with its ancillary retail and theater-related uses. Addresses: 609 Eleventh Avenue, 613 Eleventh Avenue, 617 Eleventh Avenue, 623 Eleventh Avenue, 605 West 45th Street, 610 West 46th Street, and 616 West 46th Street, New York, New York 10036. Type of Benefits: Payments in lieu of City real property taxes, partial exemption from City and State mortgage recording taxes, and exemption from City and State sales and use taxes. Total Project Cost: $511,654,078. Projected Jobs: 90 full-time equivalent jobs projected by tenants at the Facility. Hourly Wage Average: $36.60/hour for jobs projected by tenants at the Facility.
Company Name: GJDC Realty 2 LLC, a New York limited liability company (the “Company”), affiliated with Greater Jamaica Development Corporation, a New York not-for-profit corporation (the “Developer”). The Developer will develop and provide affordable space to industrial companies. Project Description: The Company seeks financial assistance in connection with the acquisition, renovation, furnishing, and equipping of an 18,750 square foot, four-story building located on a 4,924 square foot parcel of land located at 97-02 150th Street, Jamaica, New York (the “Facility”). The Facility will be owned by the Company and developed by the Developer to provide affordable space to industrial companies. Address: 97-02 150th Street, Jamaica, New York 11435. Type of Benefits: Payments in lieu of City real property taxes, partial exemption from City and State mortgage recording taxes, and exemption from City and State sales and use taxes. Total Project Cost: $10,073,000. Projected Jobs: 1 full-time equivalent job projected by the Developer and 17 full-time equivalent jobs projected by industrial tenants at the Facility. Hourly Wage Average and Range: $34.00/hour for the Developer and $36.00/hour for tenants at the Facility.
Company Name: Review Ave Storage East, LLC is a Delaware limited liability company (the “Company”). The Company is a wholly owned subsidiary of Nexamp Inc. (“Nexamp”). Nexamp is a developer, owner and operator of solar energy and battery energy storage assets across the U.S. Project Description: The Company is seeking financial assistance in connection with the construction and equipping of (i) a battery energy storage systems with an estimated capacity of 3.9 Megawatts (MW) consisting of batteries and other equipment including transformers and switchgears, metering 15.7 MW hours of energy storage capacity total per day (collectively, the “Battery System”). The Battery System will total 5,814 square feet and will be located on a to be subdivided leased parcel of land totaling 6,239 square feet located at 38-86 Review Avenue, Long Island City, New York (the “Facility”). The Facility will be leased by the Company and operated as a Battery System capable of charging from and discharging into the New York power grid. Address: 38-86 Review Avenue, Long Island City, New York 11101. Types of Benefits: Exemption from City and State sales and use taxes. Total Project Cost: $17,087,219. Projected Jobs: 0.5 new full-time equivalent job projected. Hourly Wage Average: $65/hour.
Company Name: Review Ave Storage West, LLC is a Delaware limited liability company (the “Company”). The Company is a wholly owned subsidiary of Nexamp Inc. (“Nexamp”). Nexamp is a developer, owner and operator of solar energy and battery energy storage assets across the U.S. Project Description: The Company is seeking financial assistance in connection with the construction and equipping of (i) a battery energy storage systems with an estimated capacity of 5.0 Megawatts (MW) consisting of batteries and other equipment including transformers and switchgears, metering 23.5 MW hours of energy storage capacity total per day (collectively, the “Battery System”). The Battery System will total 10,630 square feet and will be located on a to be subdivided leased parcel of land totaling 11,404 square feet located at 38-82 Review Avenue, Long Island City, New York (the “Facility”). The Facility will be leased by the Company and operated as a Battery System capable of charging from and discharging into the New York power grid. Address: 38-82 Review Avenue, Long Island City, New York 11101. Types of Benefits: Exemption from City and State sales and use taxes. Total Project Cost: $21,715,056. Projected Jobs: 0.5 new full-time equivalent job projected. Hourly Wage Average: $65/hour.
Amendment Description: First Amendment to Amendment and Restatement of the Agency’s Uniform Tax Exemption Policy providing for the modification of the definition of Hudson Yards UTEP Area to include the area located between West 30th and West 33rd Streets from Route 9A to 11th Avenue in the Borough of Manhattan.
For any updates to project information after the date of this notice, please visit the website of New York City Economic Development Corporation (“NYCEDC”) at www.nycedc.com/nycida-project-info.
The Agency is committed to ensuring meaningful access to its programs. If you require any accommodation for language access, including sign language, please contact NYCEDC’s Director of Accessibility at (212) 619-5000 or Accessibility@edc.nyc.
Pursuant to Section 859a of the General Municipal Law of the State of New York the Agency will hold a hearing at the offices of NYCEDC, 1 Liberty Plaza, 14th Floor, New York, New York 10006 on the proposed financings and transactions set forth above, commencing at 10:00 A.M. on Thursday, November 13, 2025.
Interested members of the public are invited to attend and will be given an opportunity to make a brief statement regarding the projects listed above.
The Agency will present information at such hearing on the proposed financings and transactions set forth above. For those members of the public desiring to review project applications and cost benefit analyses before the date of the hearing, copies of these materials will be made available at: https://edc.nyc/nycida-board-meetings-public-hearings, starting on or about 12:00 P.M. fourteen (14) days prior to the hearing. Persons desiring to make a brief statement during the hearing regarding the proposed transactions should give prior notice to the Agency by sending an email to ftufano@edc.nyc no later than 5:00 P.M. the day before the hearing. Written comments may be submitted to the Agency to the following email address: ftufano@edc.nyc. Please be advised that it is possible that certain of the aforementioned proposed transactions may be removed from the hearing agenda prior to the hearing date. Information regarding such removals will be available on the Agency’s website at https://edc.nyc/nycida-board-meetings-public-hearings on or about 12:00 P.M. on the Friday preceding the hearing.
New York City Industrial Development Agency
Attn: Ms. Frances Tufano
One Liberty Plaza, 13th Floor
New York, New York 10006
(212) 619-5000