Notice Details

The Build NYC Resource Corporation (the “Corporation”) is a not-for-profit local development corporation organized under Sections 402 and 1411 of the Not-for-Profit Corporation Law of the State of New York.  In accordance with the aforesaid law, and pursuant to its certificate of incorporation, the Corporation has the power to issue non-recourse revenue bonds or notes and to make the proceeds of those bonds or notes available for projects that promote community and economic development in The City of New York (the “City”), and to thereby create jobs in the non-profit and for-profit sectors of the City’s economy.  The Corporation has been requested to issue such bonds and notes for the financings listed below in the approximate dollar amounts respectively indicated.  As used herein, “bonds” or “notes” are the bonds or notes of the Corporation, the interest on which may be exempt from local and/or state and/or federal income taxes; and, with reference to the bond or note amounts provided herein below, such stated amounts are approximate and shall be deemed to mean up to such stated bond or note amount or a greater principal amount not to exceed 10% of such stated bond or note amount.  All other amounts (including square footage amounts) and wage information shown below are approximate numbers.

 

Borrower Name: Brooklyn Friends School (the “Borrower”) is a New York not-for-profit education corporation exempt from federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).  The Borrower is an independent, college preparatory Quaker school serving 700 students from two years old to Grade 12.  Financing Amount: $34,000,000 in tax-exempt and/or taxable bonds (the “Bonds”).  The tax-exempt bonds will be issued as part of a plan of finance of qualified 501(c)(3) bonds under Section 145 of the Code.  Project Description: Proceeds of the Bonds will be used to: (i) refinance the $17,000,000 outstanding principal balance of a 2024 term loan with a commercial bank that was funded in the original principal amount of $17,000,000, the proceeds of which were used to finance the acquisition of a 27,275 square foot facility on a 5,695 square foot parcel of land being Tax Block 140 Lot 101, known by the street address of 383-393 Pearl Street a/k/a 19-23 Willoughby Street, Brooklyn, New York (the “Pearl Street Ancillary Facility”); (ii) refinance the $10,287,415 outstanding principal balance of a 2014 mortgage loan with a commercial bank that was funded in the original principal amount of $14,000,000, the proceeds of which were used to finance the renovation, furnishing, and equipping of 44,353 square feet of leased space within a 978,544 square foot facility on a 69,875 square foot parcel of land being Tax Block 147 Lot 4, known by the street address of 116 Lawrence Street a/k/a 351 Jay Street, Brooklyn, New York (the “Lawrence Street Facility”); (iii) finance the renovation, furnishing, and equipping of the Pearl Street Ancillary Facility; and (iv) pay for certain costs related to the issuance of the Bonds ((i-iv) collectively, the “Project”).  The Pearl Street Ancillary Facility is expected to support the Borrower's academic programs and include performing arts and other multi-use spaces to be used by all grade levels.  The Borrower operates the Lawrence Street Facility as a private school serving 177 students in Grades 9 to 12.  Addresses: 383-393 Pearl Street a/k/a 19-23 Willoughby Street, Brooklyn, New York 11201 and 116 Lawrence Street a/k/a 351 Jay Street, Brooklyn, New York 11201.  Type of Benefits: Tax-exempt and/or taxable bond financing and exemption from City and State mortgage recording taxes.  Total Project Cost: $34,000,000.  Projected Jobs: 54 full-time equivalent jobs retained and 7 new full-time equivalent jobs projected.  Hourly Wage Average and Range: $45.40/hour, estimated range of $23.35/hour to $73.27/hour.

 

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/buildnyc-project-info.

 

The Corporation 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 Internal Revenue Code 147(f), the Corporation will hold a hearing at the offices of NYCEDC, 1 Liberty Plaza, 14^th Floor, New York, New York 10006 on the proposed financings and transactions set forth above, commencing at 10:00 A.M. on Thursday, March 19, 2026.

 

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 Corporation 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/build-nyc-board-meetings-and-public-hearings, starting at 12:00 P.M. fourteen (14) days prior to the hearing.  Persons desiring to make a brief statement during the public hearing regarding the proposed transactions should give prior notice to the Corporation by sending an email to  ftufano@edc.nyc no later than 5:00P.M. the day before the hearing.  Written comments may be submitted to the Corporation 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 Corporation’s website at https://edc.nyc/build-nyc-board-meetings-and-public-hearings on or about 12:00 P.M. on the Friday preceding the hearing.

 

Build NYC Resource Corporation

Attn: Ms. Frances Tufano

One Liberty Plaza, 13th Floor

New York, New York 10006

(212) 619-5000