Notice Details

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: Lighthouse Luyster Creek I, LLC (“Luyster Creek I”) and Lighthouse Luyster Creek II, LLC (“Luyster Creek II”) are Delaware limited liability companies (collectively, the “Companies”).  The Companies are wholly owned subsidiaries of Eastern Generation, LLC (“Eastern Generation”) and indirectly majority owned by ArcLight Energy Partners Fund VI, L.P. (the “Fund”).  Eastern Generation is an energy infrastructure development and operations company and a portfolio company of the Fund, which is an energy infrastructure-focused investment fund managed by ArcLight Capital Partners, LLC.  Project Description: The Companies are seeking financial assistance in connection with the construction and equipping of (i) two battery energy storage systems with a total estimated capacity of 126 Megawatts (“MW”) (56 MW for Luster Creek I and 70 MW for Luyster Creek II), consisting of batteries and other equipment including transformers and switchgears, metering 504 MW hours of energy storage capacity (or 224 MW hours for Luyster Creek I and 280 MW hours for Luyster Creek II) (collectively, the “Battery Systems”).  The Luyster Creek I Battery System will total 17,293 square feet and will be located on a 47,665 square foot to-be-subdivided portion of land co-located at the Astoria Generating Station at 18-01 20^th Avenue, Astoria, New York (the “Luyster Creek I Facility”).  The Luyster Creek II Battery System will total 21,422 square feet and will be located on a 59,406 square foot to-be-subdivided portion of land also co-located at the Astoria Generating Station at 18-01 20^th Avenue, Astoria, New York (the “Luyster Creek II Facility” and, together with the Luyster Creek I Facility, the “Facilities”).  The Facilities will be leased by the Companies from an affiliate and operated as Battery Systems capable of charging from and discharging into the New York power grid.  Address: 18-01 20^th Avenue, Astoria, New York 11105.  Type of Benefits: Exemption from City and State sales and use taxes and partial exemption from City and State mortgage recording taxes.  Total Project Cost: $342,233,000.  Projected Jobs: 1 full-time equivalent job projected by Eastern Generation.  Hourly Wage Average and Range: $70.18/hour.

 

Company Name: A Hudson Yards Commercial Construction Project straight-lease transaction for the benefit of an affiliate to be formed by and on behalf of 438-444 Eleventh Avenue Holdings, L.P., a Delaware limited partnership (“438-444”), which is itself an affiliate of Tishman Speyer Properties, L.P., a New York limited partnership (together with 438-444, the "Company").  Project Description: The Company seeks financial assistance in connection with the construction of an approximately 1,256,000 gross square foot, 48-story class-A office building, including approximately 14,000 rentable square feet of retail space, to be known as 99 Hudson Boulevard (the “Facility”).  Address: The Facility will be constructed on two vacant parcels of land totaling 48,215 square feet, the first of which is located at 438-444 Eleventh Avenue, New York, New York (being Block 708 and Lot 1), totaling 40,809 square feet of land, and the second of which is located at 550 West 37^th Street, New York, New York (being Block 708 and Lot 62), totaling 7,406 square feet of land.  Type of Benefits: Payments in lieu of City real property taxes and payments in lieu of City and State mortgage recording taxes.  Total Development Cost: $2,686,000,000.  Projected Jobs: To be determined; see website for more information.  Hourly Wage Average and Range: To be determined; see website for more information.

 

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, 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, September 10^th, 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 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  IDABuild_PublicHearings@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: IDABuild_PublicHearings@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

One Liberty Plaza, 13^th Floor

New York, New York 10006

(212) 619-5000