Accessibility questions: Accessibility@edc.nyc, by Wednesday, September 9, 2026 5:00 PM
SUPPLEMENTAL NOTICE OF PUBLIC HEARING
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: BP 341 39th St, LLC, (the “Borrower”), is a Delaware limited liability company and a disregarded entity for federal income tax purposes, whose sole member is Friends of Prospect Schools NY, Inc. (“Friends of PS”) a New York not-for-profit corporation which is exempt from federal income taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). Friends of PS supports the operation and educational mission of Brooklyn Prospect Charter School (the “School”). The School is a New York not-for-profit education corporation exempt from federal taxation pursuant to the Code, which operates a network of public charter schools serving over 2,700 students in kindergarten through Grade 12. Financing Amount: $45,265,000 in tax-exempt and/or taxable bonds (the “Bonds”). The tax-exempt bonds will be issued as part of a plan of finance for qualified 501(c)(3) bonds under Section 145 of the Code. Project Description: Proceeds of the Bonds will be used to finance: (i) the Borrower’s acquisition of a 63,862 square foot condominium unit located within an existing 130,087 square foot, 10-story building located on a 18,030 square foot parcel of land at 341–353 39th Street, Brooklyn, NY (the “Facility”), which is currently occupied by the School; (ii) one or more debt service reserve funds; and (iii) certain costs related to the issuance of the Bonds ((i-iii) collectively, the “Project”). The Borrower will lease the Facility to the School, and the School will operate the Facility as a public charter school serving up to 600 students from kindergarten through Grade 8. Address: 341–353 39th Street, Brooklyn, New York 11232. Type of Benefits: Tax-exempt and/or taxable bond financing, and exemption from City and State mortgage recording taxes. Total Project Cost: $45,265,000. Projected Jobs: 59 retained full-time equivalent position; and 0 new full-time equivalent jobs projected. Hourly Wage Average and Range: $41.19/hour, estimated range of $39.00/hour to $54.00/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, 14th Floor, New York, New York 10006 on the proposed financings and transactions set forth above, commencing at 10:00 A.M. on Thursday, September 10th, 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 IDABuild_PublicHearings@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: 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 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
One Liberty Plaza, 13th Floor
New York, New York 10006
(212) 619-5000