Contact: Colleen Roche/Curt Ritter (212) 788-2958
Bernadette O'Leary (212) 312-3525 (EDC)
"I. Weiss is a terrific example of a family-run business that continues to flourish in New York City," said Mayor Giuliani. "Originally established in Manhattan's Theater District, the company services such Broadway greats as The Phantom of the Opera at the Majestic Theater, and works with retail giants such as Banana Republic and Nike. It pleases me to see a company like I. Weiss expanding its operations in Long Island City."
Established in 1900, I. Weiss currently leases 11,550-square feet of space at 2-07 Borden Avenue in Long Island City. The company was considering moving its operations to Jersey City, New Jersey, but, will instead, purchase and renovate the entire 16,500-square-foot building in which it is presently located. I. Weiss will keep its 31 employees in Queens, and plans to add five jobs.
Through the IDA's new Credit Enhanced Industrial Development Bond Program, I. Weiss will receive tax incentives in the forms of a mortgage recording tax waiver, land tax abatement, stabilization of building taxes and sales tax exemption over a 25-year period for a net present value of $294,583. The company will also have access to triple tax-exempt bond financing. The project is expected to cost approximately $950,000.
"I. Weiss's continued success in its home in Queens proves once again that New York City's client base and accessible marketplace are unparalleled," said Economic Development Corporation President and IDA Chairman Charles Millard. "With employees and customers located throughout the City, I. Weiss creates jobs and generates revenue not just in Long Island City, but also in other parts of the City."
The low-cost Credit Enhanced Bond Program, which is tailored for smaller-sized transactions, allows eligible manufacturing businesses to finance expansion within New York City.
IDA is a public benefit corporation administered by the New York City Economic Development Corporation and was established to encourage business development and expansion.