Contact: Sunny Mindel/Curt Ritter 212-788-2958
Bernadette O'Leary 212-312-3523 (EDC)
Mayor Rudolph W. Giuliani announced today that ABCO Fire Door Company Inc. has purchased approximately 16,000 square feet of City-owned property in the Bathgate Industrial Park in the Bronx to accommodate the growth of its manufacturing business. ABCO manufactures and distributes commercial fireproof metal doors.
The land sale, which was negotiated by the New York City Economic Development Corporation (EDC) on behalf of the City, will enable ABCO to add approximately 15 new jobs over the next few years to its current 42-person workforce. It will also allow the company to increase its production by 50 percent to keep up with the increasing demand for its products. This will be ABCO's fourth expansion.
The newly acquired site is located on Bathgate Avenue, across the street from ABCO's existing 50,000-square-foot manufacturing facility on Third Avenue. The company plans to construct and equip an additional 15,000-square-foot manufacturing facility. The expansion is estimated to cost $1.2 million. Construction is expected to begin this fall and to take approximately six months to complete.
"Manufacturing remains an important sector in our local economy and manufacturing companies are expanding all over the City," said Mayor Giuliani. "These companies are increasingly tapping into New York City's vital resources. I applaud companies like ABCO that continue to bring jobs and revenue into the community by delivering high-quality products."
A family-run business, ABCO was founded by William Schwartz, a Romanian immigrant who worked for several similar companies before starting his own business in the early 1980s. His wife Freda and two sons, Israel and David, are all active in the company.
"We are very pleased that we are able to once again expand our business and stay here in the Bronx," said William Schwartz, ABCO President. "We believe that with its access to major thoroughfares and the availability of a quality workforce from nearby neighborhoods, Bathgate Industrial Park will continue to contribute to the success of our company."
Bathgate Industrial Park, a modern industrial complex that occupies 21.5 acres, combines the advantages of a well-supervised suburban industrial park with a prime urban location. It is home to approximately 105 industrial companies that employ more than 2,100 workers. Only two sites in the park remain vacant, and the City is working with potential tenants for both.
"Progressive, entrepreneurial companies like ABCO are what has made the Bathgate Industrial Park a success," said EDC President Michael Carey. "And Bathgate is an excellent example of the success of Mayor Giuliani's efforts to transform idle City property in formerly economically deprived areas into centers of industrial activity."
EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, it helps develop businesses and create jobs throughout the five boroughs.