Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Tuesday, November 9, 1999

Release # 442-99

Contact: Sunny Mindel/Curt Ritter 212-788-2958
Bernadette O'Leary 212-312-3523 (EDC)


CITY'S INDUSTRIAL DEVELOPMENT AGENCY HELPS MANUFACTURER TO EXPAND IN THE BRONX

Lucky Poly Will Renovate Portion of Former Farberware Site

Mayor Rudolph W. Giuliani announced today that Lucky Polyethylene Manufacturing Company, Inc., with assistance from the New York City Industrial Development Agency (IDA), has purchased a portion of the former Farberware facility in the Bronx.

Lucky Poly will renovate and equip approximately 75,600 square feet of the building, which is located in the Port Morris Economic Development Zone. The company had also considered locations in New Jersey and Connecticut.

Under the terms of the transaction, the IDA issued $3.8 million in tax-exempt bonds. Lucky Poly will also receive approximately $670,000 in real estate tax benefits, sales tax exemptions and a mortgage recording tax waiver over the next 25 years. The company is also eligible for energy cost reduction benefits.

"This marks the beginning of a new life for this unique site. We are very pleased that Lucky Poly, with IDA assistance, will be at the forefront of bringing the former Farberware facility back on line," said Mayor Giuliani. "This is an excellent example of the success of the City's efforts to reach out to small manufacturing companies to provide the assistance they need to grow in New York City."

With the acquisition of this larger facility, the company will purchase state-of-the-art machinery and hire additional workers to meet the growing demand for its products. The cost of the project is estimated at approximately $4.1 million. The company currently has 65 employees and expects to hire 12 more with this expansion.

"We are always pleased when we can reach out to small, growing companies and help them stay in the City," said Deputy Mayor for Economic Development, Planning and Administration Randy Levine. "These IDA programs were developed to help small businesses grow in New York City."

"We wish to thank the City's IDA for its support, which will enable us to relocate our growing enterprise to new quarters in the Bronx," said Jeno Friedman, Lucky Poly President. "We believe that the location, transportation network and workforce in the Bronx is unparalleled and will contribute to our continued growth."

Lucky Poly serves a niche market by converting polyethylene, polypropylene and other specialty films to plain or printed bags and rolls used in automated packaging machines. The company was founded in 1959 by owners Jeno Friedman and his wife Eva. They purchased the company's present 30,000-square-foot facility in the Williamsburg section of Brooklyn in 1976.

"This is a very rewarding transaction," said Michael Carey, Chairman of the IDA. "We not only help Lucky Poly to stay in the City, but we also begin a new phase of productivity for an important manufacturing facility."

The 425,000-square-foot facility is located on 6.3 acres. It has been idle since late 1996 when U.S. Industries sold its Farberware assets to Syratech, which then moved its manufacturing operations abroad. The building's segmented layout makes it attractive for occupancy by multiple tenants, rather than one large company.

IDA is a public benefit corporation established to encourage business development and expansion.

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