Contact: Sunny Mindel/Curt Ritter 212/788 2958
Bernadette O'Leary 212/312-3523
Mayor Rudolph W. Giuliani today announced that Steinway & Sons, the world's leading manufacturer of pianos, will remain in Long Island City, Queens through an agreement with the New York City Industrial Development Agency (IDA). Steinway & Sons will renovate and modernize its nearly 100-year old, 421,000-square-foot factory and will keep 618 skilled manufacturing jobs in New York City. In addition the company agrees to create almost 90 new positions over the next few years.
"Through the IDA, the City works with small and mid-sized companies throughout the five boroughs to help them grow and expand," said Mayor Giuliani. "In addition to keeping this prestigious company in New York City, this agreement will keep more than 600 manufacturing jobs in New York City. We are especially pleased when we can help a company like Steinway & Sons, which has been an integral part of the City's diverse manufacturing and music community for almost 150 years."
Under the terms of the IDA agreement, Steinway & Sons will receive approximately $4.2 million in land tax abatements, building tax stabilization and sales tax exemptions on hard construction costs. The company may also qualify for energy benefits.
"Remaining in New York City is very important to us," said Bruce Stevens, President of Steinway & Sons. "This agreement with the IDA and the support of the City will enable Steinway & Sons to extend its leadership position in the grand piano industry and add many more manufacturing jobs here at our Long Island City factory."
Steinway & Sons manufactures handcrafted pianos for distribution throughout the United States, Canada and South America. Its showroom on West 57th Street in Manhattan is one of the largest and most famous piano stores in the world.
"The ability to proceed with the modernization of our factory in Long Island City was vital to our long-term growth strategy," said Dennis Tortora, Controller of Steinway & Sons.
Steinway workers are highly skilled craftsmen in various aspects of piano manufacturing. The average employee tenure is approximately 15 years, and family associations with the company often span generations. A team of skilled craftsmen and technicians takes roughly a year to produce each instrument.