New York City has lease incentives available for commercial businesses in Queens. For qualifying businesses beyond Manhattan, there are tax breaks, rent credits and other incentives for businesses to expand into one of NYC’s eight central Business Districts, including Long Island City. Lease at the Cardinal Building for possible tax breaks, rent credits, and other incentives.
REAP provides 12 years of refundable credits of up to $3,000 per employee per year. Credits are refundable for the year of relocation and the next four years thereafter. Unused credits from subsequent years may be carried forward for five years.
The Relocation and Employment Assistance Program (REAP) offers businesses income tax credits for relocating jobs from outside of New York City or below 96th Street in Manhattan to designated locations above 96th Street in Manhattan or in one of the other four boroughs.
Benefits:
To apply, the eligible business has to move at least one employee from outside the REAP area to a qualified location. Please contact us for any questions regarding the lease incentives available to qualifying commercial businesses.
The Commercial Expansion Program (CEP) program is designed to increase tenant occupancy in commercial offices and industrial/manufacturing spaces. CEP provides property tax benefits for qualified new, renewal, and expansion leases in commercial offices and industrial/manufacturing spaces built before January 1, 1999.
Tax abatements up to $2.50/sf can be provided. The properties must be located in a designated abatement zone. Applicants are also required to make certain minimum physical improvements to the eligible premises and the common areas.
Please contact us for any questions regarding the lease incentives available to qualifying commercial businesses.
The Energy Cost Savings Program (ECSP) can reduce regulated energy costs up to 45% and regulated natural gas costs up to 35% for eligible businesses. The benefits associated with ECSP last for eight years followed by a four-year phase-out during which benefits are decreased by 20% per year.
Please contact us for any questions regarding the lease incentives available to qualifying commercial businesses.