Case Studies

Atlantis Worldwide/Principal – Jeff Weiss
(Medical Equipment Provider)

Jeff Weiss wanted to buy a building to consolidate his warehousing, repair and shipping functions with his offices which were located in Chelsea.  He was focused on the Queens market near Manhattan.

After analyzing the commuting patterns of his key employees as well as the competing government incentives, we recommended The Bronx and lower Westchester markets.  The properties there were 30% - 40% less expensive than in Queens and still afforded him easy access to all of his key markets.

On top of that, Jeff was able to realize the following benefits through the Empire State Development Corporation and the Yonkers Indutrial Development Agency :

90% financing of the building purchase at favorable rates through the NY Business Development Corp. & SBA’s 504 program

No real estate taxes for 5 years (through a PILOT program)

Forgiveness of the mortgage recording tax--2% of the purchase price

A tax credit of $1500 - $3000 per employee (depending on the class of the employee)  per year for 10 years.

No state corporate income tax for 10 years.

Forgiveness of sales tax on the cost of any improvements made to the property.

State funding at favorable rates for $300,000 of improvements made to the building through Statewide Capital Credit Corp. and The NY Business Development Corp.