On May 11th the New York City Economic Development Corporation (NYCEDC) and the New York City Industrial Development Agency (NYCIDA) launched the Manhattan Commercial Revitalization Program (M-CORE) program to provide financial assistance in support of the renovations of aging commercial office buildings located in Manhattan south of 59th Street.
Review NYCEDC’s press release here for more information about the program.
Financial assistance that may be provided by M-CORE includes property tax abatement on project improvements for a period of up to 20 years, partial waivers of mortgage recording tax exemption, and sales & use tax exemption on construction materials and eligible purchases.
Applicant properties will be chosen based on the strength and feasibility of their proposals and must meet the following specific criteria:
- Be located in Manhattan south of 59th Street
- Be at least 250,000 gross square feet in size
- Have been built prior to 2000.
The goal of the program is to incentivize and ensure compliance of new retrofits with Local Law 97 while supporting investments that improve the quality of Manhattan’s office stock and business districts. M-CORE’s net fiscal reach is estimated to be between $750 million and $844 million.
Information about the pre-application, available June 8, can be found here.