THE CITY RECORD THURSDAY, FEBRUARY 17, 2022
1264
Taxable Bond proceeds to nance and renance the costs of the
acquisition, renovation, furnishing, and equipping of a 2,584-square-
foot, 7-bed supervised or supportive housing known as an
Individualized Residential Alternative (“IRA”) for individuals with
autism, located on a 6,800-square-foot parcel of land, at 312 Tysens
Lane, Staten Island, NY; (b) HASC and HDTC will use $4,000,000 of
the Tax-Exempt Bond proceeds and $170,000 of the Taxable Bond
proceeds to nance and renance the costs of the renovation,
furnishing, and equipping of a leased 11,800-square-foot condominium
unit, which is used as a community health center serving both
individuals with developmental and other disabilities and neuro-
typical individuals, located within a 85,000-square-foot building on a
12,000-square-foot parcel of land, at 1122 Chestnut Avenue, Unit 1,
Brooklyn, NY; (c) HeartShare will use $1,890,000 of the Tax-Exempt
Bond proceeds and $100,000 of the Taxable Bond proceeds to nance
and renance the costs of the renovation, furnishing, and equipping of
a leased 9,532-square-foot, 14-bed IRA for individuals with intellectual
and/or developmental disabilities, located on a 62,480-square-foot
parcel of land, at 2601 East 19th Street, Brooklyn, NY; (d) YAI will use
$3,455,000 of the Tax-Exempt Bond proceeds and $170,000 of the
Taxable Bond proceeds to nance and renance the costs of the
renovation, furnishing, and equipping of a leased 5,500-square-foot
facility for two 5-bed IRAs for individuals with intellectual and/or
developmental disabilities, located on a 111,152-square-foot parcel of
land, at 2518 Church Avenue, Brooklyn, NY; (e) to fund a debt service
reserve fund; and (f) to nance the issuance costs of the Bonds.
Addresses: 312 Tysens Lane, Staten Island, NY 10306; 1122 Chestnut
Avenue, Unit 1, Brooklyn, NY 11230; 2601 East 19th Street, Brooklyn,
NY 11235; 2518 Church Avenue, Brooklyn, NY 11226. Type of
Benets: Tax-exempt and taxable bond nancing and exemption from
City and State mortgage recording taxes. Total Project Cost:
$11,850,000. Projected Jobs: 25 full time equivalent jobs retained by
Eden; 100 full time equivalent jobs retained by HASC and HDTC; 20
full time equivalent jobs retained by HeartShare; and 30 full time
equivalent jobs retained by YAI. Hourly Wage Average and Range:
$26.13/hour, estimated range of $15.00/hour to $95.00/hour.
Borrower Name: Aero JFK II, LLC (the “Borrower”), a Delaware
limited liability company, as borrower. The Borrower is a wholly owned
subsidiary of Realterm Airport Logistics Properties, LP, an afliate of
Aeroterm Management, LLC, a Delaware limited liability company
that develops logistics and support facilities, at airports in North
America and Europe. The Borrower was formed for the purpose of
developing a new air cargo facility, at Cargo Area D of John F. Kennedy
International Airport to be initially operated by Worldwide Flight
Services. Financing Amount: $214,000,000 in tax-exempt and taxable
bonds (collectively, the “Bonds), including qualied tax-exempt bonds
issued, pursuant to section 142(a)(1) of the Internal Revenue Code of
1986, as amended (the “Code”). Project Description: Proceeds from
the Bonds will be used to: (a) renance taxable debt of the Borrower
that will be used to nance the demolition of existing cargo facilities
totaling 241,489 square feet located on a 1,138,000 square foot parcel
of land leased from The Port Authority of New York and New Jersey, at
John F. Kennedy International Airport, at 260 North Boundary Road,
Jamaica, New York (a portion of Tax Block 14260, Lot 1), and the
construction, furnishing, and equipping of a new 347,328 square foot
cargo facility thereon and 836,000 square feet of related improvements
(the “Project”); (b) reimburse the Borrower for certain expenditures for
costs of the Project derived from funds of the Borrower or its afliates;
(c) fund capitalized interest and a debt service reserve fund, if needed;
and (d) nance the issuance costs of the Bonds. Address: John F.
Kennedy International Airport, 260 North Boundary Road, Jamaica,
NY 11430. Type of Benets: Tax-exempt and taxable bond nancing.
Total Project Cost: $214,000,000.Projected Jobs: 446.5 full time
equivalent jobs projected. Hourly Wage Average and Range: $24.02/
hour, estimated range of $16.00/hour to $58.04/hour.
Borrower Name: Yeshivah of Flatbush (the “School”), a New York
not-for-prot corporation exempt from federal taxation, pursuant to
Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, as
borrower. Financing Amount: $60,000,000 in tax-exempt bonds to be
issued as qualied 501(c)(3) bonds (the “Bonds”). Project
Description: Proceeds of the Bonds, together with other funds
available to School, will be used to nance and/or renance: (i)
$26,600,000 outstanding in Build NYC Resource Corporation Revenue
Bonds (Yeshivah of Flatbush Project), Series 2016 (the “Series 2016
Bonds”) that were issued in the original aggregate amount of
$29,000,000, the proceeds of which were used by the School to: (1)
nance and/or renance a portion of the costs of construction,
renovation, equipping and/or furnishing of a 25,000 square foot
building (the “Extension Facility”) which was connected, to the existing
100,000 square foot Joel Braverman High School building (the
“Existing Facility”, and, together with the Extension Facility, the
“Avenue J Facility”) both located on a 44,000 square foot parcel of land
located, at 1609 Avenue J, Brooklyn, NY (the “Land”); (2) renance the
acquisition of the Land and/or the acquisition, construction and
equipping of the Existing Facility; (3) nance and/or renance a portion
of the costs of renovations, improvements, equipment, and upgrades, to
the Existing Facility; and (4) pay for certain costs related, to the
issuance of the Series 2016 Bonds; (ii) the approximately $14 million
purchase price for the acquisition of a 25,000 square foot building
located on an 18,000 square foot parcel of land located, at 1288-1308
Coney Island Avenue, Brooklyn, NY (the “Post Ofce Facility”), which
Post Ofce Facility is reasonably proximate, to the Avenue J Facility
and will be operated in conjunction with the Avenue J Facility for
educational purposes; (iii) nance additional costs incurred in
connection with the renovation, equipping, and/or furnishing of the
now-135,000 square foot Avenue J Facility; (iv) fund a construction
contingency for construction costs related, to the Avenue J Facility; and
(v) pay for certain costs related, to the issuance of the Bonds (i, ii, iii, iv,
and v, collectively, the “Project”). All of the facilities that are part of the
Project will be owned and operated by the School as part of a co-
educational private school for students from pre-kindergarten through
grade 12. Addresses: 1609 Avenue J, Brooklyn, NY 11230; 1288-1308
Coney Island Avenue, Brooklyn, NY 11230. Type of Benets:
Tax-exempt bond nancing and exemption from City and State
mortgage recording taxes. Total Project Cost: $60,000,000.
Projected Jobs: 481 FTE currently, 60 new full time equivalent jobs
projected. Hourly Wage Average and Range: $35.78/hour estimated
range of $15.00/hour to $41.58/hour.
Borrower Name: 625 Bolton LLC, a New York limited liability
company, as borrower (the “Borrower”), the sole member of which is
Grand Concourse Academy Charter School (the “School”), a New York
not-for-prot educational corporation exempt from federal taxation,
pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended. Financing Amount: $41,000,000 in tax-exempt bonds to be
issued as qualied 501(c)(3) bonds (the “Bonds”). Project
Description: Proceeds of the Bonds, together with other funds
available to Borrower and the School, will be used to nance and/or
renance: (i) the acquisition, construction, renovation, furnishing and
equipping of an 61,207 square foot building (consisting of 50,064
square feet of existing space and 11,143 square feet of additional space
following the construction and renovation) located on an 45,905 square
foot parcel of land located, at 625 Bolton Avenue, Bronx, NY (the
“Facility”); (ii) any debt service reserve fund and capitalized interest;
and (iii) certain costs associated with the issuance of the Bonds (i, ii
and iii collectively, the “Project”). The Facility that is part of the Project
will be owned by the Borrower and leased, to the School, which will
operate the Facility as a public charter school for students from
kindergarten through grade 8. The sole member of the Borrower will
initially be the School. Grand Concourse Support Corporation (the
“New Member”), a New York not-for-prot corporation that will seek
recognition of status as an organization described in Section 501(c)(3)
of the Code, is expected to become the sole member of the Borrower
after such time, and, to the extent, it is recognized by the Internal
Revenue Service as an organization described in Section 501(c)(3) of
the Code. Address: 625 Bolton Avenue, Bronx, NY 10473. Type of
Benets: Tax-exempt bond nancing and exemption from City and
State mortgage recording taxes. Total Project Cost: $41,000,000.
Projected Jobs: 82.5 full time equivalent currently, 9 full time
equivalent jobs projected. Hourly Wage Average and Range: $41.72/
hour, estimated range of $16.00/hour to $56.00/hour.
For any updates to project information after the date of this notice,
please visit the website of New York City Economic Development
Corporation (“NYCEDC”), at www.nycedc.com/buildnyc-project-info.
The Corporation is committed to ensuring meaningful access to its
programs. If you require any accommodation for language access,
including sign language, please contact NYCEDC’s Equal Access
Pursuant to Internal Revenue Code 147(f), the Corporation will hold a
hearing, at the ofces of NYCEDC, 1 Liberty Plaza, 14th Floor, New
York, NY 10006 on the proposed nancings and transactions set forth
above, commencing, at 10:00 A.M. on Thursday, March 3rd, 2022.
Interested members of the public are invited to, attend.
Interested members of the public are invited to, attend and will be
given an opportunity to make a brief statement regarding the projects
listed above. Please be advised that, attendees should be prepared to
wear a face covering and maintain social distance, if they are not
willing, to provide proof of vaccination status upon entry.
The Corporation will present information, at such hearing on the
proposed nancings and transactions set forth above. For those
members of the public desiring to review project applications and cost
benet analyses before the date of the hearing, copies of these
materials will be made available, at https://edc.nyc/build-nyc-board-
meetings-and-public-hearings, starting, at 12:00 P.M. fourteen (14)
days prior, to the hearing. Persons desiring to make a brief statement
during the conference call regarding the proposed transactions should
give prior notice, to the Corporation by sending an email to, ftufano@
edc.nyc, no later than 5:00 P.M. the day before the hearing. Written
comments may be submitted, to the Corporation, to the following email
certain of the aforementioned proposed transactions may be removed
from the hearing agenda prior, to the hearing date. Information
regarding such removals will be available on the Corporation’s website,
at https://edc.nyc/build-nyc-board-meetings-and-public-hearings, on or
about 12:00 P.M. on the Friday preceding the hearing.