EDC Closes on 10th New Market Tax Financing

NEW YORK CITY-Warehouse space on Pier 36 in Lower Manhattan will be converted into a recreational sports and special events facility thanks to $13 million in New Market Tax Credits financing. A summer 2011 opening is expected for the 63,000-sqare-foot facility being developed by Basketball City USA.

Closing on the NMTC financing marks the 10th such collaboration between the New York City Economic Development Corp. and United Fund Advisors LLC since 2008. Additionally, EDC executed a nearly $2.7-million funding agreement with Basketball City USA to further the project’s development. In all, the EDC/UFA partnership has arranged more than $500 million in development costs using $89 million in NMTC allocation from National Community Fund I LLC, an affiliate of UFA.