500 Stagg Street
BJH advised Evergreen, Inc.: Your North Brooklyn Business Exchange (Evergreen), a non-profit industrial developer, in its acquisition of 500 Stagg Street - a 10,000 square foot, $4.8M industrial property in East Williamsburg. BJH advised on structuring a New York City Industrial Development Agency (NYCIDA) transaction for 500 Stagg Street that afforded Evergreen real property tax exemptions. The agreement was able to navigate the limitations NYCIDA has in assisting non-profits, yet preserve the project goals of providing high-quality, affordable industrial space to smaller urban manufacturers. As well, BJH acted as a key liaison between Evergreen, its public partners, and its lender Local Initiatives Support Corporation by vetting budgets and funding structures and establishing key success measures/criteria. BJH provided additional support to Evergreen with its applications and negotiations with the New York City Economic Development Corporation Industrial Developer Fund Agreement and the New York State Consolidated Funding Agreement. BJH continues to advise Evergreen on the development, design, and renovation phases of 500 Stagg Street. Upon completion, the space will likely be leased to wood or metal workers for 20 percent below true industrial market-rate and is expected to generate 20 full-time industrial jobs.
