Downtown Brooklyn is the City’s third largest business hub. With an area-wide rezoning approved in 2004, plans are moving ahead to build an additional 4.5 million square feet of new office space, thousands of mixed-income apartments, and over 1.5 million square feet of retail. For businesses looking to relocate or expand, rich business incentives and other critical support services are available to companies of all sizes.
MetroTech Center
Downtown Brooklyn: It's the Moment
In this economy, existing and emerging companies need to think critically about where they do business. Now, more than ever is the time to evaluate your occupancy costs. Visit www.itsthemoment.com to meet office and retail tenants who have chosen to locate in Downtown Brooklyn, learn about the competitive advantages of Downtown Brooklyn, and the business incentives available to you.
Relocation Incentives
If you are a commercial or industrial business considering relocation to Downtown Brooklyn, there are several valuable tax incentives and savings programs designed to make your move easier. The NYC Economic Development Corporation (EDC) estimates that a business taking full advantage of these benefits saves nearly $16 per square foot. Rents are 25% lower than those found in Lower Manhattan and 55% lower than in Midtown.
Companies that move from outside New York City or Lower Manhattan can save up to $3,000 in city taxes per employee. Tenants that sign qualifying leases also can receive a reduction in their real estate taxes of up to $2.50 per square foot. Those looking to renovate old offices or build new space are eligible for a partial exemption from increases in their property taxes. A 12-year energy cost savings program also can provide your business with discounts of up to 45% on the delivery portion of electric and gas bills. You can download information on specific incentive programs. For up-to-date information on these and other incentives, visit the EDC's website at http://www.nycedc.org/.
[Note that these incentives are targeted to commercial and industrial businesses. There are no direct incentives for retailers, but visit the EDC website or the links below for more information.]
Small Business Assistance
There are several avenues of assistance for small business owners who want to relocate in Downtown and for those already reaping the benefits of operating in this thriving retail environment.
Brooklyn Chamber of Commerce
The Brooklyn Chamber of Commerce, located at 25 Elm Place in Downtown, is one of the region's most successful chambers of commerce. This membership organization offers services and support to businesses of all sizes, manages Downtown’s Business Solutions Center (a one-stop shop providing assistance to small businesses), and provides strong advocacy on behalf of the Borough’s 35,000 businesses.