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
Relocate Your Business
Several valuable tax incentives and savings programs designed to make your move to Downtown Brooklyn easier are available to businesses considering relocation. 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. Follow the link for more details on these and other incentives. To learn more visit the EDC's website at http://www.nycedc.org/.
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.