“10 Commerce project, by Manhattan-based BRP Development, will consist of 172 residential units; 117 one-bedrooms and 55 two-bedrooms. It will feature 157 parking spaces on the interior of the first two floors, with living spaces wrapping the garage. An outdoor courtyard will sit in the middle of the third level." LoHud

Project Data*

Building
Budget: $57,000,000
Studios: 53
1BR: 64
2BR: 55
3BR: 0
Affordable: 17
Total: 172
Parking: 162
Stories: 7
Retail Space: 0 sqft
Occupancy
Residents: 346
Students: 9
School: Trinity

Jobs
Construction: 329
Permanent FT: 6
Permanent PT: 0
Dates
Status: IDA Approved

Planning Board Approval: 12/19/2017
IDA Approval: 4/25/2018
Constr. Start: 9/1/2018
Length: 25 months
Completion: 10/1/2020
Tax Incentives
"As Is" Tax: $2,946,785
Full Property Tax: $15,776,889
PILOT: $9,573,415
Owner Savings: $6,203,474
PILOT (yrs): 20

Mortgage Tax Exemption: $342511
Fair Share Mitigation: $251,243

Data Last Updated: 11/7/2018

*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.

** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.

*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculted as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)

*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.

Progress Gallery

12/29/2017


7/1/2016