Supporting Small Businesses in Brooklyn
Located near public transportation in Crown Heights, Brooklyn, 1102 Atlantic Avenue will soon provide space for 14 small art-related businesses. The building features affordable space for woodworkers, custom frame builders, metal workers, ceramic artists and other artisanal trades. This project will create or retain as many as 50 permanent jobs with manufacturing tenants and 54 construction jobs. The LEED Silver facility is possible thanks to financing from Enterprise Community Loan Fund and New Markets Tax Credits provided by Bank of America and Enterprise Community Investment.
The Crown Heights neighborhood is experiencing a large-scale conversion of industrial space into residential use. As a result, a shortage of affordable manufacturing space leaves small and mid-sized businesses with few options for long-term leasable space.
With 100 percent occupancy in its other facilities Green Point Manufacturing and Design Center is addressing the shortage of small business space through partnerships with groups like Enterprise.
Read Novogradac’s Journal of Tax Credits article [Published with permission by Novogradac & Company LLP, April 2014 • Volume V • Issue IV], our press release and see additional information about the Crown Heights development.