The Value of Moving to Brooklyn
Having an office in Brooklyn qualifies companies for numerous financial benefits and incentives, allowing businesses to save up to hundreds of thousands of dollars. Our experienced and dedicated team is involved throughout the process and has helped hundreds of businesses apply and get approved for the various programs below. Relocation Employment Assistance Program (REAP) REAP benefits companies relocating to Brooklyn from Manhattan (below 96th St), or outside of NYC, by providing up to $3,000 annually for each full-time employee, for up to 12 years. For example, a Manhattan-based company relocates its office with 30 full-time employees from Manhattan to DUMBO. The asking price for the 5,000 SF office is $52 PRSF, which is $260,000 in rent a year. After submitting an annual NYC tax filing, the company receives a check from the city for $90,000 ($3,000 x 30), thus reducing the rent from $52 PRSF to $34 PRSF and the annual rent total from $260,000 to $170,000. Assuming the company is in the space for five years, the total savings is up to $400,000. Commercial Rent Tax (CRT) Brooklyn office tenants are exempt from the NYC Commercial Rent Tax. Industrial & Commercial Abatement Program (ICAP) This city program reduces property tax obligations for up to 25 years.
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