Office Incentive Programs

OFFICE INCENTIVE PROGRAMS

Downtown Brooklyn Partnership can help you navigate the many financing and incentive programs available that may benefit your business.

Expansion and Relocation Benefits

Relocation and Employment Assistance Program (REAP)

About

REAP offers annual business income tax credits of up to $3,000 per relocated employee and new subsequent jobs. The credit is renewable for twelve years, and is refundable as a cash grant for the first five years of participation in the program if the benefit exceeds tax liability.

Eligibility

Industrial and commercial businesses, excluding retail and hotels, that relocate at least one employee from outside NYC or from Manhattan (south of 96th Street) to other areas of the city including Downtown Brooklyn. Property improvement expenditure criteria must be met.

Administering Agency

NYC Department of Finance (DOF)

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Commercial Rent Tax Exemption (CRT)

About

Downtown Brooklyn is not subject to the tax on commercial rent that is levied in certain parts of Manhattan, thus providing your business with significant tax savings.

Eligibility

All businesses that rent commercial space in Downtown Brooklyn.

Administering Agency

NYC Department of Finance (DOF)

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Assistance to Offset the Cost of Construction

Industrial and Commercial Abatement Program (ICAP)

About

ICAP provides a property tax abatement for up to 25 years for new construction or renovation of commercial and industrial buildings. These benefits can be passed through the landlord to business tenants as a rent abatement.

Eligibility

Industrial and commercial buildings that are newly built, modernized, or expanded in eligible areas of NYC including Downtown Brooklyn. The cost of improvements must be greater than or equal to 30% of the property’s taxable assessed value and construction must be completed no later than five years from the issuance of a building permit.

Administering Agency

NYC Department of Finance (DOF)

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Commercial Expansion Program (CEP)

About

CEP offers a property tax abatement of up to $2.50 per square foot for new, expansion, and renewal leases. The abatement period ranges from three to five years dependent on lease term. These benefits can be passed through the landlord to business tenants as a rent abatement.

Eligibility

Non-residential and mixed-use buildings constructed prior to 1999 in eligible areas of NYC including Downtown Brooklyn. Property improvement expenditure criteria must be met.

Administering Agency

NYC Department of Finance (DOF)

More Information

Energy Efficiency Programs

Industrial and Commercial Abatement Program (ICAP)

About

ECSP offers up to 45% savings on regulated electric costs and up to 35% savings on natural gas costs for twelve years. Benefits last in full for eight years, followed by a four-year phase-out period with benefits decreasing by 20% per year.

Eligibility

Industrial and commercial businesses that relocate from outside NYC or from Manhattan (south of 96th Street) to other areas of the city including Downtown Brooklyn.

Administering Agency

NYC Department of Small Business Services (SBS)

More Information
Commercial Expansion Program (CEP)

About

NYSERDA manages several programs to promote energy-efficient buildings and operations and capture the associated cost savings, including the Commercial Tenant Program, which provides up to 100% of the cost of an energy analysis, and the FlexTech program, which provides technical consultation to help businesses evaluate opportunities to reduce energy costs.

Eligibility

Varies by program.

Administering Agency

NYSERDA

Need more information?

For additional information about these incentives or to learn more about locating your business in Downtown, please contact us.

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