Nonprofit Buys East W’burg Warehouse, Plans to Rent It At Affordable Rates
By Rebecca Baird-Remba October 30, 2019 11:00 amreprints
A nonprofit armed with funding from the New York City Economic Development Corporation has purchased an East Williamsburg warehouse and plan to rent it to local industrial tenants for below-market rates.
Evergreen has closed on the $4.8 million purchase of an industrial building at 500 Stagg Street, according to EDC. The 10,000-square-foot space will likely be leased to wood or metal workers for “20 percent below true industrial market-rate,” according to Evergreen Executive Director Leah Archibald. The project is expected to generate 20 full-time industrial jobs.
She said she expects to spend somewhere between $1 to $2 million on the renovation. Construction will be funded by a $650,000 grant from Empire State Development Corporation and a $60,000 grant from a manufacturing fund started by and the Association for Neighborhood Housing and Development (ANHD) and Citi Community Development, the bank’s lending arm for nonprofits and public agencies. The $4.8 million purchase price was financed by a grant from EDC’s Industrial Development Fund.
“Evergreen’s mission is to help small businesses grow so we can keep high-quality working-class jobs in our community,” Archibald said in a statement. “Our development of 500 Stagg will help us achieve that goal by creating an affordable, stable space for several manufacturers, and investing any revenues into programming to help other businesses in the community grow.”
Evergreen hopes to begin construction later this year and have tenants move in by late summer 2020.
“We are proud to have provided almost $5 million to Evergreen for its acquisition of 500 Stagg St., which will create affordable space for small businesses and bring new, good-paying jobs to the North Brooklyn community,” said NYCEDC President and CEO James Patchett in prepared remarks.