New York City Economic Development Corporation - Success Stories

Paperless Post

rsolomon — Wed, 15 May 2013 16:20:49 +0000

Wednesday, May 15, 2013 at

"For a company so focused on design, Lower Manhattan is an incredible option."
James Hirschfeld, Co-Founder, Paperless Post

Business Need

Paperless Post, an innovative online communication design company was located in a 7,000 square foot facility on West 25th Street in Midtown Manhattan. In just four years, Paperless Post had outgrown three offices and again was looking for a larger space. However the company was in need of economic assistance in order to make their expansion plans a reality. 

Solution

NYCEDC and ESD jointly offered Paperless Post $455,000 in World Trade Center Job Creation & Retention Program funds (“JCRP”) to help the company expand and add new jobs. In addition, the company was selected as one of the winners—from more than 300 applicants—of NYCEDC’s “Take the H.E.L.M.: Hire + Expand in Lower Manhattan,” a competition which encourages creative and innovative businesses to open a new office or expand an existing office in Lower Manhattan. Paperless Post was selected as the winner of the “Technology Track” and awarded $250,000 to assist their move and expansion to 115 Broadway. This expansion will create 76 new jobs and retain 51 existing positions. 

Category Competition Media & Emerging Tech

Build NYC, Manhattan College

kernst — Fri, 31 Aug 2012 14:05:49 +0000

Friday, August 31, 2012 at

Business Need

Manhattan College, a Lasallian Catholic university with 3,500 students located in the Riverdale section of the Bronx faced outstanding tax-exempt debt issued by the Dormitory Authority of the State of New York (“DASNY”) in 2000. The proceeds from those DASNY bonds, which carried a 5.50% interest rate, were used to finance the costs for the construction of the college’s library and to refinance the then outstanding DASNY bonds issued in 1992.

Solution

With the help of Build NYC, Manhattan College closed on a $21,420,000 bond transaction, the proceeds of which redeemed and refinanced the college’s outstanding tax-exempt debt issued by DASNY. The availability of tax-exempt bond financing through Build NYC is expected to help the college achieve significant interest savings, up to approximately $640,000 in annual debt service. The savings from this transaction will allow the college to redirect financial resources to its mission of continuing to provide an affordable education to a broader spectrum of students. TD Bank directly purchased the bonds. Build NYC’s board of directors authorized the project at its March 13 and June 12 meetings.

Category Arts, Not-for-Profit & Higher Ed

Public School

rsolomon — Wed, 18 Apr 2012 18:57:11 +0000

Wednesday, April 18, 2012 at

I Made It Here

Discover how Dao-Yi Chow and Maxwell Osborne, Creators of Public School and Black Apple made a fashion statement with the help of NYCEDC and the CFDA Fashion Incubator and made it here, in New York City.

“For the last two years we’ve been fortunate enough to be participants in the CFDA, NYCEDC (Fashion) Incubator.”
Dao-Yi Chow, Co-Creator, Public School

Business Need

Dao-Yi Chow and Maxwell Osborne grew up in the City and worked together in the fashion industry for years. The wanted to re-launch their City inspired clothing line, Public School but need help on both workspace and mentoring on the ins-and-outs of the business end of creating and running their own fashion brand.

Solution

Dao-Yi and Max applied and were accepted to the NYCEDC, CFDA Fashion Incubator. With NYCEDC seed money the Incubator provided Dao-Yi and Maxwell low-cost space and mentoring on the business side of fashion. Their showing at the 2012 NYC Fashion Week was a glowing success. They are filling orders, expanding the line, and graduated from the Incubator. Every piece of every Public School garment, every stich that is sewn is 100% made here in New York City, feeding back into the eco-system, making it stronger and keeping it moving fashion-forward.

Category Fashion

The Theatre of the Oppressed NYC

rsolomon — Wed, 18 Apr 2012 18:27:52 +0000

Wednesday, April 18, 2012 at

I Made It Here

Find out how Katy Rubin, Founder of The Theatre for the Oppressed, NYC was able to marry her artistic side with her entrepreneurial side with the help of NYCEDC and New York Foundation for the Arts-NYFA’s Artist as Entrepreneur Boot Camp and make it in New York City.

“I saw the call for the Artist as Entrepreneur Boot Camp and I thought this is fantastic.”
Katy Rubin, Founder, The Theatre for the Oppressed, NYC

Business Need

Katy Rubin had a vision, to bring her experiential “popular” theater concept to the disenfranchised and communities facing discrimination of New York City. She wanted to give the voice-less a voice and provide them with opportunity to create their own plays as avenues of self-expression. But Katy did not know how to marry her artistic vision with the business side of being and artist.

Solution

Katy enrolled in the NYCEDC, NYFA Artist as Entrepreneur Boot Camp. NYCEDC provided funding for the program which gave Katy the tools she needed to make her theater a viable, sustainable business. Today Katy gets calls from various groups and organizations throughout the City to start a theater with them, so they too can participate, enjoy, and benefit from the experience.

Category Arts, Not-for-Profit & Higher Ed

Baby Cakes And Pies, Cookies Too

jvora — Wed, 23 Nov 2011 15:07:59 +0000

Monday, November 14, 2011 at

I Made It Here

Find out about the Hot Bread Kitchen Incubator Program and how Diana Scot-Sho, Incubator Program entrepreneur made it here, in New York City.

“The Hot Bread Kitchen Incubator Program affords me a low cost space in the community I do business in, I have support…”
Diana Scot-Sho, Founder, Baby Cakes And Pies, Cookies Too!

Business Need

For years, Diana Scot-Sho wanted to start her our business, baking home-made pies and treats. However, Diana did not have the wherewithal and support systems she needed to make a go of it-to launch and grow her own business.

Solution

Diana was accepted to the Hot Bread Kitchen Incubator Program at La Marqueta and founded Baby Cakes And Pies, Cookies Too! Hot Bread was able to locate and start their Program with the help of NYCEDC. NYCEDC assisted with the build-out of the space and was able to provide below-market rates. Diana was able to take advantage of these reduced rates to use the Hot Bread facilities, develop a business plan, and get professional business advice. Because of the Program and her entrepreneurial spirit, Baby Cakes has grown to the point where Diana is looking to hire a second baker and continues to grow her business in the community she loves.

Category Food

Twin Pines

jvora — Mon, 14 Nov 2011 19:19:51 +0000

Tuesday, May 3, 2011 at

Business Need

Peter Bourbeau has been in the real estate management business in New York City for over 25 years, always looking for ways to innovate and improve his services. One day, Peter got a call from Quixotic Systems, a manufacturer of solar energy products about NYCEDC’s Solar Thermal Program-a program that helps fund solar energy projects. Wanting to take advantage of the possible monetary savings clean tech offers, Peter submitted the forms that same day.

Solution

Within a few weeks Peter received a call form NYCEDC informing him that he was awarded $40,610 in funding to install solar thermal panels at Twin Pines, a mixed residential/commercial building in the Bronx. Peter contacted Quixotic who went to work and installed the system. This was Peter’s second successful installation and he’s looking forward to a 3rd and 4th solar project with the help of NYCEDC. That’s alternative energy in action.

Category Clean Technology & Energy

MyCityWay

jvora — Mon, 14 Nov 2011 18:46:20 +0000

Tuesday, July 13, 2010 at

Business Need

Puneet Mehta, Archana Patchirajan, and Sonpreet Bhatia were all working at Wall Street firms with well-paying jobs but wanted something more. They knew they wanted to create something innovative and start their own business. They heard about the City’s and NYCEDC co-sponsored first NYC BigApps competition in October 2009. The contest called for the development of mobile apps based on City data. The three Indian-born developers created NYC Way, a one-stop compendium of useful City information.

Solution

The three partners entered the competition and won several awards from BigApps judges and voters. Looking forward to a bright future, they quit their day jobs and formed MyCityWay, creating similar applications for other cities using multiple platforms. In April, the company’s dreams became a reality in the form of $300,000 in seed money from the NYC Entrepreneurial Fund, created by NYCEDC and FirstMark Capital to help burgeoning startups. From the germ of an idea to an innovative startup, Puneet, Archana, and Sonpreet made their first hires in the summer of 2010 - proof that entrepreneurship is alive and well and living in New York City.

Category Competition Media & Emerging Tech

CFDA Fashion Incubator

jvora — Mon, 14 Nov 2011 15:21:28 +0000

Wednesday, May 19, 2010 at

" The CFDA Fashion Incubator has afforded us another way to provide significant and meaningful support to emerging fashion designers.”
Lisa Smilor, Associate Executive Director, CFDA

Business Need

New York City has long been the place where fashion entrepreneurs started and grew their businesses into large successful companies, including Calvin Klein, Polo, Diane von Furstenberg, and Donna Karan. The City is working to ensure it remains a hotbed of new ideas to continue this growth and leadership.

In a recent study of the City’s fashion industry, NYCEDC found that helping emerging designers enter and thrive in the fashion industry was a key opportunity for both the industry and New York City. However, new entrepreneurs face a number of hurdles, including navigating complexities of the industry, creating a solid business plan, and finding affordable space.

Solution

In order to address the challenges of starting a fashion business, NYCEDC decided to develop a new incubator to support entrepreneurship, encourage emerging designer talent to locate their companies in New York, and strengthen the City’s competitive position in the global fashion industry. This idea led NYCEDC to the Council of Fashion Designers of America (CFDA), a trade association for the U.S. fashion industry, whose members consist of more than 350 of America’s foremost womenswear, menswear, jewelry, and accessory designers. The notion of an incubator to support the next generation of fashion leaders in New York City was a natural extension of the CFDA’s existing development programs.

In fall 2009, CFDA submitted a proposal to NYCEDC in response to an RFP to operate a fashion incubator. The incubator would offer low-cost design studio space to up to 12 designers and provide a creative, professional environment to foster promising talent in the field of fashion. CFDA would also provide business mentoring, educational seminars, and networking opportunities to the selected designers during their two-year leases.

Eric Gural, executive managing director of Newmark Knight Frank and the building’s owner, built out the roughly 10,000-square-foot space on 209 West 38th Street into fashion studios and workspaces designed by Kliment Halsband Architects based on designer input. Newmark Holdings is providing incubator tenants with below-market rents for each unit, starting at $1,500 per month. NYCEDC additionally provided CFDA with a three-year, $200,000 grant to establish the NYC Fashion Incubator to help young designers launch their labels.

As part of NYCEDC’s commitment to the fashion industry, the incubator was established in the City’s Garment Center providing emerging designers with direct access to thousands of wholesale buyers and to support services that are essential to the design process. At the same time, the initiative aims to establish successful new brands that will employ local factories and create vital jobs at factories located in the area.

In January 2010, a selection committee and advisory board of fashion industry experts selected the first 12 designers to move into the CFDA Fashion Incubator. And in May 2010, NYCEDC President Seth Pinsky, CFDA President Diane Von Furstenberg, and Eric Gural commemorated the opening of the fashion incubator with a walk-through of the space, joined by the 12 designers. Today the incubator is home to the new New York City fashion up-and-comers. Learn more about the designers.

Category Fashion

SecondMarket

admin — Mon, 17 Oct 2011 22:18:15 +0000

Monday, July 19, 2010 at

"We have experienced explosive growth and found the talent, support, and infrastructure we were searching for right here in New York City."
Barry Silbert, Founder and CEO, SecondMarket

Business Need

As a start-up financial services and technology company, SecondMarket sought a location where it could establish its headquarters and expand its business. The company serves as a marketplace for hard-to-trade financial assets and is the largest transparent, centralized platform to buy and sell these products. In its infancy, SecondMarket was utilizing five employees, basic email, and Excel spreadsheets to complete its transactions. Within a few years the company exploded to 135 employees and 14,000 buyers and sellers on its platform. To meet the new demand, SecondMarket needed to find strong talent, solid infrastructure, and resources to build up its technology and create a user-friendly, highly secure trading platform.

Solution

NYCEDC facilitated SecondMarket’s application to the WTC Job Creation and Retention Program, which provides City and State funding to eligible companies committed to creating a minimum of 75 new jobs in Lower Manhattan, as well as to employers committed to retaining at least 200 Lower Manhattan jobs. SecondMarket fit the requirements of being a new company willing to relocate to Lower Manhattan and pledged to create more than 300 new jobs over the next four years. In August 2009, NYCEDC awarded a $1.2 million grant to help expand SecondMarket, allowing it to invest in its talent and infrastructure.

As a response to the economic downturn, NYCEDC helped expand the Job Creation and Retention Program to target $30 million in unused funds to reinforce Lower Manhattan’s position as the heart of the financial services industry, attract smaller, innovative financial services firms, and create new employment opportunities.

Category Financial Services Workforce & Local Business

Hermes USA

admin — Mon, 17 Oct 2011 22:15:46 +0000

Monday, March 16, 2009 at

There is going to be a whole new dynamic in that area. I wouldn't be surprised if it changes the way that people think about the financial district…All of a sudden, you have a three-pronged client base there. There are people who work there every weekday, then the obvious tourist traffic in the financial district in general, and now there are a growing number of residents. We wanted to be at the forefront.
Robert Chavez, CEO, Hermès USA

Business Need

Hermès sought to expand its presence in Manhattan beyond its flagship store in Midtown on Madison Avenue. Lower commercial rents in Lower Manhattan created a compelling opportunity for a second location. Also, post-9/11 redevelopment plans in the area spurred an infusion of high-end, upscale customers moving into residential units converted from unused office space. Hermes wanted to capitalize on the changing mix of shoppers downtown.

Solution

Hermès opened a 5,400-square-foot space in a development at 15 Broad Street that overlooks a pedestrian plaza facing the New York Stock Exchange.

Category Fashion Retail