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Project Name

The Distillery Lofts, LLC


1738 Elmwood Avenue
New York

Project Details

Up until late 2012,  this building housed the FWS Furniture Company and prior to that the Taylor Signal Company. According to Gurney, Becker & Bourne, they have indicated that toward the end of FWS's tenure in the building, less than 50% of the complex was being utilized.  For 3-4 years, FWS had been reducing their showroom and storage space.

The developer intends to purchase the facility and convert it into a mixed use building which will include approximately 46 market rate apartments,  general office space as well as a restaurant and distillery.  The building is approximately 100,000 square feet. 

Pursuant to General Municipal Law the agency would need to deviate from its existing uniform tax exemption policy in approving this project since the facility has been vacant or underutilized since 2012 - not the normal 3-year period as called for in the policy.  Therefore, the developer is requesting that the board deviate based upon the other adaptive reuse criteria that are otherwise satisfied; namely, the significant capital investment being made by the developer and related construction and tenant based employment contemplated at the site.  In addition, we feel this project will provide a positive community and neighborhood impact and is supported by local elected officials as evidenced by the attached letter from North District Council Member Joseph Golombek, Jr.

The planned historic renovation of the building will require  a significant cash outlay in adhering to the standards established by the State Historic Preservation Office.  Over $14,000,000 will be spent on renovating and equipping part of which includes replacement of 130 windows which cost $9,000 each or $1.1M.  Soft costs including architectural and engineering are in the $700,000 range.



Status Details

2/19/2013 - $20,000,000 Lease/Leasback Inducement Resolution Approved