Thursday, February 26, 2015

How much will Fresh Direct pay back?

From the Queens Courier:

As online grocer FreshDirect is getting ready to pack up and exit Long Island City, the company is listing its massive Queens waterfront facility for sale.

FreshDirect has hired Cushman & Wakefield to sell its facility at 23-30 Borden Ave. ahead of its move to the South Bronx, which was approved last year.

Based on this article, it seems that Fresh Direct is trying to sell before they even have the rest of their subsidies in hand and opposition growing.

They agreed to stay till 2025, and the NYCIDA is supposed to have been monitoring them every year.

Funny how in 1999 in their application to IDA, they claimed more full time jobs than what's currently listed in their NYS ESD application for the $10 million.

So, will FD have to pay back the subsidies they got to fix up that space?

Fresh Direct Inc. f/k/a Gourmet Holdings, LLC
ID: 92407
Awarding Agency: IDA
Address: 23-30 Borden Avenue
Borough: Queens
Block: 68
Lot: 38
Subsidy Program: Industrial Incentive
Start Date: 12/08/1999
End Date: 06/30/2025
Jobs at the start of the deal: -
Jobs projected: 160
Current jobs FTE: 2650
Part-time permanent jobs: 76
Part-time temp. jobs: 0
Full-time permanent jobs: 2612
Full-time temp. jobs: 0
Contract employees: 0
Construction jobs: 0
Health Benefit full-time?: Y
Health Benefit part-time?: N
Percent of employees living in NYC: 78
Total value of subsidy: $5,214,191
Amount used to date: $3,149,480
Recapture amount: $0
Penalty: 0.00
Data source fiscal year: 2013
Bond Issuance: $69473
Value of Energy Benefit FY 11: $0.00
REAP FY 11: $0.00
CEP FY 11: $0.00


Anonymous said...

The cheep illegal labor pool lives in the bronx so no toll,poof instant raise!!!

Troll said...

They took the money. Now they run.

Welcome to NYC. The 'business friendly' city.

We eat our own here!

Anonymous said...

Wow, this is a scoop!

In 1999 application they claim 2650 full time jobs existing.

In their February 2015 application to get $10 million cash from Cuomo they claim 1954 jobs currently.

They have lost over 600 jobs despite the subsidies NYC tax payers gave them?

And now there is more competition.

Totally insane. Must ne some real estate deals that are buying Deblasio off.