Doing business on the East Shore has many advantages
Development Incentives
Development Incentives
Development on the East Shore of Staten Island benefits from a wide variety of incentives.
After Hurricane Sandy severely impacted Staten Island’s East Shore in 2012, areas like Father Capodanno Boulevard saw significant damage from flooding. In the aftermath of the hurricane, an economic recovery initiative targeted at local merchants and commercial industries aided East Shore businesses. To reinvigorate the community, the city established business corridors in South Beach and Midland Beach and provided financial and technical assistance to companies in those areas. These initiatives brought increased focus to the importance of a strong commercial presence, especially in the area along Hylan Boulevard. In 2017, the city council approved the creation and funding of a New Dorp business improvement district that will continue similar work.
In addition, hurricane damage changed zoning and building codes in many areas of the East Shore. Current commercial zones include C1-1, C1-2, and C2-1, which are located along the borders of residential neighborhoods to allow a mix of storefronts and residential housing. C8-1 zones, which can be found along Hylan Boulevard, allow heavy commercial services but no residential units. Building codes now incorporate flood resiliency measures.
This focus on weather-resistant construction provides an opportunity for companies in the fields of resiliency and sustainability. Staten Island’s East Shore is already home to solar companies, and the community is open to additional investment in these industries.
There are many programs that are designed to spur business growth and economic vitality on the East Shore. Applicable incentives assist with commercial expansion, energy cost reduction, rent abatement, and employee relocation.
Visit the NYCEDC website and download the comprehensive incentive guide to get started.
NYC Commercial Expansion Program (CEP)
The Commercial Expansion Program (CEP) is designed to increase tenant occupancy in commercial offices and industrial/manufacturing spaces. CEP provides property tax benefits for qualified new, renewal, and expansion leases in commercial offices and industrial/manufacturing spaces built before Jan. 1, 1999. The properties must be located in a designated abatement zone. Applicants are also required to make certain minimum physical improvements to the eligible premises and the common areas. LEARN MORE
NYC Energy Cost Savings Program (ECSP)
The Energy Cost Savings Program (ECSP) can reduce the regulated energy costs of East Shore businesses by up to 45 percent and their regulated natural gas costs by up to 35 percent. Regulated costs are the transmission and distribution costs of the regulated utility. The benefits associated with ECSP last for eight years followed by a four year period during which benefits are decreased by 20 percent per year. LEARN MORE
Metropolitan Economic Revitalization Fund (MERF)
The Metropolitan Economic Revitalization Fund (MERF) provides loans to businesses or governments investing in projects that retain or create a significant number of private sector jobs in certain areas of New York, including the East Shore of Staten Island. MERF provides loans with a maximum value of $5 million or 10 percent of total project cost, whichever is less, for improving land, renovating properties, and undertaking construction projects, including machinery and equipment expenses. LEARN MORE
NYC Industrial & Commercial Abatement Program (ICAP)
This program provides abatements for property taxes for periods of up to 25 years. To be eligible, industrial and commercial buildings must be built, modernized, expanded, or otherwise physically improved. ICAP replaced the Industrial Commercial Incentive Program (ICIP) which ended in 2008. Previously approved ICIP benefits were not affected. LEARN MORE
NYC Relocation & Employment Assistance Program (REAP)
The Relocation and Employment Assistance Program (REAP) offers business income tax credits for relocating jobs to designated locations above 96th Street in Manhattan or in one of the other four boroughs. To apply, the eligible business has to move at least one employee from outside the REAP area to a qualified location. There is an annual credit of $3,000 for twelve years per eligible employee for relocating to a designated revitalization area. There is an annual credit of $1,000 per share for relocating to parts of the eligible area that are not revitalization areas. LEARN MORE
The East Shore is Open for Business
Get in touch with local development and business administrators to begin the process of opening your business on the East Shore. For answers to questions or to navigate the development process contact our Project Manager Abraham Unger at (718) 727-1900 or aunger@sichamber.com. Click on the button to contact the Staten Island Chamber of Commerce.