MetLife
Relocation of company’s headquarters to newly revitalized Long Island City, Queens, NYC
As an insurance company, MetLife was ineligible for New York’s valuable Relocation Employment Assistance Program (REAP) to help fund its move from Manhattan to Queens. BLS worked with New York City to create an alternative mechanism to help MetLife capture value from City incentives. This took the form of a large property tax abatement on a facility MetLife intended to sell in Manhattan. The total value of all incentives was approximately $25 million NPV. BLS also assisted with obtaining development approvals and re-zoning of an adjacent parcel to accommodate expansion in Queens. The overall package also included city capital improvements and amenities in the area surrounding the new headquarters building.
Results:
- 1,700 new jobs created
- 425,000 sf of space occupied
- Incentives valued at $60 per square foot
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