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SG Blocks Eyes Possible Conversion to QOZ Business
SG Blocks Inc. said its management team and board are exploring and evaluating whether to become a Qualified Opportunity Zone business under the Internal Revenue Code. The Brooklyn-based designer and fabricator of container-based structures recently launched a 302-unit multifamily project in upstate Monticello, NY that’s expected to cost $55 million.
“We believe becoming a qualified opportunity zone business could provide benefits to the company, its stockholders and its customers,” said Paul Galvin, chairman and CEO of SG Blocks. “We are evaluating the strategic and operational impact on the business, the impact on stockholders and the structure of the company’s equity interest in the Monticello project, timing, and other relevant factors, and anticipate making a determination during the third quarter 2019.”
The company said there were no guarantees that the evaluation would lead to its becoming a QOZ business.
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