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New Market Tax Credit Funds Development of Bronx Charter School
The New York City Regional Center (NYCR) has closed a New Market Tax Credit (NMTC) transaction to assist with the redevelopment of a vacant South Bronx building that will be leased to the new DREAM Charter School.
Via its community development entity, NYCR provided $23 million of NMTC allocation to assist with the redevelopment of the 188,000-square-foot “History Channel Building” that has sat vacant for 20 years in the South Bronx. The building was once an ice warehouse built at the turn of the century by American brewer Jacob Ruppert, Jr., who built the original Yankee Stadium.
The redeveloped property will be transformed into a new K-12 charter school for DREAM and allow the organization to increase its capacity to serve 1,300 students annually. The project includes the redevelopment of the building’s existing five floors and the conversion of the rooftop into a recreational space for students.
- ◦Financing
