NYCIDA Advances Financial Assistance to Renovate Long Island City’s Metropolitan Building into Small-Scale Manufacturing Hub

Currently Under-Utilized, the Metropolitan Building Will Be Redeveloped Into a Mixed-Use Building for Manufacturing and Light Industrial Uses

Project Aims to Boost Manufacturing in a Key Industrial Business Zone

The New York City Economic Development Corporation (NYCEDC) and the New York City Industrial Development Agency (NYCIDA) today announced the closing of a transaction to provide financial assistance to The VOREA Group (VOREA) and Mega Group Development (Mega) in connection with the $14.2 million renovation of the Metropolitan Building, located in Long Island City’s Industrial Business Zone (IBZ).

The 45,000 square foot industrial building, which is currently vacant and in disrepair, will be redeveloped into a mixed-use building for manufacturing and light industrial uses, including small scale production, artist workshops, technology incubators, fashion ateliers, and small studio users. The renovation plan aims to foster an incubator-type environment by bringing small creative tenants and makers together under one roof. When complete and fully occupied, tenants at the building are expected to employ approximately 36 workers, and the renovation work is expected to create 37 full-time construction jobs, with a 30 percent Minority, Women-Owned, and Disadvantaged Business Enterprises (M/W/DBE) participation goal for construction subcontractors.

The renovation, which has begun and is expected to be completed by mid-2025, involves subdividing the building’s floor plates into smaller units while preserving the building’s historic features, such as the exposed brick, four-grid pattern windows, and exposed timber frame structure. Construction will also include accessibility upgrades, and the installation of critical building systems focused on sustainability.

Supporting the renovation of the Metropolitan Building is one way in which NYCEDC is focused on the future of Long Island City. Currently, NYCEDC is also working with the Department of City Planning (DCP) on the Long Island City Neighborhood Plan, which will include proposed zoning changes and the coordination of critical infrastructure investments to support long-term equitable growth, with a focus on opportunities within the IBZ, as well as on Long Island City’s northern waterfront.

About NYCIDA
New York City Industrial Development Agency (NYCIDA) supports business growth, relocation, and expansion across the five boroughs by lowering the cost of capital investment. NYCIDA’s tax incentive programs bolster the local economy, create jobs for New Yorkers, and uphold the city’s position as a global business hub.

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.

About The VOREA Group and Mega Development
The VOREA Group and Mega Development are leaders in urban redevelopment, known for their commitment to sustainable growth and community enhancement. Their combined expertise spans decades, with successful projects that transform urban landscapes and support local economies.