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Financing + Incentive Programs

Whether you are a tech startup or a large established firm, moving your office to DUMBO makes you eligible for lucrative financial incentives. 

REAP (Relocation Employment Assistant Program)

Get Paid to Move to BKLYN

This city program benefits companies relocating to Brooklyn from Manhattan or outside of NYC- with $3,000 / year for each full-time employee.

$3000 per employee. $25 per square foot.

Under REAP, eligible companies must sign an office lease for at least a 3-year term and may collect the benefits for up to 12 years. Companies may redeem their REAP benefits as a tax credit against city taxes, however, in the case of start-ups or small businesses not generating sufficient taxable income, REAP benefits may be collected as a direct payment from the city.

EXAMPLE: A Manhattan-based company relocates their office with 30 full-time employees from Manhattan to DUMBO. The asking price for the 5,000 SF office is $52.00 PRSF, which is $260,000 in rent a year. Shortly after submitting an annual NYC tax filing, they receive a REAP benefit check from the city for $90,000 ($3,000 x 30); thus reducing the rent from $52.00 PRSF to $34.00 PRSF and their annual total from $260,000 to $170,000.

Got more questions? Check out this frequently asked questions page for commercial listings from Two Trees Management Company.

And calculate your potential REAP benefits here.

Commercial Rent Tax Exemptions

Move here + skip a 3.9% tax

Brooklyn office tenants are exempt from the NYC Commercial Rent Tax, which imposes a tax of 3.9% on tenants paying more than $250,000 rent per year, in most office districts in Manhattan.

EXAMPLE: A tenant in Midtown Manhattan and a tenant in Williamsburg, Brooklyn both pay a $300,000 annual rent payment. The Midtown tenant is required to pay the Commercial Rent Tax of $11,700 ($300,000 x .039%) while the Brooklyn tenant is exempt from this payment.