Financing and 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.

This city program benefits companies relocating to Brooklyn from Manhattan (or outside NYC) with $3,000/year for each full-time employee. $3,000 per employee. $25 per square foot.

REAP (Relocation Employment Assistant Program)

Get Paid to Move to Brooklyn

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. Calculate your REAP benefits.

Commercial Rent Tax Exemptions

Move here and 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 $300,000 annual rent. The Midtown tenant is required to pay the Commercial Rent Tax of $11,700 ($300,000 x 3.9%) while the Brooklyn tenant is exempt from this payment.