Contact: Colleen Roche/Curt Ritter (212) 788-2958
Bernadette O'Leary (212) 312-3523 (EDC)
Mayor Rudolph W. Giuliani today announced that American Banana Co., Inc. will remain in the Bronx and expand its operations with assistance provided through the New York City Industrial Development Agency (IDA).
The fresh fruit distributor, which specializes in bananas and plantains, has outgrown its warehouse in the Hunts Point section of the Bronx and was considering relocating to Jersey City, New Jersey. Instead the company will purchase a 40,000-square-foot building at 250 Coster Street in Hunts Point. The company will install loading docks and modern banana-ripening equipment, including 16 specially equipped ripening and refrigeration rooms. The project is estimated to cost over $3 million. American Banana currently employs 25 workers at its warehouse and plans to add 15 more jobs.
"American Banana was one of the first vendors at the Hunts Point Market," said Mayor Giuliani. "Now this 52-year-old, family-run company is continuing in its pioneering tradition by modernizing its operations. The Hunts Point Market is a tremendous asset to the Bronx, and the City applauds companies like American Banana that continue to bring jobs and revenue into the community and deliver high-quality service."
Through the IDA's Industrial Incentive Program, American Banana will receive tax incentives in the form of a mortgage recording tax waiver, land tax abatement, stabilization of building taxes and sales tax exemption, for a net present value of $546,051. American Banana will also apply for the Energy Cost Savings Program and seek benefits from the Hunts Point Economic Development Zone.
American Banana also will receive a sales tax exemption on hard construction costs of renovations. Because the site is within the Hunts Point Economic Development Zone, American Banana is eligible for full land tax abatement annually for 25 years.
"American Banana is an example of the City's ongoing commitment to the expansion and enhancement of the Hunts Point Market in the Bronx," said EDC President Charles Millard. "By investing in the growth of the community's largest employer, we are improving the quality of life and facilitating the market's success as one of the country's most significant food distribution centers."