June 8, 2017 By Jason Cohen
An eight-story building offering commercial and retail space is scheduled to open in Court Square next year.
The Vorea Group, which purchased a 99-year lease for the property at 23-20 Jackson Ave in 2016, is developing the site that its calling Jackson Square. The building, which will not include apartments, will be located across from the Court Square subway station, and will open in the fourth quarter of 2018.
The first three floors will be for retail tenants and total 30,000 square feet. The top five floors will be for commercial tenants and will total 53,320 square feet.
Peter Papamichael, principal of The Vorea Group, said he aims to entice businesses to the building by promoting the City’s Relocation and Employment Assistance Program (REAP) that offers tax credits when businesses relocate outside of Manhattan.
Businesses receive $3,000 per eligible employee.
Papamichael said that that there has been a lot of interest in the building given its proximity to Manhattan as well as to the airports.
“We’re seeing serious interest from office tenants in the healthcare and design industries,” Papamichael said. “But Jackson Square is a great building for any company since it offers great visibility and accessibility.”