Building 77 Qalicb Inc

Organization Overview

Building 77 Qalicb Inc is located in Brooklyn, NY. The organization was established in 2015. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Building 77 Qalicb Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Building 77 Qalicb Inc generated $15.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO SUPPORT THE CHARITABLE ACTIVITIES OF BROOKLYN NAVY YARD DEVELOPMENT CORPORATION WHOSE MISSION IS TO PROMOTE LOCAL ECONOMIC DEVELOPMENT & JOB CREATION IN BROOKLYN BOROUGH OF NYC.

Describe the Organization's Program Activity:

Part 3 - Line 4a

BUILDING 77 QALICB, INC. (THE "CORPORATION") WAS ORGANIZED ON DECEMBER 10, 2014, AS A NEW YORK NONSTOCK, NONPROFIT CORPORATION FOR THE PURPOSE OF REHABILITATING AND OPERATING A COMMERCIAL PROPERTY LOCATED IN BROOKLYN, NEW YORK. THE PROPERTY INCLUDES ONE BUILDING WHICH IS EXPECTED TO CONSIST OF 1,000,000 SQUARE FEET OF COMMERCIAL RENTAL SPACE. AS OF DECEMBER, 2021 AND 2020, 668,394 AND 668,394, RESPECTIVELY, OF SQUARE FEET WERE LEASED. THE PROPERTY IS OWNED BY THE CITY OF NEW YORK, WHICH LEASES IT TO BROOKLYN NAVY YARD DEVELOPMENT CORPORATION ("BNYDC") WHICH IN TURN LEASES TO THE CORPORATION. THE CORPORATION SUBLETS THE SPACE TO COMMERCIAL TENANTS. THE CORPORATION IS A QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS IN ACCORDANCE WITH THE TERMS UNDER THE NEWMARKETS TAX CREDIT ("NMTC") PROGRAM PURSUANT TO SECTION 45D OF THE IRC. THE CORPORATION IS REQUIRED TO COMPLY WITH VARIOUS RULES AND REGULATIONS AND FAILURE TO COMPLY WITH THESE OR OTHER REQUIREMENTS COULD RESULT IN THE RECAPTURE OF NMTC ALREADY TAKEN BY THE MORTGAGE LENDERS AND POTENTIAL LOSS OF FUTURE NMTCS.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$15,328,305
Investment income $301
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $15,386,005

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