Overview
What is Building 127 Ll Inc?
Building 127 Ll Inc, established as part of the Brooklyn Navy Yard Development Corporation's renovation project, is a nonprofit organization based in Brooklyn, New York. Their primary purpose involves facilitating financing for the redevelopment and subsequent leasing of Building 127, an industrial facility with historic significance. Eligible for investment tax credits under Section 47 of the IRC, the corporation's role is to secure funds for the renovation project, utilizing the obtained loans to make a loan to an investment fund.
Is Building 127 Ll Inc legitimate?
Building 127 Ll Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Building 127 Ll Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Building 127 Ll Inc?
Building 127 LL Inc was established as part of Brooklyn Navy Yard Development Corporation's efforts to renovate Building 127, an industrial facility that is a certified historic structure. The corporation's sole purpose is to facilitate financing for the renovation of this building and its subsequent leasing. To accomplish this, Building 127 LL Inc borrowed funds and utilizes the loan proceeds to make a loan to an investment fund. In essence, the corporation serves as a bridge to secure funding for the renovation project. Its primary goal is to contribute to the revitalization of the historical building, making it eligible for investment tax credits under Section 47 of the Internal Revenue Code.
Who is the CEO of Building 127 Ll Inc?
Paul Kelly is the President, Director of Building 127 Ll Inc.
What is the revenue of Building 127 Ll Inc?
Building 127 Ll Inc's revenue in 2022 was $249,530.
Who are the executives of Building 127 Ll Inc and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $169,629
- Other: $52,806
- Compensation: $0
- Related: $253,008
- Other: $78,592
- Compensation: $0
- Related: $253,518
- Other: $98,773
- Compensation: $0
- Related: $264,837
- Other: $91,023
Where can I find the form 990 for Building 127 Ll Inc?
Building 127 Ll Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Building 127 Ll Inc
Building 127 LL Inc was established as part of Brooklyn Navy Yard Development Corporation's (BNYDC) initiative to renovate Building 127, an historic industrial facility. This certified historic structure is eligible for investment tax credits for qualifying rehabilitation expenses under Section 47 of the Internal Revenue Code (IRC). The primary mission of Building 127 LL Inc is to facilitate financing for the renovation and subsequent leasing of this building. To achieve this, the corporation borrowed funds and plans to use the loan proceeds to make a loan to an investment fund. By doing so, Building 127 LL Inc plays a vital role in revitalizing a significant historical landmark, potentially paving the way for future development and leasing opportunities.
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Impact
October, 2024
Building 127 LLC Inc is making a significant impact in Brooklyn through its focused effort on the renovation and redevelopment of Building 127, a certified historic structure within the Brooklyn Navy Yard. By facilitating the financing necessary for this project, the organization has provided nearly $25 million in funding aimed at revitalizing this industrial facility.
The renovation of Building 127 is not only beneficial for preserving a piece of local history but also serves as a catalyst for community improvement. The investment supports job creation, stimulates economic growth in the area, and enhances the overall aesthetic and functional quality of the neighborhood.
Furthermore, by leveraging investment tax credits under Section 47 of the IRC, Building 127 LLC Inc ensures that the redevelopment is financially sustainable while promoting responsible development practices. This strategic approach contributes to the broader goals of urban renewal and historic preservation, making a meaningful difference in the local community's landscape and economy.
This information is meant to be a general summary of Building 127 Ll Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $249,530
- Gross Receipts: $249,530
Assets and Liabilities:
- Total Assets: $25,329,016
- Total Liabilities: $30,829,100
- Net Assets: -$5,500,084
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$249,530
Organization Details
Founding Year
2018
Phone
(718) 907-5981Principal Officer
Paul Kelly
Main Address
141 FLUSHING AVENUE 801, BROOKLYN, NY, 11205
NTEE Category
Code: S30 - Community improvement
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