Costco said it is planning to make a $3 million renovation to the iconic Brooklyn Costco store in Manhattan after receiving a $2.9 million grant from the state Department of Financial Services to help renovate the building.
The state Department has already approved the purchase of $2 million in government bonds for the project, which will be financed through a $500 million bond issue.
The department has also issued $2 billion in long-term bond debt to help finance the renovation.
The department has not released any details about the amount of the bonds or what they will cost.
Costco said in a statement the building was “built by the best team in the industry” and has been a beloved destination for generations.
“We are pleased to be part of this historic renovation, which is an important part of our mission to create a more sustainable and equitable New York,” the company said.
“With a long-standing commitment to working collaboratively with the City of New York and the state of New Jersey, we look forward to returning to the neighborhood that has been so important to our families and generations to come.”