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Woolworth developers apply for tax credits

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The Woolworth Building’s developers filed their application last week for $8 million in state tax credits that would help finance the $15.4 million project to convert the vacant Public Square structure into rental housing.

Developers David Gallo and Erich H. Seber submitted the application to Empire State Development on Jan. 8. They expect to hear during the summer whether they will get the tax credits that would be used to attract investors to the project.

They also plan to use a $2.5 million Restore New York grant, loans from a commercial bank and private financing for the project, which would include 50 affordable apartments on the upper floors and commercial space on the ground floor.

They took over the project from Long Island developer Michael A. Treanor, who agreed to sell the building to them for $400,000.

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