The Real Deal New York

City buys Willets Point site for nearly $8 million

Purchase moves Related Companies and Sterling Equities closer to $3 billion redevelopment

June 11, 2014 05:50PM

From left: Willets Point auto repair shops and a rendering of the planned Willets Point redevelopment

From left: Willets Point auto repair shops and a rendering of the planned Willets Point redevelopment

The city has paid nearly $8 million to buy one of the remaining plots of Willets Point it does not control.

Property records indicate the city picked up 126-23 37th Avenue from the Paterno family of Flushing, according to the Commercial Observer. The purchase moves the city closer to its goal of redeveloping neighborhood following a months-long effort to entice business owners to relocate.

In March, a contingent representing nearly two thirds of holdouts agreed to vacate a 62-acre area of Willets Point and move to the Bronx. That left about 50 businesses that have not agreed to move on.

The New York City Economic Development Corporation says the city controls 95 percent of the land on which the first phase of the Related Companies and Sterling Equities’ $3 billion redevelopment will be built, reports the Observer. In October, the City Council approved a key component of phase one, a mega mall that will rise on a lot adjacent to Citi Field. [NYO] – Tom DiChristopher

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