Developer Equity One has been tapped to build an 80,000-square-foot commercial project along the Broadway retail corridor in the Bronx, according to a statement from the New York Economic Development Corporation today. The firm will spend $54 million to construct a new, 133,000-square-foot, two-story multi-tenant retail development and a parking facility on the site in the Kingsbridge area. EDC claims the development will create 250 new jobs, some full- and some part-time. [more]
Posts Tagged ‘economic development corporation’
City officials revealed a plan for a new entrance to Coney Island Beach during a Brooklyn Community Board 13 economic development committee meeting yesterday, the New York Post reported. [more]
The city has issued a request for proposals to design, construct, install and operate solar and wind power facilities at Fresh Kills on Staten Island, according to a statement received today.
Approximately 75 acres of land are available to be developed into large-scale renewable energy facilities. When completed, the project could more than double the city’s current renewable energy capacity, the statement said. [more]
A Catholic university in the Bronx is the first non-profit to utilize a new funding vehicle offered by the Economic Development Corporation, the New York Observer reported.
The loan facility is called Build NYC, and the school, called Manhattan College despite its location in Riverdale, will refinance a loan for new facilities construction it incurred in 2000 with $26 million from the program. [more]
There is a new trend among New York City buildings: multi-colored light spectacles in the tradition of the iconic Empire State Building, the Wall Street Journal reported.
The Bank of America and Conde Nast towers, the Gansevoort Hotel in the Meatpacking District and Sketchers Store in Union Square all feature bright lights that change color. The New York City Economic Development Corp. is currently accepting proposals for “placemaking through lighting initiative” to be installed in Lower Manhattan, the paper said. [more]
Now in its 20th year of existence, the city’s Economic Development Corp. has transcended simple real estate development and used its increased power to boost the New York City economy, according to Crain’s.
Initially formed to build structures for job creators and lure manufacturers to the city with tax incentives, the EDC has also begun to create new business incubators, training programs and venture funds for entrepreneurs. [more]
The New York City Economic Development Corporation issued a request for expressions of interest for the long-vacant Rockaway Courthouse in Queens, in the Hammels section of the Rockaways, according to a statement from the agency today.
The 24,000 square-foot limestone building is close to public transportation and was weather-proofed by the city in 2007, the statement said. The EDC is seeking innovative ideas for the reuse of the structure that are “compatible with the existing neighborhood,” and can “ultimately improve the overall quality of life for the community.” [more]
The viability of a long-term plan by the Economic Development Corporation to build a $6 million bridge to link the South Bronx to a greenway network that stretches from Randall’s Island to Astoria, Queens and East Harlem, has been called into question, the New York Daily News reported, thanks to the agency’s inability to make an easement deal with a local landowner.
The city is ready to begin construction on the Randall’s Island Connector, a bridge for pedestrians and bicycles, but first requires an easement from private company, Harlem River Yards Ventures, to build a path from the bridge to East 132nd Street. No deal has yet been struck with Harlem River Yards. [more]
The New York City Economic Development Corporation has issued a Request for Proposals seeking to award up to $8 million from the City Council Small Manufacturing Investment Fund to subsidize capital improvement costs for the subdivision and modernization of existing underutilized industrial spaces, EDC announced today.
“The city’s industrial sector, which, like the industrial sector nationally, has faced serious challenges in recent decades, now offers real opportunities for growth and development,” said EDC President Seth Pinsky.
The RFP, announced as part of three broader initiatives designed to support and strengthen the city’s industrial sector, is anticipated to help create modernized space for small industrial businesses, including manufacturers. – Katherine Clarke… [more]
Ironstate Development President David Barry and a rendering of the Homeport developmentThe city has sold the Staten Island development site that formerly housed a U.S. Naval Base to Ironstate Development for $11 million, the city’s Economic Development Corporation announced today.
New Jersey-based Ironstate will build a $150 million complex on the 7-acre waterfront site known as Homeport, in the Stapelton section of the borough. It will include 900 residential rental units, 30,000 square feet of retail, 600 parking spaces and a public plaza.
The city will also invest $32 million for infrastructure improvements to create a new waterfront esplanade in Homeport and Staten Island Borough President James Molinaro has set aside $1 million for improvements on the Staten Island Rail Road’s Stapleton station. – Adam Fusfeld… [more]
From top: David Lebenstein, senior managing director of Cassidy Turley, Sharone Levy, executive managing director of Greiner-Maltz and the Brooklyn Army Terminal
The New York City Economic Development Corporation enlisted the services of commercial real estate brokerages Greiner-Maltz and Cassidy Turley Tuesday to lease the remaining 350,000 square feet of available space at the Brooklyn Army Terminal, EDC told The Real Deal today.
With a total of 3.1 million leasable square feet, the property is already 90 percent leased, with 70 businesses employing 2,400 people. Over the past two months, five new businesses have set up shop at the terminal, EDC said, signing on for a total of 85,000 square feet.
“In recent years, we have seen the Brooklyn Army Terminal become a premiere destination for companies in the city’s critical industrial sector looking for affordable workspace,” said EDC President Seth Pinsky in a statement. … [more]
The Bloomberg administration has withdrawn its controversial plans to permit developer Bruce Ratner to transform land in the Mill Basin part of Brooklyn into a shopping mall, A Walk in the Park blog reported, announcing the withdrawal on the Office of Environmental Coordination’s website.
“The Four Sparrow Marsh Retail Center at Mill Basin project has been withdrawn as of September 2011,” the announcement said.
Ratner had planned to transform 15 acres of Four Sparrow Marsh to into a shopping site. There was reportedly speculation that the project was stalled by an investigation into alleged corruption on the part of Senator Carl Kruger, who designated funds for the development (note: correction appended)…. [more]
A Hell’s Kitchen development site that’s been stalled for more than 30 years has finally closed on financing and begun construction, the Wall Street Journal reported, for 1,258 apartments, more than half of which are affordable, a new school and stores.
The $520 million four-building complex, called Gotham West, sits along 45th Street near 11th Avenue, and is being developed by the Gotham Organization. It will have a 31-story market-rate apartment building with 556 units, 682 affordable units across the other buildings, 20 condominium units, a 670-seat school, stores and private gardens. … [more]
NYC Economic Development Corp. President Seth Pinsky and the Brooklyn Army TerminalThanks to large industrial sites on the Brooklyn waterfront, in particular the Brooklyn Army Terminal and the Brooklyn Navy Yard, the city’s Economic Development Corp. is making good on its effort to retain and expand New York’s industrial workforce. The Wall Street Journal reported that three new firms have signed leases at the Army Terminal, bringing the total count to 68 companies and 2,400 in the 90 percent-occupied, four million square-foot area.
“It’s an industrial landscape, which a lot of places in America have just given up on, but thanks to strategic investments by the city, unlike many of those other places, we’re actually bringing industrial uses back,” said Seth Pinsky, president of EDC…. [more]
Stanford University President John HennessyStanford University President John Hennessy will visit New York City
this week to meet with local school board members to solicit support for
the establishment of an engineering school within the five boroughs,
Bloomberg News reported.
Stanford, which has declined invitations for campuses overseas, is one of at least 27 schools vying for the land and $100 million contribution the New York City Economic Development Corp promised to provide a top-flight university that brings an engineering campus to the city because of how different New York is compared to Northern California, where the school is based, Hennessy explained. … [more]
[Updated at 4 p.m. with comments from Salmar's Martin Schein] The U.S. General Services Administration has completed the sale of Federal Building #2 in the Sunset Park area of Brooklyn to the New York City Economic Development Corporation for $9.1 million, according to public records filed with the city today.
The site of a former navy building was transferred to the EDC before being eventually sold to Salmar Properties on the same date. Salmar will redevelop the 1.1 million-square-foot warehouse building into a state-of-the-art industrial center. The deals both closed Aug. 15. Construction will start at the site in one to two weeks, Salmar executive Martin Schein told The Real Deal. In May, EDC announced that it had selected Salmar to develop the site which spans Second and Third avenues and 30th and 32nd streets, located in the Southwest Brooklyn Industrial Business Zone, across from the South Brooklyn Marine Terminal. – Katherine Clarke… [more]
Central Amusement International, the firm behind the redevelopment of the old Coney Island amusement park, has had two profitable years from the $25 million it spent to build Luna Park and Scream Zone, and plans to spend an additional $5 million to build up the final 60,000-square-foot lot it leased from the city by next summer, Crain’s reported. Central Amusement, a subsidiary of Italian ride manufacturer Zamperla, will also upgrade the Cyclone and much of the retail along the boardwalk, to the dismay of old-timers.
The firm pays $100,000 in rent to the city per year in a lease through 2020, and also relinquishes a percentage of its revenues to the city…. [more]
From left: Joe Chan of the Downtown Brooklyn Partnership, 210 Joralemon Street and 345 Adams Street (building credits: PropertyShark)
Downtown Brooklyn’s long-standing push to attract more national retailers is about to take a huge step forward, as the city’s Economic Development Corp. closes in on selecting a developer for the first-two floors of the Brooklyn Municipal Building. The Wall Street Journal said the city has been vacating its office spaces in the lower levels of prime Downtown Brooklyn buildings and moving to higher floors to free retail space and bolster local development. The EDC issued a request for proposals for the 37,000-square-foot space in the municipal building at 210 Joralemon Street in December, and also vacated nearby 345 Adams Street, which has already signed leases with Panera Bread and Morton’s Steakhouse.
Artisanal bread manufacturer Pain D’Avignon will be the beneficiary of a city program aimed at strengthening small industrial businesses, and will purchase a 10,000-square-foot manufacturing facility in Long Island City thanks to city aid. The firm will close its current manufacturing facility, and expand its business into 35-20 9th Street, the New York City Economic Development Corporation announced.
The financial assistance package comes in the form of real estate and sales tax benefits that total $1.1 million.
The company, founded by Serbian and Bosnian immigrants Bane Stamenkovic, Teofil Surovac and Uliks Fehmiu, has a retail location in the Essex Street Market, and delivers bread to Eleven Madison Park, Momofuku Ssam Bar and Dean & Deluxa among other well-known city restaurants, according to the company’s site. – Adam Fusfeld… [more]
New York City has issued an official request for proposals relating to Applied Sciences NYC, its initiative to build or expand a state-of-the-art engineering and applied sciences campus at one of three city sites, Mayor Michael Bloomberg, Deputy Mayor Robert Steel and New York City Economic Development Corporation President Seth Pinsky announced today.
“Our offer is straightforward,” Bloomberg said of the proposal, initially unveiled in December. “We will provide prime New York real estate — at virtually no cost, plus up to $100 million in infrastructure upgrades, in exchange for a university’s commitment to build or expand a world-class science and engineering campus here in our city.”
The city is offering real estate at three possible locations, he said — Governors Island, Brooklyn Navy Yard, and Roosevelt Island. – Katherine Clarke… [more]