The Real Deal New York

Posts Tagged ‘economic development corporation’

  • From left: NYCEDC President Seth Pinsky and 65 Commercial Street (credit: PropertyShark)

    The city’s Economic Development Corporation is making a new attempt to develop a Greenpoint park by issuing a request for proposals from developers interested in buying air rights for part of the waterfront plot, DNAinfo reported. This development comes seven years after the EDC promised to deliver more than 30 acres of park land to the Williamsburg and Greenpoint neighborhoods; but money is tight and the city admitted that it didn’t have a concrete plan for a full park between the two neighborhoods. [more]

  • From left: 346 Broadway, 49-51 Chambers Street and 22 Reade Street

    In the three months since the Economic Development Corporation issued requests for proposals for a package of city-owned buildings, some of New York’s top real estate firms — Vornado Realty Trust, Toll Brothers and Kushner Companies, among them — have toured the properties. Should those or other companies wish to bid on the Lower Manhattan properties, their proposals are due today.

    The 750,000-square-foot, three-building package is composed of 346 Broadway, 49-51 Chambers Street and 22 Reade Street. [more]

  • The Closing with Seth Pinsky

    July 25, 2012 10:30AM

    Seth Pinsky

    From the July issue: As president of the New York City Economic Development Corporation, Seth Pinsky has worked on projects like the $2 billion CornellNYC Tech applied sciences campus on Roosevelt Island, the redevelopment of Willets Point and the new Yankees and Mets stadiums. Pinsky, who joined the EDC in 2003 as a vice president, was chosen five years later by Mayor Michael Bloomberg to head the agency. A graduate of Columbia College and Harvard Law School, Pinsky previously worked as an attorney in the real estate practice at Cleary Gottlieb Steen & Hamilton and as a financial analyst at the investment and advisory firm James D. Wolfensohn Inc. [more]

  • From left: Attorney General Eric Schneiderman and EDC President Seth Pinsky

    Rather than ceasing to lobby following Attorney General Eric Schneiderman’s finding that the city’s Economic Development Corp. illegally lobbied to win redevelopment projects, the agency is restructuring to allow them to comply with the law, a spokesperson for the EDC explained (correction appended).

    Crain’s reported that the EDC has split into two entities, the New York City Economic Growth Corp. and the New York City Land Development Corp. By Aug. 1, the EDC will merge with the EGC, the advocacy arm, allowing the EDC to lobby for the first time since the attorney general launched the investigation. [more]

  • New York State Attorney General Eric Schneiderman

    A three-year investigation into the lobbying efforts of the city’s Economic Development Corporation has concluded that the body illegally lobbied for developments in Queens and Brooklyn, the New York Times reported.

    The office of the state attorney general, Eric Schneiderman, found that the EDC “played a behind-the-scenes role,” backing two groups that lobbied for Willets Point and Coney Island projects. The groups admitted fault, the Times said, and no civil or criminal penalties will be imposed. [more]

  • Sterling's Fred Wilpon and the Willets West retail center

    Did the Related Companies and Sterling Equities have an unfair advantage in securing the bid to develop Willets Point? Sources told the Queens Times Ledger that none of the other bidders were aware that land to the west of Citi Field, which is currently used as a New York Mets parking lot and owned by the Wilpon family that heads Sterling Equities, was up for development. That’s where the partnership plans a 1 million-square-foot retail and entertainment complex called Willets West. [more]

  • The city’s Economic Development Corporation wants proposals from developers who would like to build and maintain underutilized industrial plots in three New York City boroughs. These include 95,000 square feet at 2399 Watson Avenue in the Bronx’s Zerega section, 80,000 square feet in East New York, Brooklyn, 53,000 square feet in Sunset Park, Brooklyn and 40,000 square feet in Queens’ College Point Corporate Park at 28th Avenue and 122nd Street. Each site is eligible for sale or lease. [more]

  • 600 Food Center Drive

    The City’s Economic Development corporation issued a request for proposals to develop a 200,000-square-foot rooftop farm in the Hunts Point section of the Bronx that would be one of the world’s largest such farms, Architecture News reported.

    The request calls for private developers to build nearly 10 acres of farming space on the roof of a Hunts Point warehouse, at 660 Food Center Drive, that houses distribution facilities for Sultana Distribution and Citarella, according to DNAinfo. [more]

  • The New York City Economic Development Corporation today announced that it has selected Guido Passarelli & Sons to develop a 10-acre retail site on Staten Island. The site, located in the island’s Charleston neighborhood, has approximately 130,000 square feet of retail space, according to a statement from EDC. If the proposal successfully navigates the public approval process, Passarelli will pay $7.1 million for the site and spend an additional $25 million on construction, EDC said.  [more]

  • The lot at East Houston Street and Broadway, located next to the Hollister store

    Instead of a six-story retail space that the city proposed to erect on the southeast corner of Broadway and East Houston Street, Soho residents say they want open space, DNAinfo reported.

    The city’s Economic Development Corporation is currently looking for ways to sell or rent the site, which is now used at as a Metropolitan Transportation Authority parking lot and an outdoor fruit vendor. The space could accommodate retail, commercial occupants or even tenants in light industrial occupations. [more]

  • The Bronx, which saw a growth in foreclosures

    The Bronx

    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]

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  • Coney Island entrance plans unveiled

    March 27, 2012 05:30PM

    A rendering of the unveiled Coney Island entrance (credit: NYC 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]

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  • Fresh Kills from above

    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]

  • Manhattan College's campus, in Riverdale

    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]

  • From left: the Symphony of Lights, Hong Kong, and the Empire State Building

    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]

  • From left: EDC President Seth Pinsky and Mayor Michael Bloomberg

    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]

  • Rockaway courthouse at 90-01 Beach Channel Drive

    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]

  • A rendering of the Randall's Island Connector

    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]

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    Ironstate Development President David Barry and a rendering of the Homeport development
    The 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]


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