The Real Deal New York

Posts Tagged ‘seth pinsky’


  • EDC President Seth Pinsky and Federal Building  #2

    New York City Economic Development Corporation and Representatives Nydia Velasquez and Congressman Jerrold Nadler have named Salmar Properties as the developer for Federal Building #2, a vacant 1.1 million-square-foot 1916 warehouse building in the Sunset Park area of Brooklyn, previously used by the Department of the Navy and last occupied in 2000. Plans call for the building, in an area bound by Second and Third avenues and 30th and 32nd streets, to become a state-of-the-art industrial center in what Mayor Michael Bloomberg has dubbed the Southwest Brooklyn Industrial Business Zone.

    Salmar is owned 49.5 percent by Marvin Schein’s investment firm Schein Family Partners, 49.5 percent by Selim Rusi’s S. Rusi Family LLC. and 1 percent by an entity of which Schein and Rusi are 50 percent stakeholders. Salmar will have a deed restriction for 30 years, limiting most of the building to light industrial use. TRD[more]

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  • City issues Willets Point RFP

    May 09, 2011 11:35AM

    New York City Economic Development Corp. submitted a Request for Proposals for the first phase of development of Willets Point today, and wants developers’ submissions, due Aug. 12, to include a concept plan for the entire 62-acre area. In Phase 1, the city wants to turn the 12.7-acre parcel located next to Citi Field, into a mixed-use, green neighborhood that will bring some 4,600 construction jobs and 1,800 permanent jobs to the area. Phase 1 is slated to include 680,000 square feet of retail space, 400 housing units, 2 acres of open space and parking. TRD[more]

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  • The New York City Economic Development Corporation has begun accepting bids for the redevelopment of East Harlem’s Corn Exchange Building, a city landmark. The EDC said it’s aiming for a developer to either purchase or take out a ground lease on the building, which sits on 4,500 square feet and is zoned for residential or commercial use. The building, which sits on the corner of Park Avenue and 125th Street, was once six stories tall, but deteriorated due to decay and neglect. Early last year, the Department of Buildings ordered that the upper floors be removed due to safety concerns. TRD[more]

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  • Time is running out for the holdouts in Queens’ Willets Point, where the city is planning to make its first move towards seizing a 20-acre swath of land through eminent domain next week. According to the Wall Street Journal, the parcel represents the first phase of the 62-acre development project, for which the city will begin soliciting bids from developers in April. Among the developers who have previously expressed interest in the project are the Related Companies, Muss Development and the Wilpon Family’s Sterling Equities. … [more]

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  • Crain’s has released its latest list of New York City power players, the top “40 Under 40,” and it comes as no surprise that real estate moguls are sprinkled throughout. Among those of note are Seth Pinsky, president of the city’s Economic Development Corp., who barely made the list at 39 years old, and Alexandra Prosser, 29, a managing director at eEmerge, an office leasing division of commercial real estate giant SL Green Realty. Pinsky, of the EDC, had a hand in some of the city’s most talked about projects of the decade, including the World Trade Center, Atlantic Yards and the new Yankees and Mets stadiums. Also included was Scott Weiner, Apollo Global Real Estate’s 36-year-old principal. After joining the asset manager last year, he started Apollo Commercial Real Estate and recently took the company public. Eugene Schneur, 37, the Omni New York co-founder and managing director, made the list as well. Schneur and his company buy and rehabilitate affordable housing units across New York, New Jersey and Connecticut using low-income tax credits and tax-exempt bond financing. Omni recently made headlines when it bought the mortgage on a distressed 14-building complex in the South Bronx. [Crain's]

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  • Seth Pinsky and Coney Island

    As New York City development has struggled through the downturn, the city and the New York City Economic Development Corporation have had to contend with negative public sentiment, Seth Pinsky, president of the city-controlled non-profit promoting economic growth, said. “Because you don’t see physical activity on the ground, people assume [that some projects] are stalled, [that] they’re not happening,” Pinsky told a packed crowd at a Bisnow panel discussion on public and private development partnerships today. “There are two misconceptions,” about the city’s development initiatives, Pinsky added: “one is that we haven’t had success with big projects and two, that we’ve only been focused on big projects.” Although the project has been stymied along the way, Pinsky said that Coney Island’s rebirth ranks as one of the Bloomberg administration’s greatest accomplishments. … [more]

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  • The New York City Economic Development Corporation has taken the first step toward revitalizing a 1.1 million-square-foot warehouse in Brooklyn’s Sunset Park neighborhood. The space has sat vacant since past developer, Time Equities, backed out of its agreement with the city to revamp the site earlier this year, The Real Deal reported, as the recession took its toll. The company had been planning to revitalize the warehouse, transforming it into a $205 million retail and commercial space. Now, the EDC has submitted a formal request for developers’ bids. Seth Pinsky, president of EDC, said that timing was crucial in the group’s decision to renew its search for a developer. “Rather than work with the federal government to find a user at a fire sale price, we decided to wait till the market improved and go out with a new [request],” Pinsky said. “We’ve heard from a number of parties who have expressed interest. We think that this is a unique opportunity, one that we hope developers will seize upon.”

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  • Willets Point draws developers’ bids

    December 11, 2009 01:32PM

    The New York City Economic Development Corporation received 29 preliminary proposals from developers for the potential 62-acre Willets Point District redevelopment project in Queens, according to an announcement released today. Seth Pinsky, president of the EDC, said that the panel is enthusiastic about the proposals received for the project, which will include 5,500 residential units and will create 18,000 construction jobs. “The quantity and quality of these responses are strong indicators that the development community has confidence in the successful redevelopment of Willets Point despite current economic conditions,” Pinsky said in a written statement. The development, situated between Queen’s Flushing and Corona neighborhoods, will be the first “green neighborhood” in the city, according to Pinsky. TRD

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  • alternate text
    From left: Seth Pinksy, EDC president, Richard Anderson, president New York Building Congress

    One of the city’s most influential coalitions of construction-related firms, the New York Building Congress, is questioning its own estimates of residential construction and spending that formed part of figures cited last week by the president of the city’s Economic Development Corporation, Seth Pinsky, after The Real Deal inquired about the statistics. Building Congress statistics released Oct. 21 estimated total residential construction would fall to 6,300 units in 2009 from 31,911 units in 2008, and total spending value would decline to $3.5 billion in 2009 from $6.3 billion in 2008. The group’s figures are considered among the most dependable in the industry for the difficult work of estimating construction activity in the city, and its report was covered by the New York Times, Crain’s and other publications. Pinsky spoke at the meeting, referencing the Building Congress report showing an overall decline in construction spending of 20 percent in 2009 compared with the prior year. But the residential figures may be off. … [more]

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  • The Whitney Museum’s proposed satellite location at the entrance to the High Line is gaining momentum, three years after a tentative agreement was reached with the city. Last month, the museum signed a contract with the New York City Economic Development Corporation to buy the site at Washington and Gansevoort streets for $18 million, or half the appraised value of the property. The contract is a win-win for the city, which sees the Whitney as “a great anchor to this cultural district,” according to Seth Pinsky, president of the EDC, and for the museum, which is cramped for space in its current Upper East Side location in the Marcel Breuer Building on Madison Avenue and 75th Street. “This is the only way we can continue to justify building a collection,” said Adam Weinberg, the Whitney’s director. “We simply don’t have enough space to show our holdings. And since at least 60 percent of the art we acquire comes through gifts, it becomes more difficult to ask people to donate works if we cannot show them.” The new Renzo Piano-designed space, upon which the Whitney has four years to close and five years to begin construction, will be more than twice the size of its current home, and the agreement will open up the possibility for further expansion into the Gansevoort Meat Market Cooperative site, if the owners do not renew their lease when it expires in 2014. [NYT via Curbed]

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  • City officials said yesterday they had not ruled out using eminent
    domain to acquire land from Thor Equities for a proposed redevelopment
    of Coney Island. The redevelopment plan, which covers a 47-acre area,
    has always included an eminent domain option, but city officials
    previously said they did not plan to use it. The city has offered Thor
    $105 million for 10.5 acres of Coney Island land, but Thor President
    Joe Sitt has said he will not accept less than $165 million. “I’m not
    saying we will use eminent domain…I’m not saying we won’t,” Economic
    Development Corporation President Seth Pinsky told City Council members
    yesterday. … [more]

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  • The New York City Economic Development Corporation has signed property
    acquisition agreements with two more property owners in Willets Point,
    bringing the amount of land controlled by the city in the Queens
    neighborhood to nearly 40 acres, or 65 percent. The large land acquisition is part
    of the city’s Five Borough Economic Opportunity Plan, which went through
    the public review process in November. Plans include turning the
    62-acre contaminated industrial area into a mixed-use community,
    complete with a school, shops and restaurants. This venture will
    create nearly 18,000 construction jobs and 5,000 permanent jobs once
    construction is completed. “We will continue to work with the remaining
    land owners and businesses as we move forward with our plans to
    transform this blighted area into a center of economic opportunity and
    job creation,” said Seth Pinsky, EDC’s president. TRD[more]

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