From left: Mayor Michael Bloomberg, Sterling's Fred Wilpon and Related's Stephen Ross

The Bloomberg administration’s new Willets Point agreement calls for a 1.4 million-square-foot mall and parking garage on one side of Citi Field, and a 200-room hotel and stores on the other, according to the Wall Street Journal. As previously reported, the administration scrapped its original plans for the site, which included the use of eminent domain, and instead struck a deal with the Related Companies and Sterling Equities, the real estate firm controlled by the owner of the Mets and Citi Field. [more]

Attorney Michael Rikon and the rendering for Willets Point when eminent domain was pursued

Just because the city has scrapped its eminent domain plan for Willets Point, doesn’t mean its fight with neighborhood property owners is over. The New York Daily News reported that about two dozen business owners, through attorney Michael Rikon, will petition the city to repay the legal fees they incurred when fighting the proposal. [more]

From left: Mayor Michael Bloomberg, Related's Stephen Ross and Sterling's Fred Wilpon

The Related Companies and the real estate firm controlled by the New York Mets ownership, Sterling Equities, are closing in on a deal to develop a mall on Willets Point, the Wall Street Journal reported. The proposal calls for significant changes to the vision laid out by the Bloomberg administration, most notably bringing more retail to the long-awaited $3 billion project’s first phase. [more]

Rendering of Willets Point development at 126th Street

The Federal Highway Administration delivered good news to the city’s longstanding effort to redevelop the Willets Point neighborhood of Queens. According to Crain’s, the federal agency ruled that proposed ramps for the Van Wyck Expressway would not significantly affect traffic and businesses in the neighborhood. [more]

David Schechtman and 310 East 55th Street

The 3.6-acre waterfront plot near Citi Field in Queens that was reported to be in default by The Real Deal  is guaranteed by 75 co-op units in Midtown Manhattan.

According to the New York Daily News, lender U.S. Bank is seeking the highest bid for the mortgage it provided to Abs Flushing Development for the site, at 39-08 Janet Place. The new owner will also take control of the co-ops at 310 East 55th Street. [more]

Sketch of Willets Point redevelopment

With Governor Andrew Cuomo’s plan for a convention center near the Aqueduct in Queens grabbing headlines, the New York Times checked in on the status of Mayor Michael Bloomberg’s plan for a similar, albeit smaller, convention center in the borough.

The Willets Point convention center is still in the works, the Times found. It’s a curious development — two centers within miles of one another — considering the general appetite for convention centers has faded with the growth of the Internet. [more]

Harvard graduate Jukay Hsu and the city’s plans for Willets Point

City Council members are encouraging the city to consider a Harvard University graduate’s plan for a so-called Silicon Valley 2.0 at Willets Point in Flushing. The city had previously dimissed Jukay Hsu’s proposal, saying that it strayed too far from the city’s plans for affordable housing near Citi Field, the New York Daily News reported.

Hsu said the area, in close proximity to the 7 train and LaGuardia Airport, presents the perfect opportunity for a university campus and space for tech startups.

Council member Dan Halloran called Hsu’s plan “phenomenal,” but said it wouldn’t be easy to convince the city Economic Development Corporation to change its strategy for the area. [more]

Two years have passed since the opening of new stadiums for the Yankees and Mets, but local businesses around the areas are still struggling.
In the Bronx, retailers near Yankee Stadium are looking for a pick up in the economy to boost sales. “I was very excited in the beginning when the new stadium opened and thought it was going to be better for us, but it was not,” said Mike Hong, owner of D&J Variety Store on 161st Street near the stadium.
In reality, the new stadium included more bars, restaurants and shops selling Yankees merchandise and memorabilia to compete with local merchants, a Metro-North commuter train stop and more parking spots that diverted foot traffic. [more]

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]

The Bloomberg administration granted permission yesterday for the construction of two highway off-ramps for the Van Wyck Expressway that city officials had slated as essential for the redevelopment of Willets Point in Queens, according to Crain’s.

Several Willets Point property owners had been attempting to stall the redevelopment project, claiming that the city had pledged not to condemn state land until the ramps had been okayed. A New York City Economic Development Corp. spokesperson said that the procedural hurdle had now been overcome, and they could move on to the required public review process. [more]