Hunts Point merchants clash with city in lease renewal talks

The city has formally begun discussions over a new lease with the fruit and vegetable merchants that occupy the massive market at Hunts Point in the South Bronx, and the Wall Street Journal reported that so far, they’re not going well. The current $5 million-per-year lease for the 110-acre, city-owned site that includes the Fulton Fish Market, expires in June. While both sides agree that the facilities need a major overhaul, they’ve been sparring over how much the merchants themselves should contribute to the upgrades — an estimated $320 million project. A city official called the first proposal by the merchants’ Terminal Produce Cooperative “an outrageously low offer.” The merchants, meanwhile, say they’re willing to compromise but have also been looking for alternative sites in New Jersey with the help of their real estate advisor, Jones Lang LaSalle. [WSJ]