Hunts Point Market negotiations hit another stumbling block

TRD New York /
Sep.September 06, 2012 11:00 AM

Hunts Point Produce Market is again threatening to move to New Jersey. Despite having secured a $172.5 million incentive package from the city, the market said it would allow the exclusive negotiating window with the city to expire, the New York Times reported.

The market and the city were believed to be on the verge of finalizing an agreement to keep the market, which generates $2.3 billion in sales annually and employs more than 3,500 people, in the Bronx, where it has been located since 1967. But the market cooperative and the city can’t agree on the role of the Business Integrity Commission, an agency charged with preventing organized crime in carting.

“They feel they have an open-ended power to oversee everything done by the management of this market,” Matthew D’Arrigo, co-president of the cooperative, told the Times. “We fundamentally disagree. Their mission begins and ends with organized crime.”

Before this issue arose, city officials anticipated the market would sign a 99-year lease and spend about $330 million to upgrade its Hunts Point location. Now, the market is eyeing New Jersey, which is willing to do “whatever it would take” to get it, according to co-president Stephen Katzman. However, D’Arrigo insisted the market preferred to stay in the city. [NYT]Adam Fusfeld

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Close to 100 employees were given notice on Monday morning (Credit: iStock)

Ten-X Commercial lays off nearly half its workforce

475 Park Avenue South (Credit: Google Maps)

Cohen Brothers Realty sues storied landlord to stay in Park Ave South building

Tracey Appelbaum (Photos by Emily Assiran)

At the desk of: Tracey Appelbaum

308 West 82nd Street and Real Capital Analytics founder Robert M. White Jr. (Credit: Google Maps)

Real Capital Analytics’ founder buys UWS building, leading last week’s I-sales

93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio