Hunts Point Terminal lease, redevelopment negotiations hit stumbling block

TRD New York /
May.May 06, 2013 02:00 PM

Talks between Hunts Point Terminal Produce Market merchants and the city regarding the complex’s lease and its redevelopment have hit a dead end, Crain’s reported.

The negotiations have already gone on for two years, and the current impasse could reignite talks between the merchants and New Jersey, which had previously tried to win over the vendors with tax breaks, Crain’s said.

“I’m not sure either party thinks there is any progress that can be made with further talks; the deal fell apart,” Matthew D’Arrigo, the co-president of the merchants’ cooperative, told Crain’s.

He said that the co-op has not spoken with New Jersey officials in two years.

As previously reported, the vendors reached a tentative deal in January with the city to extend their lease at the 113-acre site by 10 years. However, Crain’s noted, the cooperative rejected the deal later that month.

Additionally, a lawsuit has tainted the good will between the two sides, Crain’s said. The market’s produce vendors filed a suit last month against the Business Integrity Commission, a city agency, alleging it committed fraud by hiring a construction company several years ago whose principals have criminal records. [Crain’s]Zachary Kussin


Related Articles

arrow_forward_ios
(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

Researchers and their “living concrete”

This “living concrete” could revolutionize real estate on earth, and in space

Budapest (Credit: Pixabay)

This European city has the world’s fastest rising home price

(Credit: iStock, Wikipedia)

CBRE to open first Northeast co-working location in Philadelphia

Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of Abu Dhabi, Softbank CEO Masayoshi Son, and former British Prime Minister Tony Blair (Credit: Getty Images)

Masa Son, the crown prince of Dubai and Tony Blair walk into a bar and decide to build a $34B city in Asia

State Senator Julia Salazar and Assemblymember Harvey Epstein (Credit: Getty Images)

Pols take aim at private equity with new plan to tax mezz debt

arrow_forward_ios
Loading...