New York City, November 13, 2008 – (RealEstateRama) – New York City Economic Development Corporation (NYCEDC) today announced that it has signed a property acquisition agreement with Tully Construction, Inc, a landowner at Willets Point, Queens as well as an option agreement for land used by Tully Environmental Inc. and as a headquarters facility. The agreement gives the City the right to control about 10 additional acres or 416,901 square feet of property on the 62 acre site.
“Today’s agreement with Tully marks another significant milestone for this project. After a fast-paced and fruitful final week of negotiations we have reached fair agreements for a substantial portion of private land in the area, including land owned by Tully, the largest business in Willets Point,” said NYCEDC President, Seth W. Pinsky. “Following on our successful negotiations with property owners and local elected officials we look forward to continued negotiations as we work to transform this blighted area into an engine of economic development, job creation and ultimately New York City’s next great neighborhood.”
In addition to the agreement with Tully, the City is working on agreements with two of the largest employers in Willets Point that will allow them to remain at their current location while early phases of the project move forward. The businesses, Fodera Foods and House of Spices, are located in the far north-easterly corner of Willets Point, away from the parts of the neighborhood where work is likely to start first. As the project is built out, they would be able to sell their sites directly to future developers, who would be required to build in conformity with the Mayor’s plan. These agreements will allow the overall timeframe of the City’s redevelopment plan to go unchanged.
NYCEDC will continue to work to reach additional agreements with landowners and businesses following the City Council’s approval of the Uniform Land Use Review Procedure (ULURP).
Under the City’s redevelopment plan, the 62-acres at Willets Point will be transformed from a highly contaminated, blighted industrial area into an exciting mixed-use community that will include housing, restaurants, stores, parks and a school. The project will provide 18,000 construction jobs and more than 5,000 permanent jobs. NYCEDC has also been engaged in active relocation negotiations with many businesses of all sizes since announcing its redevelopment plans.
About NYCEDC
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.
