New York City – November 9, 2008 – (RealEstateRama) – New York City Economic Development Corporation (NYCEDC) today announced that it has signed seven property acquisition agreements with two landowners at Willets Point, Queens. The new agreements amount to nearly four acres, or 170,657 square feet. Taking into account these acquisitions, previously announced acquisitions and the 14 acres of public streets owned by the City, the City now controls more than 45 percent of the 62-acre site. There are several auto-related businesses located on the most recently acquired properties.
“These latest agreements with landowners in Willets Point builds on the rapid progress we have been making to acquire as much land as possible through direct negotiations with local businesses and landowners. It brings us that much closer to reaching the Mayor’s goal of transforming this blighted area into an engine of economic growth and the first green neighborhood in New York City,” said NYCEDC President, Seth W. Pinsky. “The City now controls about 28 acres of land in Willets Point. We will continue to work hard to reach as many negotiated acquisitions as possible as the project moves through the public review process.”
The City has now reached agreements with Willets Point landowners controlling approximately 590,000 square feet, or about 14 acres of formally private land. NYCEDC continues to work to reach additional agreements before and after the City Council’s vote this month at the conclusion of the Uniform Land Use Review Procedure (ULURP). Most agreements are contingent on ULURP approval of the Willets Point Development Plan.
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.
