New York City – November 3, 2008 – (RealEstateRama) – New York City Economic Development Corporation (NYCEDC) today announced that it has reached negotiated property acquisition agreements with two additional property owners at Willets Point, Queens. The first agreement, with House of Spices, is for 173,000 square feet, or four acres, and is the largest parcel of privately controlled land to be acquired to date by the City in connection with plans to redevelop the area into a dynamic mixed-use community. The second agreement is with Prevete Brothers, an auto salvage company, for 12,000 square feet of land. Taking into account these acquisitions, previously announced acquisitions and the14 acres of public streets owned by the City, the City now controls nearly 40 percent of the 62-acre site.
“These agreements with House of Spices and Prevete Brothers, on the heels of our agreements with three additional Willets Point businesses last month and several before that, are a significant step toward attaining our goal of transforming the 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 almost 24 acres of land in Willets Point. We remain committed to working with the remaining land owners and businesses to reach as many negotiated acquisitions as possible as the project moves through the public review process.”
The terms of the agreement gives House of Spices, one the largest distributors of Indian food in the United States, sufficient time to evaluate several relocation options within the City to satisfy its current requirements as well as accommodate its anticipated expansion plans.
The City reached agreements last month with three businesses that control a total of 114,239 square feet, or 2.7 acres. The City has now reached agreements with Willets Point landowners controlling approximately 439,131 square feet, or about ten acres of formally private land. NYCEDC continues to work to reach additional agreements before 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.
