New York City, October 18, 2008 – (RealEstateRama) — New York City Economic Development Corporation (NYCEDC) today announced that it has signed two property acquisition agreements and one business relocation agreement with three landowners at Willets Point, Queens. The new agreements amount to 2.7 acres, or 114,239 square feet, and nearly double the amount of privately owned land at Willets Point that is now controlled by the City.
“We are pleased to have made good on our promise to reach as many negotiated acquisition agreements as possible in Willets Point, prior to the City Council’s vote. Our three latest agreements demonstrate EDC’s commitment to working together with local businesses and landowners to achieve fair and negotiated terms,” said Seth W. Pinsky, President, NYCEDC. ” This brings the total land the City controls to almost six acres and we will continue to work to come to terms with the remaining businesses and realize Willets Point’s potential as an area of major economic growth.”
The City has now reached a total of eight deals bringing the total amount of formerly privately-owned land controlled by the City to more than 5.8 acres, or 254,131 square feet. The city already owns 14 acres of the 62-acre site. NYCEDC expects to reach additional agreements before the City Council’s vote next month at the conclusion of the Uniformed Land Use Review Procedure (ULURP).
NYCEDC has reached agreement with the following three landowners to acquire its property in Willets Point:
- Parts Authority, which owns 24,739 square feet of industrial land;
- Two large landowners representing 89,500 square feet of industrial land.
The sales are contingent upon ULURP approval of the Willets Point Development Plan.
Under the City’s plan, the 62 acres at Willets Point will be remediated and prepared for a new mixed-use community that will include housing, restaurants, stores, parks, and a school. The project will also provide 18,000 construction jobs and more than 5,000 permanent jobs.
NYCEDC has been engaged in active relocation and property acquisition negotiations with many businesses and property owners of all sizes since announcing its redevelopment plans last year, holding hundreds of meetings with businesses and owners during this period.
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.
