Home Housing & Development NYCEDC Seeks Developer For Corn Exchange Building in East Harlem

NYCEDC Seeks Developer For Corn Exchange Building in East Harlem

New York, NY – March 24, 2011 – (RealEstateRama) — New York City Economic Development Corporation (NYCEDC) issued a Request for Expressions of Interest (RFEI) for the purchase or ground lease, and redevelopment of the Corn Exchange Building in East Harlem. The building, located on the northwest corner of the intersection of Park Avenue and East 125th Street, is a city landmark built in 1883. The lot is approximately 4,500 square feet and is zoned for residential and commercial uses.

“After years of seeking to regain control of the underutilized Corn Exchange Building, NYCEDC is proud to be taking this important step in the redevelopment of this neighborhood landmark,” said NYCEDC President Seth W. Pinsky. “The project will bring much-needed jobs and economic investment to the area, while reactivating a building located in the heart of Harlem’s 125th Street commercial corridor. We are eager to unlock the potential of this site and add it to the list of City development projects moving forward across Harlem.”

There are a number of City projects currently progressing in the Harlem area. These include:

  • The redevelopment of the former Taystee Bakery complex in West Harlem. An RFEI was recently issued for the redevelopment of the former Taystee Bakery complex located at 461 West 125th Street and 426-458 West 126th Street. NYCEDC received 16 responses to the RFEI and negotiations are progressing.
  • The opening of the kitchen incubator at La Marqueta. The newly renovated 3,000 square-foot incubator, operated by Hot Bread Kitchen, provides shared workspace and technical assistance for small, artisanal and ethnic food businesses making the transition from working in home kitchens to using fully-equipped, professional facilities. Complementing the addition of the kitchen incubator are several new tenants in the market, who are helping to reconnect the community to the market, provide access to healthy food, support small businesses, generate local economic development and celebrate local culture.
  • Construction of the East Harlem Media, Entertainment and Cultural Center. The first phase of this 1.7-million-square-foot, mixed-use development is currently under construction and expected to be completed this summer. The final development will create 1,500 permanent jobs, 4,000 construction jobs, 600 affordable housing units, dedicated community space, a public plaza, new retail and office space, and a hotel.

The RFEI for the Corn Exchange Building seeks to gauge interest in the redevelopment of the vacant building. Previously, in 2000, Corn Exchange, LLC had been selected to redevelop the Corn Exchange Building. However, as a result of Corn Exchange LLC’s failure to develop the site, a New York State Supreme Court awarded title of the site to NYCEDC in 2009. The court’s decision is currently under appeal, but NYCEDC is confident that the decision will be affirmed.

To obtain a copy of the complete RFEI, please visit www.nycedc.com/rfp.  Responses are due on April 22, 2011 at 4 p.m.

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. Find us on Facebook and Twitter to learn more about NYCEDC projects and initiatives.

Julie Wood/Kyle Sklerov
(212) 312-3523