New York City Industrial Development Agency
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New York City Economic Development Corporation (NYCEDC) is a nonprofit corporation whose stated mission is to "leverage the city’s assets to create beneficial jobs that drive growth. This ensures equitable and sustainable development across all five boroughs."


History

NYCEDC was formed in 1991 as the result of a merger of two major not-for-profit and a handful of minor corporations which performed economic development services for the City. One of the major
merger Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
partners was the Public Development Corporation (PDC), formed in 1966 to rescue the City from its then-deteriorating economy by selling City property and leasing industrial space. PDC was responsible for construction of the Nassau Street Mall, the
Brooklyn Army Terminal The Brooklyn Army Terminal (BAT) is a large warehouse complex in Sunset Park, Brooklyn, New York City. The site occupies more than between 58th and 63rd Streets west of Second Avenue, on Brooklyn's western shore. The complex was originally u ...
, Jamaica Center, and the
South Street Seaport The South Street Seaport is a historic area in the New York City borough of Manhattan, centered where Fulton Street meets the East River, and adjacent to the Financial District, in Lower Manhattan. The Seaport is a designated historic district, ...
, among other activities. The second major merger partner was the Financial Services Corporation (FSC) formed in 1980 to administer government financing programs that promote business expansion in New York City. Formation of the NYCEDC followed recommendations from the consulting firm
McKinsey & Company McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and ...
, who had been engaged in mid-1990 to "advise on the reorganisation of the NYC development system.
Carl Weisbrod Carl Weisbrod is an American public sector executive and urban development expert. He is currently a senior advisor to HR&A Advisors and a Senior Fellow at the New York University Marron Institute of Urban Management. Weisbrod most recently serv ...
, formerly of PDC prior to its merger with FSC, was the first president of NYCEDC under the Dinkins administration. Weisbrod was succeeded by Charles Millard and Michael G. Carey under the Giuliani administration, followed by Andrew Alper, the first president appointed to the position during the Bloomberg administration. Robert C. Lieber was appointed in January 2007 and served until Mayor Michael R. Bloomberg appointed him as Deputy Mayor for Economic Development & Rebuilding in December 2007. Seth Pinsky served as President from February 2008 to August 2013.


Applied Sciences NYC

One of NYCEDC’s largest initiatives to date is Applied Sciences NYC, a competition to create a new world-class engineering campus in NYC. In December 2011, Mayor Bloomberg announced the selection of a historic partnership with Cornell University and the Technion-Israel Institute of Technology to create a groundbreaking, two-million-square foot applied science and engineering campus on Roosevelt Island, to be called
Cornell Tech Cornell Tech is a technology, business, law, and design campus of Cornell University located on Roosevelt Island in Manhattan, New York City. It includes the Jacobs Technion-Cornell Institute, a joint academic venture between Cornell and the Tec ...
. Applied Sciences NYC is expected to more than double the number of both full-time graduate engineering students and faculty in New York City. Over the next three decades the Applied Sciences NYC initiative is expected to generate more than $33 billion in overall nominal economic impact, add over 48,000 jobs, and launch nearly 1,000 spin-off companies. The Applied Sciences NYC initiative also includes the establishment of a campus in
Downtown Brooklyn Downtown Brooklyn is the third largest central business district in New York City after Midtown Manhattan and Lower Manhattan), and is located in the northwestern section of the borough of Brooklyn. The neighborhood is known for its office and ...
developed by a consortium led by NYU that focuses on the challenges facing cities, and a new institute for data sciences at Columbia University.


Governance

The
Mayor of New York The mayor of New York City, officially Mayor of the City of New York, is head of the executive branch of the government of New York City and the chief executive of New York City. The mayor's office administers all city services, public property ...
appoints seven members, including the chairperson. Ten additional members are appointed by the Mayor from nominees of the Borough Presidents and the
Speaker of the New York City Council The New York City Council is the lawmaking body of New York City. It has 51 members from 51 council districts throughout the five boroughs. The council serves as a check against the mayor in a mayor-council government model, the performance of ...
. Each Borough President nominates one member and the Speaker nominates five. Ten are appointed by the Chairperson from a list of persons approved by the Mayor. NYCEDC is not a New York City agency. In 2015, Mayor Bill de Blasio appointed 10 new members to the board of directors and , its Board of Directors has 27 members.Size of the Board of Directors was based on counting the number of names in the list. Based on past member lists, the number of board members is not constant. In April 2021, restaurateur
Danny Meyer Daniel Meyer (born March 14, 1958) is a New York City restaurateur and the Founder & Executive Chairman of the Union Square Hospitality Group (USHG). Background and early career Meyer was born and raised in a reform Jewish family in St. Louis, M ...
was named as chairman.


Other entities

New York City Industrial Development Agency (NYCIDA) is a public benefit corporation under New York State law that provides companies with access to tax-exempt bond financing or tax benefits to strengthen and diversify the City’s tax and employment base, helps businesses locate and expand their operations within New York City, and encourages economic development by retaining jobs and creating new ones. NYCIDA is administered by NYCEDC. New York City Capital Resource Corporation (NYCCRC), also administered by NYCEDC, is a local development corporation that provides lower-cost financing programs for eligible capital projects to qualified not-for-profit institutions and manufacturing, industrial, and other businesses.


Public projects

NYCEDC's joint projects with New York City as of 2018 include: *
Hunts Point, Bronx Hunts Point is a neighborhood located on a peninsula in the South Bronx of New York City. It is the location of one of the largest food distribution facilities in the world, the Hunts Point Cooperative Market. Its boundaries are the Bruckner Exp ...
*
Coney Island Coney Island is a peninsular neighborhood and entertainment area in the southwestern section of the New York City borough of Brooklyn. The neighborhood is bounded by Brighton Beach and Manhattan Beach, Brooklyn, Manhattan Beach to its east, L ...
, Brooklyn * Sunset Park Waterfront, Brooklyn * 125th Street, Manhattan *
Essex Crossing Essex Crossing is an under-construction mixed-use development in New York City's Lower East Side, at the intersection of Delancey Street and Essex Street just north of Seward Park. Essex Crossing will comprise nearly of space on and will cos ...
, Manhattan *
The High Line The High Line is a elevated linear park, greenway and rail trail created on a former New York Central Railroad spur on the west side of Manhattan in New York City. The High Line's design is a collaboration between James Corner Field Ope ...
, Manhattan *
The Hub, Bronx The Hub is a major commercial center for the South Bronx, New York. It is located where four roads converge: East 149th Street, and Willis, Melrose and Third Avenues. It is primarily located inside the neighborhood of Melrose but also lines the n ...
* Downtown
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of His ...
Initiatives, Queens * Gotham Center, Queens *
Hunter's Point South __NOTOC__ Hunter's Point South is a mixed-use development situated on approximately 30 acres of prime waterfront property in in Long Island City, the westernmost neighborhood of the New York City Borough (New York City), borough of Queens. Up t ...
, Queens *
Willets Point, Queens Willets Point, also known locally as the Iron Triangle, is an industrial neighborhood within Corona, in the New York City borough of Queens. Located east of Citi Field near the Flushing River, it is known for its automobile shops and junkyards ...
*
East River Ferry NYC Ferry is a public network of ferry routes in New York City operated by Hornblower Cruises. , there are six routes, as well as one seasonal route, connecting 25 ferry piers across all five boroughs. NYC Ferry has the largest passenger fleet ...
Service *
St. George Terminal St. George Terminal is a ferry, railway, bus, and park and ride transit center in the St. George neighborhood of Staten Island, New York City. It is located at the intersection of Richmond Terrace and Bay Street, near Staten Island Borough Ha ...
, Staten Island *
Kingsbridge Armory The Kingsbridge Armory, also known as the Eighth Regiment Armory, is a decommissioned armory at Jerome Avenue and West Kingsbridge Road in the Kingsbridge neighborhood of the Bronx in New York City. It was built in the 1910s, from a design by the f ...
, Bronx *
New York Wheel The New York Wheel was a proposed Ferris wheel to be located at St. George in Staten Island, New York City, next to the Empire Outlets retail complex. The project was announced in 2012 as part of an initiative to make St. George into a touri ...
, Staten Island *
Empire Outlets Empire Outlets New York City is a retail complex in the St. George neighborhood of Staten Island in New York City. Construction on Empire Outlets started in 2015, and the complex opened on May 15, 2019. Tentative plans called for 100 stores, bu ...
, Staten Island * Seward Park, Manhattan *
Brooklyn Army Terminal The Brooklyn Army Terminal (BAT) is a large warehouse complex in Sunset Park, Brooklyn, New York City. The site occupies more than between 58th and 63rd Streets west of Second Avenue, on Brooklyn's western shore. The complex was originally u ...
, Brooklyn


Controversial projects

In November 2018, the news media reported that
Amazon.com Amazon.com, Inc. ( ) is an American multinational technology company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. It has been referred to as "one of the most influential economi ...
was in final talks with the
government of New York State The Government of the State of New York, headquartered at the New York State Capitol in Albany, encompasses the administrative structure of the U.S. state of New York, as established by the state's constitution. Analogously to the US federal ...
to construct one of two campuses for its proposed
Amazon HQ2 Amazon HQ2 is Amazon's corporate headquarters in Crystal City, Arlington, Virginia and is an expansion of the company's headquarters in Seattle, Washington. HQ2 was announced in September 2017, when Amazon submitted request for proposals to go ...
at
Queens West Queens West is a district and redevelopment project along the East River in Long Island City, Queens, New York City. The project, located on Hunter's Point south of the Anable Basin, is a joint project sponsored by the Port Authority of New Y ...
in Long Island City. (The other campus would be located at
National Landing National Landing is an area in Northern Virginia encompassing parts of the Crystal City and Pentagon City neighborhoods of Arlington County and the Potomac Yard neighborhood in the city of Alexandria that has been announced as the location for ...
in
Crystal City, Arlington, Virginia Crystal City is an urban neighborhood in the southeastern corner of Arlington County, Virginia, south of downtown Washington, D.C. Due to its extensive integration of office buildings and residential high-rise buildings using underground corridor ...
.) The selection was confirmed by Amazon on November 13, 2018, but on February 14, 2019, Amazon announced it was pulling out, citing unexpected opposition from local lawmakers and unions.


Waterfront rehabilitation

NYCEDC has been involved in plans to redevelop miles of the City’s working waterfront. It states that it helps improve public access to waterfronts through projects such as the construction of the East River Waterfront Esplanade along a two-mile shorefront of Lower Manhattan.


References


Notes


Project information


External links

*
NYCEDC: Transforming New York City (video)
{{New York state public-benefit corporations Public benefit corporations in New York (state) Investment promotion agencies 1991 establishments in New York City Organizations established in 1991 Economic development organizations in the United States