Economic Development Corporation

$3.2 million tax exemption awarded Brooklyn developer

The Albee Street Mall on Gold Street will be razed to make way for one of the tallest buildings in downtown Brooklyn. Image courtesy of Greenberg Farrow.

Downtown Brooklyn mall to be demolished for large mixed-use retail, office, and residential center. On February 13, 2007, the New York City Industrial Development Agency, a component of the New York City Economic Development Corporation, approved financial assistance for the construction of a new 1.8-million-square-foot mixed-use development in … <Read More>

$811 million in bond offerings on IDA’s calendar.

February calendar includes 17 projects. The New York City Industrial Development Agency, a component of the Economic Development Corporation, will hold its monthly public hearing on February 8, 2007 for 17 proposed projects including bond offerings totaling $811 million and seven straight-leases.

Included among the 17 projects is a straight-lease to NBC Universal of 1,380,000 sq.ft. of office space at 30 Rockefeller Plaza. The City would lease the property from the building’s owner and sub-lease … <Read More>

Atlantic Basin project proposed

EDC seeks proposals to redevelop marina and pier on Brooklyn waterfront. In January 2007, the New York City Economic Development Corporation requested proposals to redevelop the Atlantic Basin Marina, a 17-acre, 25-foot deep protected bay and a 250,000-square-foot portion of adjacent Pier 11. The Basin, located in the Red Hook portion of Brooklyn, thrived as an active port from 1847 until the 1950s. In recent years it remained largely empty, used only to store derelict … <Read More>

Six-acre Harlem site proposed for redevelopment

EDC reissued request for development proposals after community opposed first plan. On October 18, 2006, the New York City Economic Development Corporation reissued a request for proposals for a six-acre lot in East Harlem bounded by East 125th and 127th Streets and Third and Second Avenues after the community opposed the original winning plan.

The six-acre proposed site currently contains an MTA bus storage facility, which the selected developer must move underground, as well as … <Read More>

Kingsbridge Armory proposed for reuse

EDC seeks proposals to convert historic Bronx armory to a mixed-use facility. On September 26, 2006, the City’s Economic Development Corporation released a request for proposals for the sale and redevelopment of the Kingsbridge Armory located on the southwest corner of 195th Street and Jerome Avenue in the Bronx. Reportedly the largest Armory in the world, the main floor is larger than a full city block, and is comprised entirely of an immense 300-foot by … <Read More>