New York City Economic Development Corporation
) is a non-profit local development corporation that promotes economic growth across New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
's five boroughs. It is the City's official Economic development corporation
An economic development corporation is an organization common in the United States, usually a 501 non-profit whose mission is to promote economic development within a specific geographical area. These organizations are similar to, and complementary to Chambers of Commerce.-For Further...
, charged with using the City's assets to drive growth, create jobs, and improve quality of life. Seth Pinsky is the current president of NYCEDC. The agency has its headquarters in Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...
Through annual contracts with the City of New York, NYCEDC acts as the representative of the City on economic development matters. It is not a City agency.
NYCEDC has 27 members who appoint themselves to NYCEDC’s Board of Directors. The Mayor directly 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 City Council. Each Borough President nominates one member and the Speaker of the City Council nominates five. Ten members are appointed by the Chairperson from a list of persons approved by the Mayor.
- Develops real estate, using partnerships between the public and private sectors to stimulate the economy
- Provides business, economic, and policy advice to the City, not-for-profit, and for-profit private sectors to help attract and retain world-class companies and professionals
- Manages City properties and assets, including manufacturing and distribution hubs and other infrastructure
- Invests in and provides financial tools that allow businesses and not-for-profits to grow and generate new jobs and revenue
NYCEDC was formed in 1991 as the result of a merger of two not-for-profit corporations – the Public Development Corporation (PDC) and the Financial Services Corporation (FSC) – which had performed economic development services for the City.
PDC was initially formed in 1966 as an effort to rescue the City from its deteriorating economy by selling City property and leasing industrial space. PDC was responsible for many well-known development projects between 1966 and 1991, including Nassau Street
Nassau Street is a street in the Financial District of the New York City borough of Manhattan, located near Pace University and New York City Hall. It starts at Wall Street and runs north to Frankfort Street at the foot of the Brooklyn Bridge, lying one block east of Broadway and east of Park Row...
Mall, 42nd Street Development Project, Brooklyn Army Terminal
The Brooklyn Army Terminal is large complex of piers, docks, warehouses, cranes, rail sidings and cargo loading equipment on between 58th and 63rd Street in Sunset Park, Brooklyn. During World War II, the terminal was responsible for shipment of 85% of army equipment and personnel overseas;...
, Jamaica Center, and South Street Seaport
The South Street Seaport is a historic area in the New York City borough of Manhattan, located where Fulton Street meets the East River, and adjacent to the Financial District. The Seaport is a designated historic district, distinct from the neighboring Financial District...
The FSC was a not-for-profit local development corporation that formed in 1980 to administer government financing programs that promote business expansion in New York City.
Following a 1991 merger, NYCEDC assumed all of the responsibilities of its predecessors and also acquired two new divisions—Maritime Contracts and Business Services and Economic Development.
Center for Economic Transformation
NYCEDC works to diversify the economy and position New York City as the place for innovation to thrive. The Center for Economic Transformation (CET) at NYCEDC develops the City’s major business sectors by addressing current challenges faced by industries through analysis of current economic trends, developing strategies and solutions, and implementing programs that help businesses expand and succeed. CET pilots over 60 initiatives that support entrepreneurship across all sectors, including providing access to capital, incubators and affordable workspaces, and help legacy industries like media, fashion, and manufacturing transition to new business models. CET also captures a leadership role for the City in emerging sectors like bioscience, the green economy, and technology.
NYCEDC drives the physical transformation of New York City, completing major infrastructure upgrades and creating new residential and commercial districts. NYCEDC implements capital projects that encourage the use of strategic and/or underutilized property for economic development purposes. It also conducts real estate planning and feasibility studies, working with other City agencies to develop area-wide development plans; guides development plans and projects through necessary public approvals; negotiates public-private partnerships; and performs financial analyses.
NYCEDC is currently working with the City on a number of projects and initiatives, including:
- Hunts Point Peninsula, Bronx
- Yankee Stadium
Yankee Stadium was a stadium located in The Bronx in New York City, New York. It was the home ballpark of the New York Yankees from 1923 to 1973 and from 1976 to 2008. The stadium hosted 6,581 Yankees regular season home games during its 85-year history. It was also the former home of the New York...
Area Redevelopment, Bronx
- Coney Island, Brooklyn
- Sunset Park Waterfront, Brooklyn
- 125th Street in Harlem, Manhattan
- Essex Street Market
The Essex Street Market is an indoor retail market that was one of a number of such facilities built in the 1930s under the administration of Mayor Fiorello La Guardia at 120 Essex Street at the corner of Delancey Street...
- High Line, Manhattan
- Downtown Jamaica Initiatives, Queens
- Gotham Center, Queens
- Hunter's Point South, Queens
- Willets Point, Queens
Willets Point, also known locally as the Iron Triangle, is the name currently applied to a neighborhood of Corona, in the New York City borough of Queens....
- New Stapleton Waterfront, Staten Island
- St. George Terminal
St. George Terminal is a park and ride and sea, railway, and bus transit center that is located in the St. George section of Staten Island, New York. It is located at the intersection of Richmond Terrace and Bay Street, near Staten Island Borough Hall, Richmond County Bank Ballpark and Richmond...
, Staten Island
- Sunshine Bronx Business Incubator
In the past, NYCEDC has successfully implemented a variety of development initiatives throughout New York City, including the revitalization of East New York Industrial Business Zone, the Bronx reconstruction of Pepsi-Cola Bottling Company of New York, and the completion of capital improvements on the Whitehall Ferry terminal, to name a few.
NYCEDC also works to reactivate miles of the City’s working waterfront and expand maritime and manufacturing employment to stimulate the local economy. The Sunset Park Vision Plan, for example, is a comprehensive framework that presents strategies to maximize the efficient movement of goods, protect and grow industrial employment, promote green practices, and balance neighborhood and industrial development goals in an environmentally sustainable manner. NYCEDC 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. The agency also manages the inspection and rehabilitation of approximately 75 miles of structures supporting waterfront esplanades throughout the five boroughs.
Other entities administered by NYCEDC
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, help businesses locate and expand their operations within New York City, and encourage 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.
Carl Weisbrod, 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 Bloomberg appointed him as Deputy Mayor for Economic Development & Rebuilding in December 2007. The current president of NYCEDC is Seth Pinsky, who was appointed in February 2008.