This article contains promotional content .(February 2017) |
Predecessor |
|
---|---|
Formation | 1991 |
Type | non-profit economic development corporation |
Headquarters | One Liberty Plaza, New York City, U.S. [1] |
President | Andrew Kimball |
Website | edc |
New York City Economic Development Corporation (NYCEDC) is a public-benefit corporation that serves as the official economic development organization for New York City. NYCEDC gives its mission as strengthening business confidence in New York City, diversifying the city's economic sectors, and delivering sustainable infrastructure.
NYCEDC was formed in 1991 as the result of a merger of two major non-profit and a handful of minor corporations which performed economic development services for the City. One of the major merger 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, Jamaica Center, and the South Street Seaport, among other activities. The second major merger partner was the Financial Services Corporation (FSC) originally formed in 1979 as the NYC Economic Capital Corporation to administer government financing programs that promote business expansion in New York City. [2] Formation of the NYCEDC followed recommendations from the consulting firm McKinsey & Company, who had been engaged in mid-1990 to "advise on the reorganisation of the NYC development system. [3]
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 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.
One of NYCEDC’s largest initiatives to date is Applied Sciences NYC, a competition to create a new world-class engineering campus in NYC. [4] 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. [5] 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 developed by a consortium led by NYU that focuses on the challenges facing cities, and a new institute for data sciences at Columbia University.
The Mayor of New York 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. 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 As of April 2018 [update] , its board of directors has 27 members. [6] [note 1] [7]
In April 2021, restaurateur Danny Meyer was named as chairman. [8]
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.
This article needs to be updated.(July 2021) |
NYCEDC's joint projects with New York City as of 2018 include:
In November 2018, the news media reported that Amazon.com was in final talks with the government of New York State to construct one of two campuses for its proposed Amazon HQ2 at Queens West in Long Island City. The other campus would be located at National Landing in Crystal City, Virginia. [9] The selection was confirmed by Amazon on November 13, 2018, [10] [11] but on February 14, 2019, Amazon announced it was pulling out, citing unexpected opposition from local lawmakers and unions. [12] [13]
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. [info 1]
Long Island City (LIC) is a neighborhood within the New York City borough of Queens. It is bordered by Astoria to the north; the East River to the west; Sunnyside to the east; and Newtown Creek, which separates Queens from Greenpoint, Brooklyn, to the south. Its name refers to its location on the western tip of Long Island.
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, police and fire protection, most public agencies, and enforces all city and state laws within New York City.
The Downtown Manhattan Heliport is a helicopter landing platform at Pier 6, on the East River, in the Financial District of Lower Manhattan in New York City.
The borough presidents are the chief executives of the five boroughs of New York City. For most of the city's history, the office exercised significant executive powers within each borough, and the five borough presidents also sat on the New York City Board of Estimate, which was abolished in 1990. After the Board of Estimate was disbanded, the borough presidents were stripped of a majority of their powers in the government of New York City.
The boroughs of New York City are the five major governmental districts that comprise New York City. They are the Bronx, Brooklyn, Manhattan, Queens, and Staten Island. Each borough is coextensive with a respective county of the State of New York: The Bronx is Bronx County, Brooklyn is Kings County, Manhattan is New York County, Queens is Queens County, and Staten Island is Richmond County.
The Brooklyn Cruise Terminal is a cruise terminal in the Red Hook neighborhood of Brooklyn, New York City. The terminal is 180,000 square feet (17,000 m2) and sits on Buttermilk Channel, a tidal strait separating Brooklyn from Governors Island. It is owned by the City of New York and operated by Ports America. The terminal is one of three terminals for ocean-going cruise ships in the New York metropolitan area. Ships from Carnival Corporation call the terminal their home port.
Robert King Steel is an American businessman, financier and government official who has served as Deputy Mayor for Economic Development in the administration of New York City Mayor Michael Bloomberg, Under Secretary for Domestic Finance of the United States Treasury, chief executive officer of Wachovia Corporation and vice chairman of Goldman Sachs. He has also served as chairman of the board of trustees at Duke University and the Aspen Institute. In May 2014, he was tapped to succeed Joseph R. Perella as chief executive officer of Perella Weinberg Partners, a private investment banking and asset management firm.
Industry City is a historic intermodal shipping, warehousing, and manufacturing complex on the Upper New York Bay waterfront in the Sunset Park neighborhood of Brooklyn, New York City. The northern portion, commonly called "Industry City" on its own, hosts commercial light manufacturing tenants across 6,000,000 square feet (560,000 m2) of space between 32nd and 41st Streets, and is operated by a private consortium. The southern portion, known as "Bush Terminal", is located between 40th and 51st Streets and is operated by the New York City Economic Development Corporation (NYCEDC) as a garment manufacturing complex.
Christopher Owen Ward is an American civil servant who served as executive director of the Port Authority of New York and New Jersey from May 1, 2008, until November 1, 2011, and as New York City Department of Environmental Protection commissioner from 2002 to 2005.
The 2013 New York City mayoral election occurred on November 5, 2013, along with elections for Comptroller, Public Advocate, Borough President, and members of the New York City Council. The incumbent mayor of New York City, Michael Bloomberg, a Republican-turned-Independent, was term-limited and thus unable to seek re-election to a fourth term in office.
The East 34th Street Ferry Landing provides slips to ferries and excursion boats in the Port of New York and New Jersey. It is located on the East River in New York City east of the FDR Drive just north of East 34th Street in Midtown Manhattan. The facility, owned by the city, received Federal Highway Administration funding for improvements for docking facilities and upgrading the adjacent East River Greenway in 2008. A new terminal was built and completed in 2012.
Cornell Tech is a graduate campus and research center of Cornell University on Roosevelt Island in Manhattan, New York City. It provides courses in technology, business, and design, and includes the Jacobs Technion-Cornell Institute, a partnership between Cornell University and the Technion-Israel Institute of Technology.
Anable Basin is a 500-foot-long (150 m) artificial inlet of the East River located in the Long Island City neighborhood of Queens, New York City. It was carved in 1868 to serve the large concentrations of industrial firms in the neighborhood.
The term sixth borough is used to describe any of a number of places that are not politically within the borders of any of the five boroughs of New York City but have been referred to as a metaphorical part of the city by virtue of their geographic location, demographic composition, special affiliation with New York City, or cosmopolitan character. They include adjacent cities and counties in the New York metropolitan area as well as in other states, U.S. territories, and foreign countries.
NYC Ferry is a public network of ferry routes in New York City operated by Hornblower Cruises. As of August 2023, 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 in the United States with a total of 38 vessels, providing between 20 and 90 minute service on each of the routes, depending on the season.
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 York & New Jersey (PANYNJ) and the Empire State Development Corporation (ESD). The Queens West Development Corporation (QWDC), a subsidiary of ESD, was established in 1992 to facilitate implementation of the approved development plan.
Amazon HQ2 is Amazon's corporate headquarters in National Landing in Crystal City, Virginia and an expansion of the company's headquarters in Seattle, Washington. Phase I, which has capacity for 14,000 employees, opened in June 2023. Construction on Phase II is delayed and there is no timeline for development.
Kathryn Wylde is an American executive and President and CEO of the non-profit organization Partnership for New York since 2011.
Maria Torres-Springer is an American government official and former nonprofit executive who is the First Deputy Mayor of New York City, assuming office on October 8, 2024. Previously the vice president for U.S. programs at the Ford Foundation, Torres-Springer has been New York City's Deputy Mayor for Housing, Economic Development and Workforce; Commissioner of the New York City Department of Small Business Services; and Commissioner of the New York City Department of Housing Preservation and Development. She was also the president and CEO of the New York City Economic Development Corporation. Torres-Springer is the first Filipina to serve as First Deputy Mayor of New York City.
Water's Edge was a restaurant on barges moored in the East River on the Long Island City waterfront in Queens, New York that operated from 1983 to 2015. Located at the foot of 44th Drive between Anable Basin and the Queensboro Bridge, the restaurant had a panoramic view of the Midtown Manhattan skyline and was a popular wedding venue.