Corn Exchange failed to perform on three-year rehabilitation clause in deed. After Corn Exchange LLC failed to rehabilitate and restore the landmarked Corn Exchange Bank building to its original state and to establish a non-profit culinary school, the Economic Development Corporation sued to reacquire the property and to eject the Exchange, claiming that it breached a condition in the deed. The Exchange objected, arguing that its failure to rehabilitate and restore was a breach of … <Read More>
Search Results for: EDC
EDC action withstands motion to dismiss
Court allows EDC lawsuit seeking to reclaim Harlem landmark from developer. In 2003, the New York City Economic Development Corporation sold a run-down landmark, known as the Corn Exchange Bank, to Corn Exchange LLC. The deed required Corn Exchange to rehabilitate the building, restore the exterior to its original state, and to establish a non-profit culinary institute in a portion of the renovated space. Corn Exchange had 36 months to complete the renovations and obtain … <Read More>
EDC lease of Hunts Point Space to Baldor approved
Competitor challenged procedures in EDC’s selection of Baldor for South Bronx lease. The New York City Economic Development Corporation issued a request for proposals for a long-term lease of two parcels across the street from the City Terminal Market at Hunts Point in the Bronx. Baldor Specialty Foods and the Hunts Point Terminal Produce Cooperative Association, among others, submitted proposals. EDC chose Baldor after deciding that it had submitted the most competitive lease package. Baldor, … <Read More>
Appellate Division Upholds City’s Sale of Bronx Waterfront Property
A Bronx not-for-profit sues City over the sale of waterfront property to a private developer. The City sold Pier 5 to a private developer to facilitate the construction of the Bronx Point development. Pier 5 is a 4.4 acre plot of land bounded by Mill Pond Park to the North, the 149th Street Bridge to the South, the Major Deegan Expressway to the East and the Harlem River to the West. The development anticipates … <Read More>
Court of Appeals Blocks Willets Point Development
Legislative approval would be needed in order to build retail stores, restaurants and a movie theater on Willets West parkland. The Special Willets Point District was approved by the City Council in 2008. The rezoning was controversial; area businesses and residents were concerned over the relocation of businesses, the possibility of eminent domain, and traffic congestion. As a result, a lawsuit was filed against the City by business owners and residents but was dismissed … <Read More>
Development of Willets Point Blocked on Appeal
Appellate panel found the authorization for private construction on parkland did not extend to a shopping mall. On October 9, 2013, the City Council approved Queens Development Group’s planned 10-story, 200-room hotel and 30,000-square foot mall complex on the Willets Point West site, formerly the location of Shea Stadium. The site was once the north end of Flushing Meadows Park until the state legislature authorized the stadium’s construction in 1961. The development would anchor further … <Read More>