EDC Purchases a One-Acre Site in Coney Island

Announcement comes about three months after Thor Equities failed to close on the same parcel. On October 15, 2008, the NYC Economic Development Corporation announced that it entered into a property acquisition agreement with Ward Realty Corp. for the purchase of a one-acre site in the amusement core of Coney Island, Brooklyn. The site, located within the nine-acre area that the City has designated to be parkland, is the current home of the Wonder Wheel … <Read More>

Audit cites EDC for major violations of E. River lease

Comptroller asserts that insufficient oversight could cost City $6.1 million. A June 2008 audit by City Comptroller William C. Thompson concluded that New York Skyports, Inc. violated its lease agreement for a two-acre City-owned East River site, creating a potential cost of $6.1 million to the City.

Originally executed with the Gulf Oil Corp in 1959, the lease allowed the construction of a parking garage over the East River and the additional use of the … <Read More>

City Comptroller faults EDC’s management of Army Terminal lease

EDC failed to charge $511,500 in allowable rent and used City water and sewer services without paying. On June 6, 2008, City Comptroller William C. Thompson issued an audit report on the New York City Economic Development Corporation’s lease of the Brooklyn Army Terminal, concluding that it failed to charge Turner Construction Company $211,500 in allowable rent and lost $300,000 by charging some sub-tenants less than market rate rent. Also, EDC has not paid the … <Read More>

IDA approves financing for Hunts Point business

Gourmet Guru to invest $4.9 million. On May 13, 2008, the New York City Industrial Development Agency awarded public subsidies to Gourmet Guru, a ten-year-old food-related company located at 660 Casanova Street, between Spofford and Randall Avenues, in the Hunts Point section of the Bronx.

Gourmet Guru specializes in the wholesale distribution of organic and specialty foods, development and manufacturing of branded food products, and marketing and brokerage services. The company began its operations … <Read More>

Related Companies to redevelop Kingsbridge Armory

Historic armory to become retail center, complete with movie theaters and restaurants. On April 21, 2008, the City selected Related Companies to convert the Kingsbridge Armory, a City landmark located on the corner of 195th Street and Jerome Avenue in the Bronx, into a $310 million shopping center. The center will include a large department store, up to 35 smaller shops, a movie theater, and restaurants.

The Armory features two battlement towers, Romanesque arches, and … <Read More>

Bellevue Psychiatric Hospital to become hotel

Proceeds would help support the operations of the New York City Health and Hospitals Corporation. The New York City Economic Development Corporation is seeking proposals to develop and operate a hotel and conference center at the former Bellevue Psychiatric Building, located at 492 First Avenue between East 29th and East 30th Streets. The winning developer would enter into a 49-year lease agreement with the City with two 25-year renewal options. Currently, the building serves as … <Read More>