Council approved plan after EDC made further concessions on affordable housing. On November 13, 2008, the City Council voted to approve the NYC Economic Development Corporation’s Hunter’s Point South plan, a mixed-income 30-acre waterfront development in Long Island City, Queens. The project met with controversy at Council’s October 24th Zoning & Franchises Subcommittee public hearing and at the City Planning Commission’s August 13th public hearing. Opponents testified that the project lacked a sufficient amount of … <Read More>
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Modified version of EDC’s plan moves to Council
Commission finds affordability issue outside its scope of review, modifies other aspects of plan. On September 24, 2008, the City Planning Commission approved a modified version of EDC’s Hunter’s Point South Redevelopment Plan. EDC’s plan seeks to create an affordable, middle-income community along the waterfront in Long Island City. The plan calls for 5,000 new residential units, 60 percent of which would be affordable to middle-income families of four making $55,000-$158,000. 5 CityLand 125 (Sept. … <Read More>
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>
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 plan elicits debate over affordable housing
- Proposed Hunter’s Point South development. Image: FXFOWLE Architects, LLP, Tom Schaller.
Opponents claim Hunter’s Point South will not adequately address lack of affordable housing in Queens. On August 13, 2008, the City Planning Commission heard testimony on the Hunter’s Point South Redevelopment Plan. The plan aims to create an affordable, middle-income community and waterfront park on 30 acres of Long Island City waterfront.
Originally owned by the Port Authority of New York and New Jersey, … <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>