CONTACT Jeff Roberts/Janel Patterson/Joe Pally                             212-312-3523

New York City, June 18, 2008– The New York City Economic Development Corporation (NYCEDC) today announced that it has signed property acquisition agreements with two of the landowners with whom it has been negotiating at Willets Point, Queens.  The deals are the first of what NYCEDC intends to be a series of such agreements in the coming months as the City proceeds through the Uniformed Land Use Review Procedure (ULURP). 

“NYCEDC is pleased to have completed the first property acquisition agreements,” said Seth W. Pinsky, President, NYCEDC.  “They provide tangible evidence that we will make good on our promise to achieve fair, negotiated deals with as many businesses and owners as possible in connection with the Willets Point redevelopment.”

Sambucci Bros. Inc. Auto Salvage has agreed to have NYCEDC acquire 52,000 square feet of land on two parcels of industrial space.  The sale is contingent upon ULURP approval.

“From our perspective we’re glad we reached a deal with the city,” said Dan Sambucci, Jr., of Sambucci Bros.Inc. "We are now able to begin planning our relocation.”

BRD Corp., a landowner, is selling 22,000 square feet of land that includes three parcels.

Under the City’s plan, the industrial and automotive environments in which Sambucci and BRD Corp. had been operating will be remediated and prepared for a new mixed-use community that will include housing, restaurants, stores, parks, and a school. The project will also provide 18,000 construction jobs and more than five thousand permanent jobs.

NYCEDC has been engaged in active relocation negotiations with many businesses of all sizes since announcing its redevelopment plans last year.

About NYCEDC

New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.