NYCEDC – Real Estate – Asset Management

Asset Management

WATERFRONT AREAS

The Ferry Terminal at Pier 79


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OVERVIEW

NYCEDC is responsible for managing waterfront properties under the jurisdiction of the Department of Small Business Services, which includes large stretches of wharf, pier and bulkhead properties.

Notable waterfront properties managed by NYCEDC include the South Street Seaport, Stuyvesant Cove, and the East River Bikeway and Esplanade in Manhattan; Pier 1, the Homeport and the St. George Esplanade in Staten Island; the 65th Street Rail Yard, South Brooklyn Marine Terminal and Bush Terminal in Brooklyn; the Hunts Point waterfront in the Bronx; and the City’s private ferry landings.

NYCEDC also manages leases with the Port Authority for the Howland Hook Marine Terminal on Staten Island, the Atlantic Avenue Pier in Brooklyn, and the Pier 6 Heliport in Manhattan.

Since many of the City’s waterfront structures are supported by timber piles, the return of marine borers to New York Harbor has had devastating consequences. NYCEDC has responded by developing a waterfront management and rehabilitation program for its piers and wharves.

SOUTH BROOKLYN MARINE TERMINAL

The 88-acre South Brooklyn Marine Terminal ("SBMT") extends from 29th to 39th Streets, west of Second Avenue on the Brooklyn waterfront.

Marine borer activity, wood rot and corrosion had severely undermined most of the bulkhead and two of the piers at the site. NYCEDC completed approximately $20 million of capital improvements to remove piers and stabilize three of the bulkheads at SBMT.

The site is currently occupied by a number of tenants/permittees for varied uses, including automobile sales and distribution, parking, and a police impound lot. Future plans include an automobile import terminal to be operated by Axis Group, Inc. and a recycling facility to be developed by Sims Hugo Neu Company.

FERRY LANDINGS

EDC manages private ferry landings and piers under the jurisdiction of the City’s Department of Transportation. The piers included under the memorandum of understanding are Pier 11 at Wall Street, the East 34th and East 90th Street landings along the East River, and the Pier 79 ferry landing on the Hudson River in Manhattan; and the Yankee Stadium landing in the Bronx. NYCEDC maintains its own ferry landing at Pier 4 at BAT.

ESPLANADES

NYCEDC manages several waterfront esplanades that serve as public amenities, including the East River Bikeway and Esplanade in Manhattan and St. George Esplanade on Staten Island, which includes the Staten Island September 11th Memorial.

NYCEDC has also been charged with safety work on the High Line as well as security, management, and access issues, while the Capital Programs department undertakes the conversion of the High Line into a public space.

WATERFRONT MANAGEMENT AND MAINTENANCE

NYCEDC continues to undertake underwater marine conditions surveys to determine the structural condition of its bulkhead, wharves and piers. As chair of the City’s Waterfront Sites Committee, NYCEDC works with other City agencies (Departments of City Planning, Small Business Services, Citywide Administrative Services, Sanitation, and Parks and Recreation) and is actively engaged in clarifying agency maintenance and capital improvement responsibilities for waterfront structures. NYCEDC has been at the forefront of waterfront management technology and is utilizing GIS technology to manage its waterfront assets.