NYCEDC and Brooklyn Economic Development Corporation Reach Agreement on Moore Street Market
New York City Economic Development Corporation (NYCEDC) today announced that it has reached an agreement with Brooklyn Economic Development Corporation (BEDC) to take over the operations of the Moore Street Retail Market in the East Williamsburg section of Brooklyn. Under the terms of the agreement, 110 Moore Street Market Corporation LLC, a subsidiary of BEDC, will lease the market from the City’s Department of Small Business Services (SBS) and take over responsibility for overall operations and maintenance of the market. NYCEDC negotiated and will administer the five-year lease on behalf of SBS. In addition, NYCEDC has entered into a funding agreement with BEDC for $180,000 to assist with the transition of management.
“The Moore Street Market has long been a center of the East Williamsburg community, bringing not only fresh foods and goods to the area, but also providing a meeting place for neighborhood residents,” said NYCEDC President Seth W. Pinsky. “Under the management of BEDC, I am confident that the market will not only continue to fulfill this role, but will do so even more effectively and on a greater scale. I thank Representative Velazquez, Assembly Member Lopez and Council Member Reyna for their enthusiastic support of this important project.”
“LaMarqueta is a local treasure where small business owners have thrived for more than 65 years,” said Congresswoman Nydia M. Velazquez. “The preservation of the Moore Street Market will allow merchants to plan for their long-term growth and create new jobs during a time of economic uncertainty. Thanks to the partnership with BEDC, the community can look forward to continued access to fresh produce and cultural experiences.”
The 15,000 square foot Moore Street Market is one of a number of public markets built by Mayor Fiorello LaGuardia in the 1940s to get street cart vendors off New York City’s congested streets. It currently has 11 vendors and about 40 employees. Representative Nydia M. Velazquez was responsible for securing $250,000 in funding for the market, a portion of which is being used for a study by the Project for Public Spaces to examine ways to capitalize on the market’s potential for improvement and expansion. The results of that study will be rolled out this spring. Council Member Diana Reyna has been responsible for $200,000 in City capital funds for the Market.
“I am very proud to have been involved since the earliest stages of the rescue of the Moore Street Market,” said Assemblyman Vito Lopez. “The Moore Street Market has been a cultural institution in Williamsburg for close to 70 years. My staff and I have worked countless hours on saving the market since we first heard that it was slated to close over two years ago. I cherish the alliances I made at those initial meetings with the market vendors and community supporters, and as the only local political figure involved from the earliest stages, I commend the community-based effort that led to this resolution.”
“I am encouraged by the good news that the Moore Street Market is being revitalized with BEDC as its managing agent,” said Council Member Reyna. “I am so happy to be working with Congresswoman Velazquez on this transformation, and especially excited that the Market Association will finally be able to use the $200,000 that I secured for it in the past few years. We are collaborating to secure additional funding for more capital investment in the market in the near future. “
For 30 years, BEDC has promoted economic development in Brooklyn through training, technical assistance and support for entrepreneurs and small businesses. BEDC has been supported in its efforts on behalf of the Moore Street Market by the Graham Avenue Business Improvement District and the Project for Public Spaces, a nationally renowned organization that is working with BEDC to bring the best traditions of a functional and lively public market to Moore Street.
“Brooklyn Economic Development Corporation is excited about the opportunities and challenges that managing the Moore Street Market present,” said BEDC President Joan Bartolomeo. “We are deeply committed to maintaining the special character of the Market and to helping its existing tenants grow and prosper. We also believe we can bring the Market new vitality by adding new vendors, hosting community events, and attracting a larger cadre of shoppers from Williamsburg and beyond.”
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.