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New York City Economic Development Corporation (NYCEDC) today announced that Mayor Bloomberg has nominated Kyle E. Kimball to serve as the next President of NYCEDC. Mr. Kimball will replace Seth W. Pinsky, who is leaving the position of President to pursue a private-sector opportunity as an Executive Vice President at RXR Realty.
"Seth Pinsky has been an exceptional public servant, and one of the benefits of his working on the rebuilding and resiliency project is that Kyle Kimball has taken a lead role in running NYCEDC," said Mayor Michael R. Bloomberg. "We’re going to be counting on him to as we sprint to the finish over the next 168 days, and I have no doubt he will succeed in managing some of our most important projects."
“The Mayor and I are pleased to have Kyle lead EDC as we continue to implement the Mayor’s economic development agenda and bring jobs and private investment to all five boroughs,” said Deputy Mayor Robert K. Steel. “I would also like to thank Seth for his leadership and partnership. Seth’s contributions to the City have been numerous, from his early accomplishments on behalf of the Bloomberg Administration at Yankee Stadium and the World Trade Center to recent landmark projects including the Cornell-Technion campus on Roosevelt Island, the Wheel and retail project on Staten Island, the redevelopment of Coney Island, Kingsbridge Armory and Willets Point, and the development of the Alexandria Science Center in Manhattan. I wish him continued success in the private sector, as well as wish Kyle continued success as he takes on the leadership of EDC.”
“I am grateful for the extraordinary opportunity to lead this organization and ensure that New York City’s economy continues to grow and we remain the most globally competitive city on the planet, said Mr. Kimball. “Thank you to Mayor Bloomberg for entrusting me with this challenging yet exciting task. I would also like to thank Seth Pinsky for his remarkable leadership and mentorship over the past five years.”
“When I was first appointed to the role of President in 2008, New York City was in the midst of one of the worst financial crises in modern history. Since then, we have witnessed, once again, the amazing resilience of New York City, its people and its economy, with more people working today in New York’s private sector than at any time in our City’s history,” said Mr. Pinsky. “Thanks to Mayor Bloomberg’s leadership, our economy continues to gain strength, and I would like to thank him for the chance to serve him and the people of this incredible city. My best wishes as well to Kyle Kimball, as he embarks on what will undoubtedly be a successful tenure as President.”
Mr. Kimball is currently Executive Director of NYCEDC, in which he oversees the operating, financial, and external affairs divisions of the organization. He will officially assume the role of President in August, subject to the approval of the NYCEDC Board of Directors at their August meeting. Mr. Kimball originally joined NYCEDC is 2008, where he was in charge of overseeing the Real Estate Transaction Services Group, and was responsible for negotiating real estate deals on behalf of the City, including the relocation of JetBlue’s headquarters to Long Island City, and the consolidation of Brooklyn Bridge Park under City control. He later served as Chief Financial Officer as well as Chief Operating Officer prior to his appointment as Executive Director in December 2012.
Mr. Pinsky was appointed President of NYCEDC by Mayor Bloomberg in 2008, and since then has led the organization’s efforts to position New York City as the global center for innovation in the 21st Century, focusing both on transforming the city’s underlying economy and investing in its critical infrastructure.
Among the initiatives advanced by NYCEDC during Mr. Pinsky’s tenure were the redevelopment of Willets Point in Queens, Coney Island in Brooklyn, the Homeport in Staten Island, and the Kingsbridge Armory in the Bronx, as well as the creation of the Alexandria Center for Life Sciences, north of Bellevue Hospital in Manhattan. During this time, NYCEDC also managed the construction of the first two phases of the High Line, launched the new East River Ferry service connecting Brooklyn, Queens and Manhattan and is advancing plans for the world’s largest observation wheel in St. George in Staten Island. While at NYCEDC, Mr. Pinsky served as a lead negotiator on behalf of New York City for projects ranging from Yankee Stadium and Citifield, to the World Trade Center, to the acquisition of the land for Hunters Point South in Queens, the largest middle-income housing development in the City since Starrett City.
In the area of economic modernization, under Mr. Pinsky, NYCEDC created the Center for Economic Transformation (CET), which, in addition to launching a network of business incubators across the City that today house more than 600 companies, developed and oversaw the Bloomberg Administration’s international Applied Sciences NYC competition. The Applied Sciences competition will result in a significant expansion of Columbia’s engineering school, as well as the creation of a new engineering institute in Downtown Brooklyn led by NYU that will include CUNY, Carnegie Mellon University and others. It will also result in the creation of a $2 billion engineering campus on Roosevelt Island, being developed by Cornell University and the Technion-Israel Institute of Technology.
In December 2012, in the wake of Hurricane Sandy, Mayor Bloomberg appointed Mr. Pinsky to lead the City’s Special Initiative for Rebuilding & Resiliency (SIRR) in addition to his role as NYCEDC President. The Mayor tasked the SIRR team, consisting of more than thirty-five professionals, with creating a report, “A Stronger, More Resilient New York”, that would address the twin challenges of how to rebuild local communities impacted by the storm and how to improve critical citywide systems and infrastructure, in each case, in order to make New York City more resilient given the likely long-term impacts of climate change. The initiative utilized the most advanced scientific research available and conducted extensive community outreach in order to complete the report, which since its issuance by Mayor Bloomberg, has been praised by environmental, government, and private sector leaders, among others, as a model for resiliency planning in the 21st Century.
Mr. Pinsky originally joined NYCEDC in 2003 as a Vice President. An attorney by training, prior to joining NYCEDC, Mr. Pinsky was an associate at the law firm of Cleary Gottlieb, Steen & Hamilton and a financial analyst at James D. Wolfensohn Incorporated. He is a graduate of Columbia College and Harvard Law School. Mr. Kimball is a graduate of Harvard College where he majored in Government and received his Master's in Public Policy from Harvard's Kennedy School of Government. Prior to joining NYCEDC, he worked at Goldman, Sachs & Co. as a Vice President and at J.P. Morgan also as a Vice President. He lives in Brooklyn with his family.
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. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.