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NYCEDC Reaches Latest Negotiated Property Acquisition Agreement With Willets Point Business

Press Release


The New York City Economic Development Corporation (NYCEDC) today announced that it has signed another property acquisition agreement with a business with which it had been negotiating at Willets Point, Queens. The deal is the fifth agreement reached and NYCEDC expects to reach additional agreements soon, as the City proceeds through the Uniformed Land Use Review Procedure (ULURP).

“We are pleased to have now completed five acquisition agreements in Willets Point. Our latest agreement demonstrates NYCEDC’s commitment to working together with local businesses to achieve fair and negotiated terms," said Seth W. Pinsky, President, NYCEDC. ”We will continue to work hard to come to terms with the remaining businesses and transform Willets Point into an area of major economic growth.”

MA Realty, which owns 44,500 square feet of industrial land in Willets Point, has agreed to have NYCEDC acquire its property. The sale is contingent upon ULURP approval of the Willets Point Development Plan.

“MA Realty is pleased to accept what we believe to be a fair offer by the City of New York for our property at Willets Point,” said a spokesperson for MA Realty. ”The City bargained in good faith at every step of the process and we particularly commend the City’s Economic Development Corporation.”

Under the City’s plan, the land acquired from MA Realty 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 5,000 permanent jobs.

NYCEDC has been engaged in active relocation and property acquisition negotiations with many businesses and property owners of all sizes since announcing its redevelopment plans last year, holding over 100 meetings with such businesses and owners during this period.

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.

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