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NYCEDC Reaches Latest Negotiated Property Acquisition and Relocation Agreement With Willets Point Businesses

Press Release


The New York City Economic Development Corporation (NYCEDC) today announced that it has signed a property acquisition and relocation agreement with a business with which it had been negotiating at Willets Point, Queens. The deal is the third of what NYCEDC expects 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 yet another property acquisition and relocation agreement,” said Seth W. Pinsky, President, NYCEDC. “This latest agreement builds on the momentum of our earlier acquisition and relocation deals and demonstrates that we are continuing to 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. We look forward to more announcements in the coming weeks.”

Met Metals has agreed to have NYCEDC acquire 17,500 square feet of industrial land. The sale is contingent upon ULURP approval of the Willets Point Development Plan.

Under the City’s plan, the property on which Met Metals 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 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 well-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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