New York City Economic Development Corporation
||This article appears to be written like an advertisement. (November 2013)|
|This article relies largely or entirely upon a single source. (January 2012)|
New York City Economic Development Corporation (NYCEDC) is a not-for-profit corporation that promotes economic growth across New York City's five boroughs. It is the City's official Economic development corporation, charged with using the City's assets to drive growth, create jobs, and improve quality of life. The agency has its headquarters in Lower Manhattan.
Through annual contracts with the City of New York, NYCEDC is a nonprofit organization that serves as the City’s primary entity for promoting and implementing economic development by leveraging the City’s assets to drive growth, create jobs, and improve quality of life.
NYCEDC’s Board of Directors has 27 members.  The Mayor directly appoints seven members, including the Chairperson. Ten additional members are appointed by the Mayor from nominees of the Borough Presidents and the Speaker of the City Council. Each Borough President nominates one member and the Speaker of the City Council nominates five. Ten members are appointed by the Chairperson from a list of persons approved by the Mayor. NYCEDC is not a City Agency.
- Develops real estate, using partnerships between the public and private sectors to stimulate the economy.
- Provides business, economic, and policy advice to the City, not-for-profit, and for-profit private sectors to help attract and retain world-class companies and professionals.
- Manages City properties and assets, including manufacturing and distribution hubs and other infrastructure.
- Invests in and provides financial tools that allow businesses and not-for-profits to grow and generate new jobs and revenue.
- Conducts research, collects input from stakeholders, and launches initiatives designed to spur and sustain growth in strategic sectors of the economy.
NYCEDC was formed in 1991 as the result of a merger of two not-for-profit corporations—the Public Development Corporation (PDC) and the Financial Services Corporation (FSC)—which had performed economic development services for the City.
PDC was initially formed in 1966 as an effort to rescue the City from its deteriorating economy by selling City property and leasing industrial space. PDC was responsible for many well-known development projects between 1966 and 1991, including Nassau Street Mall, 42nd Street Development Project, Brooklyn Army Terminal, Jamaica Center, and South Street Seaport.
FSC was a not-for-profit local development corporation that formed in 1980 to administer government financing programs that promote business expansion in New York City.
Following a 1991 merger, NYCEDC assumed all of the responsibilities of its predecessors and also acquired two new divisions—Maritime Contracts and Business Services and Economic Development.
Center for Economic Transformation
The Center for Economic Transformation (CET) at NYCEDC develops the City’s major business sectors by addressing current challenges faced by industries through analysis of current economic trends, developing strategies and solutions, and implementing programs that help businesses expand and succeed. CET pilots nearly 100 initiatives that support entrepreneurship across all sectors. It provides access to capital, incubators, and affordable workspaces, and helps legacy industries like media, fashion, and manufacturing transition to new business models. Steven Strauss created CET as a Managing Director of NYCEDC.
The Center for Economic Transformation also publishes research reports on the future of key NYC industries and related topics. Some examples include:
- Fashion.NYC.2020: Fashion.NYC.2020’s industry chairs included Richard Darling, CEO of LF USA; Diane von Furstenberg, Chairman and Founder of Diane von Furstenberg Studio L.P. and President of the Council of Fashion Designers of America; Terry Lundgren, Chairman, President and CEO of Macy’s, Inc.; Andrew Rosen, CEO of Theory; and Kevin Ryan, CEO of Gilt Groupe.
- Media.NYC.2020: Media.NYC.2020 industry chairs included Tim Armstrong, CEO & Chairman of AOL; Jeffrey L. Bewkes, Chairman & CEO of Time Warner; Peter O. Price, CEO of Premiere Previews; and Sir Martin Sorrell, CEO of WPP Group. The management-consulting firm Oliver Wyman, represented by Martin Kon, was the knowledge partner for this research.
- Edutech.NYC.2020: The knowledge partner for this research was the Bridgespan Group.
- NYC Innovation Index: The chairs for the NYCEDC Innovation index report were: John Borthwick, CEO and Co-Founder, Betaworks; Esther Dyson, investor and entrepreneur; Tom Glocer, CEO, Thomson Reuters; and Alan Patricof, Founder and Managing Director, Greycroft Partners.
- Strengthening NYC's Fashion Wholesale Market
Applied Sciences NYC
One of NYCEDC’s largest initiatives to date is Applied Sciences NYC, an innovative competition to create a new world-class engineering campus in the five boroughs. In December 2011, Mayor Bloomberg announced the selection of a historic partnership with Cornell University and the Technion-Israel Institute of Technology to create a groundbreaking, two-million-square foot applied science and engineering campus on Roosevelt Island. Applied Sciences NYC is expected to more than double the number of both full-time graduate engineering students and faculty in New York City. Over the next three decades the Applied Sciences NYC initiative is expected to generate more than $33 billion in overall nominal economic impact, add over 48,000 jobs, and launch nearly 1,000 spin-off companies. The Applied Sciences NYC initiatives also includes the establishment of a campus in Downtown Brooklyn developed by a consortium led by NYU that focuses on the challenges facing cities, and a new institute for data sciences at Columbia University.
NYCEDC drives the physical transformation of New York City, completes major infrastructure upgrades, and encourages the creation of new residential and commercial districts. NYCEDC implements capital projects that facilitate the use of strategic and/or underutilized property for economic development purposes. It also conducts real estate planning and feasibility studies, works with other City agencies to develop area-wide development plans; guides development plans and projects through necessary public approvals; negotiates public-private partnerships; and performs financial analyses.
NYCEDC is currently working with the City on a number of projects and initiatives, including:
- Hunts Point, Bronx
- Coney Island, Brooklyn
- Sunset Park Waterfront, Brooklyn
- 125th Street (Manhattan) in Harlem
- Essex Street Market, Manhattan
- High Line (New York City)
- The Hub, Bronx at 149th St
- Sunset Park, Brooklyn
- Downtown Jamaica Initiatives, Queens
- Gotham Center, Queens
- Hunter's Point South, Queens
- Willets Point, Queens
- East River Ferry Service
- New Stapleton Waterfront, Staten Island
- St. George Terminal, Staten Island
- Kingsbridge Armory, Bronx
- New York Wheel, Staten Island
- Empire Outlets, Staten Island
- Seward Park, Manhattan
- Brooklyn Army Terminal, Brooklyn
In the past, NYCEDC has successfully implemented a variety of development initiatives throughout New York City, including the revitalization of East New York Industrial Business Zone, the Bronx reconstruction of Pepsi-Cola Bottling Company of New York, the Yankee Area Stadium Redevelopment, and the completion of capital improvements on the Staten Island Ferry Whitehall Terminal, to name a few.
NYCEDC also works to reactivate miles of the City’s working waterfront and expand maritime and manufacturing employment to stimulate the local economy. The Sunset Park Vision Plan, for example, is a comprehensive framework that presents strategies to maximize the efficient movement of goods, protect and grow industrial employment, promote green practices, and balance neighborhood and industrial development goals in an environmentally sustainable manner. NYCEDC helps improve public access to waterfronts through projects such as the construction of the East River Waterfront Esplanade along a two-mile shorefront of Lower Manhattan. The agency also manages the inspection and rehabilitation of approximately 75 miles of structures supporting waterfront esplanades throughout the five boroughs.
Other Entities Administered by NYCEDC
New York City Industrial Development Agency (NYCIDA) is a public benefit corporation under New York State law that provides companies with access to tax-exempt bond financing or tax benefits to strengthen and diversify the City’s tax and employment base, helps businesses locate and expand their operations within New York City, and encourages economic development by retaining jobs and creating new ones. NYCIDA is administered by NYCEDC.
New York City Capital Resource Corporation (NYCCRC), also administered by NYCEDC, is a local development corporation that provides lower-cost financing programs for eligible capital projects to qualified not-for-profit institutions and manufacturing, industrial, and other businesses.
Carl Weisbrod, formerly of PDC prior to its merger with FSC, was the first president of NYCEDC under the Dinkins administration. Weisbrod was succeeded by Charles Millard and Michael G. Carey under the Giuliani administration, followed by Andrew Alper, the first president appointed to the position during the Bloomberg administration.
Robert C. Lieber was appointed in January 2007 and served until Mayor Michael R. Bloomberg appointed him as Deputy Mayor for Economic Development & Rebuilding in December 2007.
Seth Pinsky served as President from February 2008 to August 2013.
Kyle Kimball was appointed President by Mayor Michael R. Bloomberg in August 2013.
Prior to joining NYCEDC, Kyle worked at Goldman, Sachs & Co. as a Vice President and at J.P. Morgan, also as a Vice President. Kyle is a graduate of Harvard College, where he majored in Government. He received his Master's degree in Public Policy from Harvard's Kennedy School of Government.
- "Contact Us." New York City Economic Development Corporation. Retrieved on January 25, 2012.
- "NYC Organization Chart". Official Website of the City of New York. City of New York. Retrieved 6 November 2013.
- "Board of Directors." NYCEDC. Retrieved January 25, 2012.
- "Center for Economic Transformation." NYCEDC. Retrieved January 25, 2012.
- Strauss, Steven. "Advanced Leadership Initiative at Harvard University-2012 Fellows". Harvard University. Retrieved 28 May 2013.
- Strauss, Steven; Kristy Sundjaja; Eric Johnson; Meghana Gandhi; Victor Wong; Jennifer Yoo (2012). Fashion.NYC.2020. NYCEDC.
- Strauss, Steven; Kristy Sundjaja; Peter Robinson; Andrew Chen (2012). Media.NYC.2020. NYCEDC.
- Sundjaja, Kristy; Steven Strauss;Andrew Chen; Peter Gratzke ;Jennifer Yoo (2012). Edutech.NYC.2020. NYCEDC.
- Strauss, Steven; Francesco Brindisi ;Peter Gratzke ;Fiona Peach (2011). NYCEDC Innovation Index. NYCEDC.
- "Applied Sciences NYC." NYCEDC. Retrieved January 25, 2012.
- "Press release." NYCEDC. Retrieved January 25, 2012.
- "Applied Sciences NYC infographic." NYCEDC. Retrieved January 25, 2012.
- "East River Waterfront Esplanade." NYCEDC. Retrieved January 25, 2012.