April 2015 Economic Development News

Tuesday, April 21, 2015

Development plans stir controversey in Sunset Park, Start-UP NY report draws criticism from left and right, Manhattan Borough President's Office considers threats facing Manhattan's storefronts.

Development deal reached for South Brooklyn Marine Terminal

After initially opposing plans for the New York City Economic Development Corporation to take over the lease for development at the South Brooklyn Marine Terminal, New York City Council Member Carolos Menchaca is supportive of a revised plan. Under the new deal, EDC will take over a 39-year lease and create a Sunset Park Waterfront Planning and Jobs Task Force to provide community oversight and job training opportunities.

Related news media:

The Wall Street Journal, Officials Agree on Brooklyn Terminal Development, April 8, 2015

 

Community raises concerns about redevelopment proposal for Sunset Park's Industry City

A coalition of community-based organizations and labor unions are raising concerns over development plans, recently announced by Jamestown Properties, a partial-owner/investor in the mixed-use Industry City complex in Sunset Park, to invest $1 billion in the facility, including a luxury hotel and upgraded office space. De-industrialization of the community could cause significant economic stress on the neighborhood's thriving manufacturing businesses.

Jamestown also owns Chelsea Market in Manhattan and purchased a 50% interest in Industry City in 2013.

Related news media:

Gotham Gazette, [Op-Ed] Sunset Park Redevelopment Proposal Misses the Mark, April 1, 2015

Crain's New York Business, Hotel proposed for $1B hipster industrial complex, March 6, 2015

 

Start-UP NY annual report reveals high cost and few jobs

With the release of the first annual outcomes report on Start-UP NY, Governor Cuomo's massive economic development program that essentially eliminates all taxes for participating firms for up to ten years, many groups from the right and left examined the program's results and called for reform.

Related news media:

Reinvent Albany statement, New Yorkers from Left and Right Call for Start-Up NY to Shut Down, April 14, 2015

Associated Press via New Jersey Herald, Left, right ally against Cuomo's Start-Up NY, April 15, 2015

Forbes: Cuomo's START-UP NY Highlights Failures Of The Empire State Development Corporation, April 18, 2015

Syracuse Post-Standard: It's too soon to pull the plug on START-UP NY (Editorial), April 19, 2015

 

Manhattan Borough President releases analysis of Manhattan's small business

The report studies threats to small businesses, particularly "mom and pop" storefronts in Manhattan and offers recommendations to improve conditions in support of these enterprises. Recommendations include improving business interactions with regulatory agencies, doing more to connect businesses with the state’s Business Mentorship Program, making it easier for small businesses to purchase storefronts, and creating opportunities for storefront businesses in public housing properties. 

Manhattan Borough President Gale Brewer, Big Impact: Expanding opportunity for Manhattan’s storefronters, April 2015