April 2015 Economic Development News
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
GJNY takes a close look at the proposed subsidy package--worth nearly $130 million--for Fresh Direct to relocate to the South Bronx. In early 2012, Fresh Direct started a bidding war between New York City and New Jersey officials when it threatened to leave its current home in Long Island City, Queens. Learn more about the subsidies, job promises and the efforts of residents to block the on-line grocery retailer's move to their waterfront.
Good Jobs New York's analysis and recommendations regarding federal state and local resources used in the post-Hurricane Sandy rebuilding.
Our database contains information on thousands of companies that received economic development subsidies in New York City.
Learn about major corporate giveaways to the financial industry, sports facilities and retail developments in New York City.