NYCEDC Continues to Lead the Way in Economic Development 

NEW YORK, NY – New York City Economic Development Corporation (NYCEDC) today celebrated major accomplishments and projects across each borough in the past year and furthered its mission to create a vibrant, inclusive, and globally competitive economy for all New Yorkers. NYCEDC had numerous accomplishments across its key areas of focus: strengthening business confidence; growing innovation sectors, focusing on equity; building neighborhoods where people live, learn, work, and play; and delivering sustainable infrastructure.

“It has been a banner year for economic development and building a vibrant, inclusive economy for the five boroughs,” said New York City Economic Development Corporation (NYCEDC) President & CEO Andrew Kimball. “Having fully recovered the nearly million jobs lost during the pandemic this administration remains laser-focused on not only continuing our recovery, but building and fostering an economy that works for all New Yorkers. At NYCEDC, this past year we have launched transformative neighborhood projects like the Staten Island North Shore Action Plan, the redevelopment of the Kingsbridge Armory, and historic investments to transform the Broadway Junction area, to investing in our innovation sectors through the launch of the Venture Access Alliance and climate innovation pilot program at the Brooklyn Army Terminal. We look forward to building on this momentum and working alongside our partners in government and the private sector as we head into the new year.” 

Highlights from across the five boroughs in 2023 can be found here:

Manhattan 

• In May, NYCEDC and the New York City Industrial Development Agency (NYCIDA) launched the Manhattan Commercial Revitalization Program (M-CORE), which provides financial assistance, in the form of tax incentives, to support transformative renovations of aging, underperforming commercial office buildings located in Manhattan south of 59th Street. M-CORE is intended to help building owners decrease vacancies and attract world class tenant companies, who are increasingly seeking high-quality, amenity-rich office space.
• In August, NYCEDC, Vornado Realty Trust, Hudson Pacific Properties, and Blackstone broke the ground on Manhattan’s first public-private partnership venture to build a purpose-built studio campus at Pier 94. Sunset Pier 94 Studios is a first-of-its-kind space, home to both state-of-the-art film and production technology that will make New York City even more competitive.
• In August, NYCEDC and the Harlem African Burial Ground Initiative (HAGBI) announced the beginning of a new phase of archaeological work at the historic footprint of the Harlem African Burial Ground, located within the site of the decommissioned 126th Street Bus Depot in East Harlem on 126th Street between 1st and 2nd Avenues. The project will also address affordable housing and job creation needs in East Harlem on the remainder of the site through a mixed-use program including roughly 600 to 700 units of housing, a minimum of 80 percent of which will be income-restricted affordable homes, job-creating commercial space and additional community space. 
• In September, NYCEDC, Empire State Development, and Solar One, a leading sustainable energy non-profit, broke ground on a new and improved Solar One Environmental Education Center at Stuyvesant Cove Park. 
• Also in September, NYCEDC, in partnership with the Council of Fashion Designers of America, Inc. (CFDA) announced the 2023 Fashion Manufacturing Initiative (FMI) Grant Fund recipients, continuing the support of the New York City fashion manufacturing sector. 
• In November, NYCEDC took initial steps to realize a new vision for a first-of-its-kind hub for sustainable transportation and deliveries at the Downtown Manhattan Heliport (DMH). Under this plan, DMH will aim to become the first heliport in the world with the infrastructure to support electric flight delivering major quality-of-life improvements for New Yorkers by supporting quieter helicopter alternatives. In a first-of-its-kind event in the U.S., two eVTOL companies — Joby and Volocopter — conducted piloted demonstration flights of eVTOL aircraft from an urban heliport at the DMH. The future Heliport will also play a key role in removing trucks from our streets by incorporating last-mile and maritime freight distribution via barges and electric cargo bikes. 
• In December, NYCEDC and New York City Department of Parks and Recreation (NYC Parks) officially opened the East Midtown Greenway and Phase 2B of Andrew Haswell Green Park, a key pillar of closing the loop of the Manhattan Greenway. East Midtown Greenway, which fills a key gap in the Manhattan Waterfront Greenway, is built over the East River and includes a new pedestrian walkway, landscaping, a pedestrian bridge, and separated bike lane. 

Bronx 

• In February, NYCEDC announced that Build NYC Resource Corporation (Build NYC) has closed on a $209.25 million tax-exempt bond financing transaction with Canal West 75, LLC—an affiliate of KIPP NYC Public Charter Schools. The charter school network will use the bonds to build a seven-story educational facility in the Mott Haven neighborhood of the Bronx. The 150,000 square foot building will act as the permanent home of KIPP NYC’s second high school program.
• In May, NYCEDC, alongside elected officials, announced that BioBus, Inc. is expanding its proven hands-on education and training into additional underrepresented communities throughout the Bronx. BioBus, a nonprofit organization, known for its two state-of-the-art Mobile Labs, provides students of all ages with free educational programming and training to prepare for careers in science, technology, engineering, and mathematics (STEM).
• In August, Mayor Adams, New York Governor Kathy Hochul, NYCEDC, and community leaders unveiled guiding principles for the “Together for Kingsbridge Vision Plan.” The plan included a $200 million investment from the city and state, and outlined next steps for a process that will include the redevelopment of the historic and long-underutilized Kingsbridge Armory and the creation of new economic opportunities in the Bronx. The next month, NYCEDC released a Request for Proposal (RFP) for a developer to lease, redevelop, and operate the Kingsbridge Armory, one of the largest armory buildings in the world and a landmarked structure that contains approximately 570,000 square feet of space.  
• In October, a host of elected officials, hip-hop luminaries and community leaders joined NYCEDC, L+M Development Partners, Type A Projects, BronxWorks, and The Hip Hop Museum for a ribbon cutting ceremony to celebrate the opening of the housing and public space components at phase one of Bronx Point, the much-anticipated $349 million mixed-use development on the Harlem River waterfront in the South Bronx. 
• In November, NYCEDC and NYC Parks joined city and elected officials to officially break ground on the $35 million Lower Concourse Park, a 2.3-acre park that will be located along the Harlem River between 144th and 146th Street bringing infrastructure upgrades and much-needed open green space and waterfront access to South Bronx communities. 
• Also in November, Gilbane Development Company, Hudson Companies, and MHANY Management Inc., in partnership with NYCEDC, the New York City Department of Housing Preservation and Development (HPD), and the New York City Housing Development Corporation (HDC) celebrated the groundbreaking of Phase Two of The Peninsula, a 100 percent affordable mixed-use development in the Bronx. The groundbreaking is another step towards transforming what was known as the former Spofford Juvenile Detention Center into a vibrant campus that will provide much needed affordable housing for the Hunts Point community.

Brooklyn 

• In April, itselectric, a Brooklyn-based electric vehicle curbside charging company, in partnership with Hyundai CRADLE and NYCEDC unveiled three electric vehicle (EV) curbside charging stations at the Brooklyn Army Terminal (BAT). The EV chargers are the first compact, durable, and user-friendly charging posts featuring a fully detachable charging cord in North America – making it suitable and ideal for urban city use. 
• In May, alongside Mayor Adams, NYCEDC announced a major public investment in the area around the Broadway Junction subway station in Brooklyn that will deliver vibrant public space, improve quality of life, create family-sustaining jobs, and unlock inclusive economic growth throughout East New York.  
• In September, NYCEDC announced the activation of one of its flagship assets, BAT, in Sunset Park, for climate innovation pilot projects allowing companies to pioneer groundbreaking technology and solve for city challenges around energy, transportation, and building decarbonization. NYCEDC’s Sunset Park Portfolio features over 200 acres of waterfront space and assets that provide unique opportunities for industries of the future. 

Staten Island 

• In September, Mayor Adams, NYCEDC, and New York City Councilmember Kamillah Hanks recommitted to prioritizing the future of Staten Island’s North Shore by unveiling the “Staten Island North Shore Action Plan: Building a Vibrant, Mixed-Use Waterfront Community.” The plan details strategic investments to the North Shore of Staten Island that will unlock 20 acres of public open space, create over 7,500 family-sustaining jobs, generate an estimated economic impact of $3.8 billion, and accelerate the completion of over 2,400 units of housing.
• In December, NYCEDC released an RFP for the North Shore Entertainment and Amusement Site. The project aims to deliver a premier recreational destination for the region with entertainment, amusement, and retail uses along with over seven acres of public open space.
• Also in December, as part of the North Shore Action Plan, a project began to transform the former Stapleton Homeport into 550 units of housing in the coming years began. The Homeport project ties into the city’s plan for the southern portion of Stapleton’s waterfront that will transform land along Front Street that housed part of the former base for the U.S. Navy into a mixed-income community, breaking ground on 2.3 acres of public realm. 

Queens

• In October, NYCEDC announced the beginning of the Uniform Land Use Review Process “ULURP” for the Willets Point Phase 2 development that was announced last fall by Mayor Adams.  The Willets Point Transformation is a generational project that will bring significant long-term economic opportunity to a community that has long been underserved.
• In November, surrounded by labor leaders and partners from the film and TV industry, Mayor Adams, Mayor’s Office of Media and Entertainment (MOME) Commissioner Pat Kaufman, and East End Studios, NYCEDC broke ground on a film and TV-ready production studio in Sunnyside, Queens that will create nearly 1,000 construction jobs and roughly 750 permanent, full-time jobs. 
• In December, Mayor Adams, HPD Commissioner Adolfo Carrión Jr., HDC President Eric Enderlin, and NYCEDC were joined by city agencies and elected officials including New York City Councilmember Francisco Moya, Queens Borough President Donovan Richards, along with Queens Community Board 7, community leaders and Queens Development Group (QDG), a joint venture formed by Related Companies and Sterling Equities, to officially break ground on 880 new affordable homes in Willets Point, Queens ― the first phase of the city’s largest 100 percent affordable housing development in 40 years. In partnership with the Queens Development Group (QDG), a joint venture formed by Related Companies and Sterling Equities, the groundbreaking marks the start of construction — more than one year ahead of schedule — for a project that will deliver the first of more than 2,500 affordable homes, roughly 35,000 square feet of new public open space, and significant infrastructure upgrades. 

Highlights from NYCEDC’s innovation sectors include:

Life Sciences  

• In January, as part of the State of the City address, Mayor Adams and NYCEDC announced a new effort to become the global center of sustainable biotech with plans to open an at the Brooklyn Navy Yard where biotech startups will transform the way we eat, build and protect our environment. 
• In May, NYCEDC announced that the LifeSci NYC Internship Program achieved a major milestone by placing over 675 students at 175 partner companies. The program helps to build an equitable talent pipeline for a rapidly growing life sciences industry. 
• In October, Mayor Adams, Governor Hochul, and the Chan Zuckerberg Initiative (CZI), NYCEDC, and New York State Empire State Development announced plans for the Chan Zuckerberg Biohub New York (CZ Biohub NY), a new biomedical research hub in New York City that will leverage a nearly $300 million public-private investment to drive collaboration between leading research institutions and solve significant scientific challenges. 
• In December, NYCEDC and Aanika Biosciences Inc. announced the opening of a new 27,000 square foot facility in Industry City. Last May, NYCEDC invested $800,000 to the cutting-edge biotech company as part of the LifeSci NYC Expansion Fund which helps life sciences companies expand their operations in one of New York City’s five boroughs. The facility features highly specialized molecular biology equipment including laboratory space as well as a dedicated fermentation production facility bringing new food-tech capabilities to the city. The facility also houses Cultured Colonies, an incubator for seed-stage-agriculture-tech-startups helping to support the growing cadre of food tech startups in New York City. 
• Also in December, Mayor Adams signed legislation that will further bolster New York City’s life sciences and biotech sectors by offering a tax incentive for growing biotech companies to create jobs in New York City. This biotech tax credit will make it easier to attract and retain life sciences startups in New York City.

Future Focused Sectors  

• In July, NYCEDC released an RFP seeking a fund administrator and other lenders to launch the Cannabis NYC Loan Fund. Conceptualized in partnership with the NYC Department of Small Business Services (SBS), the fund will promote the development of an equitable cannabis industry in New York City by providing flexible capital at below-market rates to cannabis businesses owned and operated by social and economic equity applicants who have been awarded licenses to operate in New York City.
• In December, NYCEDC, in conjunction with NYC Media Lab (NYCML), approved the creation of NYC Game Design Future Lab, a digital gaming incubator at NYU’s Tandon School of Engineering. 
• Also in December, NYCEDC announced the launch of The Greenlight Innovation Fund which will provide $50 million in City capital for new spaces that drive commercial innovation in future-focused sectors including the life sciences, green economy, offshore wind, and advanced technology, among others.

Tech 

• In February, NYCEDC announced a cohort of 100 tech founder teams from across New York City to participate in the second installment of the Founder Fellowship program.  NYCEDC received more than 550 applications for the second installment of the Founder Fellowship. The program is designed to address inequities in the tech ecosystem and empower all New Yorkers to seize entrepreneurship opportunities in the industry.
• Also in February, NYCEDC and Company Ventures announced the second cohort of the City Fellowship at Company Ventures.  
• In March, applications opened for the NYCEDC Cyber NYC Internship Program. The pilot program facilitates placements into paid internships for qualified candidates, building a talent pipeline for the industry and connecting diverse New Yorkers to one of the fastest growing sectors in tech.
• In October, NYCEDC announced the launch of the Venture Access Alliance, a coalition of more than 80 New York City startup investors whose goal and mission will be to continue to increase diversity in the city’s tech and venture ecosystem. 
• Also in October, NYCEDC and Cornell Tech announced the launch of Pilot: New York City to advance New York City as a global hub for urban innovation. The initiative, a key proposal within the “New” New York Panel Making New York Work for Everyone Action Plan, aims to streamline processes, collaborate with the private sector, nonprofits, and academia, and tap into the creativity of New Yorkers, to enable the city to become one of the world’s most important places to pilot and scale urban innovation ranging from curbside electric vehicle charging to building decarbonization technology. 
• In November, Mayor Adams was joined by NYCEDC, The Fedcap Group, and elected and community partners to celebrate the opening of Civic Hall at Union Square, a tech and digital hub training New Yorkers and creating an inclusive talent pipeline for family-sustaining jobs in the city’s tech sector. 

Green Economy 

• In February, as submissions for NYSERDA’s third competitive offshore wind (OSW) solicitation closed, NYCEDC applauded Governor Hochul, NYSERDA, and Mayor Adams on their leadership and determination to establish New York as the nation’s primary hub of OSW—an industry that will play a pivotal role in achieving New York’s ambitious climate goals and creating new economic opportunities for all New Yorkers. In March, NYCEDC and TMI Waterfront Services launched a first-of-its-kind OSW training program for Minority, Women-Owned and Disadvantaged Business Enterprises (MWDBEs) with the goal of eliminating barriers and easing participation in contracts.  
• In April, Mayor Adams released PlaNYC which featured several NYCEDC projects, including plans to launch a Climate Innovation Accelerator Network, designed to help early-stage companies research and refine climate technology solutions for urban environments, along with a Global Climate Tech Hub to attract international companies. 
• In July, NYCEDC and TMI Waterfront Services launched applications for the second cohort of the OSW NYC Waterfront Pathways program, a training program for MWDBEs with the goal of eliminating barriers and easing participation in contracts.  
• In September, NYCEDC announced the launch of the New York City Mass Timber Studio, a technical assistance program to support active mass timber development projects in the early phases of project planning and design.  Grants of $25,000 will be awarded to selected teams to conduct design, technical and economic feasibility assessments for mass timber. 

Women.NYC 

• In April, NYCEDC announced the next phase of the Women.NYC initiative, The Women.NYC Network. “The Network,” is a social capital building platform designed to connect women in New York City with resources to help them excel and identify opportunities in emerging industries namely, offshore wind, life sciences, technology, and green economy.

NYC Ferry and Waterways  

• In March, Mayor Eric Adams, NYCEDC, and Councilmember Justin Brannan officially launched a pilot program for faster ferry connections along the South Brooklyn route.  
• In April, NYCEDC and NYC Ferry announced a pilot discount program for Urban Assembly New York Harbor School students. Also in April, NYCEDC and NYC Ferry announced record ridership numbers with one million riders using the ferry system in the first 13 weeks of 2023, which is the earliest the system has reached this ridership number in any year to date.
• In May, NYCEDC and NYC Ferry implemented new NYC Ferry Summer 2023 schedule changes. 
• In June, NYCEDC and NYC Ferry announced continued improvements to accommodate higher volumes of ridership throughout the summer months and decrease rider subsidy. 
• In August, a year since the announcement of Mayor Adams’ “NYC Ferry Forward” vision for a more equitable, accessible, and fiscally sustainable citywide ferry system, the NYCEDC announced the procurement of a new NYC Ferry operating contract with Hornblower Group.    
• In September, NYCEDC announced new usage agreements with Carnival Corporation & plc brands, including Princess Cruises and Cunard, Norwegian Cruise Line (NCL), and MSC Cruises for future sailings from the Manhattan and Brooklyn Cruise Terminals.  

Building a Diverse and Inclusive Economy  

• In April, NYCEDC selected BOC Capital Corp. to provide training, technical assistance, and access to public contract opportunities to ConstructNYC participants. 
• In July, NYCEDC released an RFP seeking a fund administrator and other lenders to launch the “Cannabis NYC Loan Fund.” The fund will promote the development of an equitable cannabis industry in NYC by providing flexible capital at below-market rates to cannabis businesses run by social and economic equity applicants who have been awarded licenses to operate in New York City.
• Also in September, NYCEDC announced the launch of two RFPs for the Emerging Developer Loan Fund II (EDLF II) and the NYC Catalyst Fund. Each fund will focus on breaking down the barriers diverse entrepreneurs face in gaining access to financing at a critical moment in an entrepreneur’s journey where access to capital remains a roadblock to success.
• In October, NYCEDC announced the launch of applications for the third installation of the Founder Fellowship, a program designed to address inequities in the tech ecosystem and empower New Yorkers to seize entrepreneurship opportunities in the industry.  

About NYCEDC  
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.