News
JUST THIS MORNING
September 19, 2012
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| At the Appraisal Institute's annual meeting at Club 101, NYC EDC prez Seth Pinsky (second from left) said Mayor Mike's administration is determined not to repeat the '80s recession-era mistake of balancing the budget by cutting infrastructure funds. That took decades to remedy, he added. Instead, the City is investing $40B over five years in infrastructure, including transit. An example of the benefits: The more than twice-the-expected ridership on the East River Ferry since it launched a year ago will drive residential development in once hard-to-reach places. Note for developers: Zoning changes allow for another 20,000 residential units in ferry-served areas (or if you really want to diversify, you could start a side biz rowing folks across the river). With Seth, we snapped KTR Real Estate Advisors' Theresa Nygard, Brown Harris Stevens' Sharon Yocatell, and Rockrose's Justin Elghanayan. |
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| The question on everyone's mind: What's up at Willets Point? No deal for a Major League Soccer team yet, Seth says, but $50M of infrastructure work got under way last year, and Related and Sterling Equities are on board to build 5.5M SF, starting with remediation, once the last 5% of land is acquired. In the meantime, a public-review process for a temporary use will occur next year. |
