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Theresa Nygard, Seth Pinsky, Sharon Yocatell, and Justin Elghanayan at Club 101, 101 Park Ave, on Sept 19, 2012
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.
Willets Point rendering
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.