New York City Economic Development Corporation in the context of "Industry City"

⭐ In the context of Industry City, the New York City Economic Development Corporation (NYCEDC) is primarily responsible for overseeing…




⭐ Core Definition: New York City Economic Development Corporation

New York City Economic Development Corporation (NYCEDC) is a public-benefit corporation and nonprofit organization that serves as the official economic development corporation for New York City. According to the City of New York and NYCEDC, its mission is to promote economic growth in the five boroughs by strengthening the city's competitive position, encouraging private investment and job creation, and managing City-owned real estate and infrastructure. NYCEDC is organized as a 501(c)(3) not-for-profit corporation and acts as the city's primary vehicle for economic development programs and public–private partnerships.

NYCEDC manages properties and projects on behalf of the City, administers business incentive and financing programs, and supports initiatives in sectors such as technology, life sciences, manufacturing, and the green economy.

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šŸ‘‰ New York City Economic Development Corporation in the context of Industry City

Industry City (also Bush Terminal) is a historic intermodal shipping, warehousing, and manufacturing complex on the Upper New York Bay waterfront in the Sunset Park neighborhood of Brooklyn, New York City. The northern portion, named "Industry City", hosts over 650 office, industrial, creative and manufacturing tenants across 6,000,000 square feet (560,000Ā m) of space between 32nd and 41st Streets, and is operated by a private consortium including Jamestown LP. The southern portion, known as "Bush Terminal", is located between 40th and 51st Streets and is operated by the New York City Economic Development Corporation (NYCEDC) as a garment manufacturing complex.

Founded by Bush Terminal Company head Irving T. Bush in the early 20th century, Bush Terminal was the first facility of its kind in New York City and the largest multi-tenant industrial property in the United States. The warehouses were built between 1892 and 1910, the railroad from 1896 to 1915, and the factory lofts between 1905 and 1925. During World War I, Bush Terminal was used as a United States Navy base, and returned to private ownership after the war. At its peak, Bush Terminal covered 200 acres (81 hectares), bounded by Gowanus Bay to the west and north, Third Avenue to the east, 27th Street to the north, and 50th Street to the south.

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New York City Economic Development Corporation in the context of Hudson Yards, Manhattan

Hudson Yards is a neighborhood on the West Side of Midtown Manhattan in New York City, bounded roughly by 30th Street in the south, 41st Street in the north, the West Side Highway in the west, and Eighth Avenue in the east. The area is the site of a large-scale redevelopment program that is being planned, funded, and constructed under a set of agreements among the State of New York, City of New York, and Metropolitan Transportation Authority (MTA), with the aim of expanding the Midtown Manhattan business district westward to the Hudson River. The program includes a major rezoning of the Far West Side, an extension of the New York City Subway's 7 and <7>​ trains to a new subway station at 34th Street and 11th Avenue, a renovation and expansion of the Javits Center, and a financing plan to fund the various components. The various components are being planned by the New York City Department of City Planning and New York City Economic Development Corporation.

The largest of the projects made possible by the rezoning is the 28-acre (11Ā ha) multiuse Hudson Yards real estate development by Related Companies and Oxford Properties, which is being built over the West Side Rail Yard. Construction began in 2012 with the groundbreaking for 10 Hudson Yards, and is projected to be completed by 2024. According to its master plan, created by Kohn Pedersen Fox Associates, the Hudson Yards development would include 16 skyscrapers to be constructed in two phases. Architects including Skidmore, Owings, and Merrill, Thomas Heatherwick, Roche-Dinkeloo, and Diller Scofidio + Renfro contributed designs for individual structures. Major office tenants include or will include Tapestry, Equinox Fitness, and BlackRock.

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