NYC Mayor’s Unfinished Business: Major CRE Projects

In his twelfth and final State of the City address in Brooklyn, New York City Mayor Michael R. Bloomberg detailed his agenda for the year and the unfinished business his administration intends to accomplish during that time. Several commercial real estate projects have been prioritized, including the redevelopment of the South Street Seaport. Breaking ground on the Pier 17 renovation project will create 295,000 square feet of new retail space this year.

Also on the agenda is the creation of a new community called Greenpoint Landing—with more than 5,000 new homes, 1.5 acres of parkland, and up to four acres of waterfront open space, a marina, and commercial space and shops—on the waterfront in Brooklyn.

Seward Park on the Lower East Side is set for a transformation. There, more than six acres of underutilized land will be turned into a mixed-use space. The area will be home to 1.65 million square feet of permanently affordable and market-rate housing, commercial space, and a new Essex Street Market, among other uses.

The ambitious agenda also includes moving forward with plans to build a major retail complex and the world’s largest Ferris wheel at St. George on Staten Island, bringing more visitors and jobs to the area. The 350,000-square-foot retail complex will feature 100 designer outlet stores and a 120,000-square-foot hotel.

Together the projects will generate a $480 million private investment, and create more than 1,200 construction jobs and 1,100 permanent jobs.

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