New York City Economic Development Corporation
New York City's nonprofit public-benefit corporation for economic development, real-estate management, infrastructure, and public-private investment.
Last updated October 14, 2026
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Overview
New York City Economic Development Corporation, commonly known as NYCEDC, is a nonprofit public-benefit corporation that serves as New York City's principal economic-development organization. Although it works closely with the municipal government and operates under contract with the City, it is organized separately from the City's agencies as a New York State not-for-profit corporation and is classified as a local public-benefit corporation. Its broad mission is to strengthen New York City's competitive position, attract and retain private investment, support job creation, improve the business environment, and advance inclusive growth across the five boroughs. NYCEDC's work combines public-sector planning, real-estate development, infrastructure delivery, business assistance, sector strategy, financing, and management of City-owned assets. It negotiates and administers ground leases, issues requests for proposals, oversees capital projects, supports redevelopment of industrial and waterfront property, and manages or contracts for selected transportation and maritime facilities. Its portfolio has included industrial campuses, neighborhood redevelopment, university and research infrastructure, food-distribution facilities, ferry services, waterfront esplanades, and public-private projects intended to stimulate long-term employment and investment. The corporation was formed in 1991 by consolidating several nonprofit entities that had previously performed economic-development functions for New York City. Its predecessors included the Public Development Corporation, established in 1966 to market and redevelop City-owned property during a period of urban and fiscal decline, and the Financial Services Corporation, created in 1979 to administer government-backed financing programs for business expansion. The consolidation followed a review that recommended reorganizing the City's development institutions under a more coordinated structure. Among NYCEDC's best-known initiatives was Applied Sciences NYC, an early-2010s competition designed to expand New York City's engineering, technology, and applied-research capacity. The selection of a Cornell University and Technion–Israel Institute of Technology proposal led to Cornell Tech on Roosevelt Island. Related efforts supported New York University engineering facilities in Downtown Brooklyn and a Columbia University data-science institute. The initiative was intended to increase the City's supply of technical talent, research capacity, startups, and technology-oriented economic activity. NYCEDC also supports targeted sectors including life sciences, advanced manufacturing, technology, maritime industries, and the green economy. Through LifeSci NYC, it has helped advance life-sciences and health-care infrastructure, including projects in Kips Bay. Programs such as Venture Access NYC and the Founder Fellowship seek to widen access to capital, mentoring, and entrepreneurial networks for founders from historically underrepresented groups. Its real-estate and neighborhood portfolio has included the Brooklyn Army Terminal, Hunts Point and the Hunts Point Produce Market, Essex Crossing and the Seward Park urban-renewal area, Coney Island, Sunset Park, Downtown Jamaica, Hunter's Point South, Harlem's 125th Street corridor, and The Hub in the Bronx. It has also participated in planning and early capital support connected with the High Line. On the waterfront, the corporation works on maritime freight, ferry, public-access, and industrial projects. The South Brooklyn Marine Terminal is being repositioned as an offshore-wind port supporting staging, assembly, and operations and maintenance activity. NYCEDC administers or supports affiliated public-finance entities, including the New York City Industrial Development Agency, which offers tax-exempt bond financing and related incentives, and the New York City Capital Resource Corporation, which provides financing for eligible nonprofit, manufacturing, and industrial projects. The organization has nevertheless faced scrutiny over major public-private initiatives. The proposed Amazon HQ2 campus in Long Island City collapsed in 2019 after political and community opposition to the incentive package and anticipated neighborhood effects. A 2022 New York City Comptroller audit also criticized NYCEDC's reporting and oversight of NYC Ferry expenses and subsidies. NYCEDC accepted recommendations to improve reporting and procurement practices.
History
NYCEDC was established in 1991 through the consolidation of nonprofit organizations that had carried out economic-development responsibilities for New York City. The principal predecessor was the Public Development Corporation, created in 1966 to market, lease, and redevelop City-owned property and industrial space during a period of urban decline. Its work included the Brooklyn Army Terminal, Jamaica Center, the South Street Seaport, and pedestrian improvements on Nassau Street. Another predecessor, initially formed in 1979 as the New York City Economic Capital Corporation and later known as the Financial Services Corporation, administered government-supported financing intended to help businesses expand in the city. The consolidation followed an organizational review by McKinsey & Company, which recommended bringing the City's development entities into a more coordinated structure. Carl Weisbrod, a former Public Development Corporation executive, became NYCEDC's first president under Mayor David Dinkins. During the Giuliani administration, the organization was led by Charles Millard and later Michael G. Carey. Mayor Michael Bloomberg appointed banker Andrew Alper as president in 2002. Robert C. Lieber subsequently led the corporation before moving into the role of deputy mayor for economic development and rebuilding. Seth Pinsky served as president from 2008 through 2013, followed in later years by Kyle Kimball, Maria Torres-Springer, James Patchett, and Andrew Kimball. The corporation's role expanded beyond property redevelopment into coordinated citywide economic strategy, infrastructure, sector development, public finance, and management of City-owned assets. In the early 2010s, NYCEDC organized Applied Sciences NYC, a competition intended to increase New York City's engineering and applied-research capacity. In December 2011, the City selected a Cornell University and Technion–Israel Institute of Technology proposal for a large Roosevelt Island campus that became Cornell Tech. Related initiatives supported New York University's engineering presence in Downtown Brooklyn and a Columbia University data-science institute. Impact studies associated with the initiative projected substantial long-term effects on graduate engineering enrollment, research, startups, and economic activity. NYCEDC has subsequently supported strategies in life sciences, technology, advanced manufacturing, maritime activity, and clean energy. LifeSci NYC has helped develop research and health-care infrastructure, including projects in Kips Bay. Entrepreneurship programs, including Venture Access NYC and the Founder Fellowship launched in 2022, focus on improving access to capital and networks for founders from underrepresented backgrounds. Much of the corporation's work remains place-based. It has participated in redevelopment and management of the Brooklyn Army Terminal, industrial and food-distribution planning around Hunts Point, the Essex Crossing and Seward Park areas, and neighborhood initiatives in Coney Island, Sunset Park, Downtown Jamaica, Hunter's Point South, Harlem's 125th Street corridor, and the Bronx's Hub. It also contributed to planning and early capital support connected with the High Line. NYCEDC plans and manages selected waterfront and maritime assets, including City-owned piers and portions of the Brooklyn waterfront. The South Brooklyn Marine Terminal is being transformed into an offshore-wind port for staging, assembly, and operations and maintenance activity associated with regional projects. The corporation also administers affiliated entities. The New York City Industrial Development Agency provides tax-exempt bond financing and other incentives to encourage investment and employment, while the New York City Capital Resource Corporation offers lower-cost financing for eligible nonprofit, manufacturing, and industrial projects. NYCEDC itself is governed by a board whose members are appointed through the mayor, borough presidents, City Council speaker, and board chair under the corporation's governing arrangements. Its history includes public controversy. NYCEDC participated in negotiations for Amazon's proposed second headquarters in Long Island City. Amazon announced the selection in 2018 but abandoned the New York campus in February 2019 after resistance to the incentive package and concerns about development impacts. In 2022, a City Comptroller audit criticized NYCEDC's accounting and oversight of NYC Ferry, stating that substantial expenses and the taxpayer subsidy per ride had been understated. NYCEDC accepted corrective recommendations and later published supplemental operating information. In 2026, Anthony Shorris was appointed president and chief executive officer, while Lina Khan was appointed board chair.
- 2026
New leadership appointed
[1]Anthony Shorris became president and chief executive officer, and Lina Khan became chair of the board.
- 2022
Founder Fellowship launched
[1]NYCEDC launched an accelerator initiative intended to expand support for underrepresented technology founders.
- 2017
NYC Ferry launched
[1]The City launched its ferry network under NYCEDC contracting and oversight.
- 2011
Cornell–Technion proposal selected
[1]Applied Sciences NYC selected the proposal that became Cornell Tech on Roosevelt Island.
- 1991
NYCEDC created through consolidation
[1]Several nonprofit economic-development entities were consolidated into the New York City Economic Development Corporation.
- 1979
Financial Services Corporation predecessor formed
[1]The predecessor financing organization was established to administer government-backed business expansion programs.
- 1966
Public Development Corporation established
[1]A predecessor organization was created to market and redevelop City-owned property and industrial space.
Products and positioning
Government-affiliated economic-development and public-private investment institution
Higher-education and innovation infrastructure · 2010
Applied Sciences NYC
A citywide competition and investment program designed to expand applied science, engineering, and data-science capacity. Its principal outcome was Cornell Tech on Roosevelt Island, with related support for NYU engineering facilities and Columbia's data-science institute. The program positioned university infrastructure as a tool for talent attraction, entrepreneurship, research commercialization, and long-term economic growth.
Life-sciences sector development
LifeSci NYC
A sector strategy supporting life-sciences research, commercialization, health-care innovation, laboratory capacity, and related real-estate projects. NYCEDC has helped advance initiatives such as SPARC Kips Bay and Innovation East, connecting institutional research and private investment with broader efforts to build a life-sciences economy in New York City.
Municipal transportation service · 2017
NYC Ferry
A network of East River and harbor ferry routes operated through City contracting and overseen by NYCEDC. The service is intended to supplement the City's transportation network and improve access between waterfront neighborhoods. Its finances and subsidy structure became the subject of a 2022 Comptroller audit, after which NYCEDC committed to stronger reporting and procurement procedures.
Industrial real-estate platform
Brooklyn Army Terminal
A major Sunset Park industrial and innovation complex managed and redeveloped with NYCEDC involvement. The site provides modern production, logistics, and commercial space while preserving and adapting a historically significant waterfront facility. It represents NYCEDC's use of City-owned real estate to support industrial employment and neighborhood economic development.
Entrepreneurship support · 2022
Venture Access NYC and Founder Fellowship
Programs intended to improve access to venture capital, business networks, mentorship, and accelerator resources for technology entrepreneurs, particularly founders from backgrounds that have historically been underserved by conventional financing and startup networks.
Controversies
2022
NYC Ferry audit and transparency criticism
The New York City Comptroller reported that NYCEDC had understated ferry expenditures and the taxpayer subsidy per ride for the 2015–2021 period. The findings prompted criticism of oversight and financial transparency.
2019
Amazon HQ2 controversy and withdrawal
NYCEDC participated in negotiations for Amazon's proposed Long Island City headquarters. The project drew opposition over public incentives, governance, and possible neighborhood effects. Amazon withdrew from the New York plan in February 2019.
Marketing campaigns
- 2022Founder Fellowship
New York City
An entrepreneurship initiative designed to provide underrepresented technology founders with access to capital, networks, and accelerator support.
- 2011Applied Sciences NYC
New York City
NYCEDC coordinated a competition to attract university-led applied-science and engineering campuses to New York City.
Outcome. The Cornell–Technion proposal was selected for Roosevelt Island, producing Cornell Tech and related university investments elsewhere in the city.
Brand decisions
2022
Improve NYC Ferry reporting and procurementStrategyBackground
A Comptroller audit criticized the reporting of ferry expenses and taxpayer subsidies.
Action taken
NYCEDC agreed to enhance financial reporting and undertake a new competitive procurement for the ferry operator.
Aftermath
The corporation subsequently published supplemental information about NYC Ferry operations.
2018
Participate in Amazon HQ2 negotiationsStrategyBackground
New York City and New York State negotiated with Amazon over a proposed second headquarters campus in Long Island City.
Action taken
NYCEDC participated in discussions concerning the development proposal and incentive package.
Aftermath
Amazon announced the selection in November 2018 but abandoned the New York campus in February 2019 after political and community opposition.
2011
Select Cornell–Technion for Roosevelt Island campusStrategyBackground
The City sought to expand its applied-science and engineering base through the Applied Sciences NYC competition.
Action taken
NYCEDC supported selection of the Cornell University and Technion–Israel Institute of Technology proposal.
Aftermath
The proposal became Cornell Tech and formed part of a broader university and technology-development strategy.
- Develop South Brooklyn Marine Terminal for offshore windStrategy
Background
New York City sought to reuse industrial waterfront assets and build infrastructure for the emerging offshore-wind industry.
Action taken
NYCEDC and partners advanced the terminal's transformation into a staging, assembly, and operations and maintenance facility.
Aftermath
The project is intended to support regional offshore-wind developments including Empire Wind and Beacon Wind.
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