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New York City Economic Development Corporation
NYCEDC traces its lineage to the Public Development Corporation, formed in 1966 to market and redevelop city-owned property, and the Financial Services Corporation, formed in 1979 to administer government-backed business financing; the two nonprofits were merged in 1991 to create the New York City Economic Development Corporation. A public-benefit nonprofit that operates under contract with the City rather than a mayoral department, NYCEDC manages city-owned real estate and infrastructure, negotiates development deals, and administers economic-development programs across the five boroughs.
What's working
- How much is the private investment leveraged on the sale/long-term lease of City-owned property?: $81,000,000 — increasing, though the FY25 jump was driven almost entirely by one stadium deal
- How much three-year job growth is projected from completed NYC Industrial Development Agency projects?: 2,754 projects — increasing, but driven by a handful of large deals, not a steady trend
- How many projected three-year job growth associated with closed Build NYC projects are there?: 418 projects — increasing, but swings with how many financing deals close each year
- and 3 more below
What's getting worse
- How much is the projected net City tax revenues generated in connection with closed Build NYC contracts?: $25.00 — decreasing since an unusually large single deal inflated FY22's total
- What percent of occupancy rate of NYCEDC-managed property?: 98.7%
- How many businesses served by industry-focused programmatic initiatives are there?: 5,553 initiatives
Critical indicators
Without a numeric target
How much is the private investment leveraged on the sale/long-term lease of City-owned property?
$81,000,000 — increasing, though the FY25 jump was driven almost entirely by one stadium deal
How much is the private investment leveraged on the sale/long-term lease of City-owned property?
$81,000,000 — increasing, though the FY25 jump was driven almost entirely by one stadium deal
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | $22,090,000 |
| FY23 | $14,040,000 |
| FY24 | $65,780,000 |
| FY25 | $81,000,000 |
| FY26 (YTD) | Not available |
The Fiscal 2025 jump to $810 million was driven almost entirely by a single deal: EDC's 49-year ground lease for Etihad Park, a new Major League Soccer stadium under construction in Willets Point, Queens, which alone accounted for the year's total and was a 23% increase over Fiscal 2024. Because this indicator reflects a handful of large, irregularly timed real-estate transactions rather than a steady stream of activity, one big deal closing (or not closing) in a given year can swing the total substantially.
Researched July 16, 2026 — NYCEDC, Fiscal 2025 Mayor's Management Report
Why this is tracked
NYCEDC was formed in 1991 through the merger of two predecessor entities: the Public Development Corporation, founded in 1966 to combat economic decline by redeveloping and marketing city-owned property (including projects like the Brooklyn Army Terminal and South Street Seaport), and the Financial Services Corporation, created in 1979 to finance business expansion with city-issued bonds. That original purpose, giving businesses confidence to locate and invest in the city, remains one of EDC's stated core services today, alongside growing industries, building neighborhoods, and delivering infrastructure.
New York City Economic Development Corporation - Wikipedia, NYCEDC | Building Strong Neighborhoods. Creating Good Jobs.
What percent of occupancy rate of NYCEDC-managed property?
98.7%
What percent of occupancy rate of NYCEDC-managed property?
98.7%
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above.
View as table
| Fiscal year | Actual | Target |
|---|---|---|
| FY22 | 99.2% | 95% |
| FY23 | 99.1% | Not available |
| FY24 | 99.1% | Not available |
| FY25 | 98.7% | Not available |
| FY26 (YTD) | Not available | Not available |
98.7% in FY25 — has no numeric target set by the City, and it has trended in the wrong direction over the past 3 years of reported data.
Why this is tracked
EDC's predecessor, the Public Development Corporation, was created in 1966 and led redevelopment of major sites like the Brooklyn Army Terminal, Jamaica Center, and South Street Seaport. Today EDC frames neighborhood work as building 'dynamic, resilient, livable communities' across the five boroughs. Between April and June 2025, it launched its first Economic Mobility Networks in Sunset Park and Hunts Point and a Workforce Development Fund in East New York, each providing $1.4 million to local organizations to connect residents to jobs, an approach meant to tie physical neighborhood development to economic opportunity for existing residents.
New York City Economic Development Corporation - Wikipedia, EDC's 5 Equitable Economic Development Priorities - Association for Neighborhood and Housing Development
How much three-year job growth is projected from completed NYC Industrial Development Agency projects?
2,754 projects — increasing, but driven by a handful of large deals, not a steady trend
How much three-year job growth is projected from completed NYC Industrial Development Agency projects?
2,754 projects — increasing, but driven by a handful of large deals, not a steady trend
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above. The dashed marker projects a full-year estimate at the current year-to-date pace.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | 115 projects |
| FY23 | 152 projects |
| FY24 | 169 projects |
| FY25 | 239 projects |
| FY26 (YTD) | 2,754 projects |
| FY26 (projected) | ~3,672 projects |
This indicator reflects the size and number of individual tax-incentive deals the NYC Industrial Development Agency (NYCIDA) closes each year, so it can swing sharply based on a few large transactions rather than a steady trend. The Fiscal 2025 jump to 239 projected jobs came as NYCIDA closed 20 contracts, more than double Fiscal 2024's 8, including financing for an offshore-wind terminal at the South Brooklyn Marine Terminal and NYCIDA's first deal under its new Manhattan office-tower conversion program (M-CORE).
Researched July 16, 2026 — NYCEDC, Fiscal 2025 Mayor's Management Report, NYCEDC, Fiscal 2023 Mayor's Management Report
Why this is tracked
NYCEDC was formed in 1991 through the merger of two predecessor entities: the Public Development Corporation, founded in 1966 to combat economic decline by redeveloping and marketing city-owned property (including projects like the Brooklyn Army Terminal and South Street Seaport), and the Financial Services Corporation, created in 1979 to finance business expansion with city-issued bonds. That original purpose, giving businesses confidence to locate and invest in the city, remains one of EDC's stated core services today, alongside growing industries, building neighborhoods, and delivering infrastructure.
New York City Economic Development Corporation - Wikipedia, NYCEDC | Building Strong Neighborhoods. Creating Good Jobs.
How many projected three-year job growth associated with closed Build NYC projects are there?
418 projects — increasing, but swings with how many financing deals close each year
How many projected three-year job growth associated with closed Build NYC projects are there?
418 projects — increasing, but swings with how many financing deals close each year
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above. The dashed marker projects a full-year estimate at the current year-to-date pace.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | 308 projects |
| FY23 | 332 projects |
| FY24 | 80 projects |
| FY25 | 396 projects |
| FY26 (YTD) | 418 projects |
| FY26 (projected) | ~557 projects |
Build NYC's projected job-growth figures track how many financing deals it closes each year. Fiscal 2024's dip to 80 jobs came after Build NYC closed only 6 contracts, down from 13 in Fiscal 2023, a slowdown EDC attributed to the high-interest-rate environment discouraging bond financings; Fiscal 2025's rebound to 396 jobs followed a larger slate of deals, including bonds for a JFK Airport cargo facility and the 92nd Street Y's renovation.
Researched July 16, 2026 — NYCEDC, Fiscal 2024 Mayor's Management Report, NYCEDC, Fiscal 2025 Mayor's Management Report
Why this is tracked
NYCEDC was formed in 1991 through the merger of two predecessor entities: the Public Development Corporation, founded in 1966 to combat economic decline by redeveloping and marketing city-owned property (including projects like the Brooklyn Army Terminal and South Street Seaport), and the Financial Services Corporation, created in 1979 to finance business expansion with city-issued bonds. That original purpose, giving businesses confidence to locate and invest in the city, remains one of EDC's stated core services today, alongside growing industries, building neighborhoods, and delivering infrastructure.
New York City Economic Development Corporation - Wikipedia, NYCEDC | Building Strong Neighborhoods. Creating Good Jobs.
How much net City tax revenue is projected from completed NYC Industrial Development Agency contracts?
$1,465 — increasing, but driven by which large deals closed that year
How much net City tax revenue is projected from completed NYC Industrial Development Agency contracts?
$1,465 — increasing, but driven by which large deals closed that year
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above. The dashed marker projects a full-year estimate at the current year-to-date pace.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | $143.10 |
| FY23 | $30.00 |
| FY24 | $151.60 |
| FY25 | $775.20 |
| FY26 (YTD) | $1,465 |
| FY26 (projected) | ~$1,953 |
NYCIDA's projected tax-revenue figures are driven by which specific projects close each year. Fiscal 2023's low figure partly reflected several tax-exempt battery-storage financings that leverage large private investment but, since they have no on-site employees, generate comparatively little tax revenue; Fiscal 2025's jump to $775 million reflected large deals including an offshore-wind terminal financing and the first project completed under the Manhattan Commercial Revitalization (M-CORE) office-conversion program.
Researched July 16, 2026 — NYCEDC, Fiscal 2023 Mayor's Management Report, NYCEDC, Fiscal 2025 Mayor's Management Report
Why this is tracked
NYCEDC was formed in 1991 through the merger of two predecessor entities: the Public Development Corporation, founded in 1966 to combat economic decline by redeveloping and marketing city-owned property (including projects like the Brooklyn Army Terminal and South Street Seaport), and the Financial Services Corporation, created in 1979 to finance business expansion with city-issued bonds. That original purpose, giving businesses confidence to locate and invest in the city, remains one of EDC's stated core services today, alongside growing industries, building neighborhoods, and delivering infrastructure.
New York City Economic Development Corporation - Wikipedia, NYCEDC | Building Strong Neighborhoods. Creating Good Jobs.
How much is the projected net City tax revenues generated in connection with closed Build NYC contracts?
$25.00 — decreasing since an unusually large single deal inflated FY22's total
How much is the projected net City tax revenues generated in connection with closed Build NYC contracts?
$25.00 — decreasing since an unusually large single deal inflated FY22's total
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above. The dashed marker projects a full-year estimate at the current year-to-date pace.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | $359.90 |
| FY23 | $137.60 |
| FY24 | $58.60 |
| FY25 | $89.60 |
| FY26 (YTD) | $25.00 |
| FY26 (projected) | ~$33.00 |
Build NYC's tax-revenue projections are dominated by a handful of large deals each year. Fiscal 2022's high total was driven overwhelmingly by a single transaction with Richmond Medical Center, which alone accounted for about 73% of that year's total; without a comparably sized deal in later years, plus an interest-rate-driven slowdown in bond financings in Fiscal 2024, subsequent years' totals fell well below the Fiscal 2022 level.
Researched July 16, 2026 — NYCEDC, Fiscal 2023 Mayor's Management Report, NYCEDC, Fiscal 2024 Mayor's Management Report
Why this is tracked
NYCEDC was formed in 1991 through the merger of two predecessor entities: the Public Development Corporation, founded in 1966 to combat economic decline by redeveloping and marketing city-owned property (including projects like the Brooklyn Army Terminal and South Street Seaport), and the Financial Services Corporation, created in 1979 to finance business expansion with city-issued bonds. That original purpose, giving businesses confidence to locate and invest in the city, remains one of EDC's stated core services today, alongside growing industries, building neighborhoods, and delivering infrastructure.
New York City Economic Development Corporation - Wikipedia, NYCEDC | Building Strong Neighborhoods. Creating Good Jobs.
How many businesses served by industry-focused programmatic initiatives are there?
5,553 initiatives
How many businesses served by industry-focused programmatic initiatives are there?
5,553 initiatives
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | 6,301 initiatives |
| FY23 | 4,759 initiatives |
| FY24 | 6,034 initiatives |
| FY25 | 5,553 initiatives |
| FY26 (YTD) | Not available |
5,553 initiatives in FY25 — has no numeric target set by the City, and it has trended in the wrong direction over the past 3 years of reported data.
Why this is tracked
NYCEDC was formed in 1991 through the merger of two predecessor entities: the Public Development Corporation, founded in 1966 to combat economic decline by redeveloping and marketing city-owned property (including projects like the Brooklyn Army Terminal and South Street Seaport), and the Financial Services Corporation, created in 1979 to finance business expansion with city-issued bonds. That original purpose, giving businesses confidence to locate and invest in the city, remains one of EDC's stated core services today, alongside growing industries, building neighborhoods, and delivering infrastructure.
New York City Economic Development Corporation - Wikipedia, NYCEDC | Building Strong Neighborhoods. Creating Good Jobs.
How many NYC Ferry - Total ridership cases are there?
4,990,070 riders
How many NYC Ferry - Total ridership cases are there?
4,990,070 riders
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above. The dashed marker projects a full-year estimate at the current year-to-date pace.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | Not available |
| FY23 | 6,596,463 riders |
| FY24 | 7,116,233 riders |
| FY25 | 7,397,980 riders |
| FY26 (YTD) | 4,990,070 riders |
| FY26 (projected) | ~6,653,427 riders |
4,990,070 riders in FY26 — has no numeric target set by the City, and it has trended toward improvement over the past 2 years of reported data.
Why this is tracked
EDC's infrastructure work includes large climate-resilience projects such as the Financial District and Seaport Climate Resilience Master Plan, a roughly $7 billion effort to raise and rebuild Lower Manhattan's shoreline with floodwalls, upgraded stormwater systems, and resilient ferry terminals. The broader Lower Manhattan Coastal Resiliency initiative is intended to protect the subway and ferry network, sewer system, and about 10 percent of the city's jobs from sea-level rise and coastal storms. EDC also runs newer efforts like the Blue Highways pilot to shift freight onto the city's waterways.
Delivering Sustainable Infrastructure - NYCEDC, Lower Manhattan Coastal Resiliency - NYCEDC, The Financial District and Seaport Climate Resilience Master Plan - NYC.gov
What percent of contracts are awarded to minority- and women-owned businesses?
35%
What percent of contracts are awarded to minority- and women-owned businesses?
35%
* Year to date — this fiscal year isn't complete, so it's not compared against prior years in the target/trend status above.
View as table
| Fiscal year | Actual |
|---|---|
| FY22 | Not available |
| FY23 | 29.2% |
| FY24 | 39% |
| FY25 | 35% |
| FY26 (YTD) | Not available |
35% in FY25 — has no numeric target set by the City, and it has trended toward improvement over the past 2 years of reported data.
Why this is tracked
EDC describes this service as advancing inclusive innovation and economic growth in priority sectors such as life sciences, technology, and the green economy, with an explicit focus on equity. Tools include funds like the Greenlight Innovation Fund, which provides city capital for commercial innovation space, and capacity-building programs for Minority-, Women-, and Disadvantaged Business Enterprises. Recent initiatives, including Economic Mobility Networks launched in Sunset Park and Hunts Point and a Workforce Development Fund in East New York, direct funding to local organizations connecting residents to jobs in growing industries.
NYCEDC Advances 'New' New York Initiative to Support the Equitable Growth of Future-Focused Sectors - NYCEDC, EDC's 5 Equitable Economic Development Priorities - Association for Neighborhood and Housing Development