All topics / Promoting Viable Communities and Neighborhoods / New York City Economic Development Corporation
Projected net City tax revenues generated in connection with closed Build NYC contracts ($000,000)
Ensure businesses, investors, and employees have confidence in New York City. — Strengthen business confidence and the City's competitive position to help grow the City's economy.
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
* 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 |
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.
Source: Compliance & Strategic Investments Group — via NYC Open Data: Mayor's Management Report, Agency Performance Indicators
Coverage shown: FY22–FY26, reported monthly.
Definition: The net present value of the estimated City tax revenues generated by closed Build NYC projects, net of New York City and New York State benefits provided. The measure uses an input-output model developed by the U.S. Department of Commerce. The data is extrapolated in the year that the transaction closes and reflects the City tax revenue impact of these projects during the term of the contract. Build NYC, a local development corporation incorporated under the New York Not-for-Profit Corporation Law, is administered by NYCEDC and assists qualified not-for-profit institutions and other entities in obtaining tax-exempt and taxable bond financing. As a conduit bond issuer, Build NYC’s primary goal is to facilitate access to private activity tax-exempt bond financing for not-for-profit institutions to acquire, construct, renovate and/or equip their facilities.