All topics / Promoting Viable Communities and Neighborhoods / New York City Economic Development Corporation
Private investment leveraged on the sale/long-term lease of City-owned property ($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.
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
* 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 |
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: Real Estate Transaction Services — via NYC Open Data: Mayor's Management Report, Agency Performance Indicators
Coverage shown: FY22–FY26, reported pmmr/mmr.
Definition: The net present value of the total investment of private entities in connection with the sale or long-term lease of City-owned property. Private investment includes land sale or lease, and hard (site work and building construction) and soft (architecture and engineering) development costs. The data is extrapolated in the year that the transaction closes (land sale closing or lease execution), and reflects the anticipated total private investment associated with these projects.