Latest news with #NYCEDC
Time Out
11-06-2025
- Business
- Time Out
The Bronx's floating jail is finally getting the boot—here's what's taking its place
The infamous 'floating jail' moored off Hunts Point is finally being sent downriver. The Vernon C. Bain Correctional Center, known to many simply as 'The Barge,' will be removed from the Bronx waterfront, clearing the way for a major new infrastructure project: the Hunts Point Marine Terminal. Mayor Eric Adams announced the plans on Monday at a press conference near the site, calling the project part of his administration's broader 'Blue Highways' initiative. The initiative aims to shift freight delivery away from diesel-guzzling trucks and toward marine and electric transport, using the city's waterways to cut emissions and ease street congestion. 'This is lowering emissions, bringing jobs and creating a vibrant community here in the Bronx by boosting economic output,' Adams said, standing near a rendering of the future terminal. The floating jail, opened in 1992 as a stopgap for Rikers Island overcrowding, was only meant to be temporary. Instead, it operated for more than 30 years, housing up to 800 detainees at its peak. The barge was decommissioned in 2023, but it remained docked until now. Its removal marks a milestone in the city's long-term decarceration efforts and in the transformation of South Bronx infrastructure. According to the city's Economic Development Corporation, the new terminal will generate roughly 400 construction jobs, 100 permanent jobs and $3.9 billion in economic impact over the next 30 years. It's expected to remove 9,000 truck trips from city streets each month, particularly from communities like the South Bronx, which have long borne the brunt of traffic-related pollution. 'The vision to transform the decommissioned Vernon C. Bain Center into the Hunts Point Marine Terminal will usher in a new era for this site that will result in not only a new 'Blue Highways' facility, but bring waterfront access, greenway improvements, and much-needed good-paying jobs for the Hunts Point community,' said NYCEDC president and CEO Andrew Kimball. The marine terminal is currently entering the design and planning phase. NYCEDC will also begin environmental remediation of the land, which is expected to be finished by 2027. The terminal will serve as a key node in the city's growing Blue Highways network, including the Brooklyn Marine Terminal and other proposed waterfront logistics hubs. For Hunts Point, the change signals a long-overdue shift—from isolation and incarceration to jobs, investment and cleaner air.
CBS News
11-06-2025
- Business
- CBS News
Brooklyn Marine Terminal redevelopment plan faces some community opposition ahead of key vote
A controversial vote on the future of the Brooklyn Marine Terminal is set for June 18, as city leaders push forward a sweeping redevelopment plan that includes thousands of new housing units on the Red Hook waterfront. But local residents are pushing back. NYC looks to European waterfront cities for inspiration The site, an active shipping terminal, is in urgent need of repair, with officials warning that years of neglect have left parts of it crumbling. "As the piles deteriorate, the concrete pad on top of them also begins to deteriorate. And so you start to have pieces falling through," said Andrew Kimball, president and CEO of the New York City Economic Development Corporation (NYCEDC). Kimball led a recent tour of the 122-acre site, which is currently responsible for less than 2% of container traffic coming into New York Harbor. City leaders say the terminal has been neglected for decades in favor of more modernized ports in New Jersey. To fund the $1.5 billion in necessary repairs, NYCEDC is proposing to build 7,700 units of housing. Kimball says it's a mixed-use vision modeled on successful European waterfront cities. "You go to Oslo and Norway, Malmö, Sweden — so many other European cities have figured out how to do this: port next to greenspace, next to housing, all in one," Kimball said. In the spring of 2024, the city and state transferred control of the terminal from the Port Authority of New York and New Jersey to the NYCEDC — a historic and controversial decision that officials said would transform the area into both a modern maritime industrial hub and residential community. The city says its plan includes meaningful community benefits, including priority access to affordable housing and upgrades to public housing infrastructure. "This plan is also giving an opportunity for local residents to have first dibs on a couple of hundred units of affordable housing and a $200 billion investment in Red Hook Houses," said Deputy Mayor Adolfo Carrión Jr. Critics voice concerns about project's pace, neighborhood costs But not everyone agrees with the direction of the plan. Brooklyn Borough President Antonio Reynoso, a member of the 28-person Brooklyn Marine Terminal Task Force, argues the site should be used to revive shipping and manufacturing, not build housing. "This is city-owned site, which is also very rare ... and we're using it to build market-rate housing to pay for the housing that is being built in this site," Reynoso said. "So it's just backwards to me." Several task force members have voiced concern over the project's pace, noting that a key vote originally set for April was postponed to June after community pushback. Maria Nieto, a member of advocacy group Voices of the Waterfront, said the city's justification for pairing housing with infrastructure upgrades is flawed. "You don't have to build a skyscraper every time you want to fix the highway," Nieto said. "So that premise alone is false. Not to mention that you can build housing anywhere, but you can only build a port on the water." Pastor Alfred Adams, who leads the New Brown Memorial Baptist Church in the area, said longtime residents, including many of his congregants living in the nearby NYCHA Red Hook Houses, worry the redevelopment will drive up costs in the neighborhood. "Taxes are going to rise, the rents are going to rise, and it's going to be unaffordable," Adams said. "Because most of our congregation are on fixed incomes." If the proposal passes next week's vote, the city will move into an environmental review phase and begin seeking proposals, with construction targeted to begin before the end of the decade. Have a story idea or tip in Brooklyn? Email Hannah by CLICKING HERE.
Forbes
10-06-2025
- Business
- Forbes
NYC Launches City-Backed VC Internship Program For Local Students
NYC Venture Capital Program. Supermomos CoFounder Edwina Yao New initiative connects CUNY and other NYC-based college students to paid internships at leading venture capital firms, aiming to diversify the tech and investment talent pipeline. The New York City Economic Development Corporation (NYCEDC) and Supermomos, a community platform connecting tech founders, VCs, and operators through curated, in-person experiences, have partnered to launch a groundbreaking initiative: the first city-backed VC internship program. Targeting college students in New York City, with a particular focus on the City University of New York (CUNY), this program aims to dismantle long-standing barriers to entry into venture capital and create new pathways for underrepresented, local talent. 'This is more than an internship—it's a systemic unlock for access and equity in venture capital.' The program marked its launch yesterday (June 9) at Amazon's flagship New York City office, Hank, with an event to welcome and congratulate the interns. Over 50 VC investors, limited partners and program partners were in attendance. Venture capital remains one of the most exclusive segments of the finance world. According to a recent Crunchbase study, most VC professionals hail from elite, Ivy League institutions. The NYC VC Internship Program confronts this exclusivity by offering paid opportunities to students who might otherwise lack the networks or resources to break into the industry. By expanding access to students from public colleges and underrepresented backgrounds, the program helps ensure that the future of venture capital reflects the full spectrum of lived experiences in New York City—not just those of the top 1% or traditionally privileged groups. Venture capital has long been dominated by white men, leading to a narrow range of funded founders and problems being prioritized. A more representative investor base—across race, gender, socioeconomic background, and lived experience—ensures that venture funding flows toward a more diverse array of innovations and communities. Female founders in particular have historically struggled to access venture capital on equal footing. As I reported in Forbes previously, many women aren't even granted serious pitch meetings, let alone fair evaluations. White male founders with unconventional ideas are often celebrated as visionaries, while women and founders of color are too often seen as charity cases. As a result of that bias—and the exclusivity of the VC industry—many investors don't even attempt to understand the markets or problems that diverse founders are addressing. Ultimately, this creates blind spots that limit innovation and overlook entire categories of opportunity. Building a more inclusive VC pipeline means creating decision-makers who understand and value these overlooked perspectives. When more diverse investors are empowered to make decisions, capital flows toward more representative founders and technologies that solve real-world problems affecting broader communities, not just affluent communities. This isn't just about fairness—it's about innovation. Diversity in the investment pipeline leads to more relevant solutions for healthcare, housing, education, and infrastructure, unlocking smarter, more inclusive business outcomes for everyone. Group picture of NYC Venture Capital program launch attendees. The program is a collaborative effort involving CUNY's Industrial & Applied Research Division, Everywhere Ventures, the Kauffman Fellows Program, Carta, Morrison & Foerster, and Perkins Coie. It exemplifies the kind of public-private partnership necessary to make systemic change. Public-private collaboration is essential to scale inclusive innovation. The government can set equity-driven priorities and provide public infrastructure and funding, while private firms bring capital, networks, and hiring pathways. In a city like New York, defined by its unmatched diversity across race, culture, and socioeconomic background, lasting change requires collaboration between institutions with different influence levers. By aligning incentives and working in tandem, public and private stakeholders can more effectively reshape who gets to participate—and lead—in the innovation economy. With over 675 applicants competing for just 23 slots—a selection rate of under 3%—the program clearly meets a critical need. The full list of VC firms providing internship opportunities for the inaugural 2025 cohort includes: These firms represent a mix of corporate venture arms, emerging managers, and globally recognized investors—all committed to developing the next generation of NYC-based VC talent. 'A <3% acceptance rate shows how hungry students are for this kind of opportunity—and how rare it still is.' The 10-week paid internship begins with a hands-on bootcamp led by experienced venture capitalists. Students learn industry fundamentals and visit top VC firms. Bootcamp speakers include Partners from New Enterprise Associates (NEA) and Union Square Ventures, who are supporting the program through educational programming. Interns then contribute to real-world investing tasks like market research, deal sourcing, and portfolio support, with ongoing mentorship from senior investors. Jonathan Schulhof - Executive Vice President at NYC Economic Development Corporation Leaders across the investment community have praised the initiative, noting its potential to fundamentally shift who gets a seat at the table in venture capital. "We are excited to support an internship program that is focused on broadening access and allowing talented students from non traditional backgrounds the opportunity to explore and experience this industry," said Rebecca Kaden, General Partner at Union Square Ventures, which is welcoming the cohort of students at their offices as part of the training bootcamp. Another participant, Tiffany Luck, Partner at New Enterprise Associates (NEA), is also welcoming students to their offices for the educational component of the program, emphasizing the need for early exposure to the industry. 'We're excited to…support the development of young talent and the next generation of leaders in tech and venture capital in New York.' "At Blue Ridge Labs, we're always looking for fresh perspectives and those passionate about using technology to address the challenges facing underserved communities," said Managing Director at Robin Hood's venture studio, Sergio Marrero, who is working with an intern through the program. "This program did an exceptional job identifying emerging talent with a drive and curiosity for impact investing." Tony Kim, Corporate Venture Investor at Cisco, also shared his perspective as a mentor in the program: 'As someone who's benefited from strong mentorship and community, I am excited to give back to the NYC tech ecosystem by supporting the next generation of diverse VC talent through this program.' Another mentor in the program, Aneesha Raghunathan, Investor and Board Member at Susquehanna Growth Equity, added: 'Mentorship is about investing in the next generation of innovators. By guiding aspiring investors/operators, we not only share knowledge but also shape the future of our industry. It's exciting to teach the next generation how to think critically about businesses and understand the intricacies of building and evaluating companies.' 'The next generation of VCs won't all come from Ivy League schools—and that's a good thing.' While NYC is a global leader in technology and entrepreneurship, local access to VC roles remains limited. CUNY, the nation's largest urban public university system, has produced Nobel Prize winners and MacArthur fellows—yet remains underrepresented in VC. This program is a critical intervention to tap into that talent pool and align NYC's economic growth with inclusive opportunity. This inaugural effort represents more than a VC internship program; it's a blueprint for building a more equitable innovation ecosystem. As NYC continues to lead in tech and venture capital, programs like this ensure that leadership includes the diverse voices and talents of the city itself.
Yahoo
05-06-2025
- Business
- Yahoo
New York bets big on green economy with climate innovation hub in Brooklyn
This story was originally published on Smart Cities Dive. To receive daily news and insights, subscribe to our free daily Smart Cities Dive newsletter. A consortium of Los Angeles and New York City economic development nonprofits is creating a 200,000-square-foot climate innovation hub on the waterfront in Brooklyn, New York. The BATWorks hub — named after the Brooklyn Army Terminal, an industrial campus where it's located — will provide green-economy startups with space to conduct research and development and will include workforce training and job placement programming for New Yorkers, according to a press release from New York City Economic Development Corporation, which is part of the consortium. BATWorks is 'cutting edge,' said Andrew Kimball, NYCEDC president and CEO, in a statement. The innovation hub 'will unlock new opportunities for startups and entrepreneurs, advance new innovative climate solutions, fuel job growth and strengthen Brooklyn's working waterfront,' he said. BATWorks will join several cleantech incubators that have opened throughout the country over the past decade. Nonprofit Greentown Labs has opened workspace to environmental and energy sector startups in Houston; and Somerville, Massachusetts. The University of Tennessee launched the Spark Innovation Center in Knoxville. And this year, the Seattle Climate Innovation Hub launched through a collaboration involving the city of Seattle and the University of Washington. NYCEDC announced its BATWorks partnership with Los Angeles Cleantech Incubator on May 22. LACI, which has taken a leading role in providing space and support for cleantech startups since it was founded by the city of Los Angeles and its Department of Water and Power in 2011, launched the National Coalition of Clean Energy Incubators in 2020. Tech and science coworking space company Cambridge Innovation Center will also lead the BATWorks consortium. LACI will advise climate programming for the new hub and lead a pilot program that allows emergency climate technology companies to test products in a live built environment — part of its Climate Innovation Challenge, which provides funding and assistance to companies testing out their innovations, the NYCEDC press release stated. BATWorks is also part of New York Mayor Eric Adams' development plans for the city's waterfront and its Green Economy Action Plan, which lays out the city's goals for addressing climate change and creating 400,000 green economy jobs by 2040, the press release stated. NYCEDC, which invested $100 million into the new hub, says it expects BATWorks will create more than 600 jobs, service 150 startups over 10 years and generate $2.6 billion in economic impact for New York City. The new facility will provide companies with space to build products, quickly prototype new technology and carry out research and development, the press release stated. It will also provide green-economy job workforce training to people living in the city. Construction will begin on the hub this year, and it is expected to open in 2028, said Chelsea Sudaley, an NYCEDC spokesperson. Recommended Reading How Washington, D.C.'s first climate week came together Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
500 housing units will be built on Staten Island's North Shore
The Brief New York City Mayor Eric Adams announced a mixed-income housing development will be built on Staten Island. One quarter of the 500 housing units will be set aside for affordable housing. The development will be built with mass timber. STATEN ISLAND - A mixed-income housing development is coming to Staten Island's North Shore. What we know New York City Mayor Eric Adams and New York City Economic Development Corporation (NYCEDC) President Andrew Kimball announced their plan to build 500 new mixed-income housing units on the North Shore of Staten Island. "With today's announcement, we are checking another key box of our North Shore checklist." New York City Mayor Eric Adams Artimus and Phoenix Realty Group are the developers that will build the housing units on two vacant land parcels along the New Stapleton Waterfront. A quarter of the units will be reserved for affordable housing. The project is part of the mayor's "Staten Island North Shore Action Plan," which he first mentioned over two years ago. "New York is a five-borough city, and I am a five-borough mayor. That is why we have put Staten Island front and center from day one of this administration," Adams said at a press conference. The development will be the largest mass timber residential project in New York City, using the more sustainable construction material to "reduce the project's carbon footprint and speed up its timeline." "This project is a milestone for New York City — bringing mass timber construction to scale while delivering affordable housing and good jobs," said Deputy Mayor for Housing, Economic Development and Workforce Adolfo Carrión Jr. Construction is expected to begin in 2027. The Source This article includes reporting from a statement from New York City Mayor Adam's office.
