MA Realty, which owns 44,500 sf of industrial land in WilletsPoint, has agreed to have NYCEDC acquire its property. The sale iscontingent upon ULURP approval of the Willets Point DevelopmentPlan. NYCEDC did not return queries by GlobeSt.com deadlineregarding further terms regarding the acquisition agreement orfurther information.

Under the City's plan, the land acquired from MA Realty will beremediated and prepared for a new mixed-usecommunity that will include housing units, restaurants,stores, parks, office space, and a public school. The project issaid to also provide 18,000 construction jobs and more than 5,000permanent jobs. NYCEDC has been engaged in active relocation andproperty acquisition negotiations with many businesses and propertyowners of all sizes since revealing its redevelopment plans lastyear, holding more than 100 meetings with such businesses andowners during this period. The total 30-year fiscal impact of theWillets Point redevelopment is estimated to exceed $4.2billion.

"We are pleased to have now completed five acquisitionagreements in Willets Point," says Seth Pinsky, president ofNYCEDC, in a prepared statement. "Our latest agreement demonstratesNYCEDC's commitment to working together with local businesses toachieve fair and negotiated terms. We will continue to work hard tocome to terms with the remaining businesses and transform WilletsPoint into an area of major economic growth."