Fox Rothschild Successfully Closes $3B Environmental Development Deal in Queens, NYOctober 10, 2013 – Press Releases
Jesse Masyr, a partner in the New York office of Fox Rothschild LLP, and a key player in the firm’s New York Zoning and Land Use Practice, successfully closed one of the largest land use and environmental development deals to date in New York.
The New York City Council gave final approval on October 9, 2013 for a historic redevelopment plan that will allow the Queens Development Group, a joint venture between Sterling Equities Inc. and The Related Companies, to invest $3 billion to transform Willets Point, next to Citi Field, Flushing Meadows-Corona Park and the National Tennis Center, into a new retail and living destination.
The Willets Point redevelopment will clean up 23 acres of heavily polluted land and unlock more than five million square feet of new development that will include 2,500 housing units – of which 875 units will be affordable – along with retail, hotel and commercial space. It will also create more than six acres of new open space – without removing any existing open space – as well as a new school and recreational facilities for the area.
The redevelopment will create 12,000 union construction jobs and 7,100 permanent jobs, with Minority and Women-owned Business Enterprises and local hiring goals of 25 percent. Additionally, more than $310 million in new tax revenue will be generated during construction and more than $150 million in new annual tax revenue will be created during operation.
“Our team worked tirelessly to ensure that the environmental review process and the land use entitlement process went smoothly,” saidMasyr. “This was a piece of land that has been contaminated for the last 100 years, and we are proud to be a part of the redevelopment process.”
The Queens Development Group said, “Today’s approvals mean that the historic vision for a redeveloped Willets Point is finally going to become a reality. Thanks to today’s actions, we are going to transform a contaminated site into a new community with thousands of new jobs, affordable housing, retail, and open space.”
Throughout his extensive career, Masyr has directed the land use issues of real estate projects for numerous clients from concept through to completion. His practice encompasses residential, commercial and industrial real estate development, primarily focused in the New York marketplace.