CITY NOW OWNS BULK OF WILLETS POINT

NYC ECONOMIC DEVELOPMENT CORPORATION REACHES NEGOTIATED PROPERTY ACQUISITION AGREEMENTS WITH TWO ADDITIONAL WILLETS POINT BUSINESSES

City Now Controls Nearly 65% of Property in Willets Point

Creating Conditions to Build New Housing, Office Space and Parks, Provide New Jobs, and Fostering New York City's Long-term Growth Is Part of the City's Five Borough Economic Opportunity Plan

New York City, May 26, 2009 - New York City Economic Development Corporation (NYCEDC) today announced it has signed property acquisition agreements with two additional property owners at Willets Point, Queens. The acquisitions announced today total 34,403 square feet, bringing the amount of land now controlled by the City to about 40 acres, or 1,742,400 square feet. The agreements are the ninth and tenth negotiated land acquisitions in Willets Point, also known as the Iron Triangle.

"We are pleased to be making good on our promise to acquire as much land in Willets Point as possible by negotiated acquisition. These two agreements are further proof of the City's commitment to work with property owners and businesses to reach fair terms of acquisition," said NYCEDC President Seth Pinsky. "We will continue to work with the remaining land owners and businesses as we move forward with our plans to transform this blighted area into a center of economic opportunity and job creation and a 21st century neighborhood."

NYCEDC reached acquisition agreements with 126 Willets Point Boulevard LLC and German Diaz Auto Repair. 126 Willets Point Boulevard LLC owns two parcels totaling 30,403 square feet. One parcel is on Willets Point Boulevard, the other is on Roosevelt Avenue. German Diaz Auto Repair owns 4,000 square feet of property at 37th Avenue.

NYCEDC will continue to reach out to business and property owners in Willets Point to negotiate fair acquisition agreements. NYCEDC has also been engaged in active relocation negotiations with many businesses of all sizes since announcing the redevelopment plans.

Under the City's plan, which completed the public review process in November 2008, the 62 acres at Willets Point will be transformed from a highly contaminated industrial area into an exciting new, mixed-use community that will include housing, restaurants, stores, parks, and a school. The project will also create about 18,000 construction jobs and 5,000 permanent jobs.

About NYCEDC

New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities.

About the Five Borough Economic Opportunity Plan

The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city's economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.

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