LIU: NYC PENSION FUNDS INVEST IN LOWER EAST SIDE
Historic Essex Market, Affordable Housing Get Cash Infusion
New York City Comptroller John C. Liu stated the following regarding the New York City Pension Funds' role in yesterday's announcement of a major economic development plan for the Lower East Side. The NYC Pension Funds expect to invest approximately $30 million as part of the estimated $300 million equity investment in the neighborhood, which is to include affordable housing, the creation of a Fairway supermarket, an Andy Warhol Museum, and the relocation of Essex Market.
"Our City's workforce has long been committed to investing their retirement savings where they live and work," Comptroller Liu said. "We are pleased that the hard earned dollars of our police officers, firefighters and teachers will help improve life on the Lower East Side for everyone regardless of income or age."
Background
The NYC Pension Funds committed $200 million to a NYC-focused investment program with Taconic Partners in 2011. On Monday, Taconic was selected, in partnership with L&M Development and BFC Partners through a competitive RFP process in connection with the Seward Park Mixed-Use Development, to help develop two million square feet across nine sites in the Lower East Side. The $300 million investment is expected to be deployed over the next six years and be leveraged into an estimated $1.1 billion capitalization.
Press coverage of the plan: http://www.nytimes.com/2013/09/18/nyregion/city-plans-redevelopment-for-vacant-area-in-lower-manhattan.html?ref=nyregion