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Empire State Development
Empire State Development (ESD) is New York's chief economic development agency. Its mission is to promote a vigorous economy, create jobs, and increase state...
Empire State Development
Empire State Development (ESD) is New York's chief economic development agency. Its mission is to promote a vigorous economy, create jobs, and increase state and municipal revenues. ESD uses loans, grants, tax credits, and other financial assistance to enhance private business investment and growth.
General information
Firm type
Government / Public Body
Year founded
1995
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Hope Knight
President & CEO
Kevin S. Law
Chair
Sector focus
Frequently asked questions
Who runs investment decisions at Empire State Development?
Ultimate authority rests with the Board of Directors, chaired by Kevin S. Law and appointed by Governor Kathy Hochul. President & CEO Hope Knight, appointed in 2021, is the chief executive responsible for executing the board's policy and overseeing the agency's staff. Major project subsidies and real estate dispositions are voted on publicly by the board.
How does Empire State Development source its deal flow?
Deal flow is primarily reactive and policy-driven. Projects are sourced through ten Regional Economic Development Councils, unsolicited developer proposals, and state agency referrals. ESD is not a proprietary sourcing operation — its pipeline is defined by the statutory mission to respond to market gaps and create jobs.
Is Empire State Development an investor or a grant-making body?
It is both and neither, exactly. ESD administers grants and tax credits, issues bonds through sub-authorities, and holds direct equity interests in real property like the Javits Center and Atlantic Yards. It does not solicit external limited partners or manage a commingled fund structure.
What sectors does Empire State Development explicitly target?
ESD targets industries designated as strategic by the state: life sciences, clean energy, advanced manufacturing, and professional services. Incentives primarily flow to large-scale real estate developments, film and television production, and manufacturers meeting statutory job-creation thresholds.
Does Empire State Development maintain any third-party capital vehicles or programs?
No, ESD is a public balance sheet entity. It does not raise outside capital. Its referenced 'Investment Portfolio' is a pool of state assets managed by the agency, not a fund vehicle with external subscribers.
How does the New York Job Development Authority relate to Empire State Development?
The New York Job Development Authority is a public benefit corporation operationally merged with ESD. It provides tax-exempt bond financing to industrial and manufacturing projects, allowing ESD to offer a capital-stack product distinct from direct grants or tax credits.
How is Empire State Development's real estate portfolio governed?
Governed by the Public Authorities Accountability Act details, real estate assets like the Bayview and Lincoln correctional facilities are redeveloped under ESD's purview. The agency can override local zoning through its statutory powers, acting as the master developer for complex, large-format sites.
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