# New York City Economic Development Corporation

New York City Economic Development Corporation is an Endowment / Foundation based in New York, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** One Liberty Plaza, New York, NY 10006, United States
- **Founded:** 1991
- **Assets under management:** $100M – $500M (Altss estimate)
- **Website:** edc.nyc
- **LinkedIn:** https://www.linkedin.com/company/nycedc

## Regulatory record

- **Reports private funds:** No

## About

New York City Economic Development Corporation (NYCEDC) is the City's primary engine for economic development. It leverages the City's assets to drive growth, create jobs, and improve quality of life. NYCEDC develops, advises, manages, and invests to strengthen businesses and neighborhoods, creating affordable housing, parks, shopping areas, community centers, and cultural centers.

## Sectors

- Real Estate
- Infrastructure
- Venture Capital
- Industrial Tech
- Media & Entertainment
- Food & Beverage

## People

- Andrew Kimball — President & CEO
- Margaret Anadu — Chair of the Board of Directors
- Jeanny Pak — Interim President & CEO (former CFO)
- Kathryn S. Wylde — Board Member
- William S. Floyd — Board Member

## Questions

### Who makes investment decisions at NYCEDC, and how independent is it from City Hall?

President Andrew Kimball leads day-to-day strategy, reporting to a board chaired by Margaret Anadu. While NYCEDC operates under contract with the City of New York and its projects often require City Council or Mayoral approval, the board structure provides a degree of operational independence. The board includes prominent private-sector figures like Kathryn Wylde and William Floyd, who bring institutional finance experience.

### Does NYCEDC take direct equity stakes in private companies?

Yes, through its venture capital arm, NYCEDC makes direct investments in early-stage companies, often aligned with its physical campus strategy — for example, life sciences startups at SPARC Kips Bay or industrial tech firms at the Made in NY campus. The precise investment portfolio is not publicly detailed in full, but the approach is catalytic rather than purely return-maximizing.

### What is the relationship between NYCEDC and the NYC Ferry system?

NYCEDC oversees the NYC Ferry system as an operating asset, managing vessel procurement, landings infrastructure, and service contracts with private operators. The ferry network connects waterfront neighborhoods across all five boroughs and is treated as both a transit service and an economic development tool intended to unlock value at waterfront development sites.

### How are NYCEDC's bond-issuing affiliates structured, and are they consolidated?

NYCEDC manages three affiliated entities: the Build NYC Resource Corporation, the New York City Industrial Development Agency, and the parent organization. These are legally distinct, enabling tax-exempt bond issuance for qualifying projects. The financial statements of these affiliates are not consolidated into a single public report.

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Last updated: 2026-06-03T20:00:00.000Z

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