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Hunts Point Produce Terminal Market lease term negotiations extended

Bronx Times

The Hunts Point Produce Terminal Produce Market is still set for a long-term stay in the Bronx, thanks to a 90-day negotiation extension between New York City officials.

According to statements made on Wednesday, February 29 by New York City Economic Development president Seth Pinsky and Hunts Point Terminal Produce Market Cooperative co-president Stephen Katzman, both parties will continue to work together to reach a long-term agreement to keep the market operating in the Bronx.

“Thanks to the extension of this important exclusive negotiating period, the city and the Hunts Point Terminal Produce Market Cooperative will be able to continue the tremendous progress we have made over the past several months in order to keep the Hunt Point Terminal Produce Market in the Bronx where it belongs,” Pinsky said. “The Hunt’s Point Terminal Produce Market has been a key piece of New York City’s infrastructure and economy for more than four decades, providing fresh produce to millions of New Yorkers, creating well-paying jobs for thousands, and generating billions of dollars in revenue for the City.”

In June of 2011, New York City officials and market representatives announced they reached an agreement for a three-year lease extension for the food center to stay in the Bronx.

The previous lease expired on Tuesday, May 31, but the lease extension gave the city and the market more time to negotiate the public/private breakdown of the funds needed for any improvements. It also gave the city exclusive negotiating rights with the market for the last nine months.

City officials have now announced a new 90-day negotiation period.

“We are pleased to announce that in the interests of serving the merchants and customers of the Hunts Point Produce Market, the City of New York and Hunts Point leadership reached an agreement on a 90-day extension during which both parties would continue exclusive lease negotiations,” Katzman said. “During this time both sides will be working hard to reach a long term agreement. It is our hope that these additional 90 days of exclusive lease negotiations will allow us all ample time to hammer out the best financial deal that works for the City of New York and for the world’s premiere and largest produce market.”

Borough President Ruben Diaz, Jr. said keeping the Hunts Point Produce market is a major priority for him.

“Keeping the Hunts Point Produce Market in the Bronx where it belongs is a top priority of my administration, a point I made clear in my state of the Borough,” Diaz said. “I commend this administration, the New York City Economic Development Corporation and the tenants of the Hunts Point Produce Market for agreeing to this exclusive negotiation extension.”

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