New York City Educational Construction Fund
New York, New York
The New York Educational Construction Fund is a municipal organization which is responsible for capital budgets related to the funding of new schools in the five boroughs of New York City. In 1996, as the NYC real estate market was recovering from the 1992 “recession,” the NYECF determined that 7 schools were in prime locations and that the development rights (TDR’s) of those schools had sufficient value to fund new schools and services in those neighborhoods, NYECF issued a national RFP for consultants to provide analysis required to evaluate the scope of development of each site, provide a valuation study for each site and assist the City of New York in marketing the TDR to the development community. After extensive interviews, IDA was awarded the contract to prepare development and marketing packages for the 7 schools. To date, 2 of the schools have been sold and are in construction – P.S. 59 and M.S. 114. M.S. 114 was developed as a 35 story condominium, the Azure, above a new school. PS 59 will be an elementary school and a new High School of Art and Design, which will be in a 50 story condominium tower on a retail base.